Improve Your Capacity To Receive

March 16th, 2010

How good are you at receiving? How much experience do you have with receiving money? Logic dictates that the more experiences you have, the better a receiver you will be.   Your current financial circumstances are merely a reflection of how much you’ve been allowing yourself to receive up until now. To increase your income by becomming a better receiver, you need to create continuous opportunities for people to give you money.   It’s up to you to create those opportunities.

One way to create those opportunities is to put structures in place that allow you to receive money 24/7.  Set systems in place that allow you to make money while you sleep.  For example, by offering products and programs on a web site, you are increasing your ability to receive.  You are giving your prospects and clients the means to give you money.

If you don’t have simple and continuous methods for people to give you money, your capacity to receive is only as big as a pinhole!   You need to turn your receiving pinhole into a wide open chasm and watch your income soar …

Here are a few things to consider:

•    Do you have an ecommerce website yet?

•    Are you in a position where someone can come to your website and find out about you?

•    Can a potential client book a session with you and pay for it on your website?

•    Can potential clients buy something on your website, right then and there?

•    Do you have a way for clients to automatically pay you for your product or service?

By implementing these elements in your business you will increase your capacity to receive, and in turn increase your income.

I’ve often talked about mindset and how it is so important to work on yourself from the inside – to analyze why you are limiting yourself and your capacity to receive.

Well, today I’m asking you to also work it on the outside? How about putting that external structure in place to be the metaphor for you becoming a better receiver?”

Think about how much you have been allowing yourself to receive, but don’t stop at the thinking. You need to act on it. Take the next step to implement the necessary structures in your business. Don’t just analyze.  Thinking and talking about receiving and how you can improve, won’t be as effective as doing something externally. You may hit obstacles along the way but with persistence, the right support, coaching and advice you will succeed!

Yes, work on the inside but also work on the outside.

Continue to step up through those obstacles until the elements for you to receive are in place. Get the advice and expertise you need to make it happen!

Improve Your Capacity To Receive

Do You Need To Change Direction?

March 4th, 2010

You’ve worked hard to define yourself and your business. You have distinguished your area of expertise and identified your niche – and business is good.

But, somewhere along the line, as you work within your niche, serving those specific clients who are benefiting from your services and products, your business may start shifting in a slightly different direction. Keep a look out for this shift in direction.  It can be a very positive step – presenting more opportunities available than you’d realized.

If this starts to happen in your business, it maybe time to reposition yourself. If you’re noticing that your skills and expertise lend themselves beyond the niche you created, don’t be afraid to refocus your vision.

For example, a client of mine initially established herself as an expert in helping working moms and moms who wanted to start a business.

She noticed the same things coming up over and again in her target market – guilt, confidence, work-life balance. She did a lot of research and gathered a lot of information because she was coaching, mentoring, and advising her clients.

Although she was very successful and very satisfied with her business, she uncovered an opportunity for corporate work. Though she is still working within her area of expertise by offering workshops and services for working mothers, the corporate niche is totally different.

What she is selling to companies isn’t mom coaching. She’s selling them the end result of retaining working mothers. This is a really important distinction. She isn’t abandoning what she’s been doing with her coaching of moms, but the corporate client is really a new direction. In essence, she has two clients – the corporation who hires her and the end user, the moms that she’s already been working with in the other part of her business.

In this case, the opportunity to expand and work outside her niche led her to reposition herself to accommodate these additional opportunities.

In some cases, you might find that certain aspects of your niche aren’t working for you. This is another instance of the need to reposition your business in order to find a more suitable direction.

Another of my clients spent more than 18 months putting large tenders together to submit to government organizations, where a particularly strict type of bidding process is required by law. It’s very difficult to establish personal relationships that lead to a sale in that type of environment. Though he’s had some success in his business, he began weighing whether it was worth the enormous amount of effort he was putting in. All of the bidders are essentially on the same level, with no personal rapport with the potential client to help win the bid.  He was essentially operating in a buyer’s market. And that is not where you want to be. To attract clients, you need to turn that traditional sales dynamic on its head so that you’re operating in a seller’s market. You want to be the one with all of the advantage, and position yourself so that there is no competition. In his case, looking to private companies with whom he can establish relationships would put him in a better position.

Look for markets where it will be easier for you to build those personal relationships, and where you can position yourself as an expert.

Whether you have noticed the opportunity for additional business, or recognized the need to shift from your current niche, repositioning is an excellent way to expand your options.

You can still work within your area of expertise, but by repositioning yourself, those same skills could be very valuable on a larger scale.

