Wednesday, October 27, 2010

Running a Practice or a Business?

I have just finished presenting a webinar to about 60 coaches (it’s about an hour long and is this issues gift - enjoy). I was helping these coaches think about running a practice versus running a business.

This is the key distinction I teach in my Million Dollar Expert program.

So, this week I have an activity for you...

On one piece of paper write the word practice, on the other write the word business. Now, answer the following questions...

  • What is a practice?
  • What is a business?
  • What is different when you run a practice versus a business?
  • What do you do more of in a practice than you do in a business?
  • What do you do less of in a practice than you do in business?
  • What advice that fits a business, does not fit a practice? (and vice versa)
  • If you are a practitioner how do you achieve freedom from work and is that what you actually want anyway?
  • How can you make what you do a vocation?
  • If it was a vocation, would you want to give it up?
  • What do you measure in practice?
  • Does that differ in a business?

If you want to run a million dollar expert practice, you need to know what you are getting into and why.

I have run my personal million dollar expert practice for years and I get so much satisfaction doing what I like, with people I like, in places I like.

If you are a Thought Leader, then you are like a brain surgeon, so start running your practice like one. A brain surgeon does not cold call, does not advertise in the Yellow Pages and does not have to close the sale. They do however need to find solutions for problems people have and stand with authentic conviction around the value that they offer the world.


Tuesday, October 19, 2010

What you know and who you know

Charlie ‘Tremendous’ Jones (US motivational Speaker), once famously said; ‘the key difference between who you are today and who you will be tomorrow are the books you read and the people you meet.'

In the mentor discussion group on Thought Leaders Central recently, the fabulous Michael Henderson (Corporate Anthropologist) shared that he believes we need to see Thought Leaders as both a curriculum and a community.

Our learning curriculum at Thought Leaders is about commercial savvy, in the Million Dollar Expert Program this is very overtly commercial.

So you have to focus on making money (our curriculum) but also hold a focus on relationships (our communities). My father always said (and I believe this is a mindset to challenge), 'don't mix money and friendship'. For me, the kind of people I work with should be the kind of people I like. The alternative is what, 'to work with people you would not be friends with?' Following my dads advice about mixing friendship and money would have me miserable in my work.

My dad was right in a manufacturing widgets sense, but with Thought Leadership, your friends should get your best advice first! I have learned also the hard way, that discounting this (especially to nil) affects the way they receive the advice. It is very much a case of if you get something for free, you don’t commit to getting the full value from it.

Here are some thoughts I have around commerce and community or doing business with friends...
1. If I give things away to people I like, they don't get the value of committing.
2. At some point change the nature of the relationship from overtly commercial to declared intimacy. I stop charging those who become deep friends.
3. If in doubt sell through, not to.

My secret to personal exertion business...

Do business with people you like, talking about things you like, in a way you like. That way going to work is never a chore.


Tuesday, October 12, 2010

Become commercially smart with nine essential skills!

In the Enterprising Thought Leadership Program we expose people to the nine essential skills of Thought Leadership. These are organised in a Sudoku like matrix, walking through the nine essential skills in the following order.

The Thought Leaders Core Intellectual Property (IP) is unpacked through this framework and explains the development journey of a Thought Leader.

Uniqueness – Identifying Talents; How to use your unique perspective to stand out and increase the value of your ideas.

Expertise –Unlocking Expertise; How to effectively unpack our intellectual property so you can use it fast.

Perspective – Developing Perspective; How to shift points of view and future proof your ideas.

Positioning – Powerful Positioning; How to explain what you do so others get it.

Delivery – Delivery Channels; How to share your ideas anywhere and in any way to virtually anyone.

Adaptability – Mindsets Adaptation; How to adapt your communication approach to fit the needs of different people.

Execution – Creative Execution; How creative thinkers become massively productive and get more done.

Clicking – Idea Clicking; How to connect your ideas to the needs of others so they are truly valued.

Advocacy – Building Advocacy; How to build evangelism around your ideas and harness collaboration to go further.

In our Million Dollar Expert program, we use some of these skills to help consultants commercialise their IP and become Million Dollar Experts.


Matt Church

Wednesday, October 6, 2010

Diversify, Diversify, Diversify

A million dollar expert is an infopreneur who has successfully commercialised their Thought leadership and is running a practice that is turning over a million dollars or more a year with one or two support staff. Most people think this is impossible… “Make a seven figure income selling my expertise, are you serious?”

The Million Dollar Expert Program is a systematic methodology to grow a practice to a million dollars based on diversifying modes of delivery and taking the appropriate steps at each revenue level, as further explained in the Sell Your Thoughts e-book.

Infopreneurs become recognised as Thought Leaders when they clearly define a unique perspective or offering to the market based around the subject they are an expert in. When they have built on the thinking in their domain, added to the knowledge in their area and challenged and extended the status quo.

Most infopreneurs make the mistake of picking one mode to deliver their expertise through, and sticking to that. Speaker’s make money through speaking. Trainers make money from training. Coaches coach. And so on. Infopreneurs need to stabilize their cash flow and grow revenue more quickly by diversifying how they deliver the information they provide. It is much easier to get $100,000 per year from six modes than to get $600,000 per year from one.

The Million Dollar Expert Income Ladder shows the natural stages of progression that need to be taken to grow a six figure practice. The Million Dollar Expert Program guides you through the stages of this model in order to build up the momentum experience confidence and expertise to know how to continue your progress on through Blue, Red and up to Black belt.

Diversify your delivery and you will be surprised at how much quicker it will be to become the million dollar expert.