Creating a business plan and making your idea a reality | Cynthia Palmer | Skillshare

Creating a business plan and making your idea a reality

Cynthia Palmer, Executive Coach

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6 Lessons (30m) View My Notes
    • 1. Getting Your Coaching or Consulting Business Started

      3:55
    • 2. Creating A Business Plan

      5:25
    • 3. Diving Deep in to Your Business Plan

      3:39
    • 4. Creating an Action Plan

      5:02
    • 5. Your Action Plan in Motion

      4:26
    • 6. Overcoming Common Challenges

      7:03

About This Class

You're a fantastic graphic designer, or personal trainer, or home organisation expert, or tax expert, or web developer, and you want to make that skill generate income for you, and not a boss. But having your own business is hard, right?

Well yes, and no. Anybody can start and run a successful person-to-person business. You have the skill and the idea. What you need is a plan.


Certified professional coach and business consultant Cynthia Palmer [BA, LLB, MBA (Exec)]  will take you through a step –by- step guide for taking your business idea and making it a reality. This is ideal for person-to-person businesses such as coaching, consulting, personal services, freelance operators and professional service providers.

Cynthia will help you identify your goals, define your product and market, and create a plan of action to make sure you achieve your aims. She also provides straegies for overcoming challenges that she's learned from over thirty years in law and business.