Bernadette Doyle is a small business marketing expert. Get more tips and advice at http://www.clientmagnets.com

Do You Need To Change Direction?

Create Packages Instead of Customizing

March 3rd, 2010

When a potential buyer makes an inquiry, have you found yourself responding with an answer similar to this:

“Well, our process is that first, we find out about your needs. Next, we’ll put together a proposal and then we’ll let you know how much it costs. And then, you can take it from there.”

Why is this a mistake? The problem here is that you’re doing an alot of work – work that you’re not getting paid for – without even ensuring a sale. In addition to not closing the deal, this type of business practice also makes the sales process very labor-intensive for you. You have to take the time to find out the client’s specific needs. You have to write a proposal and you have to work up a cost for them. Then, they’ll decide if they want your product or services.

By customizing your approach for that client’s individual needs, you could conceivably put in a day’s work or more, and have nothing to show for it in the end.

So, the first thing you need to do is stop customizing. Instead, start creating packages of your services and/or products – packages that people can see and buy, right off the shelf.

This is a practice that can work really well for you. By creating a package, you are specifying what your product or service is, setting specific prices, and actually quantifying the benefits of your offer. It forces you to make your intangibles tangible. Customers are more apt to purchase when they can see, touch, taste and smell what they’re getting.

You can also create a variety of packages at a range of levels. Begin with a starter package. You might even consider creating a budget package, to make your services even more accessible.  In addition to your base packages, I encourage you to develop a first class program or product – call it The Rolls Royce program – for those people that want the absolute best.

You don’t have to develop hundreds of packages. Two or three range levels are enough to begin with. By offering a range, you’re creating the illusion of customizing. People can basically ascertain their needs, look at your different packages and say, “Yes, that’s the one that’s right for me.”

When you develop your packages, design them so that your solutions match the client’s ideal end results. You want to highlight the benefits, not the features. Your clients don’t care so much about your process as they do about achieving their desired solution. If you’re a coach, for example, you probably focus on the coaching process, but your clients are interested in what that process will do for them.

Maybe they want to simplify their life. Maybe they want to find the confidence to apply for a promotion or find the support to start a new business. Or, maybe they want to find a new relationship or get through a difficult divorce.

There are many different things and many different end results. The important thing is to keep your client’s desired end result in clear focus when you create and describe your packages. Your packages need to clearly show clients how what you’re offering is so closely aimed at that desired end result.

You can still deliver the same quality results you would by customizing, but by turning your expertise into packaged information, you can spend a lot less time, get a lot more clients, and help a lot more people at the same time.

Create Packages Instead of Customizing

Buy Back Precious Time

February 27th, 2010

In any typical working day, most people have only two to three really productive hours. So, why not just cut out the other four to five hours and focus on the two to three that are really getting results?

You may be thinking that you need to work all the hours you do to get everything done. It may seem impossible for you to cut your working hours down. But it is possible!

Understand that the way you work comes from years of habit. It comes from having once been an employee, where you might have been able to get the work done quickly, but you still had to be present at the office because the boss would be upset if you went home at 10:30 am.

Well, you’re the boss now, and you can alter your business hours to suit yourself. You will be just as, if not more productive than you are right now, and you will buy back precious time for yourself.  Time is the one thing you cannot create more of, but in this case, you can.  Here are some questions to consider in your quest to buy back more time by being more productive ….

Are you over-servicing your clients?  Start by becoming really aware of the things you’re doing that keep you working harder and longer than necessary. Then take control, rein yourself in, and stop doing them.

If you’ve set what you think is a commanding daily rate for your services, are you subconsciously working more hours to justify that rate? Do you end up essentially doing three days’ work just to rationalize the higher rate that you charge?

Take a closer look here because, you’re still not making the money you think you’re worth. You are over-servicing the client. It’s not just about the rate. It’s about how much time you put into the service you offer.

Are you offering all sorts of extras that involve a lot more follow-up and that you aren’t being paid for? If your clients are perfectly happy and satisfied with what you’ve provided, your work there is done. Your clients aren’t going to turn away your free services, particularly if they were already willing to pay for your expertise. If you think you have more to offer your client, create an upgraded package and sell it to them. Continued access to your services should not be available for free.

Are you striving for perfection?  Do you continually work on a product or presentation that is already fine because you think it could be better? This is your own need for perfectionism coming into play, particularly if you are creating products or programs.

Perfectionism stops you from moving forward. You will be more productive by creating a product that satisfies your client’s needs and getting it into their hands, rather than tweaking it over and over.

Start to take notice of where are you creating extra, unnecessary work for yourself. It’s a habit that you have to break.   Change your habits to maximize those productive hours. Then spend the time you’ve bought back however you choose.

