What kind of business are you building?
This might seem like a fairly straightforward question but many business owners I know aren’t clear on this.
Most business owners focus on specific revenue milestones.
I want to replace my income.
I want to make consistent $10k months.
I want to make 6 figures.
I want to make $500k next year.
I want to make $1M in 3 years.
But what does it really mean to build a 7-figure service-based business?
When you’re getting started as a coach or consultant, your personal brand is the foundation of your business. You are the product at this stage.
The typically recommended path to grow your business goes something like this:
Fully booked with 1:1 clients
Phase out some 1:1 clients to make room for a 1-to-many offer
Stop doing most 1:1 work and go all in on group programs, courses, memberships, masterminds etc.
Makes sense.
But this overlooks a crucial aspect:
What is the foundation of your business as it grows beyond your personal brand?
You can automate, systematize, productize, hire, and delegate all you want. But if you continue to be the main product in your business, growth will always rest mostly on you.
To develop a sustainable business, you need to consider not only how much you’ll be involved in delivering your service and programs, you also need to determine to what degree you’ll be involved as the face of your business.
A minimalist biz looks beyond your personal brand.
The minimalist biz model is all about encouraging sustainable growth while making sure you don’t have to be in the spotlight all the time or constantly pouring your energy into it.
This approach helps you maintain your business growth in the long run without burning yourself out.
This model has 3 phases.
Phase 1: Leverage your personal brand to grow your 1:1 coaching
Take advantage of the intimate format of one-on-one coaching to gather continuous and deep feedback on your approach and service.
Phase 2: Lay the foundation for a standalone company brand
With the insights gathered from one-on-one coaching, begin to create a separate company brand. Develop and trademark exclusive intellectual property, including a solid framework for your approach.
Phase 3: Create a core standalone 1-to-many offer
Using the ongoing feedback, your framework, and other intellectual property, determine the best format to serve more of your ideal clients. Develop a core standalone one-to-many offer that can be scaled with varying degrees of your involvement.
Once you’ve worked through these 3 phases, it’s easier to delegate more in your business. You don’t need to be the one always learning and promoting your business for it to keep growing.
Choosing the minimalist biz approach means you’re no longer solely dependent on your personal brand or just chasing revenue milestones.
Instead, you’re creating a business that doesn’t leave you feeling drained or overwhelmed in the long run.
By embracing this model, you’re setting up your business for meaningful and lasting growth.