A FREE 3-Part Masterclass for Aspiring Freedom Entrepreneurs
By Living Rosy
A FREE 3-Part Masterclass for Aspiring Freedom Entrepreneurs
By Living Rosy
Whenever I take on a new client for my coaching programme, we first have an extensive talk to learn about that client's aspirations and apprehensions.
It became crystal clear after dozens of these conversations that we're all looking to
But, when we're first getting started, we immediately run into problems like:
As a Freedom Entrepreneurship coach, I knew I needed to create an actionable, proven solution for handling these problems.
Through trial and error, working 1-on-1 with clients, and drawing from my past experiences, I developed this 6-step framework for overcoming these all of these problems.
So many people I’ve worked with have built their own $5,000+ / month Freedom Business through following the steps illustrated in this framework.
6 Easy Steps to Building a Freedom Business
6 Easy Steps to Building a Freedom Business
Let me explain each step briefly, then I'll show you an example of someone going through these steps.
For most aspiring corporate escapees, the goal of being liberated from the corporate job and pursuing personally fulfilling and meaningful work feels like such a far-off, distant dream.
Because of this, most aspiring corporate escapees don't ever take the first steps to building their Freedom Business. We think that we need to "build a coaching business and get clients". The problem with this is that this goal is vague, and it seems like something that's way too far beyond our reach.
The key to overcoming this paralysis is to identify a quantifiable, specific goal and getting a concrete grasp of what it's going to take to achieve this goal.
I want to be rich!
Quantifiable, Specific Goal:
I want to make $5,000/month without ever having to go into an office again.
I want to learn how to cook!
Quantifiable, Specific Goal:
I want to join a mystery food challenge and win first place!
I want to travel the world
Quantifiable, Specific Goal:
I want to visit 8 different countries (for at least two weeks) every year for the next 10 years.
The simplest strategy is to:
1. Figure out the income you need to support your current lifestyle. This serves as your corporate escape milestone.
2. Identify action-based milestones you need to reach to achieve this final goal.
Let's look at an example...
Sarah Chambers, a 34 year old new mother who returned to work from her maternity leave was considering leaving her position of 6 years. She was a Chartered Accountant one of the Big 4 accounting firms and she’d spent over 11 years of her life dedicated to this profession.
To identify her corporate escape milestone; first, she added up all of her living expenses. The cost for rent, transportation, food, entertainment, and miscellaneous costs added up to approximately $3,800/month. She then factored in an additional 15% for savings and emergencies. She ended up with a final number of $4,370. With this number in front of her, she knew the exact income she needed to generate from her Freedom Business in order for her to escape from the corporate world.
After identifying this corporate-escape milestone, she went on to identify the action-based milestones she needed to reach that would lead her to this corporate escape milestone.
She decided on these potential options:
A. Acquire 5 clients at $1,000 each client per month. This would give her a $5,000 per month income.
B. Acquire only 3 clients at a premium pricing of $1,500 to give her a $4,500 per month income.
In other words, Sarah needed to get 3 clients at $1,500 per month or get 5 clients $1,000 per month to achieve her "escape". With these action-based milestones laid out in front of her, the "escape" became a lot more obtainable.
"Not having any time" is such a common problem for us busy, aspiring Corporate Escapees - especially when we're starting out. After finishing a long day of work, fighting traffic to get home and handling household chores, we don't have the time or energy left to do anything else.
The way to overcome this challenge is NOT to quit your job, but rather, "create" pockets of time for yourself.
Create more time for your Freedom Business by:
1. Identifying 2-3 redundant, everyday tasks that wastefully consume your time and energy.
2. Delegating, simplifying or eliminating these tasks completely. By doing so, you "create" the free time that you can then invest into the building of your freedom business.
Going back to Sarah's case; She first identified the following redundant, time-consuming and time-wasting activities:
Weekly laundry run - 2 hours a week
Lunch preparation each morning - 3 hours a week
Tidying and cleaning around the house - 2 hours a week
Twice a week movie night with friends - 6 hours a week
Traveling to and back from work - 6 hours a week
From there, she simplified, delegated or eliminated these activities:
With $45 a week and a little creative thinking, she was able to "buy" herself about 10 hours of free time each week for building her Freedom Business. Instead of seeing the $45 investment as wasteful spending, she saw it as a necessary small investment that's going to yield big returns in the future.
One of the biggest mistakes new, first-time entrepreneurs make is that they create products or services that nobody wants.
This problem could be easily avoided by LISTENING to the customers, finding out what they want and simply creating the thing that they're looking for and placing it in front of them.
The first thing you want to do with your freed-up pockets of time, is to invest it into learning about your target customers.
We do this by:
1. Listening in on and engaging in conversations with this target market. By doing so, you get to learn about their dreams, goals, aspirations and needs.
2. Learning about the problems and frustrations they experience on a daily basis. This understanding of your market wil reveal problems that you can solve in exchange for competition.
