RESOURCES.

3 ways to manage the time limitations of a side hustle

23/10/2015 /

You often hear people say ‘build up your business on the side of your job before your launch.’ It’s a great way to make that entrepreneurship is for you, and to know you have the security of revenue coming into your business before you quit. But it’s not always easy to manage. Here are some tips to maximise your chances of success without damaging your career.

Some of the questions I hear are:

  • How do you manage the tension of potentially appearing ‘uncommitted’ as you put time into your business and potentially share with others what you are doing?
  • What do you say about your business to your colleagues and your boss?
  • What can you post on social media (if at all)? How do you handle conflicts of interest?

Here are 3 ways to manage it like a boss:

  1. Find a way for the organisation to benefit from what you are doing 

If you are nervous about how people will perceive it, build a case for what you are doing by offering to provide a service for your organisation that relates to your business.

For example, if you are doing mindfulness coaching, run sessions with employees so that the organisation too can benefit from what you are learning and doing outside work. It’s great practice and people will love seeing you add value in a new way – win/win! 

Lastly, the more value you are adding in your job the more indispensible you are and the easier it will be to negotiate working flexibly or going part time to do your business on the side. So give it your best and you’ll set yourself up for more support when you need it. Your employer may even become a client!

2. Don’t neglect your responsibilities in your day job

It seems obvious, but do your job – even if you are not engaged. Your current employer is helping you to fund your new business and experience the stability of a salary. Respect and honour that. I know someone who does coaching sessions during her working day, but still meets her responsibilities and puts the needs of the organisation first. That is what is key.

3. Don’t get stuck in the corporate grind and lose sight of your vision 

While it’s important to keep adding value to the organisation while you’re working, if you are a Type A perfectionist or you are surrounded by them where you work, you may catch yourself in a bind where you are working 80 hours a week in your job and not progressing on your long term vision of starting a business.

If that is you, do the work on your mindset and develop an achievement orientation where done is better than perfect. Ask what is priority and do those things first. Negotiate. Let go of what people think of you and do what’s required in an efficient way. Be protective of your time: question whether you need to attend meetings based on the agenda – you and your dream are worth it.

If there culture where you work does not allow you to take a few nights out each week to work on your business, or you’re on the verge of burn out – you may need to consider a bridging job or career with fewer responsibilities, or a company with a different culture. You can also explore contract opportunities where you have more flexibility.

 

5 learnings from my first year in business

07/10/2015 /

_ZAH4236 cropped 350x250It has been just over a year since I started my business and I just had the 1 year anniversary of my first client. Anniversaries are a great opportunity to reflect and I’d like to share with you what I have learned – the good, the bad and the ugly!

It takes time to build

Anyone on a decent salary wants a six figure business (like yesterday!) – I know I did – but despite stories of people who have had (what seems like) overnight success starting their business as a coach or consultant, it takes consistent effort and time to replace your salary. That’s why having an exit strategy and multiple sources of income is so important at the start.

In my first six months my revenue fluctuated – I would have a great month and clients were flowing in and the next month next to nothing.  It can take a while to build up a consistent income, as you get to grips with how to market and sell your services. Consistent clients come from consistent marketing and persistence.

My coach had a beautiful analogy for the early days: it’s like water on the boil – you may not see the bubbles as you keep putting yourself out there, but it is getting hotter. Keep being consistent and don’t give up before it boils!

It’s all about mindset (more…)

Dos & Don’ts of Creating Your Niche Business

17/09/2015 /

_ZAH4280Starting out as a service based entrepreneur does not mean needing to take a complete 180 degree career turn. Here I show how you can create a profitable niche out of your existing skills and talents. 

I’ll confess. When I was approaching my 35th birthday—and feeling stuck at my corporate gig—I almost became a yoga teacher.

I was so desperate to escape my 9-5 that I was literally s t r e t c h i n g myself in a new direction, 180 degrees from my current job and skill set.

Although I love a downward dog just as much as the next yogi, I was not meant to be a yoga teacher.

I was meant to create a business that leveraged my existing business, coaching and consulting experience, helping my clients to…

  • monetise their skills and talents outside of their corporate workplace.
  • launch their new business as a thriving entrepreneur.
  • embrace their fear and go for it anyway.

