Jenny Pace, Author at Jenny Pace

The Big New Idea: plans, models and lists (plus some fear)

Hello again, dear friends!

I have news about this Big New Idea I started telling you about a couple of weeks ago. I seriously cannot believe that it’s actually two weeks since I wrote the first post, but here we are.

The good news is, I have made progress.

Here’s a little update on the things I listed in the last post:

Defining the help I need. This is in progress, but I’ve made headway, and I have a clearer idea about who I want to work with, both long-term and short-term, and part-time and full-time. It may shift and change, but some of the foundations (like skills, interests and personalities) are set.
Have conversations with key people. Done! Oh, and they were so good. I’m really grateful for the support of two people in particular, and I’m looking forward to working with both of them as we move forward. I also spoke to my accountant, who was really supportive and helpful, too.
Buy the domain. After much faffing around (see below), I finally did it this afternoon. THANK GOODNESS.

So, for those who may be interested, I wanted to share some of the business set-up background, especially having spoken to my accountant earlier this week. While this is a new business, it’s still very much linked to my current business, so while it may have been efficient to set up a new business, for now they’re going to be part of one big joyful entity but under two different names.

They’ll have separate websites, social media accounts, newsletter mailing lists etc, but ultimately they will be the same business.

This is partly because, when I think about the long-term and having a team in place, I want the team to be able to support my current ventures (like events) as part of their normal work. Essentially, I will be using resources from both ventures to support each other.

Before I spoke to my accountant, I had anticipated needing to become a limited company, but having talked through the options, I’ve decided to stay as a sole trader for the time being. Partly to save tax and partly to preserve my financial records for mortgage applications. (As some of you know, I had a mortgage until recently, when we decided to sell up in London and rent in Cambridge until we have more of an idea where we want to be long term. So while I have some mortgage points, I don’t currently have a mortgage, so need to do some clever balancing.)

I hope that’s interesting and helpful to folk who are in the early stages or thinking about expanding!

What’s next?

Well, it’s all go from here!

I’m still thinking about packages, and my financial model and aims. I probably won’t aim to make a profit in the first year, but I will aim to break even, and I certainly want to be fairly close to my ideal pricing structure with what I’m charging. (Because this is going to be part of my existing business, my current income will carry me through anyway, but I’ll be tracking the income and expense of this particular project so that I know what it achieves standalone.)

There are a couple of things that are getting in the way of my final decisions on packages, which are basically the costs: will I need to rent space in the short-term, and how much will it be in the long-term?

The other biggie is finding a certain person to work with, and I haven’t found them yet. (More on this soon, when I reveal the what exactly I’m working on!)

I’m also thinking about how much I want to invest up front, especially on branding design. On one hand, I have confidence in the business and know it’ll do well. But on the other, there’s fear (see below) and wanting to break even. I’ve been in touch with a couple of people, and hope to set up chats with them, but I’m still mulling over what I need for launch. I may not need an all-singing, all-dancing visual branding package in the first, say, six months, and could spend more on this later.

So, a little note on fear

Also interesting and (I hope) also helpful is that I’ve watched myself get stuck in fear a few times over starting this project. It’s really big, and on a few occasions I find myself wondering whether I want to take on this much work, responsibility and commitment.

As someone who’s fairly comfortable with taking risks, I’ve found myself holding back on registering the domain name – something fairly cheap and easy and straightforward – because I’m “not ready”. Because there are several thousand things I can find I “have” to do before I do that.

Like choosing a host. I currently have two great companies’ websites open, and just need to pick one. They’re very similar, both recommended, and neither is expensive. I just need to choose! And yet, I find myself wanting a second opinion, rather than trusting myself to make a (not complex) decision.

So yeah, I can hold myself back. And I guess this is the point at which to hold myself back. This is the first time since I dreamt up this project 18 months ago that I’m actually taking action to make it happen. This is the point of diving in. Except I’m not really diving in. I’m just stepping onto the first step.

I can always change my mind, especially as I learn about the business and the work. If it’s not right, I can change it.

So, there’s an update for you! I’d love to hear your stories of setting up your business, or if you have any questions about this new project from me.

More soon,

Jenny x

Here's the thing: slowing down

So, it’s nearly a month (already!) since my 2016 retreat. As with last year, I found that the retreat weekend is an eye-opener for me as well as for the attendees, and this year, having moved house and had some time off, I’ve been left with some revelations.

One of which is: it’s time to change gear and slow down.

I know for so many of my clients, this is counter-intuitive. For so many of us, especially creatives and visionaries, we want to be changing UP a gear, moving forward faster and moving up as high as we can. Don’t get me wrong, I have a whole heap of ambition. And a whole list of projects (including my Big New Idea).

And so much of my ambition and inspiration comes from within me and within my work. I get inspired by the clients I work with. I listen to them and their challenges, and I can think of lots of ways I want to help. Or I simply have a growing need within me to do something new.

But there’s also part of that ambition and inspiration that is driven by fear or comparison, and that doesn’t feel so good to me. First of all, I don’t need it. I’ve got enough ideas and scope without needing any more fire behind me to get me moving. Second, I don’t want to be driven by fear, or by what other people are doing.