As for Sarah, she was actively involved in a weekly, new-mum's meet up group where new mums come together to discuss new-mum related topics. Since she's been attending this meet up regularly, and had made many friends in the group, she was quite familiar with the list of challenges new mothers face.
She knew that these women were struggling with things like..
Most new business owners have a hidden insecurity that prevents them from promoting themselves: the fear that they're not yet an "expert". Because of this fear, new entrepreneurs appear timid and unsure in the eyes of their prospective clients.
The result - their prospective clients don't feel confident in their advice and are reluctant to hire them.
The way to overcome this challenge is to become a "niche problem solver" instead of promoting yourself as an "expert".
To illustrate this concept; pretend that you're driving across town in the middle of the night. All of a sudden, you hear a loud "POP". You pull over on the side of the road to check what happened. Sure enough, one of your rear tires just went flat. At that point, would you start shopping around online to find the world-renowned car expert to come help you out? My guess is not. Rather, you would find the closest person around who says "Yeah, I know how to patch up a flat tire" to come fix up your tire for you, right?
In the same way, you want to become seen as the person who's capable of fixing a specific problem that your target market is experiencing. It's also infinitely easier to develop a solution for an existing problem as opposed to becoming the world-expert on a subject. You want to shift your thinking from "promoting yourself as an expert" to "becoming a niche problem solver".
Once you've learned about the problems of your target market, you want to pick out the single, key problem that you can resolve for them with your existing skills. Once you've selected this key problem, you want to work with your target market to help them solve this problem. During this process, you get to develop a functional and proven solution for this "niche problem".
As for Sarah, after a few conversations with the other new mums from the meet up group, it was clear that a big frustration of these new mums is dealing with body changes. Specifically, they're looking to get rid of the excess weight from the pregnancy period.
By chance, through proper eating and keeping up with her Yoga regime, Sarah was able to reclaim her pre-pregnancy body within 3 and a half months after giving birth. Every week at the new mum's meet up, inevitably, Sarah would get 1 or 2 comments from other new mums about her great figure. This was her hunch.
Eating healthily and participating in a exercising regime was always something that's second-nature to Sarah, but after being asked repeatedly about her "secret to getting back her pre-baby body", she's starting to see that she may have some valuable knowledge others would pay for.
She followed this hunch and started guiding 2 mums from the meet up through her healthy eating routine and bi-weekly yoga-regime. Twice a week, she would have a 30 minute call with them to give pointers, address questions, keep them accountable and measure their progress. She subsequently created a post-pregnancy healthy meal plan and recorded a 15 minute video tutorial of her Yoga exercises.
After you've identified the "niche problem" and have identified your solution to the problem, you're in the position to offer this solution to your target market for compensation. Since the service is created based on the needs of your target market, you won't run into the problem of having to "hard sell" or "convince" people into wanting your service.
After working with the new mums for just under 3 months and seeing their results, Sarah became confident in her ability to help other moms get rid of their post-pregnancy excess and weight and reclaim their body. With her healthy eating schedule and exercising routine documented, she went to the organiser of the meet up group and offered to share her eating schedule and routine with all the new mums at the next weekly meeting. The meet-up organiser had no reason to refuse.
At her presentation, she first prefaced by saying that she's NOT a weight loss expert, but she had uncovered a method new mums can use for getting rid excess weight. Then, she went on to explain the concept of her diet and demonstrate a few of the exercises from her Yoga routine. She ended her presentation by by inviting the 2 mums she had been working with to showcase their results.
After the presentation, she was bombarded with questions on the fine details of the eating and exercising regime. She invited everyone to e-mail her if they had additional questions. For the mums that e-mailed in with more extensive questions, she made an offer to them to help guide them step-by-step through the eating and exercising regime.
Sarah was just starting this new business and still lacked confidence. She priced her new, 3 month pre-pregnancy body coaching program at a modest $500 per month. This led to her first 2 clients for a total of $1,000 per month in monthly coaching revenue.
As you become more experienced in solving this "niche problem", you will become more effective at solving this problem. Also, you will discover more "niche problems" of your target market that you can develop solutions for. You want to improve and expand on your service so you can serve more clients, scale up your earnings to reach your income target.
After picking up her first 2 clients, Sarah went ahead and approached the other New Mum meet up group organisers in the city. She made the same proposition for sharing her pre-pregnancy body success. She presented at 3 more meet ups which led to 4 more clients; this time, pricing her service at $1,000 a month.
This second wave of clients helped her reach $5,000 per month in revenue, which exceeded her income target $4,370 per month. She had the chance at this point to quit her job, but decided to stick around for a little longer until her business income became more solidified.
She started a basic Instagram documenting her client's before-and-afters. 4 months later, with the referrals from the previous clients rolling in, and other new moms seeing before-and-afters displayed on her Instagram profile, she became fully booked with 10 clients. This allowed her to escape from her corporate position confidently, knowing that her finances were secure.
