If I Started Over, Here's What I Would Do First
May 28, 2024Today, Shannon opens up about a frequently asked question: “What would you do if you had to start all over again from scratch?”
Shannon dives into the practical steps she’d take based on her hard-earned wisdom, offering a valuable roadmap for both budding entrepreneurs and established business operators looking to revisit their foundational strategies.
## Focus and Simplify: Serving Over Educating
One of Shannon’s key insights is the realization that clients don’t necessarily seek education; they seek solutions. Early in her career, Shannon invested considerable energy into educating her clients about accounting and financial management. However, she discovered that clients primarily wanted their problems solved with minimal involvement on their part.
“If I started over,” she says, “I would unfocus my energy from educating clients. Clients don’t really want to learn how you cooked the dish; they just want to enjoy it.” Shannon emphasizes the importance of dedicating energy to delivering tangible results rather than overloading clients with information they may not be interested in.
## Niche Down and Understand the Problem
Shannon also stresses the importance of correctly identifying the problems you are solving for your clients. While she initially had a specific niche—fitness professionals—she uncovered that she was addressing a knowledge gap rather than the more pressing compliance issues her clients faced.
This insight speaks to the value of refining one’s product and aligning it with the actual pain points of the target market. “I would get super clear about what problem I solve, how I do it, and who I serve,” Shannon advises. This clear focus allows businesses to effectively communicate their value proposition, making it easier to attract and retain clients.
## Building a Client-Centered Product
Once the core problem and solution are identified, Shannon suggests meticulously refining the product to deliver outstanding results. This involves setting clear expectations with clients regarding their role in the process, simplifying the client’s journey, and focusing on client satisfaction.
In terms of growth strategy, Shannon prefers a bottom-up approach: starting small, solving key problems for a few clients, collecting testimonials, and using referrals to expand. This method ensures a solid foundation built on proven results and client trust, rather than broadcasting to a broad, unfocused audience.
## Strategic Networking and Client Relationships
Shannon's advice extends beyond product refinement into practical strategies for business growth. Rather than immediately focusing on building a broad audience, she advocates for leveraging existing networks and seeking referrals from satisfied clients. This grassroots approach can rapidly build a client base rooted in trust and proven results.
Networking in person and engaging in focused marketing efforts can help entrepreneurs zero in on potential clients who have the specific problems their business is designed to solve. Personal testimonials and clear evidence of value can become powerful tools in drawing in similar clients, fostering organic growth.
## Monetizing Results and Collaboration
One particularly innovative suggestion from Shannon is designing a business model where the entrepreneur’s earnings are directly tied to client results. Inspired by business mentors like James Wedmore, she suggests models where payment is based on recovered profits or other measurable outcomes, making the service a no-brainer for potential clients.
By having “skin in the game,” as Shannon calls it, service providers show their commitment to delivering results, which not only builds client trust but also drives superior performance. For accountants, this could mean earning a percentage of the tax savings or profit recovered, aligning the accountant’s incentive with the client’s success.
## Incremental Expansion and Scalability
As the business grows, Shannon emphasizes reinvesting profits into expanding capabilities, whether by hiring additional staff or broadening the range of services offered. This phased growth ensures that businesses do not overextend themselves too quickly and can continue delivering top-tier services while scaling.
“If I simplified from day one,” Shannon reflects, “it would have been so much easier to grow and scale the business.”
## Conclusion
Shannon Weinstein’s insights from the Keep What You Earn podcast offer a realistic and practical blueprint for building a successful business from scratch. By focusing on serving rather than educating, understanding and targeting the correct problems, refining the product, leveraging client relationships, and growing incrementally, entrepreneurs can create robust, scalable businesses. Shannon’s advice underscores the importance of simplicity, focus, and direct client engagement as the keys to sustainable growth.
Whether you’re starting a new venture or revisiting the foundation of your existing business, these principles can provide a clearer path to success and scalability. **Listen to Shannon’s full episode for more insights and practical tips.**
What you'll hear in this episode:
07:01 Focus on chosen activities, find revenue quickly.
08:28 Help clients make money for a cut.
If you like this episode, check out:
Why You May Not Want to Start a New Business
CFO Q&A - Naming Your Business
What Actually Happens If I Commingle Business and Personal Finances?
Want to learn more so you can earn more?
Get $50 off your HR audit with People Principles by using code SHANNON50 here.
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
