When the Secret Sauce is the Sauce Itself

I have met and talked with a number of free agents and entrepreneurs over the years. Partly through association with colleges like Temple and Drexel University. Partly thanks to the connections forged when working for a start up company a few years ago.

We had conversations about business with Fast Company's network, and on occasion we helped a new business kick things in first or second gear. Those are exciting times, when you think about possibility, resources, and make plans for the future.

Having attended my fair share of events geared towards solopreneurs at various Chambers and organizations, I can say that the topics and information can be quite helpful to professionals getting their own business off the ground.

Getting started is rarely the problem. What becomes apparent fairly soon, I'd say probably within the first 6-8 months, is that one needs to have a plan to sustain the business over the long haul.

I've heard some call it the "feast and famine" cycle. There are bursts of intense activity followed by lulls that may seem to last forever. The main challenge is of course that if this is your business and you are starting it alone, you are doing it all - the marketing and sales, the administrative and financial work, the ideation piece and the execution or delivery part.

You probably decided to start a business because you loved what you did a great deal and wanted to do more of just that. Herein lies the issue - your secret sauce is the sauce itself. You are your own brand - what you sell and deliver are one and the same with you. No more sick days, in many cases vacation days, or days when things slow down - when they do, it is a worry.

How can you scale?

The first step is establishing processes and systems for the parts that are not core to your business that you can partner with other professionals and providers for or find a service to do. For example a virtual assistant for the administrative work - collecting payments, paying invoices, setting your calendar, etc. You can still personalize a great deal even with help. In fact, it will be easier to pay attention to detail once you get support.

The second step is creating products and services for your core product that are repeatable. This will allow you to build consistency and experience into what you deliver, as well as give you the flexibility to customize the delivery. When you know what you offer, it is much easier to know its value, too. Make sure that those products and services are something the market wants and needs and not one-offs. Do your research and be strategic.

The third step is figuring out a realistic pricing structure for your offerings. You are not answering the question: what will the market bear? You are seeking to find your point of value. What are you really good at that the market wants and needs? What do you provide that nobody else does your way? Hint, it is about being more of yourself (the secret sauce), than a copy of someone else.

From here, you will need to decide whether you intend to remain a consultant or build a business. The difference is you. I'm splitting hair here, but a business would not need you to function, a consultancy would. 

[Chris Guillebeau has a very informative post on scaling up your business or your life.]

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Related posts:

Hardest Thing to Manage: Our Own Ego
How do You Go from Start to Success?

Comments

[Paula Thornton]

I've found that even the best companies typically fail to capitalize on the possible dimensions and offerings of same product. They put out the product and forget about ways to change it up. While overly simplistic, why did it take decades before the candy companies put out holiday-specific versions of their products? Complacency is rampant.

[Chris Guillebeau]

Thanks for the link; that's nice of you.

I especially like this idea in your post:

"Getting started is rarely the problem. What becomes apparent fairly soon, I'd say probably within the first 6-8 months, is that one needs to have a plan to sustain the business over the long haul."

Non-business people sometimes wonder where entrepreneurs "get their ideas" for projects. Ideas are the easy part! It's the execution of the ideas beyond the relatively easy start-up phase that is the real challenge.

[Danielle Keister]

As founder of the Virtual Assistance Chamber of Commerce, I want to thank you for encouraging business owners to seek the professional services of a Virtual Assistant. Our industry exists to support small businesses and solopreneurs, yet many still don't know there are thousands of us out here. Your business owner readers may find this guide helpful:

Client's Guide to Virtual Assistants
http://www.virtualassistantnetworking.com/client-guide.htm

[Valeria Maltoni]

@Paula - I do wonder if perhaps we celebrate the wrong things. The launch of a product is only the beginning. Being a good product steward and understanding how the market is using or could use it can make a big difference.

@Chris - that is the crux. We all share ideas off line and online, the results come from implementing those ideas. It takes work, creativity and persistence to make it happen. That's when luck comes in ;-)

@Danielle - thank you for adding the link. It will be a useful resource indeed. Where do I find a virtual assistant is one of the top questions I get from entrepreneurs. Glad you found the post.