You've got a passion that's burning inside of you and one day you decided to take that brilliant idea and start a business. Your entrepreneurial journey started there. But here's the thing, my friend – it takes more than just an idea and passion to succeed. You also need a strategy. So how do you create one as a new business owner?

That’s what we're going to talk about today.

Welcome to the first episode of a three-part series on building a simple but solid business strategy as a start-up business owner. I decided to do this series because I’ve gotten a few questions from new business owners about strategic business planning and what systems do they need.

These questions really took me back in time to when I started this business almost 12 years ago. There was and there still is a ton of information (free and paid) on starting your business and marketing your business, but not necessarily on how to strategically grow your business and do it without having to adopt the hustle mentality or end up burning yourself out.

It’s also part of the reason I decided to create a free audio masterclass instead of a online course. I realized my target market, which includes you, are on the go. So you don’t have the time or the desire to sit down and watch a bunch of videos. That’s why you haven’t started or finished most if not all of the ones you got for free or purchased.

Just about every small business owner I work with is trapped on a hamster wheel. Exhausted because…

➡️ They’re always putting out fires in their business

➡️ There are gaps in their business operations that need to be addressed

➡️ They’re working ‘in’ their business rather than ‘on’ it

And they’re constantly missing out on the things in life that truly matter to them. In that masterclass, I share the very same framework that I’ve used to help not only myself but multiple small business owners create a business that supports their lifestyle and removes them as the bottleneck that is blocking their growth. It’s called “How to Grow Your Business Without Overwhelm”. Each episode of that masterclass is packed with practical advice, actionable tips, and proven techniques to help you achieve your business goals without feeling overwhelmed. I’ll put a link to that in the show notes.

Now, when it comes to your business strategy, you may be thinking you don’t need one right now because you’re just getting started and you just want and/or need to make some money. Here’s the deal, whether you're dreaming of starting your own business or you're in what I call the incubation stage, this episode is for you and you need a strategy.

And if you’re wondering which phase you’re in let me help you with that. I talked about what I call the four phases of the entrepreneurial journey in an episode I did a few weeks ago on repairing the quick fixes in your business and improving your operations. But here is my cliff notes version of phases 1 and 2.

Phase 1 - Incubation: This is when you first get the idea to start a business using your skills, but you're just trying things out, not making money yet, and figuring out what problem you want to solve.

Phase 2 - Startup: You've found your place online and you're telling people about your business, but it costs money and you’re not really making much if any. So you’re bootstrapping or going without.

And whether you’re in phase 1 or 2, you’ve had the lightbulb moment when you realized you could make a difference. And no matter what you do or how many other people do the same thing, you are the secret sauce and you have a unique value proposition that makes you stand out in the crowded online space.

So, you've got the spark, you've identified your unique value, and now what? It's time to navigate the online space. That's where market research comes into play. Market research is like having a treasure map to help you find the gold. Let me illustrate its importance with something I'm passionate about—coffee.

Let's say I wake up one morning, and as I sip my morning cup of coffee I think, "People in my area need a coffee experience like no other." I'm envisioning a cozy café with fast Wi-Fi, unique décor, and the perfect coffee blend. Plus, I'll hire a latte art pro because, honestly, my latte art skills are non-existent. Really they suck!

Now, you might be thinking, "Well that just sounds like another coffee shop, right?" Well, not quite. What sets me apart is me. In the sea of franchise and independently owned coffee shops in my area, I'm the one serving a single origin pour-over that transports my customers to an Ethiopian coffee farm as they savor each sip. That's the "wow" factor, my fellow coffee enthusiasts will appreciate that.

Now let’s build on that. How can you build a successful business? By understanding your market and, which in my illustration is my fellow coffee lovers. Market research is your compass in this journey. Just like I would explore new coffee blends and roast profiles, you need to put in the work to understand your clients.

But don't forget about the competition. They're like other coffee shops on the same block with me. Identify their strengths and weaknesses is key. And then I can brew my business strategy by building on it.

Now, speaking of strategy, a business strategy isn't about catchy jargon or a bunch of complex theories. It's your roadmap to success. You wouldn't head off on a cross-country road trip without a map, would you?

Well, your journey as an entrepreneur is no different. A well-thought-out strategy helps you define your goals, plan your actions, and measure your success. Think of it as plotting your course on a treasure map to reach the gold, which, in this case, is your business success.

So let’s talk about your goals first. When you’re picking your goals for your business, your plan has to account for everything going on in your life. So if this is the busy season for you because of family engagements, conferences or even vacations or the holidays which are right around the corner then it can’t be the busy season for your business at the same time. And if you have little ones, they will be out of school soon with breaks. So you need to think about the impact that will have on your schedule when you pick your goal is well. And this is a continuous process I suggest you repeat every 90 days.

Now I’m not saying don’t pick big goals like one for the year. I’m saying you need to basically break that goal into milestones you strive to reach in 90 day increments.

And when you do this, I want you to pick a SMART goal. But my definition of a smart goal is a little different than what you’re used to.

S - It still needs to be specific. So decide what you want to achieve and be specific when determining what that means. And pick 1-2 positive affirmations to help you stay motivated because mindset matters.

