At one point, every service-based business owner will find herself in a troubling situation. Revenue is down. New clients are scarce. Profits are falling, and a peek at the financials is enough to bring on a full-fledged anxiety attack.
Unless you’re Mark Zuckerberg or Bill Gates, chances are you’ve experienced that sinking feeling of a business that’s trending downward, too. But how you handle it can mean the difference between continued success and business-killing burnout.
Here’s where a lot of coaches tend to let fear-based decisions start steering their business in the wrong direction.
They start to worry about money, and that worry leads to poor decisions that ultimately have a negative impact not just on finances, but—maybe more importantly—on morale, too. Maybe you know what I’m talking about.
You Take on the Wrong Client
When business is down, it can be tough to keep your ideal client avatar in mind. Instead, you jump at the chance to work with anyone who comes along. The trouble with this scenario is you can find yourself with a roster full of clients who:
- Aren’t willing or able to do the work required
- Spend all their time telling you why your ideas and advice won’t work
- Drain your energy and make you dread your office
You Stop Creating
And who can blame you? With profits down, you have to pull back. You can’t afford to spend time and money creating new programs, so you recycle the ones you’ve already produced.
Now, this would be ideal if you were repurposing with a positive intent. Turning your ebook into a group coaching course? Perfect! But that’s not what your fearful brain is telling you.
Your fearful self is saying, “Just re-release this same product again, so I don’t have to have new sales copy written or record new videos.”
And while this might help bring in a bit of cash short-term, it won’t do anything for your reputation or your self-esteem.
Yikes! That’s no way to operate a business, but that’s just what a fear-based mindset can do to you. It would be better (much better) to hold out for that perfect client, and use the down time to focus on client-getting activities:
- Be of service in Facebook groups
- Record and publish short videos on YouTube offering tips for your ideal client’s struggle
- Start a blog
- Network online or in local circles
- and much more
These consistent actions will help increase your online presence, promote your business, and attract new clients.
Additionally, while you’re waiting, take what you’ve learned from your drop in sales and create the killer program your audience is clamoring for!
But how do you overcome fear when snapping your fingers won’t make it miraculously disappear into thin air?
- Just breathe.
I don’t say that to be flippant. But sometimes, a deep exhale is all you may need to release stress, which may then help you see the situation more clear.
- Inch it down.
Instead of looking at your fear as the big hairy monster it is for you, focus only on the arm, leg, or foot. What small action can you take in the next 30 minutes (or less if you only have a few minutes to spare) that knocks your monster down an inch or two?
- Embrace failure.
Yes, I said the other “f” word. A business isn’t successful because everything started out right nor because all the stages of building it worked like they were supposed to. The success came through trial and error, and wins and losses, and yours will be no different.
- Focus on your client.
You have a service-based business for a reason … to serve others. So get out there and do it. It doesn’t matter if Tom, Dick or Mary are offering a similar service or program; what matters is your ideal client needs the solution in the way you provide it. Even if you trip over your words or fall flat on your face, you’re human; it’s all okay. Simply focus on your client and take you out of the equation.
I get that not giving in to fear is a hard thing to do. However, the only way to reach the success you dream of is by pushing through your fear. So put your big girl panties on, grit your teeth, and grab that fear by the horns and face it head-on, girl!
Now pivoting for a minute … if you’re only jumping on the fear bandwagon because it’s easier to do that than having to admit you’re a procrastinator, instead be the gal who stops Finding Excuses And Reasons to stay stuck or make decisions she knows won’t grow her biz and start acting and thinking like the successful fierce lady boss she is.
Regardless of which category you’re in, you can so do this!
Share in the comments below what fear-based decision hurt your biz and how you worked through it. I can’t wait to applaud your victory!
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