In the first installment of our series on Cash Flow Cure Phases, we’re taking a high-level look at how you Crystallize, Customize and Monetize.
Have you ever wondered why Exiting Your Business is the first featured article on MindShift.money each month? If so, you’re not alone. We put Exiting Your Business first because we know planning your exit is the necessary first step to building any business—whether a Profit or Legacy Business—that gets you to Financial Freedom. It’s all about business Cash Flow, and we have the cure!
We’re starting with an overview, and then over the next few months we’ll be taking a Deep Dive into each phase of the Success Pathway for Cash Flow Cure. But what does that mean?
The Success Pathway is how we guide you through the process of transforming your business and life and Crystallizing, Customizing and Monetizing is how we do it. Each of the three phases is essential to your journey from the stress and mess your business is now to a business that funds your Financial Freedom.
Crystallize Your Destination
First is Crystallize. In the Crystallize Phase, you work to reach clarity on the key milestones you want to achieve. When you have Clarity, you’re open to focusing and identifying the specific path you need to take to achieve measurable progress in a reasonable amount of time. In anything you do, but especially in your business decisions, achieving measurable progress in a reasonable time should be your guiding star. Will this decision bring you closer to achieving that state or take you further away? Your answer should inform your actions.
Crystallize also means defining your business goals and setting your Profit Numbers to ensure your business provides the consistent income you need to meet your Baseline Number. You’ll also create Profit Goals for the income you need to unlock Personal Financial Freedom in both your maximum and ideal timelines.
You’ll ask yourself, “What kind of business are you building?” and “What are your Profit Numbers?” Doing the work to determine the answers to those questions lets you create a plan to reach your Baseline Number today and Financial Freedom in your maximum or ideal timeline.
Customizing To Honor Your Uniqueness
Next up is the Customize Phase. This is where you’ll create your Ultimate Freedom Business Model. And it won’t be based on what someone else wants or how someone else was successful. Unless your happiness just happens to mirror that someone else, you need to do things your way.
Your Ultimate Freedom Business Model is created based on the three key factors of your Personal Financial Freedom, YOU and your uniqueness and your business’s Mission or Purpose. So here is where we really dive into starting with the end in mind by considering what your business will look like 5, 10 and 20 years from now. But we also prioritize allowing your creativity to shine.
First, you’ll figure out how your service or product will help your clients, and then you’ll determine your product types. And you get to design your first Magical Mix of Products! These are the offerings you’ll use to move into the Monetize Phase and then onto the marketplace where you’ll start bringing on clients.
And speaking of Monetize…
Monetizing For Your Future
How much do you need to charge to get you to your goals? Monetize is the third and final phase in our journey through Cash Flow Cure. And again (are you catching a theme here?) the attention is on you and what you need.
Most business owners hate pricing. So similar to setting up their business model, they make the mistake of looking at what other people are doing. Then they price their own product accordingly and move on without another thought. But what other people are doing has nothing to do with you. And their business model is unlikely to help you achieve what you need for your Financial Freedom and your vision for life!
That’s why Monetize actually starts with designing your intentional life. How do you want to live your life? Spend your time? How much do you want to work? What is your time worth?
Most business plans don’t include any consideration for what you value or want out of life. In fact, you might never have even thought about what you want in these terms, because getting to a place where your dream life is a reality seemed impossible. But in this phase of Cash Flow Cure, you’ll learn that your dream life is achievable and you’ll base your pricing on what will get you there.
So that’s a quick look at the Crystallize, Customize and Monetize Phases inside Cash Flow Cure. Next time, we’ll move into Deep Dives of each phase.
Loving this series? You can find the second article here.
image credit: Bigstock/ronstik
Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.