Marketing and Business Strategy Advice For Women Business Owners from NAWBO
Do the work once and get paid over and over again!
If you have a great idea or product to share, how do you get it in front of the rest of the world? How do you make sure that the knowledge and expertise you have to offer is discovered by the people who need it?
While you could present your service to individual people in individual settings, booking endless appointments and traveling from one location to another, that strategy is very time-consuming and certain to diminish the quality of your life.
You may charge and earn very good money for presenting your services this way, but there are only so many hours in a day. You will only earn the amount of money you can make in those hours and you likely won't have a lot of quality time for yourself. In addition to this, you are limiting the number of people you can serve and help. All this gives you very good reason to productize your services.
Four essential income streams
Breaking through the income barriers that are keeping you from real success takes more than hanging out a shingle and announcing you're in business. There are actually four essential income streams that flow together to create substantial business revenue. Once you've learned how to create income from all four, the barriers to your success will soon be washed downstream.
Income Stream 1. The Entry Level Product
To build a solid income, it's essential to have an entry level product that allows customers to get their feet wet without a big financial commitment. What this product is dependant on what need you serve for your clients, but it should ideally be something that doesn't require any work on your part to deliver it.
Think of something you could offer prospects that can be created one time and then delivered without any additional time investment. This isn't your "big package" product, it's something that will give customers an idea what you can do for them when they're ready to make a bigger investment.
Pick out the prospects with their virtual hands raised
What if you could enjoy genuine client abundance: all the clients you want, whenever you want, paying the fees that you want?
One answer is to only target those people who are truly interested in what you're offering - those people with their hands raised in response to your proposed solution.
Though rejection is an inevitable part of business and life, it doesn't have to be a dominating factor. In fact, it can be a miniscule, barely noticeable speck in a sea of limitless clients.
Demonstrate commitment before you can expect clients to do so
Several years ago, I was on a holiday at Club La Santa in Lanzarote, a sports resort where there are lots of fitness classes scheduled throughout the day.
One lunchtime I was lounging by the pool in a perfect position to observe the following scene as it unfolded before me.
An aqua aerobics class was scheduled for midday. Shortly before, the instructor arrived, set up her music and waited for her participants. There had been a big party the previous night, and I did not predict a huge turnout for the class. But when it got to midday, not a single person had turned up.
Free consultation - a way of winning business
It's not unusual for someone setting up a service business to be advised to give a free consultation as a way of winning business.
In the coaching world in particular (and many other service businesses) this is recommended as the main way of winning clients.
Many coaches are assured (often by the people selling them their coaching training) that all they will need to do to have a full practice is offer free taster sessions, and somehow those people will magically transform into paying clients.
This in my view is one of the Big Fat Myths Of Building A Coaching Practice, and it really annoys me to see would-be coaches being duped and misled in this way.
The fact is, with any buying decision, the buyer has questions and concerns that need to be addressed, and not all of them will be handled in the free consultation. Over the years I've encountered people who are frustrated and demoralized by their conversion of free consultations into paying business.