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April 16, 2019

Your Vision for the Future with Kim Erick

Your Vision for the Future with Kim Erick

Kim started in late August of 2017 after purchasing Bookkeeper Business Launch. Four days later she registered her business name and closed her first client, who later on became her husband. [3:00] Kim had been in the banking industry for 16 years and...

Kim started in late August of 2017 after purchasing Bookkeeper Business Launch. Four days later she registered her business name and closed her first client, who later on became her husband.

[3:00] Kim had been in the banking industry for 16 years and knew that there was definitely a need for bookkeepers in business. When Kim’s husband decided to start his trucking business, Kim made the choice to start her own bookkeeping business at the same time.

[4:15] Kim currently has 8 active clients. There are always ups and downs in the business, and clients come and go. She mainly focuses on transportation due to her insider view of the industry.

[6:05] Kim always had the desire to open her own business, but she never really knew what she wanted to do. The high costs of most business models made them prohibitive. When she discovered the idea of bookkeeping, it made a lot of sense given her background and experience. Time-freedom is the word Kim would use to describe the idea of running her own business.

[9:30] Retail banking is extremely time intensive, and Kim felt like she wouldn’t be able to go much further in the industry without sacrificing more of her time. Instead of just working more, she wanted to find a way to make more money while working less.

[11:20] Sticking to her niche was one of Kim’s first challenges. Many of the clients she initially took on were not the right fit because they were either too small or not appropriate. It can be hard to say no to a client that wants to work with you, but sometimes it’s necessary.

[14:50] Kim’s husband has been a very valuable insider who has helped shape her marketing and how she finds clients for her business.

[16:05] Take your time as you go through the learning process. While you’re working your way through it, try to put processes in play that will make your life easier. In a lot of ways, time-freedom is a double-edged sword. It’s all too easy to do work that doesn’t actually build your business. Busy work is the work we do to avoid the work we really need to do.

[19:00] The biggest challenge today for Kim is that if her business continues to grow, it’s going to take up more of her time unless she hires someone. The trouble is she isn’t sure if she wants to manage people again.

[20:35] For Kim, success means the ability to do what she wants to do and having the means to do it. Reaching true financial security is when she would define success. Given that definition of success, Kim doesn’t really need to take on more clients.

[22:50] One of the best aspects of the business for Kim has been the option of working as many hours as she wants. In terms of capacity, Kim could probably take on another 3-4 clients without eliminating the time-freedom that she values so much. At this point, she should focus on finding quality clients and upgrading her existing client base.

[26:40] When Kim hits a milestone, she takes a moment to enjoy her achievement but also look towards the next goal. She has to realize the pressure is off her. She can shape her business so that it fits her goals instead of doing things to generate an income.

[30:50] Paying off her mortgage and becoming debt free is one of Kim’s major goals. The other question is how does she want to spend her time when she’s retired. When Kim thinks about her goals, she always sees herself with other people and how she can help and serve them. To serve others, we have to serve ourselves.

[36:30] Whether or not you have team members, your business is a system. Systems are even more important than a list of clients. Once you define your processes and efficiencies, it pays off continuously over time. Start out where you are and map out your processes, and then think about how you can improve them. Processes revolve around your client; if they don’t, then why would you do it?

[42:15] You can gain a tonne of momentum and leverage in your business by hiring a virtual assistant. We think we need a big team that comes with a lot of commitment but it’s not necessary. You can take on a VA for only a few hours a week, and it can completely change your business. Before you hire a VA, you need to have your processes designed first.

[47:10] Since Kim works in the transportation niche, she has an opportunity to create a course that could help teach her potential clients how to grow their business. When they develop and grow, they could become Kim’s ideal clients.

[48:30] Before working on a new business idea, it’s good to vet the idea and make sure it’s worth your time and effort. If someone else is already doing something similar, that’s a good sign. Don’t just take someone’s word that they will buy your idea. It doesn’t mean anything until someone is willing to open their wallet and give you their money. Before taking the leap on a new idea, make sure that the resulting business fits into your vision for your life.

[51:50] For new ideas, always start with the market side of things. Once that’s in place, always undersell and overdeliver.