http://www.cynthia-palmer.com/

Transcripts

1. Getting Your Coaching or Consulting Business Started: Hi, I'm Cynthia Pama. I live in Sydney, Australia, and today I want to talk to you about how to implement your business, plan to take your business, plan our ideas and turn them into actions. So this is going to sue people in coaching, consulting businesses and all those businesses offering personal services. We all know now their army of people who are choosing to work independently. We are now only business for ourselves, and we have too many business plans are made in an atmosphere of excitement and optimism, and that's fine. What we need to do to make it all happen is to identify those activities which will help you achieve your aims. And this class will provide you with a stick by stick guy to do just that. You know, anybody could do this and be a 66 Like many other things, it's just a matter off doing the small things and having the discipline to keep doing them . I really love turning plans in direction because I think it's when you come to implement a plan. Then you face the challenges. During this process, you've got to take risks. You gotta think on your feet and you've got a debt ever changing circumstance. It's exciting business plan visual and the implementation is your journey. And we want to make sure that you finish that journey even if you don't end up quite a fight. She thought you what? This curse is going to camera a several things. One, we're gonna take a look at your business plan to make sure that you've got a business kind that's with implementing. Secondly, we're going to actually de deep into that business plan to really look at what you're really concrete names. Then we're going to get the actions that I get a suit first thing. So the third thing will be making erection list. Fourthly, we're going to look at how to make sure you implement that action. And the fifth thing is, we're going to look some common challenges. No, there will be many different sorts of challenges, but we're just pick a few that are common to sort of most coaching and consulting businesses, and we will give you a few strategies to deal with the principals. Say what I m going to cover in this cussed comes from my experience of the coalface and from my recent experience of building a business for myself before we get to the nitty gritty of implementing, I just want to say one thing. One element is essential to your success, and that is your will and your commitment. Do you play? If you are really committed to your plan, stand up and walk away from this class immediate, because without will and commitment, you will not be able to persevere and face the setbacks that for your project from this session, I want you to make a video of yourself committing to your and I'm going to do this. Okay? I'm Cynthia Pamela, and I'm committed to being a respected executive coach and consultant, offering Korea support and business advice now over to you. 2. Creating A Business Plan: okay, Now you committed. So before we start the implementation, we need to look at that business plan. Now, what is a business plan? Your business plan is a set of goals, objectives, target information and financial four cups that you're aiming to achieve over a certain time. I think a plan should be simple, straightforward and easy to understand. At the beginning, it's better to keep it simple, not to get too complicated. Details can come later. What you want is the plan that you understand, and it makes you excited. It should be realistic, but it's gotta be motivating now. For most of us, just starting our own business is going to be pretty much. But if it isn't motive, I didn't put something in there that is accepting because it's not exciting. You ain't gonna do it. Your business plan should answer questions about my place. There are over a lie. You should be out to define your product, identify your target and how that will come to you what resources you will need. How did you get a fund? That business and they're gonna find yourself until you make some money and what values you work your business to represent Let's look with Mac, plus Heavy described you'll my competitors, and where you see it is particularly what makes you stand out or different from your competitors. I will now read to you for my what I said about my Michael place, and we're I see that would give you some idea. You might go about expressing your place in your okay. There is great in the acceptance of coaching as professional development, to how is that? It's an unregulated and credit market. My value to the marketplace is my combination off managing experience, crunching certification and, most important, like my professional and a legal background. So what do you bring to the personal training industry? What do you bring to the graphic designing, whipped designing industry that should be in your plan? What about your product? What I What is your family products? Are you offering? How you bundling those products? The more clearly you could describe your the better off you will be typing client Who is your ideal client and how are you going to come take? I've got different clients for my different products for executive coaching, English speaking contact. Herbal, but sky or telephone. When I'm acting as a consultant, my ideal kind is a female lawyer running her own firm in a specialty legal area. Now, the other thing you need to consider is what resources you need to make it happen. Did you name a team of people? Do you need a glamorous office? Do you need an office? It'll what technology do you need? What do you need to make it all happen? And you've gotto work out. The cost of our financial is clear, you know? Do you know when you're going to make a profit? And how are you going to fund your business and yourself? The other thing, too. I think you should include is values. Cards are increasingly value driven and seek out. People and businesses who is their use reflect their. So if you have got values, you should express them and your business operation products etcetera should also reflect. The other thing I think is important with the business plan is to get some feedback. Now You could You should get feedback for me, Majesty. Stakeholders who I strike homes when your stock held us of those people who are interested in you and your business so it can range from you life pat differently. The bank, um, anybody who's lending you money, your business partner and maybe a mental. It's always helpful to have fresh eyes. Look at your plane and somebody who's not as invested as you are without the point where you're committed. Your business plan contains everything. It should come time. And now in the next session, I want us to look at that business plan again. On this is a very crucial state. 