Inflection points in a creative business or career are as inevitable as they can be difficult to navigate. Often accompanied by a unique blend of terror, fear, and potential, inflection points can be motivating at best and utterly paralyzing at worst.
There are 101 (and then some) ways inflection points can show up in a creative business or career. Maybe:
- The way you’ve always gotten business is no longer working.
- You’ve experienced a shift in your personal life e.g. a birth, death, divorce, layoff and need a new game plan STAT
- Technological advancements or economic conditions have reduced demand for your specialty
- You’ve outgrown, or are simply bored by, your current work/business model.
- Getting passed over for younger creatives (the ageing creative is a topic I talk about here and in a less business-y way on Substack, The Ageing Creative).
Inflection points aren’t something to fear – they’re simply a by-product of living and working long enough to experience them – but they are something you can work with if you get out in front of them.
If you feel like you’re at a professional crossroads and don’t know which direction you should focus on (1) know you’re not alone and (2) read on for a 3-part framework to support decision making, stabilize your situation, and build the next chapter of your creative business.
Step one: Stabilize
Focus on building your economic engine
The reason you’re probably still reading is because you’ve got between 3 and 3.000 creative/business ideas you’re considering pursuing and you’re not sure which one will hit the sweet spot between profitability, freedom, and creative fulfillment.
One of the biggest mistakes I see people make is abandoning what they used to do in favor of going all in on the new business idea or direction. Here is where we’re going to get really practical. The first step is to stabilize, which means your primary focus is getting work that will (a) meet your basic financial needs and (b) bankroll the new business idea/direction.
I say this with love, this is a time to check your ego at the door. Because it’s impossible to steer a parked car, you’re going to need to do whatever it takes to get things moving. I guarantee you, no one in your network is judging you for reaching out, saying you’re available for work, or taking a project that’s smaller than you’re used to.
Case in point: when the bottom fell out of my creative management agency in the recession of 2008, even though nothing was going on, I continued to nurture my relationships, take care of the talent I represented, and take on smaller projects while building my new coaching practice idea on the side. Even though pickings were slim, I knew that focusing where my relationships, reputation, and credibility currently were was my best shot at making money. Six years later, the coaching side business was on solid enough ground I felt confident enough to go for it full time.
Six years later people!
Entrepreneurship is a marathon, not a race, so pace yourself.
Action step:
Stabilization happens a lot faster when you don’t try to go it alone, so (re)activate your network. The following exercise is one I learned from Erin Halper of the Upside and it’s called the 20/20 call. You reach out to someone in your network and suggest you get on a catch up call. You get to pick their brain for 20 minutes and in return, they get 20 minutes to do the same with you. The magic of this set up is you set expectations before the call and everyone gets something out of it. It feels a whole lot better than feeling you’re reaching out, cap in hand.
And I know, you’re probably cringing at the thought of this, but remember, this isn’t a time for ego, and you’ll be amazed at how quickly people say yes to a call. You’ve got nothing to lose.
Step two: Experiment
Test a new service/direction
OK, so you’ve got some irons in the fire and you’re working step one. Go you! Now, it’s time to experiment with that new offer or idea you’ve been thinking about. For one of my clients, that looks like putting her tech and operations skills to use by helping creatives create systems in their business. For another, it’s building out a brand new offer to help corporations solve their business problems with people-driven solutions.
Whether you’re doing something entirely new, or expanding into a new area in your current industry, the two main questions you want to ask yourself are:
- What would the simplest version of that offer look like?
- Who could I pitch it to?
You do not need to build the whole thing before you sell it, you’ll waste precious time, energy, and resources (ask me how I know!). The beauty of building the minimum viable version is you can quickly build, test, and iterate an offer.
Action step:
Lay out a 1-pager that includes the following:
- What the offer or service is
- Who it’s for
- The problem(s) it solves
- The result(s) or transformation(s) it delivers
- How it works (steps/timing)
- How much it costs
Reach out to a trusted client or colleague asking if you can run an idea by them to get a sense of market need, clarity, and opportunities. If you do the call online, I highly recommend recording the call (with permission of course) so you can refer back to it for gems and insights.
Rinse and repeat.
Step three: Review
Subtract what’s not working, Optimize what is.
Sometimes we get lucky and a new idea lands right away. Sometimes it takes a bit longer. Sometimes it doesn’t land at all. This is where experimentation and iteration win the day (and why step one was all about NOT putting all your eggs in the new idea basket).
The more you share your offer, get feedback, pitch, and implement your idea, the more data you’ll have. Signs that you’re onto something include:
- People “get” the idea right away and express a desire to learn more
- When you test it out with a paying client, they (and you) feel good about it.
- It feels like, given time, it could be easily replicable
- It’s profitable (or at least, will be)
Action step:
Test this new idea as often as you can. Can you give a free webinar to an organization or association that serves your ideal clients? Maybe you can make a presentation at your local Chamber of Commerce. Can you offer it at a lower investment to a former client? The more you work it, the faster you’ll see what lands (optimize), what doesn’t (re-work or subtract), and where the gaps in your knowledge or expertise are (add).
I’d love to hear from you! Are you at a crossroads or inflection point in your business? Are you unsure about what the next step is? Either drop a comment below or, if you feel professional support might help you navigate things faster and better, book a free introductory call with me and let’s chat.
I’m here for you!