Why Now is the Best Time to Start a Business with Rachel L. Proctor
Episode 471: Show Notes
Today on the show we have Rachel Proctor, an author, speaker, and second-generation entrepreneur who helps people turn ideas into successful online businesses. She is a self-proclaimed market research junkie, she’s hit seven figures, and she knows what she’s doing, having built a versatile and trusted learning resource hub for aspiring and successful business owners. In this episode, we get into Rachel’s belief and strategy that there is no better time to start a business than right now, even in a crazy 2020, even with less time – now is still the opportune moment! She explains why she believes that and dishes out tangible steps to figure out what to offer, how to find out what you’re good at, how to find people to pay you, perfect your process, grow, and everything in between. So, for those of you who had an idea and dropped it once the pandemic hit or are just ready to take the leap but don’t know where to start, tune in to learn more!
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Hear About Rachel’s Right Now Philosophy
Why, you might ask, is 2020 a good time to start a business? As an entrepreneur, Rachel believes that uncertainty is part of the entrepreneurial journey, so you might as well get used to and embrace it. There is no such thing as the “the best" time. For her, COVID has brought with it blessings as well, including the fact that it forced us to slow down. And because we can all start over again, there is no better time to start a business. Moreover, when there is a rise in unemployment, we also tend to see a rise in entrepreneurial pursuits and people getting into the market with their own businesses. Many people still believe working for someone else is a safer option than doing something for themselves, but the pandemic has proved it wrong if you look at the number of people who were laid off. Perhaps being pushed into a corner and left with no other option is the last nudge people need to get going with their own thing. It all comes down to perspective: you can see the situation as an opportunity or a threat, and if you can find a way to leverage your fears in a constructive way by looking at the alternative of starting your own business, your mindset is right on track. Don’t procrastinate or over analyze things too much – just jump in. And remember, if you are looking for an excuse not to do it, you’ll find one.
The First Thing You Need to Do
The first step involves pausing and evaluating where you are. When crises happen, we have to be honest about what is and is not working, and it might require you to stop doing things you should have stopped doing years ago. You want to remove the things that don’t work or belong, and get your mindset right about what you want to do. Sometimes we also lack the necessary motivation to get started and pursue the goals because we don’t have tangible steps and outcomes tied to achieving them. You need to know why you want to pursue it and what you hope to achieve. It might mean more vacations or sending your child to the school of your choice. Whatever it is, when you identify the specific goals, it makes it easier to start taking steps to that end. When something is enough of a pain point to you, you will do what it takes to make it work. Even though your goals change and evolve as your business does, it is important for that initial motivator to be strong, whatever it is.
Identify What Results You Can Help People Get (Think Services)
The next thing to do is to look at what you can actually do. Rachel typically works with service-based entrepreneurs because, for this kind of business, you don’t have a lot of upfront costs. If you already have a marketable skill others can benefit from, this is where you start. Rachel has an exercise that helps people create a results vault – a list of things you know you can help others do and achieve and you can get paid for. And we mean tangible things like helping people build negotiation skills and get a promotion at work. Remember, with things like coaching, people don’t really pay for the coaching – they pay for the result it is going to get them. We always encourage people to start with services because it is the easiest way to learn more about yourself and what you can offer. When you get to see what your knowledge, skills, and experience can mean for somebody else, it does something inside of you and fulfills you at a whole other level! You also get more and more confident about producing the result for many more people. It is useful to think of yourself as a tour guide rather than a travel agent since you have been there and can help people do the things you have done many times before. You are by their side, taking each step alongside them and guiding them. If you don’t know exactly what you want to focus on, that’s also fine, you can figure it out as you go. Let your audience guide you as to where to go. Sometimes you’ve got to put something out there and test the waters first.
Where to Begin Targeting People and Building Your Audience
What we have to keep in mind is why somebody would buy from us in the first place, and consider the people who have urgent and imminent problems. Because we all have problems but we are not necessarily willing to pay for someone to fix them. So, you need to target people with a pressing problem and who are already seeking solutions, and it does not only have to be books and coaching they are looking for. They might be looking on YouTube or following people who are in that niche. What you do then is to identify where some of these problems intersect with what you have in your results vault and how your offer can help them solve their problem. If you already have some kind of audience, you can simply ask what people need help with and what they see a need for. We’ve said it before and we’ll say it again: the thing you start doing can change over time. Just like Emylee, you can start as a family photographer, switch to working with brands, and eventually become a consultant. These experiences will open up doors and get you to where you ultimately want to be. Your first, second, and even third iteration do not have to be perfect – as long as you start.
Use This Moment to Connect and Build Community
Most of us are more at home than ever, so we have an opportunity now to connect with people online, strike up conversations, and tap into the need we all have for a community. We are on our phones and computers so much these days, so use this as a means of connecting and seeing what people want out there. Whether through emails, DMs, texts, or whatever, use this time to do valuable market research. Find out what’s going on with people and what they can use help with, and don’t discount anyone! Sometimes you find opportunities through the most unlikely people and channels, so network away.
Set Up A System of Delivery and Content Strategy
Once you have identified the results you can get and the people who might benefit from them, you can look at the process according to which you will deliver the result – the system you will use. Here, you will need to have a lot of grace with yourself since the system will also be a work in progress. While you can plan to deliver the results in a particular way, keep in mind that it might change. So, you first want to prove the concept. Besides, you won’t know how or what to refine unless an actual person goes through it. And you can even bump up your prices every time you iterate and improve. Your client doesn’t have to be aware of the tweaks you make or what they might have missed out on the first time around; this is your refining process. Having said that, getting a good testimonial will go a long way to promote your business, so you do want to give them a positive experience and get them some results. Another piece of this is identifying what kind of person is most likely to get a result from your offer and document the qualities that typically come with an ideal client. Another aspect to consider is creating visibility for yourself in terms of having a content strategy. You need to talk about what you want to be known for and create organic content around that. And don’t assume that people hear or see you the first time you post, so you are probably not making a nuisance of yourself. It is also a good idea to say it in different ways, whether you choose graphics, video, or whichever format. Your content needs to convince people that you are the one they want to work with.
Quote This
Your first, second, and even third iteration do not have to be perfect – as long as you start.
—Rachel L. Proctor
Highlights
Hear About Rachel’s Right Now Philosophy. [0:04:54.1]
The First Thing You Need to Do. [0:10:44.1]
Identify What Results You Can Help People Get (Think Services). [0:15:07.1]
Where to Begin Targeting People and Building Your Audience. [0:24:39.1]
Use This Moment to Connect and Build Community. [0:34:09.1]
Set Up A System of Delivery and Content Strategy. [0:37:18.1]
#TalkStrategyToMe [0:49:22.1]
Pause and evaluate what has/has not worked, and create a results vault.
Look for people who have an urgent or imminent problem.
Choose a system of delivery.
Be intentional about your content strategy.
ON TODAY’S SHOW
Rachel L. Proctor
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Author, speaker, and second-generation entrepreneur Rachel L. Proctor helps people turn ideas into successful online businesses. A self-proclaimed market research junkie, Rachel has hit seven-figure sales marks as she’s built a versatile and trusted learning resource hub for aspiring and successful business owners alike. Dedicated to equipping entrepreneurs with the skills needed for success, Rachel provides free business training on concepts including branding, budgeting, profitability, productivity, and more. With an emphasis on real-world skills, accessible technology, and holistic learning, Rachel helps students pinpoint their unique ideas and turn them into profitable, life-changing business ventures.