Bernadette Doyle is a small business marketing expert. Get more tips and advice at http://www.clientmagnets.com

Buy Back Precious Time

Determine Your TRUE VALUE

February 26th, 2010

What comes easily to you?  The thing that you believe is just common sense, is in fact, the most important thing for you to share with the world. We all have things which come easily to us, in fact so easily, that we fail to recognize that other people can have difficulty doing the very same thing. To unleash the power of your online business, you must determine what this thing is. This is your unique value proposition.   Your unique value proposition is your ‘Gold’. It is what you can leverage to create and grow an online business; a proven method of boosting your business’s bottom line, without boosting your required long term time investment.

Try This Brainstorming Exercise: Draw a large square on a blank piece of paper. The square should fill the entire page. Within the square, draw two lines dividing the space into four quarters. In the top left hand quadrant, write the words, ‘hard to learn’. In the top right hand quadrant, write the words, ‘easy to learn but hard to do.’ In the bottom left hand quadrant, right the words, ‘hard to learn, easy to do.’ And, in the bottom right hand corner, right the words, ‘so easy to learn and easy to do.’

Now, write thoughts that come into your mind about your skill sets, placing them into the appropriate quadrants:

• Hard to Learn - What seems extremely challenging for you to learn? If it’s hard to learn and you have to study for years to do it. And, it takes a fair about of effort and focus to do it.

• Easy to Learn, Hard to Do – Filling paperwork. This task is easy to accomplish, yet hard to make yourself do it, at least it is for most people.

• Hard to Learn, Easy to Do – This would be something which is hard to learn initially, but easy to do once you learn it as you love it.

• So Easy to Learn, Easy to Do – This is something you wouldn’t dream of charging people for as you get so much pleasure doing it.

Now that you have completed the exercise, consider where the most money to be made in the world would fall in terms of categories. Where most of the world thinks that there is money to be made is in the hard to learn, hard to do quadrant. The assumption is often made that anything which is hard to learn will have less competition, causing the compensation to be greater.

But, your true value, the area in which you can make the most difference for yourself and for the rest of the world, is the place that comes most easily to you. That’s where your natural talent lies. And, that is the quadrant which you should be operating out of.

Now that you know what your true values are, you can align your online business with them. By doing the brainstorming you’ll discover your unique value proposition, and you will be taking the first step toward boosting your business’s annual revenues.

Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com

Determine Your TRUE VALUE

Building A Sustainable Business

February 17th, 2010

Have you ever watched the television series, The Apprentice? In one episode, each team was asked to create a business from scratch.

The interesting thing is that neither of the businesses created were really sustainable. Why? Because each team set themselves up in a business that revolved around them selling time.

One team did face painting; the other set up a gardening business. After each team had done the task for a couple of days, they counted how much money they had made. The actual figures aren’t important, because the money didn’t really count for anything. Both teams had to use the bulk of their income to pay employees for the time they spent performing tasks. So, neither of those businesses turned out to be profitable.

When Sir Alan Sugar, the host of the show, didn’t haul them over the coals more for it, I realized how strong this whole concept of selling time is in society.

As a business owner, you don’t want to follow this type of thinking. Doing this will not help you to build a profitable, sustainable business.

The solution is to build an information empire. The whole point of an information empire is that you don’t want to be selling your time. You do want to repackage your know-how and your expertise into products and programs that don’t require all of your attention all of the time. You may have to spend some time delivering programs, but not the bulk of your time.

This is the way to build a sustainable business. Because the paradox of selling your time is that the more successful you are, the less time you have. And, while you can always find more clients, you cannot create more time, no matter how hard you try.

But, with an information empire, time is no longer an issue. It will become possible for you to create more money, regardless of how much time you have. You simply need to stop linking the money you make to the time and effort you put in to your business. Once you truly understand this, creating more money will become easier to do.

It can be difficult to accept this concept. You might be thinking, “I don’t know that you can always get money. Making money has not been that easy for me.”

But the truth is, there is always money flowing. Even in this current economy, with the credit crunch and the recession, money is still flowing. It’s just flowing in different places from where it was flowing previously. It is up to you to find the source of that stream and collect it.

The key is to carefully examine your business to find ways of serving many clients at one time, rather than serving each client individually. Once you develop the products and services that allow you to do this, your business will be fully sustainable, without you having to wish for more hours in the day.

Bernadette Doyle is a small business marketing expert. Get more tips and advice at http://www.clientmagnets.com

Building A Sustainable Business

Time is Money…True or False?

