What Happens If You Build Your Solo Expertise Business On A 100% Model?
- July 13, 2022
- Posted by: Rochelle
- Category: Monetizing, Running Your Business
What happens if you build your solo expertise business into a model where you are personally delivering 100% of your firm’s services?
Probably one of two things:
You own an outrageously successful business because you’ve carefully chosen a niche client base, deliver transformational outcomes and are the high price option.
You’re in the seventh circle of hell with no idea how to get out.
Those in the first category are pretty easy to recognize. They may not have started out with the right niche, but they gravitated to it over time.
As they built experience, they focused on creating the outcomes clients valued most—quantifying them wherever possible. They kept niching down as they learned what worked—and what didn’t.
Some run what we might call a whale model, with just a handful of clients at any one time (but never, ever just one) and a healthy pipeline of prospects waiting for their turn.
Others offer more of a productized service model with higher (planned) client turnover and prices they keep raising as they prove their outcomes.
Any of these models can be your ticket to a $500K or even a $1 million+ solo business—without ever hiring a single employee or selling products.
Of course, you’ll want to de-risk your business’ dependence on your appearance to earn revenue (including buying yourself some disability insurance).
If you charge enough, you can not only incorporate plenty of free time into your model—you can bank some hefty reserves. This gives you the flexibility to opt out or reduce your attention for awhile—to have a baby, care for an ill parent or just go explore the planet.
But then there’s that second category—and if you’re in Dante’s seventh circle, it’s time to cut your way out.
When you’re already down deep, the only way to change is to take that first step—even though it means sacrificing some time, aka revenue, right now.
Whether that looks like revamping your services and prices, finding better clients, value pricing based on outcomes or leveraging with products—the only way you’re going to win the “reward” is by slowing down long enough to re-think and take different actions.
We all have seasons in our business and in our lives—being willing to take a hard look and tough actions when things go south means we get to come back smarter (and richer).
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