If you know you want out of your 9-5, but you aren’t sure what you should do or even what kind of business you should start, don’t worry. You are not alone.

Starting a new business does NOT mean you have to make a radical change or turn your back on your gifts, skills, or professional experiences.

You can monetise your one-of-a-kind assets and be your own boss.

It starts with creating your superstar niche … which is basically a service that you can already provide based on your natural talents and the need in the marketplace for your gifts.

Introducing the Dos and Don’ts of Creating Your Superstar Niche Business:

Let’s start with the Dos…

•  Do pursue a path that lights you up and is profitable.

•  Do select a niche that you can own. As in, you’re best in class and have been down the path your clients are seeking. Even if you doubt yourself sometimes or feel like a fraud (that’s normal).

•  Do create a business that utilises your experiences and skill set.

And now the Don’ts…

•  Don’t be irresponsible and quit everything. You’ve worked far too hard to let it all go.

•  Don’t pursue the path that seems popular and profitable, just because so-and-so said you should.

•  Don’t let fear hold you back. Freedom is right around the corner.

You have the opportunity to be the best at whatever it is you choose to do. And your superstar niche is the defining factor that will set you apart in today’s crowded marketplace.

The big question for you: What are your natural gifts? Maybe you’re a great listener, or an excellent communicator, or even someone who creates lasting relationships. What is it for you?

To dig deeper into your superstar niche, download my free eBook From Corporate Woman to Thriving Entrepreneur: Your Roadmap to Escaping the 9-5, and peruse page 26 You’ll discover your niche in no time!

How to Define Your Business Model as a Consultant

28/05/2015 /

Your business model can be the difference between working crazy hours and making very little money and making great money in an efficient and scalable way. Last week, I covered key business models for coaches – this week I look at business models for consultants. Here I demonstrate how you can take your skills from a corporate job and make money as a consultant.

Untitled designAs a consultant (aka strategist or expert), you offer advice and recommendations to solve a particular problem for your clients. Unlike coaching – where clients gain insights into their desires, beliefs and behaviour and come up with their own solutions – a consultant gets paid for their opinion, based on their analysis and expertise.

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How to define your Business Model as a Coach

23/05/2015 /

In simplest terms, a business model is an assumption about how your business makes money and operates – an important place to start in any business. For service based entrepreneurs, business models are not complex. Here is how you can define your business model as a coach, one of your first steps towards making money in your business.

Untitled designA business model can be simple or complex. A restaurant’s business model is to prepare and sell food to customers. A website could be providing a free service and driving traffic to it, then selling advertising to other companies. Or it could be selling a product or service direct through a shopping cart. 

There is no need to overcomplicate your business model starting out as a service based entrepreneur or solopreneur. Essentially you provide a service to a customer, and the variable is how you charge for it and whether you expand from your basic service into alternative models such as info products, affiliate programs and e-courses.

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• About Louise Taylor •

Louise is a Leadership & Career Coach who specialises in helping driven professionals to shape their dream careers and develop habits for peak performance and resilience.

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Since 2009 Louise has coached over a hundred leaders with a focus on career transition and development, behavioural change, leadership, communication, influencing and managing emotions and stress. She has also coached leaders to design and launch coaching and consulting businesses.

Louise is an experienced and innovative Solutions Designer & Consultant, who has worked in this capacity for much of her career, gradually moving up into more senior roles.

Louise brings a wealth of experience designing and delivering talent and leadership programs in companies such as Microsoft, GE Money, Barclays, Inchcape, Boots, HSBC, Google, Yahoo!, AXA, Astra Zeneca, Commonwealth Bank, Babcock and Wesfarmers.

With coaching psychology training and a Graduate Certificate in Counselling, Louise has effective, evidence-based tools to access the root cause of behavioural change and results.

Louise is an International Coach Federation (ICF) PCC credential holder and has over 800 hours’ coaching experience. She can use tools such as Strengths Finder, Hogan, LSI, CCL and fuel50 Career Assessment tools to help her clients gain clarity and increase effectiveness.

Louise lives in London, UK with her partner Ian and their two cute pugs Mimi and Lola. She enjoys yoga, meditation and fitness, relaxing with friends and family, cooking, personal development and travel. Louise is passionate about languages and is fluent in French and German and speaks basic Spanish.