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What Self Employed Entrepreneurs Can Still Do To Protect Their Financial Situation During The COVID-19 Outbreak

May 6, 2020 BEYOUROWN

Now is the time the perfect time to reassess your business goals, mission, and your overall vision for your business. This pandemic has shifted everything for everyone and although we are living in a state of uncertainty and fear, we must view this adversity as an advantage.This is not the time to take your foot off the pedal, but to double down to ensure you serve your client to the highest level and still protect your income.

Michelle Raymond is an HR expert, business coach, certified master NLP practitioner and an award-winning international TEDx speaker on a mission to make the invisible visible. Her company The People’s Partner provides bespoke HR services to the SME sector, designing and delivering effective people management strategies, contract compliance and employee productivity.

With Michelle’s unique ability to transform, improve and develop the skills of people through coaching consultations and bespoke training, we have asked her to share her share 3 valuable ways in which you can start doing this now.

Develop a new skill set and pivot

The old way of working no longer exists. If you don’t pivot you will be out of business in the next 6 months if not sooner. What can you change in the business model that positions you as an expert where you can still serve your clients?

There are likely to be assets in your business that has been untapped, as the market had not demanded it before now. There’s no time like the present to bring it to the forefront. Let’s take events organisers for example. The in-person events industry is non-existent and many organisers have been resourceful, and have tapped into other skilled areas that they have.

Many planners and event organisers are experienced in delivering events virtually, positioning them to be able to teach and train others in producing effective events online. So now they’re using this skillset in a different way to serve and still protect their income. Identify what other skills you have, repackage that skill and sell it for a price which is fair to you for the new value you provide.

Re-use and repurpose your core intellectual capital and intellectual property

One of the best ways to add value at little cost to you is through IP assets that you can reuse.

Examples: Blogs, videos, studies, market perspectives, databases, assessments, and so on. These can also include conceptual frameworks that help clients assess and frame their most critical issues.

As an entrepreneur, you probably have plenty of these, maybe some that you produced 2-3 years ago, which you could still use very effectively with clients.

What existing intellectual capital or intellectual property do you have that you haven’t shared with some of your clients that may be of value at this difficult time?

One of the great ways to do this now is to repurpose and leverage all-new virtual communication. Virtual training has obviously increased and it’s very likely that you will be invited to deliver training, be interviewed on a podcast and share some advice on social media. Here’s how you can leverage your work.

With the original version of any recordings, send it to an editor and chop it into sound bites, with these sound bites you can upload to your website as extra content to a paid membership site, for example.
If you’ve been invited on a podcast, the podcasters may have created visuals or audiograms for social media. Ask for these and share on all your platforms.
If the virtual communication is taking place over software such as Zoom, request to be sent the recording and put in your library of content which is chargeable to your clients and prospects.
If you have a YouTube page, grab some clips between 1-5mins and add them there too.
Why not get your audio transcribed and repurpose as a blog that you can sell or extract parts for a paid article in an online magazine?

Move fast

If you are an entrepreneur in businesses like professional services, IT services, consultation or coaching, the longer you take to deliver your new service from your recently pivoted business, the more expensive it becomes. Plan and execute the minimum activities needed to deliver on your commitment to your client and new prospects.

Don’t conduct superfluous or extraneous interviews with long-winded sales funnel questions and don’t conduct extensive qualifying questions that aren’t absolutely essential. Move fast. Be a resource, meet their immediate needs, be available.

Be willing to cut to the chase more quickly with your clients and tell them what you think early on. Focus on delivering a successful project, product or support service. The speed of implementation will separate you from the thinkers and the doers!