3. Diving Deep in to Your Business Plan: So now that you've finished your business, let's take a very important step on that is to look at your business plan again. You need to do this because you need to tease that more specific meanings. You need to ask yourself, Hamel on. I treat the different elements of my plan. What is the specific outcome I'm looking for? And how will I know when I've achieved it? The specific outcomes that you decide on will determine what actions you take. For instance, a lot of people have in the aims, but I would like to be a leader in the business. Okay, that's a good idea. But what exactly does it mean? Does that mean you got to be a prophet later? Does that mean you want to be recognized by your peers? Doesn't mean you want to do high little work. What all Maybe maids, all of those. But each one of those outcomes will require different actions to achieve it. So this is why it's such an important stick to tease out the meaning off your business plan for May, for instance, I said that I would like to be a respected coach. What does that mean well to may. It means that I've gotta be offering high level quality coaching. I should be said following. It also means that I would like to have opposition on my professional body, the International Coach Federation, but just the local chapter. And sometime I would like to be us to speak at a conference. So these are my aims, and I titled my actions to achieving May. Now you need to do exactly the same thing for your product. What exactly is your I going to just do one on one? Are you going to offer a series of sessions? Are you going to, um, develop a course? The more clearly you can develop your product or defining product the easy it will be a two . Implement your Aggies again. The same applause to climb. Who really is the again. The multiplicity can identify the client, the more easily you will be able to contact. Now, with regard to your financial times, you need to dig down and really take apart what that means. In terms off. You're referee site, the coaching and consulting business. You offer our sessions or to Alsatians whatever it is you need to work out how many sessions you need or how many clients you need to achieve your financial, but if you can break it them, it gives you a very identifiable number to work towards. This has been a short session, but it's very crucial for you to look and your business plan again and to identify their specific games and therefore get the correct actions in the next session, we're going to create your action list. 4. Creating an Action Plan: Okay, now it's the time to do our action plan. We thought about exactly what we want to do, and now it's time to think about how we're gonna do it. Once you've turned ideas interactions, it's easy to implement in Aden action plan that spells out the actions that they're going to be taken. Who is going to do it? What's the time frame? And also the status is finished. Is a complainant isn't ongoing. Now I'm going to provide you with a model that you couldn't copy easily, but it's very easy to construct your own. So you need to take all of your mansion aims and get actions against those for. How are you going to achieve? Some of your actions are going to be long term. Some are going to be short. Don't worry about that. Just put them all in. Put every action you can think off. For example, if I want to be a respected coach, I need to appoint coach if I want to improve the quality of my coaching, and I could do that immediately, I can gain certification in the time it takes to do certification. But for instance, if I want to be asked to speak at a conference. It's gonna take time. I need to build up a reputation I need toe identify in the area that I would like to be associating with. So but anomalies, if that's my I'm it should be in that action list. And I should have actions that help may achieve this, even if some off these outcomes went to be realized until sometime in the future. So you gotta whilst fuel cell. How will I know when I'm the personal trainer? I want to be Hamel. I know when I'm a graphic designer, I want to pay at least all the actions you need to take to achieve that. And again, I remind you who's going to be responsible for that action? When does that action needs to be done by and the status of the election? If you're in the consulting business or catching business, it's more than likely that you have to put work into developing your product so you will need to list all the actions you need to take to develop your and you will probably need to undertake professional development to how your skills or drew keep your skills up to date. If, for instance, your offering a niche product, you will know you have achieved your outcome when most of your clients are coming to you for that niche product. As for your clients, there will be a 1,000,000 of one suggestions. Four. Attracting clients. As we said in the earliest station, more clearly you can identify your cons, the easier it will be to contact. For instance, in my coaching business I have Why didn't they? A group of people, I believe, that possible clients. And in my consulting business, I have narrowed the group of people that I want US clients don't forget than in consulting business. A lot of your success will depend on word of mouth. The best adverse mint for you is going to be a happy client during the best off your clients is probably the best marketing strategy. What actions are you gauge to take to encourage word of mouth referrals? Are you going to cause a free station if they recommend somebody? Are you going to give a rebate? These are things that you could do to encourage permission. My activities include I'm network with possible refers I would have a website which are update from time to time. But another softness, I should. I try to get testimonials. I write articles for professional journals on coaching, and I blogged on, linked in for finance most of your activities in the stakes going to revolve around, have a structure your business and have a structure. Your funding. The other thing, too, is to remind you again to get the number of points you need to attract the number out you need to sell to fulfill your financial IMEs. Okay, now create your least. Make sure you've included everything in it and let's have a look at us. 5. Your Action Plan in Motion: you got direction list. You would be surprised at how many people get the business plan, action a list and put it in the drawer. And it is never seen again. So Well, how we gonna make sure you use that plan to implement? You've done all the work. You've done the thinking. You've got your list. Now, let's use the most important thing is for you to have a structure for review. Now, that is your guide us yourself every week or every two weeks. How am I going against my plan? What actions have we taken? Where are we with this plan? Now the structure through a review. If you're working with more than yourself, you can have Amazing. If you're the only person in your business, you need to set up a structure. That structure can be. I paid coach for me, too. How about it doesn't need to be. You can get somebody who was interested in you in your business. And every two weeks or every week, you can discuss with them how the plan is going. What actions are you taking on? Wears all of this league. The most important thing is never never never, never miss a review meeting because once you start missing, review matings. That plan is in the bottom drawer. You can forget about it. The other very important thing which will help you implement, is to collect information