Launching your own business can be a thrilling adventure, bringing your passions, talents and skill sets together with the vision of doing something great. One of the keys to building a successful business is looking at it from all angles and starting with a plan. A critical component of that plan is the numbers, and many new business owners would rather look at the exciting parts of entrepreneurship (freedom, ability to pursue their passion, making boat-loads of money for themselves and not someone else) instead of diving in and really knowing their numbers.
That’s where we come in. Here’s how The Minerva Group helped one solopreneur launch her dream business.
When we first met our client, Sue, she was working full time for a large tech company. To them she was just a number, and she went to work every day feeling unmotivated and underutilized.
Her passion was photography. On weekends she photographed weddings and loved the interaction with people and producing something that would be meaningful and lasting to them. Her dream was to do this full time, but she didn’t know where to start. The Minerva Group partnered with Sue to provide her with the tools and know-how to help her make that dream a reality.
First, we helped her get a clear picture of her current financial situation by looking at the books she had kept for her photography side-gig. This enabled us to:
- project the income she needed to transition into her own business,
- set expectations for the return on investment,
- establish goals for building her savings, and
- plan the timing.
Armed with real numbers, Sue could finally see clearly that she could make her dream happen.
Next, we looked at strategies to move Sue towards full time. These included attending bridal shows to meet wedding planners and make herself and her services known within the wedding industry. This networking provided sources of referrals from which she was able to branch out and build her clientele. We recommended a substantial increase in her prices, helped her identify unique venues for her work beyond the ones she had traditionally used, and helped her expand her offerings to clients by adding videography.
Within the space of two years – and with a lot of hard work – she moved into her business full time and has never looked back. From January through September the previous year to the same period over the current year, she experienced growth at a rate of 132%! The demand for Sue’s business has grown to the point that she now employs several additional photographers.
The Minerva Group helps business owners take a 360-degree look at their business, starting with the numbers and then building out a realistic strategy for growth. Do you have a passion for building a business? Take our online assessment, the Minerva 360 Blueprint® and get a clearer understanding of your own picture so you can take the right actions towards growth.