How to create financial security going solo. Part 1.
Hello Friend!
Going solo.
It’s the best decision I’ve ever made. Yes, it was scary. But it was because I believed financial security was at risk.
I couldn’t be more wrong.
In fact, I make more money today than I ever did as a Fortune 500 CIO.
For the next two newsletters, I’ll provide a breakdown of my income, how I get paid, and how to determine your value. The goal is to empower you with information so you might overcome any limiting beliefs holding you back.
I know this isn’t just about money for you. Instead, you want more balance in your life and may be tired of the corporate treadmill.
However, what’s holding you back is financial risk. So, let me share what I’ve learned in my 10-year journey to calm you.
The problems you solve.
One of the most important lessons to learn on my entrepreneurial journey was how to determine my value in the marketplace.
For years, I was conditioned to believe you trade hours (and your life) for money. That was complete foolishness.
Your value is determined by the value of the problems you solve.
As an example, one of my businesses (People Before Things) helps senior leaders overcome dysfunctions within their team. These dysfunctions decrease productivity, increase turnover, and result in rework and project setbacks.
This is very costly.
Our clients are committed to solving collaboration issues, but don’t always know the most direct path to helping their teams.
They retain our consultants to quickly diagnose their key blockers and provide consulting, tools, and leadership development to help them overcome them. A win for the client. And a win for us!
If you want to de-risk going solo, spend time thinking about the specific problems you’d help customers overcome and the value attached to solving them.
Your unique qualifications.
There’s a misnomer in business that you have to be the best at something to succeed. You may think, “How can I start my own business when others are more qualified?”
Hogwash. You don’t have to be better; you just have to be different.
Whether you’re going solo or finding a better job, be clear about how you’re uniquely qualified to solve a problem.
A great way to do this is to think in sub-niches. As an example, consider a sports apparel company. They could focus on athletes. (Broad.) Perhaps runners. (Niche.) Perhaps just marathon runners. (Sub-niche.)
People Before Things could be positioned as organizational health (broad) and focused on all managers (niche). But instead, this business focuses specifically on senior leaders of larger organizations (a sub-niche).
Our consultants all have experience in transformation and turnaround at multi-billion-dollar organizations. True operators at heart. It’s easy for us to convey our unique qualifications when they’re talking to their ideal clients.
If you want to go solo, think about the sub-niche you could serve. It’s not enough to say you want to focus on AI, as an example. Look at your unique background and be more specific.
As an example, you focus on mid-size retail companies looking to quickly adopt AI in customer service centers.
How you solve the problem.
The final step in reinforcing your value is how you solve your ideal clients' problems.
There are three models to consider: done-by-you, done-with-you or done-for-you. You = your ideal client.
As an example, I wrote a book. It provides a recipe for teams working more effectively together. This is done-by-you. It’s expected that my ideal client will read the book and apply the concepts most relevant to them. The book is $28.
Our consultants also provide the People Lab. It’s a leadership development workshop that coaches leaders on a simple toolbox to be more effective. This is done-with-you. Our ideal client goes through experiential learning and applies new concepts in their day-to-day work. The People Lab is $15,000.
Finally, we have executive clients who don’t have the time or patience to ensure their leaders fully adopt concepts from leadership development. They want a done-for-you service in which our consultants work with their team for an ongoing period. So, we created the Leadership Operating System, which is a 12-month consulting program full of tools, templates, and methods. The program is $76,000.
Your ideal clients will always place more value on done for you services.
If you’re thinking about going solo, you’ll want to consider the models above and how you might approach helping them.
Putting it all together.
In summary, if you solve high-value problems, show you’re uniquely qualified to serve that sub-niche, and provide compelling done for you (or done with you) solutions … you’ll create the most value for yourself in the marketplace.
In part 2 next week, I’m going to give you the exact breakdown of how I make my income. This includes the pros and cons of each category.
I hope this added value to your life & work. Would love to hear from you if it did! I read every response.
Your coach,
Chris
Whenever you’re ready, there are two ways I can help you:
The Unignorable Business Studio: a 10-week design sprint. I help a small cohort of 12 answer the question, “If not this, then what?” We build your message, offer, and sales/marketing channel for your solo business.
Schedule a Kickstart: let’s talk about what you want to build or are wrestling with. If you crave autonomy and professional freedom, let’s map your next move.
