Latest / Second Act Business Owner / Stop Overthinking | Your Business Plan Fits on a Napkin
Transcript
- Ep07 === [00:00:00] Lee Gray: Welcome back everyone to the second Act Business Owner podcast. I'm so glad you're here. We've got a topic to talk about today that really excited about, because most people get really stressed out about the topic we're going to be talking about today, and I'm here to give you some freedom from that. so the topic is don't overthink the business plan. So welcome back. I'm really [00:01:00] glad you're here. So far in this series we talked about gratitude and marketing and networking and the difference between the kinds of second acts you can start and the formula for life success. But today I wanna talk about. Something that stops a lot of perspective. Why Business Plans Stall You --- Lee Gray: Second act business owners right in their tracks, and that is the business plan. You've heard people say, well, I wanna start a business and I'm going to be writing a business plan. How can you write a business plan if you haven't started a business? I mean, it doesn't really make sense, does it? So I wanna say something that might surprise you, and that is the fact that you think you need to write a business plan could actually slow you down from achieving your second act. And that is definitely not what we wanna have. I don't want you to think, I think planning is bad. It's definitely not bad. It's a good thing because. Planning is after all what you're going to be doing a lot of as you get along in business. Napkin Plan Mindset --- Lee Gray: But think about it right now, you don't need a 40 [00:02:00] page business plan. If you've got a new idea or whatever it is that you're gonna be doing, all you need to do maybe is have just something on a napkin. So if you're in your fifties, sixties, before or after that and you're thinking about your second act, I want you to hear this clearly, and that is, you may not need a formal business plan to get started. You may just need something on the back of a napkin, and I'm happy to say, in fact, the back of a napkin is probably exactly what you need as you're starting your second act. Design a Happy Second Act --- Lee Gray: the very first thing I want you to think about before you think about your business plan is what makes you happy. And in the second act, it's not about spreadsheets and marketing and strategies and financial presentations and projections. The day before you start your business or as you're thinking about your business, that stuff comes later. The first question is that you really wanna know, is this thought idea about my second act going to make me happy? Because the second act is about [00:03:00] designing the second act of your life. That's a really important thing, and for some people, starting a business is what their second act is. Taking on a volunteer role that you haven't ever been able to do before, or maybe you wanna take a job, a different job, e whatever your second act is, don't overthink the business plan. And the other important thing to remember is your second act is your second act alone. And it doesn't have to be like anybody else's second act. And in fact, the more unique it is, the better also. Absolutely. Money Legacy and Energy --- Lee Gray: money is part of the equation and, and there's nothing wrong with that. I think it. You know, depending on where you are and the focus and mission and purpose of your second act, you may really wanna focus on money, but it also may not be a focus. That's okay too. Maybe you just wanna build something meaningful for your family and provide a financial nest egg, or maybe you wanna create a legacy and do something gigantic. Either of those is great. But ask the question, you know, what would [00:04:00] energize me? I would rather have you answer this question. What would energize me in my second act instead of what needs to go into my business plan? Business plans come later, much later. Really, they come after you've started a business, or when you are at a point where you wanna get money for the business, that's when you would need a business plan to show your bank. Second Act Options Mythbusting --- Lee Gray: and your second act can be anything. One of the biggest myths people believe about their second act. It has to be some big, old, dramatic thing and some kind of a gargantuan idea, but it doesn't, it can be simple and sweet. It could be anything. Your second act could be a small business. It can be a consulting based career experience. It could be a creative passion that you turn into income. Jelly, making jelly or something like that. Or if you have a small farm in your yard that could be turned into a business. You could do coaching or mentoring one of my passions and buy or by an [00:05:00] existing business. Of course, that's a great way to start a second act or, or even just working a few hours in a voluntary role someplace. I think that that's an important component of the second act. It can be anything. Your second act simply has to be the next intentional. Act of your life. So your second act is the most intentional chapter of your life, and that's where we wanna land today and not get overwhelmed in that darn business plan. Minimum Steps to Start --- Lee Gray: sometimes people get stuck because they think to ha have to have it all figured out. But I'm gonna give you some ideas today about what. What are a handful of things you should do at a minimum to take the next step in starting a second act business or, or, or your own second act? Most second acts evolve from something, and I know mine did, and I'm gonna tell you my personal story about that as well. The you know, start small shift grow and then you become clearer as you move along. My business certainly has, as my second act has grown into its [00:06:00] own. Into its own, basically. My ActionCOACH Origin Story --- Lee Gray: So let me tell you my story about starting an action coach, business coaching franchise. So I've been in business coaching for 11 years now, and when I started in action coaching, I guarantee you I didn't have everything figured out. But what I did know is I