"Go For Broke" versus "Going Broke"

Over time, I've come to distinguish two kinds of service
businesses: those who "go for broke" and those who are
always on the verge of "going broke." You can learn to
recognize the early warning signs. The good news is: you can
move from the "go broke" to "go for broke" category.

Going for broke means going full out to achieve your goals.
Business owners who go for broke tend to see results easily
and effortlessly. That doesn't mean they don't work. It
means you see results flowing seamlessly from your work.

So what makes the difference?

First, as a business owner you need to connect to your
market. You need access to clients, preferably in areas
where your competitors may have trouble getting past the
gatekeepers. One business coach had belonged to a women's
organization for many years, even serving as vice president.
Because the organization's Board knew her and trusted her,
she was able to send a letter to all the members announcing
her new venture.

You may be able to transfer previous clients to your current
business. Or you may have unique talents that allow you to
form your own community online. You would create a strong,
branded Internet presence and you would attract others who
wanted to be associated with you.

Second, understand how your own background, education and
life experience will help your clients. Often my clients
begin by saying, "My previous job doesn't relate to what I
am doing now."

As I work with these clients, we almost always uncover some
hidden treasure. For instances, I've met several health
coaches and fitness professionals who came from corporate
backgrounds. At first, their experience might seem
irrelevant. But in fact, they know how to communicate in
"corporate-speak" when they talk to managers about
implementing programs. They understand how to work with
corporate employees who are experiencing stress associated
with mergers and layoffs.

Third, they invest in themselves. Most of us think of
financial investments, such as spending thousands of dollars
on gurus and mentors. But those who go for broke will focus
mostly on investing time in themselves and their business.
They are very conscious of how they spend time and they ask,
"Is this activity the best thing I should be doing right
now?"

Investing in yourself also means guarding your leisure and
private time. I'm always impressed by how many successful
"go for broke" business owners make time for families,
children and even dogs. They schedule downtime, which fuels
the energy they need to get through the tough, boring and
uncertain moments.