Month: July 2018

  • Fear of Losing Your Business Can Lead to Bad Decisions

    It’s not unusual for a business to go thru ebbs and peaks. I think if most business owners are honest we’ve all had this happen to us. Sometimes the economy takes a turn that effects our market, maybe the rules change in our industry or our market becomes too saturated. All these circumstances can make obtaining or retaining clients harder. Profits fall, and you wonder if you should go and get a J-O-B.

    I’m sure that even the titans of industry have experienced that sinking feeling of a business that’s trending downwards at one point but how it’s handled can mean the difference between success and becoming another statistic.

    Worrying about money eventually leads to poor decisions. Those decisions have a negative impact on our business finances and our personal attitude towards the business.

    This eventually leaks out to our daily touches that we make while networking and trying to obtain new clients. People will smell the fear and your desperation if you are not careful.  So, what can you do and what should you be careful not to do?

    Don’t Take on Clients that Aren’t a Good Fit

    When business is down, it can be tough to keep your ideal client in mind. Instead, you jump at the chance to work with anyone who comes along with a credit card. The trouble with this scenario is you can find yourself with a roster full of clients who:

    • Aren’t willing or able to do the work required
    • Spend all their time telling you why your ideas and advice won’t work
    • Drain your energy and make you dread your office
    • Make you chase them around to get paid

    Yikes! That’s no way to operate a business, but that’s just what a fear-based mindset can do to you. Better (much better) to hold out for that perfect client. And while you’re waiting, let’s look at some ideas to get you back on track.

    Don’t Stop Creating

    Create

    When profits are low you feel the need to pull back and who can blame you? You feel that you can’t afford to spend money creating new programs, buying new tools and getting coaching, right?

    Ok, I get it. You are nervous. This is your baby that you created from the ground up. But keep this in mind. A fearful brain can’t create. So, let’s turn that mindset around and take it one step at a time.

    If business is slow then take advantage of that extra time and get creative. What can you do in your business that can create some profit? Can you create packaged goods of your top selling services or products? Can you re-invent an old service or product to be new again? But please don’t just put old content into the market without changing it up.

    But you might be thinking that sounds too easy. I say why start from scratch especially if you have some evergreen products to offer? Think like a resale shop. Sometimes it’s all in the packaging. Have an eBook that people liked in the past? Can you put a new spin on it and make it into a 15-day challenge? Take that idea and rename, repackage and repurpose but do it with a positive intent and have fun!

    Don’t let that fearful brain take control. Instead connect with that creative brain that made you a business owner in the first place.

    Is Your Website Doing You Justice?

    While you have that creative hat on look at your site. What can you do that might help it get a facelift? Even though your skill set might not be in website development what can you do to create traffic to your site? Can you blog, add video or podcasts? How about changing out images that look a little dated? You get where I’m coming from.

    If you can’t be objective, ask someone who can be (no not your Mom she loves everything you do!) but make sure they have the right background to offer credible feedback. Don’t have someone like that? Reach out to me. For a very reasonable investment I’ve helped people just like you.

    Network till the Cows Come Home

    Till the cows come home

    When you are feeling overwhelmed, negative and fearful it’s time to get out of the office and meet with people you know. Think about the business people in your lives that you’ve networked with that are great strategic partners and can refer your business. Call them up and get together. One-on-ones have created many opportunities for me that added to my profits and created even more opportunities.

    In my town, I could network almost everyday of the week and night because there are so many meetups, networking mixers and luncheons going on. Obviously, you must choose carefully and educate yourself on good networking practices. Your time has value so make the best of it. Select options that provide the best return.

    I hope that you found some of these ideas useful. Remember creating a positive mindset even during the rough patches is important in any business.

    Here’s to your business success!

    Wanda

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  • Who is Your Ideal Client?

    If you ever worked on creating a business you know one of the essential elements needed is to identify your ideal avatar, aka your one perfect customer.

    This vision of your ideal client guides everything you do. From pricing, to pain points and even the color of your logo.

    My business and yours may be alike but when we peel back that onion my clients may pay different price points for my services verses yours because our background, business model, geography and/or experience may constitute different rates.

    Peel back that onion

    You may work specifically with Mompreneurs that are just starting their own businesses where I may work with emerging businesses that are making over $100,000 a year.

    As you can see figuring out this part of your business is essential to moving forward on your business planning because you need to know who you’re marketing to.

    So, take some time to consider your ideal avatars by pondering:

    • Age group
    • Income
    • Family status
    • Education
    • Lifestyle goals
    • Location

    Maybe you could even come up with a story about your ideal client? You could give her a name, a couple of kids, a husband who just doesn’t get it, and a load of student loans and so forth.

    But you don’t want to stop there, you may be missing a huge piece of the puzzle—and losing out on the best clients because of it.

    Personality Matters

    Here’s something that’s rarely considered in the “ideal client” equation, and it’s arguably the most important part: personality.

    If you’re snarky, sarcastic, fun-loving and loud as a coach, then a quiet, shy, person who is easily insulted will probably not be a good fit for you. Sure, she might need your help, and she might love your products, but for one-on-one coaching, this match-up could turn up disastrous. Either she will be uncomfortable with your style, or you’ll be miserable trying to reign in your natural exuberance.

    Better to pass this personality type to a coach who is a better suited to her and can be more sensitive and patient.

    Success is a Collaborative Process

    This one can be difficult to calculate from the start, but once you recognize it (or the lack thereof) it’s worth paying attention to. The client without the drive to succeed will—more often than not—only end up frustrating you both.

    Better to end your relationship as soon as you see the signs of this than to waste your time going over the same material and exercises again and again with someone who simply won’t do the work.

    Coaching needs to be a collaborative process. Two people working together towards the same goal. Making your client successful!

    Women Shaing Hands

    If you look at your current and past clients, you’ll begin to see patterns. You can easily look back and see what made some clients a joy to work with, while others were a struggle. Think about what those differences are and add them to your ideal client profile. Then compare any new potential clients to this ideal profile, and you’ll never again sign on with a less-than-perfect client.

    If you are new and you don’t have that history to glean from then maybe adding an assessment tool or personality profile test to your intake process could be beneficial.

    Finding Your Ideal Avatar

    So once this information is compiled and you have a really good idea of who to market to we need to find out where they hang out.

    Let’s look at some potential places:

    • Social Media – Facebook, LinkedIn, Twitter, Instagram and Pinterest. Don’t forget the groups on these platforms answering questions and showing your expertise might get you business.
    • Meetups – Hosting one of these yourself can be beneficial.
    • Conferences or Expo – Find out whose attending before you go and make sure to connect in-person once you arrive.
    • Radio Show or Podcasting – Being an expert or an expert guest can be another resource.
    • Networking Groups – Chambers, Clubs and Associations might be another goldmine for your business.
    • Your own webinars or Livestreams – Have a show or educate your potential clients.
    • Your own business events or presenting at someone else’s – When you’re on the stage you are the expert.

    In this post, we looked at how to define your ideal client, what to look for in an ideal client and places that they may be hanging out at. Hopefully, you can see why this process is necessary for you to grow your business and save yourself some time.

    If you’re still having challenges with this, please reach out to me. I offer coaching and consulting to help you to define your ideal audience and create a successful business.

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