When I started my first business I did what most solopreneurs do and I focused all my energy on how to get more clients.
This wasn’t necessarily wrong, but I neglected the business development pieces. I wasn’t thinking like an entrepreneur.
If I stayed in that place my business wouldn’t have grown larger.
I would have stayed stuck on a cycle of always running after more short term cash flow.
Luckily I was smart enough to hire a business mentor who helped me to see that I had to think much bigger and deeper. But I needed a way to kinesthetically and visually see the bigger picture because I was so stuck in the present!
I created my own Money Map and it shifted my mindset miraculously.
I began by making a pie chart of where my business was that first year. It showed my present income and where it came from.
I knew I wanted:
• More income streams.
• Much higher cash flow.
• Less one-on-one consulting eventually.
So I created another pie chart which reflected where I thought I wanted to be eventually. As this was a creative process, I was able to picture my business in it’s fully developed form without any limitations. The first year I was at $30,000 gross and I planned for $500,000 per year when it was fully developed.
The jump between the two seemed huge and I had no idea how to get there but I began to create a plan to grow the new income streams that would help me to reach my financial goal. I made pie charts that fit in between and created steps. The second pie chart was $100,000 and it allowed me to develop the blueprint to grow even larger.
• Knowing exactly who your niche clients are and what they want.
• Doing a mind-mapping session to create ideas for new income streams.
• Determining the percentages and amounts for each category.
• Creating goals to develop each area with benchmarks.
• Shifting your mind-set so you can see a picture of the future.
The full Money Map Process is in Chapter 5 of Clear Your Focus Grow Your Business. I originally created this for myself but then I discovered that it also hugely helped my clients.
Similar to following a road map across the country, you will reach destinations along the way, but you will always have a picture of where you will end up.
Do you know where you want to go?
Do you have a figure you are aiming for and do you see the steps to getting there?