Module Five – What Patterns?

By now you have considered the remaining items on the three lists.  Are there other patterns?  Spend some time reflecting on where your emotions and your heart take you. Can you make a niche choice now?  Will this choice stand the test of time?  Can you picture yourself in this role?  Will this niche allow …

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Module Four – Choose Another

Review your three lists (Things I Like To Do), and choose one or two more activities.  Be sure to select an activity from each category (Leisure, Education, Work) This will ensure you are not missing something really important. Follow the same steps: Think about a specific occasion when this activity was particularly enjoyable, and an …

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Module Three – Choose One

Choose one activity which is/was particularly enjoyable.  It’s always interesting, to begin with a leisure activity.  Is it singing or gardening or playing hockey or painting – you get the idea. Think about a specific occasion when this activity was particularly enjoyable, and an occasion when it was not so enjoyable. On a separate page, …

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Module Two – Make your Lists

Make three separate lists of things you like to do – as you see in the above diagram. You will need to reflect on activities both in your past and in the present.  Don’t rush this.  Sometimes it’s helpful to think of the various stages in your life – childhood, teen years, family years, career …

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Module One – Preparation

  You will need several quiet hours to do this work. This is a pen and paper experience so find a notepad or journal that you really enjoy using.   Step away from all your screens and turn off your phones for this.  You want to stay totally focused on your thoughts and feelings.  Some …

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Take These Steps

Make three lists.  Things I like to do – Use these categories: Leisure   Education  Work   Choose one activity which is particularly enjoyable.  (It’s interesting to begin with a leisure activity)  Think about a specific occasion when this activity was particularly enjoyable, and an occasion when it was not so enjoyable.    On a separate page, sequentially …

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Going Forward

Be sure to keep track of your expenses and income on a regular basis – right from the beginning.  To not do this will cost you a lot of money in the future.  Using a simple spreadsheet will be adequate until you have enough transactions and income to warrant the use of a bookkeeping program.  …

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Exercise No 5 – Projections

Considering your fees and time available to work at your business, make some daily, weekly, monthly projections.  What are the projected income levels minus projected expenses? These projections will give you a realistic benchmark to compare actual income and spending.  As time goes on you will develop enough data to assist in creating budgets to …

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Exercise No 4 – Your Investment

Make certain that you record your initial investment.  This includes money that you have taken out of your personal accounts and credit cards to pay business bills.  Having these totals will help you determine whether you have achieved a return on your investment down the road.

Exercise No 3 – Financial System

After one month of business, look at your business spending items and group them together into categories (e.g. cost of goods, marketing, operations, tools, etc.).  Do the same exercise for income (e.g. coaching, consulting, commissions, direct sales) Now look at all expenses and determine which are fixed and which are variable.  “Fixed expenses are those …

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Exercise No 2 – Financial Health

What do you know about the current situation? Make a List of the Indicators What indicates the financial health of your business?  Examples:  Your credit card balance is at zero at the end of each month.  You have a Rainy Day account with a balance of one month of fixed expenses.   What do you need …

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Pulling It All Together

Business Mastery Plan Completion

This is the final Module! As was suggested when we started this exercise, your Business Mastery Plan needs to be written and readily accessible so that you can measure your progress and success. I provide a template to use so that you can pull all the information from the preceding modules into one visually pleasing …

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Information Systems

Business Mastery Plan

Module Nine.  Are you planning completion celebration? Since it’s likely that your new business involves an online aspect, it’s going to be helpful to decide and record what online systems will be supporting your business: Online Systems What phone system?  (iPhone, Android) What browser will you use?  (e.g. Edge, Chrome, Firefox, Safari) What autoresponder will …

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Your Business Systems

Module Eight.  It is important to record the supports that your business will need. Business Supports What contracts and agreements will be required to deliver your goods or services to your customers? How will you bill your customers? How will customers pay for your product/service? (e.g. paper cheque, e-transfer, PayPal, Square, etc.) How will your …

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The Financials

Business Mastery Plan

Module Seven – This one is VERY important, don’t you think? Financial System How will you track expenses and income?  Will it be electronic or paper based? Will you use bookkeeping software or a simple spreadsheet?  Will you hire a Bookkeeper or handle it yourself? How will you cover expenses until income can cover them? …

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Your Legal Structure

Welcome to Module Six – You are making progress! The requirements for businesses will vary according to where you live.  Do the research to determine what those are. Here are the basics that will ensure that your business flows without obstruction or confusion: Legal Structure Select your Business Name.  It will be important to find …

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The Marketing Plan

Module Five – You are halfway there and you have the groundwork complete! Marketing Plan Your Marketing plan answers three questions: How do I raise awareness about my product &/or service? How do I help customers evaluate my offerings? How do I assist clients to make the decision to purchase my products or services? You …

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Your Business Model and Fee Structure

Welcome to Module Four Your Business Model describes how your business is put together – how it creates, delivers and captures value. These decisions will need to be made at some point in your business development.  It’s important to have them collected into one place so that you can ensure the coherence of this wider …

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