One of my favorite sessions from the 2021 AIIP virtual conference was Kelly Berry‘s crowdsourced ideas on “Small Fish in a Big Pond – How Independents Navigate the Information Industry Without Large Budgets.” We shared our favorite low-cost information resources and strategies, but what I found most compelling was the focus on what sets us infopreneurs apart.Read More
I recently wrote a Coach’s Corner column for AIIP about how to manage difficult clients and, as I was writing it, I realized that I have had very few difficult clients over the last 25+ years in business. What’s my secret? I’m certainly not perfect, but here are the approaches that have helped me attract and keep so many clients I respect, admire and look forward to working with.
The solopreneurs I coach and mentor, especially those in their first year of business, often tell me how hard it is to figure out how to measure success, how to best spend their time, and how to turn interest into client engagements. While each business is different, a few pieces of advice apply in almost any B2B solopreneur.
First, make sure you know what your prospective clients need, value and will pay you well for. If you haven’t conducted at least a half dozen informational conversations, in which you were able to learn what your market needs and how your prospective clients talk about that need, then you need to invest the time and energy into these essential conversations. See my blog post Making Yourself Irreplaceable for lots more resources on how to conduct insightful informational conversations.
One of the most common traps I see new infopreneurs fall into – and I’ve done this myself, too! – is equating a prospect with an actual, paying client. We meet someone at a networking event or have a phone call with someone we met through social media. The person sounds interested in what we do, accepts our business card, and maybe even says “Yeah, we could have used someone like you that one time.” They may attend a webinar we give or download a white paper we wrote. We end the encounter confident that the person will be calling us shortly with an assignment, but then we never hear from them again.
In my experience, failure to convert interest into engagement is often caused by some combination of the following factors.
One of the things I often talk about with infopreneurs I’m coaching is the importance of knowing how to make something out of nothing. We may have thought the project we took on would be easy to handle, and it turns out the resources we thought we could use didn’t pan out. Or we thought there would be plenty of information on a topic and we find out that, nope, no one’s talking about it. In these cases, we have to be able to tell a story about what the lack of results tells us.
So, when a project results in far less than either my client or I had anticipated, I ask myself these questions:
Infopreneurs know that their value lies not just in what information they find but what they do with the information before they send their deliverable to their client. We often talk about the need to create value-added deliverables, but what exactly does that mean? Isn’t everything you do added value, just because it took your skills and expertise to find the information?
Actually, value-adding is more than “merely” finding the information. It means transforming it into something more. One metric I use to evaluate a deliverable:
- If most of what my client reads is my own writing, I’ve provided added value.
- If most of what my client reads is others’ writing, I’m providing little value.
Quick—think about the last time you interacted with a client. It probably felt pretty straightforward. Your client tells you what they need, you talk about any details, and the conversation is done. I recently had an experience that reminded me that every client interaction comes with layers upon layers of assumptions that we often miss.
Having seen Hidden Figures and read the book it was based on, I can’t stop thinking about Dorothy Vaughan, one of the African-American “computers” (mostly female mathematicians skilled in complex calculations) at NASA. When she was faced with the prospect of being replaced by a newly installed IBM computer, she taught herself and her staff how to program in FORTRAN. Rather than bemoan this disruptive technology, she gained the skills she needed and made her whole team more valuable to NASA.
While most of us aren’t responsible for getting astronauts into space and back home safely, solopreneurs also have to adjust when something new and unexpected enters the picture. If we don’t, we may sit up one day and realize that we don’t have the kind of schedule that lets us enjoy our family, or we never seem to have enough money, or our usual clients just aren’t sending us as much work as they used to.
These situations usually arise because we are no longer aligned with what our clients most need, value and will pay for… we are focusing on the HOW of what we do rather than the WHY. Here are some prompts to help you start thinking differently about yourself and your business.
No one likes to think about worst-case scenarios; we all imagine that we will live an accident-free life and our business will run smoothly until we retire. However, just as we buy insurance while hoping we never need it, we should look at our business operations and imagine what would happen if we suddenly became incapacitated by injury or illness or if you got hit by the proverbial bus. Who would notify your clients, pay your bills, and put your business on pause? Does that person know who your clients are or how to log into your email account?
In addition to estate planning, we solopreneurs need to plan for the unlikely situation in which someone who isn’t familiar with our needs to step into our shoes. The following are thoughts on how to write up instructions for where a family member, trusted friend or colleague could find everything needed to put your business on pause or, in the worst case, close it down for you.
Fill out this checklist (click here for an unannotated version) and give a copy to two people who might be called upon to help in an emergency, keeping in mind that a trusted colleague or good friend may be more familiar with your business – and the issues of a solopreneur in general – than a family member.