2013, Joyce was 38, working 12 hours per day as a security guard. She was making £1,200/month and she couldn’t even fathom the idea of doing something along the lines of her dream job.
She became pregnant that year, and was forced to take a 3-month maternity leave only to find out that the company no longer needed her servicse.
Naturally, she was quite hard on herself after hearing the news. She was on the wrong side of 30, with a new born baby, no income, and no confidence in herself to network and find herself another job. She went into severe depression, losing 50% of her hair in the process, spending close to 2 months at home and in bed.
It was her husband who came to her side one day and showed her some true love:
‘You can sleep all day, and lose all your hair - or you can do something about - find something you want to pursue and work hard at it,’ he told her.
Joyce decided to act on these words of wisdom and she enrolled herself into a confidence class in the hope that it would help her connect with more people so she could find a job.
During her confidence workshops, she fell in love with the idea of coaching others through their problems. She saw how fulfilling it was to give other life-changing results and she decided that she would start her own business that she would put her all into.
After her confidence program was complete, she invested in a coaching certification program to learn how she could make a difference in her own life by helping others.
During this time, she began blogging about her life and she was able to attract a significant audience while doing so.
A number of people approached Joyce for advice on starting a blog so she started her business by charging £500 to set up other people’s blogs for them.
She was no expert blogger, nor did see herself as one. She did have some experience where others did not - and that’s all that was needed to charge for her time.
She used the money to invest in a coaching certification program and followed the 6-step framework to build herself up to a 6-figure income from helping people.
Here’s how she did it:
Before she was let go, Joyce was earning £1,200 a month. She’d be able to replace this with just 2 blogging clients if she charged £1000 extra for her services.
She wanted to make more since she had another mouth to feed but she knew that more time at home meant less daycare bills. She decided to build an income she could live from first.
At the time - she was unemployed, but was taking care of her newborn and was busy setting up blogs, completing her coaching assignments, and spending time working on her own blog.
She approached her blog differently by scheduling times to write, and check emails and comments. This allowed her to have an uninterrupted period of time that she dedicated to her blog so that it continued to grow without the expense of her focus throughout the day.
She also reinvested some of the money she made to pay for someone to help post to her blog and moderate her Facebook page.
She also decided to take on fewer blogging clients focus more on a different business idea that she’d be able to charge more for.
She knew that she couldn’t dedicate the entire day to working, especially with a newborn to take care of - so she set aside enough time during her baby’s nap times to work on the rest of her to-do list.
She knew she wanted to help other women - but she had to find out what they wanted first.
Since she’d enrolled in the group coaching program, she was introduced to several other women that had similar interests to Joyce, and she decided to start there - and learn more about this market and how she could help them.
She indulged in conversation - speaking to as many of these women as possible. She asked about their fears, their frustrations, their hopes, dreams, and ambitions.
She quickly realised that a lot of them were going through the same confidence problems that she had been through after she was let go from her job.
They didn’t have a lot of confidence in themselves, and this was spilling into parts of their business as well.
As Joyce dug deeper, she noticed that a lot of these women were very intimidated by the online world. They were afraid to put themselves 'out there', and thus their entire demeanour came off as timid, and low quality.
They wanted to stand out, and be noticed, but their inner fears were projected onto their branding.
They weren’t able to differentiate themselves from the rest of the market - and it was clear that a lot of these women were all going through the same frustrations all stemming from their inability to stand out.
Joyce knew exactly how to solve this problem but she had to look at it from the same perspective as these other women.
She mapped out a solution to the problem by breaking down the key concepts that these women would need to understand, and then broke those concepts down into the various skills that needed to be acquired in order for long-term results.
She deduced that through improving their confidence, they would automatically see more people magnetically drawn to them, so she used her skills that she learned through here confidence course to help these women do the same things with their business.
Once Joyce had the solution mapped out, she offered the information to a few women in her coaching certification course, and while doing so, she created informational material around what she taught the women.
She then posted this information online through her blog as free content, and people were able to find her through her blog and other forms of social media.
Once she received enough positive feedback, she built an entire coaching package, using her existing material and the feedback she received while helping others in her certification programme.
Since the problem she was solving was discovered through research, she knew it was an underlying issue for many women. It wasn't hard to persuade people to purchase the package since it was created to solve an existing problem.
Joyce later began to hold discovery sessions for other similar women entrepreneurs to help them improve their confidence and help them get noticed online. She’d already built a system that worked and she knew exactly who her target market was and how much they would be willing to pay for her coaching package.
She used Facebook advertising and paid for qualified leads to come to her discovery sessions so that she could present her package to a bigger crowd of people. From here, she had so much interest that she was able to book herself solid with clients - amounting to a legitimate 6-figure business less than 1 year after being fired from her job as a security guard.
I had a chance to chat with Joyce last month about her success. I asked her what advice she would give to other corporate escapees that are just starting out. Here are some of the biggest take aways from our chat...
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