Is Your Business Having a Mid Life Crisis?

Recently, I have spoken to a couple of entrepreneurs that have been running their business for a few years, but now feel unenthusiastic about what they do.?

They think it’s time to pivot, find a new industry to focus on.?

They feel they lost their passion for their current industry and it’s burning them out.?

This is a phenomenon I’m noticing more? in women owned businesses, (but not exclusively)

Yes, I’m going there…?

Guys more often take on a “just do it” approach. They are naturally primed to do whatever it takes to make a living, regardless of meaning attached to it.?

It may even be harder for them to buy into the idea of needing a Purpose, Cause or Passion (a mission statement) for why they do what they do, but when they understand that it’s vital to prevent burnout and to rally the organization around a common purpose, they embrace it.?

While women on the other hand naturally are more emotional and need to connect to a greater purpose to empower and drive them, yet the challenge is that they can get stuck there or carried away with it.?

One woman has been selling clothing, but feels burnt out by the hurdles in her business, she thinks that because her passion is making women feel beautiful, perhaps she should open a day spa and focus her passions on that. It would still fit her purpose.?

A lovely budding artist that is well known for her art is thinking of expanding to sell home items and other product lines. Is it a diversion or complementary to her current focus??

Another pair of friends/founders I have been working with that are in the entertainment industry, think they should be focusing on healing and coaching because their passion is igniting deep emotional experiences, which they have done through entertainment but feel stuck now in the current climate.?

When I guide clients through the EOS process, the second question in our strategic planning session is “what is your Core Focus” we call it Core Focus because the mission- purpose cause or

Passion for the organization comes from the core, the founder and we must stay laser focused on it in order to succeed and not get carried away.?

We unite the organization around a common purpose so we are all rowing in the same direction.?

Your Core Focus is the lens through which you make major decisions. When opportunities present themselves, does it fit my unique purpose? Will it ignite that passion in me and my people??

But there is a second part to a Core Focus / mission statement and that is often overlooked. The importance of defining your “Niche”.?

Because we are each genetically encoded to be great at ONE THING. When we divert our focus the enthusiasm and energy doesn’t last and we end up failing.?

The term “Jack of all trades, master of none” is literally true. If you are good at everything, you are great at nothing.?

I am all too familiar with this.?

When I was a teen I wanted to do many things. I had dreams of being a website designer, interior designer, industrial psychologist and many other things. I was jumping around from course to course. From opportunity to opportunity.?

At each of these transitions my mom would look at me and say “Rachel your challenge is not a lack of creativity, but that you are too creative. Too good at too many things”.?

She wasn’t wrong. And I saw the pain in her eyes because she knew it all too well too. She was multi talented and it prevented her from excelling at one thing too.?

As Jim Collins says in his book Good to Great” When things are really clicking in your organization you are more likely to die of indigestion of too many opportunities, than you are of starvation of not enough"

Wanting to excel in too many areas literally gets you to die of indigestion.?

So how do you commit to a niche??

How do you choose ONE thing that you are great at and exhaust all energy and passion in that focus and become the very best at it??

Here are some questions I ask clients to ponder:?

Can you be the best in the world at this?

Are all your people, processes and systems designed to be the best in the world at this?

Do your three uniques describe your niche in a way the totally differentiates you from all the competition?

Does your target market have a high willingness to pay for your niche do they value it??

Remind yourself why you started this business, what was the driving passion?

It takes time to fall in love with your niche because it’s not glamorous really. It’s the cut and dry of what you put on your invoices.?The key is to know that you can be the best in the world at and constantly strive for that.?

We expand on the 3 things that make you unique? in this industry later on in the VTO (vision traction organizer)?

A good friend of mine that built 3 successful businesses says “niche it down till it hurts” niching it down till it hurts can help you laser focus on the right target market and become an expert in your industry.?

So perhaps, it’s not about transitioning from a dress shop to a spa or from entertainment to coaching. Perhaps it’s about committing to one thing truly and being the best in the world at it.?