Kelly Roach teaches us the four fundamentals to designing your business model around your life.
A dear friend of mine is a wonderful, influential man who has worked as a CEO for many years.
We were talking about business over lunch and I mentioned that ‘freedom’ was the main reason I started my business. He smiled and replied, ‘I wouldn’t know what that feels like’. I was shocked to think that my friend had never experienced freedom and therefore could not fully relate to why I loved it.
Keys To Your Kingdom
Your mindset is the baseline for which everything in life is built.
It is so easy to get caught up in the comparison game which results in negative thoughts towards those who have already achieved or have what they want. Important to note, you cannot attract something that you despise, resent or resist.
The great news is once you master your mindset, strategies are teachable and the skills you need are learnable.
The 4-Step Formula
1. Value What You Do
The first step is to value what you do.
They often have the same talent, skill set, experience, and background yet one entrepreneur can quantify it. They know the significant impact their strategies have when implemented into the organization. They are focused on the value they are bringing to the world, the end result for others and what they know they deserve.
In the meantime, the other entrepreneur is freaking out about what to charge. The biggest mistake one can make is not to examine the pricing based on the value delivered to clients.
What you charge speaks volumes about your brand. When executed correctly, it positions you in your niche and attracts clients instead of having to chase prospects.
When you undercharge in your business, it mispositions you in the market. Likewise, when you charge less than your competitors, you may be viewed as lower caliber.
2. Quantify The Impact
To quantify your impact, it begins with research. A crucial step many entrepreneurs skip. Having tangible evidence gives you confidence to charge what you are worth.
- One of the best ways is to produce a ‘Proof of Concept’ with case studies and client testimonials.
- When starting out, work with ‘Beta’ customers to ensure you’re on the right track and gain valuable marketing material.
- Another great way is to share the proof of concept and value by association using research that has already been done for you. Source relevant statistics and information on your chosen industry. For example: Companies who engage executive consultants receive a 700% return on investment.
3. Engineer Your Celebrity
There is a pot of gold at the end of the rainbow called Freedom, in terms of financial freedom, time, and living the life you believe you deserve. In life, as you know there is no pot of gold without paying a price.
- Choose 2 or 3 topics you talk about consistently. Make it your obsession. Become laser-focused on these topics so people immediately think of you.
- Realize there are no barriers to entry in terms of connecting and engaging with your audience. Give people the most outstanding free content to leave them wanting more.
- Be consistent in everything you do.
Roach explains that one of the biggest pitfalls is entrepreneurs bouncing all of over the place, talking about various topics to the point you don’t know what business they are in or what they do.
4. Reverse Engineer
- Begin with the end in mind, design your business model around your life.
- Reverse engineer the process by creating your offerings to meet your financial goals.
- Understand what you are 100% willing to commit to and ensure it is sustainable in the long-term. Be mindful of the sacrifices required to make your dream’s a reality. The problem lies with a lack of foresight to think through what you are saying you want to ensure it aligns with the life you designed.
For example: If you want to be an International Speaker, the reality is that you will live out of a suitcase, travel on too many planes and hang out in lots of different airports. Is this how you want to live your life?
Now, go out there and grab back the keys to your kingdom, engineer your celebrity and re-design your business based on the lifestyle you choose to live.
This article was first published in Inc.com