the moment you start implementing your plan, information is going to come to you and information that will help you implement and make your plan bit. Now, first, we need to track the signals for success. We worked out that you need to sell this many, and I was this Minute Cline's decide, which is the important figure for your business and trek. Track it remorse list if you're doing well, giving confidence If you're not doing so well, you can take action to do something about it. You also need together information on how effective your marketing efforts are. Asking clients how I can't you is a good start. Collect information on What do you think of the Drop us with success in your business. The information you get will help you to a debt your play and change directions. As I have said before, implementation is a journey, and like all journeys, you need to be able to adapt to changing circumstances, your plans, a fluid concept and so your actions can change with F actually affecting the fundamental ideas. You may change your plan because you find pursue. Your original idea will not be successful All the information you get this allows you to refine your product or to identify more clearly your kind over time. As I have said to you before, I have expanded the idea of who should be my client for my coaching services but narrowed who should be my hired for consulting services. You will need to adapt to respond to success or sit back. Last year, I interviewed seven entrepreneurs who saved the ability to adapt. Was the most important aspect off creating a successful business. Okay, good luck. You've got your plan, you're ready to go. Oh, hold it. But there's just a few things that you might have to face on the way. So in the next session, we're going to deal with a few off the common challenges which face people when they want to implement that plan, and we will give you some strategies to help you make those challenges to overcome those challenges and being the success we know you can 6. Overcoming Common Challenges: Okay, let's talk about overcoming some of common challenges. Like all journeys with taking, things won't go according to plan. They will be most of and gremlins in your path. They will be the expected and the unexpected. They will definitely be the Oh my goodness, I think I've bitten off more than I could chew. So let's talk about some strategies that can help you in these situations. First of all, loss of commitment. As I said, the beginning of this whole class. If you are not committed to the plan, it really wouldn't go anyway. However, implementing is not easy, and you can sometimes feel overwhelmed by things that are happening. It's not easy in committing a plan. It's not easy starting I business for yourself. You need to keep in mind the ultimate goal and be confident that persistence will pay off. A culture mental can help you sustain your commitment. However, there other strategies you can adopt. You can model behavior on somebody you admire, so when you're in a tough spot, you can ask yourself what would sound So do. A friend of mine admires Christine Lagarde, the first woman to be appointed head of the international military found, and she admires her for her intelligence, easy confidence and her poise under pressure. So when she's in a tough situation, she says, what would Christine Lagarde do? How would she behave? And then she marbles. Herd behavior on that helps those through difficult situations. I know when I was organizing complicated projects in the middle of the night old wake up and I would say somebody planned the landing abnormal, but I don't know if you know what that is, but it's a very complex military operation towards the end of World War two C. Saving Private Ryan the bits where they got all of the tanks and equipment onto the beach, the organizational bits rather than the gory bits. And that would help me because I would think somebody organized an incredibly complex endeavor and now in that made me feel confident that I could actually playing something that was quite complicated. Whatever you are undertaking, what be as complicated as the landing in Normandy? But sometimes it will feel that way. Find your inspiration and used workplace people issues. Most consulting coaching business require ah, high level off people involvement. There are many strategies for doing this. But relying on your strengths is quite a good one. You can do the V I test. It's available on the Web. It's free, it's short, and it will identify your Magistrates. The next thing you should do is think about when you have actually used your dominant strengths to actually get through a difficult sort of situation. Or when you have used your strengths to influence people. Actually identifying where you've been successful in the past and knowing that you can rely on the strength Mike, it's makes you feel confident that you could do with the game. So that's another strategy you can adopt to help you through difficult times. On the flip side, implementing a plan requires you not to work not only with your strengths but also in areas outside your compensate. 91 is good everything, and so don't be afraid to get somebody to do those things, but you're not so good. If you're waking in a T, identify somebody who's good things you are and get them to do it. How a. But if this is not available, you will need to develop the skills and attitudes you need to make the changes. You want a game that cultural minto can help you. However, don't be afraid to work outside. You're compensating what is strange and unfamiliar. One way in two X town will become absolutely routine. This is the first time I've made a video. So you're actually looking at may working outside my comfort zone. By next week, I'll be an expert. One of the things you will find when you're implementing a plane and with regard collecting information is that it's sometimes difficult to collect the information that you need to track where you're going with your plan and you're live off success. It's not always easy to get the information that you want. I know I've asked clients how they came to me, and sometimes they mentioned that they were made of aided by something I know I didn't even do you know, advertisement. I know my neighbor put so sometimes you get you feel isn't worth. Well, try to take this information. Yes, it may be in perfect, but this definitely worthwhile persevering. The other thing too, is found. Not everything you do will be a success. Don't be put off by failure. Finally, will give you good information. So far, I've spent time, energy and money on things that didn't pay off. Now all of your Davis went off, but finally gives you good information. So it's It's important not to despair but to sort of site. All right, that gives me information. And what's more, I need to ever do that again. The most important thing is this. You have done the work. You've developed your business plan. You thought about what it means. You've developed direction list you thought that have implemented, set up the proper structures for implementation, and you've got some strategist where become challenges. You have started the hero's journey, so keep going back yourself. Be a success.