loved business. Loved business. I, I haven't read a, a novel in so long, I can't even tell you, but I've read every Self-Help Business entrepreneur Start Business book, you can imagine. So I love it. I also love helping people and I really love helping entrepreneurs, and I love the idea of supporting a business or growing a business that could help. Support business entrepreneurs. It was just perfect for me. But if you had to ask me back then, Lee, can you please write a business plan for your successful action coach business plan and tell me exactly what it's gonna look like in 11 years, I would've fell over and fainted. And that's many of us. And yet we stop ourselves from moving [00:07:00] forward on our business because we think we have to have it all planned out. And that just isn't true. So what I did was I talked to people, I researched a lot of different industries. I kind of had a feel for what I thought I was gonna do. I asked people, what do you think my superpower is? And people said, I'm an influencer. I can get people to do things, to move, and I'm a visionary and. They seem to recognize how much I like business. Apparently it's pretty common or apparent in my languaging, and I learned that I needed clients. I had to be in some kind of a business that was social in some way. I knew that I could not be behind a desk keyboard all day. That just wasn't gonna happen, and then I kind of started to refine my process. And I even checked out a few businesses that I thought I might have an interest in. I really thought, well, I'd be good at that. And I explored the industry a little bit, doing some research and visiting some places and found out that was not for me. Thank goodness I didn't go write a business plan on that because it wouldn't have [00:08:00] worked. What's really key then, when I describe all of this, is that the business plan is not as important as the plan you have for your second act, and that's your happiness and your financial desires. If I had waited, I wouldn't be happy if I had waited and had a perfect business plan. I don't, I don't know what I'd be doing today, but I sure wouldn't be doing what I'm doing now right here with you, and this is what I happen to love to do. Simple Questions to Clarify --- Lee Gray: You don't need a full business plan to start a business. And don't misunderstand me. Planning has value. The current clients that we coach who have a business, who are working in a business, they have a plan. They have to have clarity on the financial information and where their business is going, the leads and things like that, that grow their business. Sometimes the best part about starting a business is just asking some simple questions. What do you like to do when you think about your second act? If you got up every day and were excited about what you were doing, what would that be? Who do you wanna help? Because there's somebody out [00:09:00] there who needs your help, and if you can figure out. Who you want to help, that's a really great place to start. And then from there you can do some of the research. How will I create value for them? I wasn't exactly sure when I started my coaching business, how I would create value. I did buy into a franchise, which gave me all the resources that I needed and I was off and running with helping my clients and helping people, which gave me energy from day one. And then how can I. Earn income. So if you think about what you like to do, how do you, you earn income from it, if that's important to you. It may not be important to you in your second act, but that's it. And that might actually fit on a napkin, on the napkin that you're writing with a pen. And then you take it home and you keep it forever and show it to your coach and 10 years and tell 'em how it all started on the back of a napkin, because the real learning happens. Action Creates Clarity --- Lee Gray: Once you start talking to people, testing ideas, and then gaining some experience around those areas, The biggest barrier to the [00:10:00] second act is rarely knowledge, it's hesitation, overthinking, people think, oh my gosh, I've gotta do more research. I have to do more planning, I have to do more. I have to be really a 100% certain. Well, nothing certain. And definitely business. But the truth is clarity often comes after the action, not before. So you start taking some action around what you like to do and what kind of money you wanna make, and what's your legacy and you know, who do you wanna help. Those are the kinds of questions you wanna ask. Your, your second act reveals itself to you as you move forward. Slowly more will be revealed. And that is the truth around business. So instead of waiting for a perfect plan to produce itself, just focus on the first step, have conversations, think about the ideas that you have, explore those ideas. You can even offer some, some kind of a service on a small scale and test it. And then yeah, just test something small. And then go from there. And then when you're a few steps further, you can write that plan. But momentum [00:11:00] creates clarity. another word for momentum is action and taking steps. Napkin Reminder and Wrap Up --- Lee Gray: If you're thinking about your second act, and I know you are, or you wouldn't be here with us, I wanna leave you with this thought. Don't let the idea of riding a perfect business plan stop you from starting. Your second act might begin with something really simple like your notes and ideas on the back of a napkin somewhere along the way. So anytime you see a napkin that is your universe telling you, write it down. Write it down on a napkin. The important thing is to start exploring the next chapter of your life and what it could look like. Because second acts aren't perfect, they're not perfectly planned, never will be. They're built step by step. Oh my gosh. It's been so great talking with you today and what I feel like expressing is starting your second act is not about creating a complex plan. I. [00:12:00] I wanna express, it can be simple, as simple as getting your ideas out of your thoughts and onto the back of a paper napkin. What do you feel like expressing?