5 Steps Before You Start a Business with a Chronic Condition
June 6, 2024
Written by Lilly Stairs, Founder of Chronic Boss Collective and Patient Authentic
Entrepreneurship isn’t easy. That probably explains why almost 20% of businesses fail within their first year. But we want your business to succeed, and so much of that success hinges on strategic planning and execution, especially when you add living with a chronic condition to the equation.
As a business owner, a structured plan can pave the way for sustainable growth and success, and in this guide, we delve into five key steps you should take first before making the leap into entrepreneurship.
Get clear on your offering
Before diving into your business head first, it’s essential to define your unique value proposition. Conduct competitor research to understand what sets you apart within your industry. Is it your “secret sauce” or area of expertise that distinguishes your offering from others in the market? Is it your past work experience? Your pricing? Your connections? Think about what is valuable to your potential clients or customers that will make your offer more attractive.
Additionally, leverage informational interviews with peer consultants and professionals from dream companies you’d like to work with to gain insights into industry standard pricing and client goals. This will also help you clearly define your offerings by better understanding what pain points your prospective clients are facing and how you can fill them with your products or services. You will also pick up on commonly-used language within the industry that you can use in your marketing.
Here are a few questions you can ask your ideal clients in informational interviews:
- What projects are you currently working on?
- What are your goals and what KPIs do you look at?
- Why are these goals important?
- What would make you look like a rockstar to your boss?
- What keeps you up at night?
Crunch the numbers
Money talks, so understanding how much you need to make is crucial for setting sustainable pricing and revenue goals. Consider your bare minimum income needs for living expenses, a comfortable income covering things you enjoy spending money on, and aspirational benchmarks for financial success (like booking first-class tickets on vacation!). Make sure to factor in expenses that might arise as a result of starting your business, like the cost of non-employee health insurance.
Starting with the bare minimum as your revenue goal can make taking the leap into business ownership feel less overwhelming, but this approach also helps you understand realistically how much you need to make to live the life you want. By aligning your pricing strategy with your desired lifestyle and financial goals, you can better understand how viable your business idea is.
Charge for your value
Value-based pricing is key to ensuring that your compensation reflects the impact of your services rather than just the time invested. Oftentimes, the value you bring to a client goes way beyond the hours you put in.
Avoid the trap of charging by the hour and instead focus on pricing based on the value delivered to clients. For example, a strategy session may only take an hour but if it’s worth its weight in gold to your client, charge accordingly.
You can also embrace monthly retainers and long-term contracts to provide financial stability, generating recurring revenue you can rely on. This is also a great approach for Chronic Bosses living with a chronic condition because it offers you more flexibility to decide when and how work gets done according to your schedule and needs.
Plan for the unexpected
Flexibility is essential for business owners living with a chronic condition. Consider what your health needs are and plan your schedule around that, like creating an offering that doesn’t require you to be ‘on’ 24/7. You should also have a backup plan for what happens in case of an emergency so you and your clients know that they’re being taken care of.
Consider hiring contractors to provide backup support without the commitment of bringing on full-time employees. Be sure they’re oriented to your systems and they know how to keep things running smoothly if you need to step away. Set up a communication plan so that your team and clients are all kept informed.
Additionally, prioritize securing insurance coverage, including short and long-term disability, to mitigate risks associated with health or personal circumstances. This is important for any business owners, but especially those with complex health needs.
Leverage tech & build systems
Technology can be a powerful ally in streamlining operations and enhancing productivity for any business. Explore project management tools like Avasa and Asana to organize tasks and collaborate effectively with clients and team members. Platforms like AppSumo and LegalZoom offer valuable resources for scaling your business and managing legal aspects efficiently. Finally, embracing automation solutions such as Superhuman AI and FreeBusy can streamline communication and optimize workflow processes, saving you valuable time.
Especially when you’re a Chronic Boss living with a chronic condition, leveraging tools like this can allow you to maximize your time and effort spent within your business!
Embarking on your entrepreneurship journey while living with a chronic condition can be daunting, but it can be done, and we have a community of thriving Chronic Bosses to prove it! If you’re considering embarking on starting a business and you’re looking for support from women who have been there, consider becoming a member of the Chronic Boss Collective.