M - Mind Your Business. Stop worrying about what everyone else is doing in their business. What you see on social media does not give you the full picture. Their lives can be in shambles in real life. Focus on the goal you picked and do what you need to do every day to reach it.

A - What is an APPROPRIATE goal for my business right now. Make sure this the best time to set this type of goal based on what's happening in your life.

R - Realistic - Be realistic in your expectations based on the current season of your life. Give yourself some grace. It may actually take you more than 90 days to reach your goal and that’s ok. Just keep working your plan.

T - Treat yourself as you make progress. Small steps matter! Create a wall of wins or write your small victories on a sticky note and put them where you can see them. You have to make sure you track your progress and celebrate small wins and big wins to keep yourself motivated and moving forward.

This process along with planning out your months and weeks is vital for you to be intentional with your time. And it’s one of the biggest areas all of my clients struggle with. That’s one of the biggest reasons why I created goal setting worksheets exclusively available to members of the MY-T Society membership. Not only will they help you set realistic goals but there are also pages for weekly planning using the time blocking. Feel free to check out the MY-T Society membership at theshannonbaker.com/membership.

Before we dive further into crafting your business strategy, let's take a moment to consider the role of your mission and vision. Combined they are what I call a dynamic duo because they answer the fundamental questions of why you started your business and what you want to accomplish in the long run. There are three questions you need to answer to help you set your goals and stay focused on them.

Question 1: Why Did You Start Your Business?

It all begins with understanding your "why." Your mission is at the heart of your business, defining your values, fundamental goals, and revealing what your business stands for. Your mission is your North Star, and it guides every decision you make. Think of it as the compass that keeps you on course so that each decision you make aligns with your mission.

So knowing your why helps you communicate what you stand for and focusing on that helps you make decisions that align with that. And that information is key to you answering the second question.

Take Starbucks for example. If you’re new to the podcast, Starbucks is one of my favorite coffee spots. Their mission statement is, “To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.” I feel they achieve their mission and the best part is that they offer seasonal ways to make it happen. After all, they kicked off the whole pumpkin spice craze and then they easily move right into the winter drinks which I look forward to every year.

Question 2: How Does Your Business Serve You and Your Family Now?

The answer to this question will help you determine if the goals you pock are practical. Your strategy has to take into account what’s happening in your life in real time. I've already talked about the effectiveness of setting goals in 90-day intervals. This approach makes achieving your goals more manageable and adaptable to the twists and turns of life.

Question 3: What's Your Business's Long-Term Vision?

The answer to this question is your vision statement because it helps you prepare for tomorrow. What does your business look like in 3, 5, 10 years? What kind of successes do you have? In essence, the answer to this question is the legacy you want to build. The plan will change a little every year but the ultimate legacy you are building DOES NOT CHANGE. This is your legacy—the enduring footprint you aim to leave behind.

Your business is the vehicle that you use to build your legacy. That’s the long game. The choices you make daily, the way you prioritize tasks, that’s how you drive that vehicle and determines how you live your legacy.

Now I want you to know that you cannot skip answering these questions. The answers are key to you determining what systems you need to create in your business. You can pick the right goal and create the best plan, if you do not have systems you will not be able to stick to your priorities.

Systems are like the backbone of your business. They're the processes, the routines, the little gears that keep everything running smoothly. They might not be flashy, but they are absolutely essential. So be sure to join me back here next week where we'll dive deeper into crafting your business strategy and getting some basic systems in place.

So let’s do a recap of what we've covered today. It's not enough to just have a great idea and the drive to succeed. You also need a well-structured strategy that guides your decisions. Whether you're in the early stages of figuring things out or actively marketing your business, market research is your friend.

We talked about the importance of identifying your unique value proposition, the "wow" factor that helps you stand out from your competition. And again, market research is the tool that will help you understand your customers better so you can address their needs with your services.

Next we started to get into how your business strategy is your roadmap to success. You must set clear, achievable goals, create a plan, and track your progress. I shared my interpretation of SMART goals – Specific, Mindful, Appropriate, Realistic, and Treating Yourself when you make progress.

Today we also stressed the significance of defining your mission and vision for your business. Your mission is the core of your business, guiding your values and decisions, while your vision provides a long-term perspective of where you want your business to go.

Lastly, we highlighted the importance of having systems in place because they are the backbone that keeps your business running smoothly and ensures that your plans are executed effectively.

And next week we’re going to dive even deeper into crafting a solid business strategy and implementing systems to establish a strong foundation for your business.

Thank you for tuning in this week! Before I let you go, I encourage you to please pick one thing from this episode that you are going to take action on. Just consuming the content is not going to help you make the changes you need. If you have questions, feel free to reach out to me to get them answered.

If you found this episode valuable, please go to ratethispodcast.com/mindyourtime and leave a rating and review. Social proof matters and I need your help to reach more women entrepreneurs like yourself. And don't forget to share this episode with your biz besties. Take a screenshot and post in on Instagram stories and tag me @the_shannonbaker.

I look forward to you joining me back here next week. And until then, keep calm and streamline!