I’ve been fortunate enough to run a profitable solo consulting practice for over 14 years now. I’m also Irish-American. Does that mean I have the magical ability to make you lucky in business? No, not even on St. Patrick’s Day. But I do know how you can maximize your odds for success as a solo entrepreneur.
Here are four tips that will help you make your own luck:
Thoughtfully Define Your Ideal Client — Who are they and why are they ideal? How will you serve them and accomplish your revenue goals? Staying focused on the clients who are a great match for you may be the single most important thing you can do to create lasting business success and fulfillment. No business can succeed for long while serving the wrong people.
Commit to Specific Revenue Goals — This commitment requires creating a written plan that includes specific milestones for their achievement. By the way, if focusing on revenue goals and planning seems irrelevant, then you probably have a hobby, not a business. Every healthy business or solo practice is focused on achieving revenue growth – you’re either growing or dying.
Take Advantage of the 80/20 Rule — If you stay focused on the roughly 20% of activities that best support your ideal clients and the achievement of your revenue goals, then you’re almost guaranteed success. If you’re not sure how to identify the right actions to take, then ask yourself this question: “What’s the most important goal for me to focus on today, and what action can I take right now to make maximum progress toward achieving that goal?”
Stay Flexible in Your Approach — Doing business in the real world requires reevaluating your plan on an ongoing basis. Tracking your progress and making adjustments in response to the challenges and opportunities that come your way is essential to your success. As renowned business planning expert, Tim Berry, once said: “Planning is nine parts execution for every one part strategy. And execution means setting the right goals and then managing them, day by day.”
The bottom-line is simple. Making your own luck doesn’t require having Irish heritage (although that certainly doesn’t hurt). It just comes down to mastering a handful of fundamentals. The tips I’ve shared with you today may seem simple, but they’re also powerful. I hope that you’ll adapt them to your own unique needs.
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