The Client
A tourism booking service provider that had lost faith and had not done her math.
The Brief
This entrepreneur was at the end of her tether. She had been trying for a couple of years to get her business of the ground, had been waitressing to earn a living and had to share her home with two roommates to manage her financial commitments. Passionate about outdoor recreation activities, she had tried to build a tour booking service but could not get it of the ground. Dis-encouraged by her loved ones and friends, she cried the first time we met. She had started to buy into the ‘good’ advice from those surrounding her.
After this initial meeting she decided to go ahead and get my help with developing a plan. At this point she had no belief in the possibilities. What started with a little goal setting exercise, went on to develop into a close coaching and consulting relationship.
A couple of months in, we had re-ignited her spark with tender belief that this may really work. It was only then that she shared what she really hoped her business may accomplish for her:
- Have a concept that is sustainable and realistic to earn a comfortable living
- Being able to quit her waitressing job
- Earning enough to live independently without roommates
- Create a flexible, mobile business that allows her to travel and do ‘business from a beach’
- Build a business based upon her passion
Did we manage to fulfil all of those dreams for her? Read on to find out!
The Work
My client’s funds were very tight therefore we decided to kick off with two strategy sessions to develop a short-term roadmap for her business. Getting the concept right was crucial. Her original business idea would have required her to generate $1,000,000 in revenues for her to make an adequate living. This of course was unattainable in the short-term.
I developed her concept into a multi-sided platform that incorporate three separate profit models. This platform has two predictable and ongoing revenue sources to build a solid foundation to her business. The third would become the ‘gravy boat’ of large sums of cash.
From concept we went into actioning the plan and within less than 4 months we had our first paying clients. Now we were into proof of concept. Would customers like what I had conceptualized with my client? This is always a tense moment and for us it was plain sailing. The timing was perfect for the market and the concept was exactly what was lacking in the marketplace.
Carefully created marketing positioning and communications established a clear sales advantage. Since then regular innovative initiatives have continued to help create a safe distance to competitors who are trying to enter the market.
Once the proof of concept was complete, I arranged for a Stiletto Den presentation for my client in front of 10 accomplished women entrepreneurs in the city. We prepped her extremely well and although it was her very first time presenting in a boardroom, she did incredibly well. Broadening your feedback from a trusted shadow advisory board is always an excellent move as it gives valuable, multi-faceted feedback and really helps to tighten the finer details of a business model.
After her experience of presenting she had gained enough confidence to a talk at Squamish TEDx Cafe and has done various presentations to the local Chamber, Rotary and BIA.
One of our final goals was to partner with a local business association to help her get a lot of exposure to her target audience. Something that is typically impossible to do as these organizations are extremely risk adverse, under resourced and simply don’t partner. I encouraged us to leverage my network and go about having the discussions with board members and management. After 12 months of intense meetings and a proposal that poses a win for all, the new partnership is about to be announced by the end of this month.
The Result
In all my time as a business adviser I have never grown an entrepreneur to this level of personal and professional success the way that I have grown this one. The accomplishments have far surpassed the original brief and the client has truly been transformed completely resetting her view of the world.
Where once there was lack, now there is only abundance. Where once there was disbelief, now there is confidence. She has taken two major vacations. One to Hawaii and one to Mexico plus little mini-trips closer to her home in Squamish BC. Her roommates have moved out and instead she is now living with her partner. She quit her waitressing job almost a year ago. Her business is solely developed around her passion and is locally recognized as one of the most thriving new start-ups in Squamish BC earning her a regular and predictable passive income and ‘gravy’ bonuses to sweeten her life.
Most of all she has the flexibility that every entrepreneur so desperately craves – the ability to work from the beach and making money while she sleeps.
My work here is done! And now, what about you? Do you dream of turning your passion into profits but have nearly given up hope?
Then imagine the possibilities through a business advisers eyes!
I look forward to hearing from you,
Conny
