As we are almost halfway through 2012 now seems a great time to ask yourself if you are likely to be earning what you are worth this year. But how do you start answering this? You could start with checking your frame of mind. If you firmly believe ‘opportunity is now here’ that will give you a fantastic advantage. It will put you in the starting blocks way ahead of the pessimists who persist in seeing ‘opportunity is nowhere’, allowing themselves to be dragged down into the waves of negativity that still abound.
More than just positive thinking?
But of course a positive mindset and an array of mantras will only get you so far. Top of the agenda for many of the training business owners and professionals that I work with and coach is ultimately that of profitability. We can dress it up under other guises as much as we want, but at the end of the day, that’s what most of my clients are striving to increase. And that takes more than just positive thinking.
Are you working in the business or on it?
One of the challenges that directly impacts on profitability for the training professional turned business owner is to be able to balance working ‘in’ the business with working ‘on’ the business. And those are two different things entirely. What is very clear now more than ever is that training business owners need to do everything in their power to get the right balance.
How does the problem start?
The problem starts something like this: Many training professionals have been expert in their field. They have great technical skills and their success at ‘operating’ has often got them to a position where they can take that ‘entrepreneurial leap of faith’. Getting the business up and running is stressful enough, but it’s exciting. Having the confidence to go it alone, asking people to pay for your services, sustaining the business, expanding horizons, taking on and managing staff, attracting and keeping more satisfied clients, and increasing profit – now that’s another matter again. Exciting?…possibly. Challenging?… yes. Stressful ?…yes. Risky?….. definitely.
Are you self-sabotaging?
What compounds the problem is that many of these business owners go on to ‘self-sabotage’. Compared to other entrepreneurs, these ‘professional cum business owners’ may have a more negative belief towards commercialism, marketing and self promotion. They may be more motivated by some great and higher values and ideals and they don’t have money as the number 1 goal on the list. Unfortunately it can lead them into business activities that don’t add up financially and lead them away from success. They become ‘under-earners’ and the business and their family may suffer too.
So start changing the dynamic
There’s so much help, advice, training and tools out there to help any business flourish. But for the ‘training professional turned business owner’ in particular, if this article resonates with you, here’s some thoughts on starting to change the dynamic:
1. Be open minded about marketing methods and revenue streams that increase financial stability
2. Avoid gravitating into your ‘operating’ comfort zone. It could become your ‘danger zone’.
3. Stop doing everything yourself - delegate, outsource, automate
4. Learn to say ‘No’, but with respect and care
5. Reconsider work or clients that don’t pay enough
6. Listen to your internal ‘chatterbox’. Are you telling yourself negative beliefs about money or self-promotion?
7. Do you realise that you ARE in the sales business?
8. Do you see yourself as a manager of a business? Look in the mirror. Have you got what it takes to manage a business and people? What extra skills and support do you need?
9. Are you recognising the power that comes from the free marketing given by the happy, satisfied client? Do you know how to tap into this?
10. Do you know your true worth? Work it out then….
11. Look at your financial goals. Double them. With the right mindset, skills, and techniques, you won’t need to double your effort to reach them!