There are people and businesses way ahead of me – people who’ve been building their businesses for years and years.

There are people who started out (or have since received) way more financial backing or other support than me.

There are people who have a team, even of just two, to carry the load of running a business.

I cannot expect myself to live up to what other people are doing. I don’t know the truth of what’s going on in their business, anyway, no matter how shiny and amazing it looks from the outside.

For me, it’s really the people further down the road than me that get me. I want to be there already! I’m impatient, and like many creatives, I am visionary, so I can see myself further down the line, even when I’m many years (probably) away.

So here’s the thing: I’m slowing down

My ambition and vision aren’t going anywhere and, rather than push myself to the limits, I’ve decided to trust that they’re sticking around. This is what’s going to keep me going in the long run.

That means cutting back on the number of projects I’m trying to plan, launch, and think about. It means I’m going to let business run as usual (rather than pushing it to grow, fast) while I work on the Big New Idea. And it means that I’ll be planning way more time around each activity, so that I can do things slowly.

This is not easy for me. At all.

I like working fast. I like doing things. I like calming the fear that says, “If you don’t do this now, someone else will.” Sound familiar?

But more than anything, I want to be sat in two, five, 10, 20 years’ time able to say: “I built this my way, and it has stayed the distance. I’m so glad I built it right. I’m so glad I didn’t burn out along the way. It’s such a pleasure to live this life, to do this work, and to bloom in my own right timing.”

So. Who’s with me?

The Big New Idea: introducing my live-blog of setting up a new project

Okay, friends. Here’s the thing (to coin a phrase): I’m working on something. Something BIG. Something new. Something that’s going to make my business better, but more importantly, it’s going to make YOUR business better.

Sounds good, right?

Good, I’m glad you’re on board!

So, to add some extra goodness to the whole thing, I thought I’d “live-blog” my progress with some behind-the-scenes looks at my thought process as I set something up.

The idea is cribbed from Paul Jarvis and Jason Zook over at Invisible Office Hours, who have been live-podcasting their latest project together. I’ve loved hearing them talk about their processes, and it’s totally worth a listen, especially if you have a penchant for software/service development (which, so it transpires, I do).

Anyway, back to this Big New Idea.

This project is so big that it’s kind of like setting up a new business from scratch. Oh yeah, I wasn’t messing around when I said it was BIG! But because it will involve setting up a website, creating packages and all that jazz, I thought it would be pretty helpful to read about. And hopefully interesting too.

It’s also a great way to keep myself accountable. Not that I particularly struggle with that, but having my thoughts written down has never really steered me wrong before.

So, I know what you’re thinking. What the blooming heck is this project?!

I’m not going to tell you just yet. That will come, but I’ve got some important conversations to have with people I want to get on board, and I don’t want to give the game away too much until I’ve spoken to them.

What I will give you is an insight into where I am right now, and what’s on my next steps list. This is a real-life snapshot of the project as it stands right now, and these things are not too far off the to-do list for any new endeavour.

What I already have:

A name (to be revealed in due course)
An idea of how I’ll describe the business (essentially, an elevator pitch)
Ideas for packages (or products): I know what I’m going to be offering my clients/customers
My target audience: not hugely different from my current audience (hi, there!), but subtly different, and with different specific needs
A pretty good idea that this will work: not to blow my own trumpet, but I already know that there’s a gap in the market for this business project, because my existing clients are asking about it

My next steps:

Plan the packages: what the customer will get, how much they’ll cost, how long each thing will take (so that I can price effectively). This won’t be hard-and-fast forever, but it’s what I hope to aim for. I’ll also plan introductory rates to help me launch the packages.
Define the help I need. This isn’t a one-woman show. I’m going to need help. After I started looking for an assistant in January, I got some good contacts, but I need to define for myself what I need in the people I work with. It’ll be my Mary Poppins wishlist that I can then use to compare to the people I talk to about joining the project.
Have conversations with people about the project. This is mostly about finding people to work within the business, but I might also have conversations with people who can support the development of the business (i.e. promote it or become customers).
Buy the domain. I already have the name of the business, so this is a no-brainer. I’m not ready to start setting up the website yet, but I can at least grab the domain name. I might think about who I host with, as this will link later to whether I set up business email addresses etc. (This is a slightly more complicated question for me as I already have my thejennyhyde.com email address.) I’ll share my hosting decision once I’ve decided!

So, I’ll be back soon with an update! I’d love to hear from you if you have thoughts or questions about this Big New Idea, and if you’re planning to follow along. Post in the comments or get in touch.

Oh, and if you’re wondering about your own business development and getting my thoughts on online selling, my Inspired Action course starts in a little over a week, and is jam-packed with lots of inspiration and ways you can take action to improve your business.

Until soon

What’s next?

So, a little note on fear

One of which is: it’s time to change gear and slow down.

So here’s the thing: I’m slowing down

So, I know what you’re thinking. What the blooming heck is this project?!

Notes of Encouragement