February 13th, 2010

We’ve all heard the expression that “time is money”.  But let’s take a hard look at that saying.  Is it true?  Not always.  You can’t work 24 hours per day, 7 days a week.  You have weekends, holiday and sick days to contend with if you’re self-employed.  That time isn’t money for you, but it can be….

Since your time is finite you need to create alternatives to the normal business model of selling your time, particularly if you’re in the business of offering training services.  You need to have alternatives to this standard method of generating your income.  There are two solutions that are going to transform your business.  One can be used in the short term to generate cash flow; the other is a more long term solution.

Generating Cashflow Quickly
Say you have several proposals out to clients and you’re also waiting for payment for two workshops you’ve provided to corporate clients.  That isn’t paying the bills right now.  You need a quick fix to generate cash to shorten the time of your sales cycle, which is the time from your first contact to getting paid.

The quick fix for that particular problem could be to hold an open event.  The beauty of an open event is that you receive payment up front, as it’s standard to receive payments two weeks prior to the course date.  You have also set a finite time for the sales cycle.  Open seminars are generally set six to eight weeks out.  You set the date, book the meeting room and generate your marketing materials.  You’ve just taken matters into your own hands and solved two major issues that plague many small businesses, the issue of cash flow and the long sales cycle.

But this solution has another positive effect.  You’re gathering fees from more than one client for the same timeframe.  Since you can’t work more days than you have, you’ve just solved that problem as well.  It’s a win-win situation!

The Long Term Solution
Off the shelf products offer the long term solution to the “time is money’ conundrum.  I say longer term because they have creation and production time.  In fact, your short term solution of the open workshop can be the catalyst for your product.  In my case, I had someone come along to record one of my workshops.  I put the recording together with a manual and I had my first product.

Once you get your first product produced, you now have a way of generating income without you physically having to be there.  That’s a really nice feeling, particularly when you’ve been caught in the “time is money” challenge.

The bottom line is that the typical business model that’s based on you selling your time is not an ideal sales model for a small or solo business.  You need to put yourself on a path to beat the ‘time is money’ trap or you’re limiting yourself and your income.  Creating passive income streams, such as open events and off-the-shelf products, is just the solution for proving that this old adage isn’t always true.

Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com

Time is Money…True or False?

The Value of Your Inventory

February 12th, 2010

You know the saying “one man’s trash is another man’s treasure?” You see this philosophy proven time and again, especially at flea markets, garage sales or “scratch and dent” sales.

The items are hardly “trash;” they are just no longer esteemed by the seller.
They are, however, of great value to the buyer.

In unloading unwanted, outdated or overstocked items, the seller creates space and generates some extra income. In finding something that fits their needs and their budget, the buyer feels like he got a great deal. Everybody wins.

Whether you are in a product-oriented or service-oriented business, you can create this same winning combination.

If, for example, your business is introducing a new product, your existing inventory may end up including too many choices. When there are too many products to choose from, customers can become confused and overwhelmed by the number of options. There’s a saying in marketing: “A confused mind never buys.”

You simply don’t want to confuse people when it comes to them purchasing a product from you. To avoid that happening, streamline the products you offer.

Here’s something I did that you can easily emulate. A couple of years ago, while I was restructuring my web site, there were products I no longer wanted to sell. They weren’t actually inventory because they were digital products. But I didn’t want them cluttering my website anymore. I implemented a “last chance” sale and offered the products at a 50% discount for one week only.

Amazingly, over the course of seven days, that sale generated £11,000 worth of business. Can you imagine discovering £11,000 worth of hidden money in your business? That money was there all along but I didn’t tap into it until I got creative and put it together as an offer. I gave people a reason to buy.

You can do this. You see it done all the time with clearance sales. If your business ends up with a whole lot of excess stock – stock that has been returned or stock that you’ve taken to events and didn’t sell out of – your inventory just builds up. Instead of storing it indefinitely, where it just costs you and doesn’t benefit you at all, offer it at a special discount. Chances are you’ll make some extra money and create some space in the office.

If you’re in a service-oriented business, your “stock” can be your time or your expertise. You don’t really have it laying around, taking up excess space. It’s difficult to have a clearance sale on your time. The variation is to offer a pre-sell of a program.

Though you’re not selling an actual product, you can pre-sell a program. Put together a coaching program or a teleseminar series where clients pay up front for the program you’re offering. It might be a six-week series, but you’re getting the cash flow up front.

Obviously, then, the onus is on you to deliver. But you don’t have to actually have that program created before you sell it.  Offering the program as a pre-sell will force you to stay on track while simultaneously putting money in your pocket.

So, take a look at your inventory. Out with the old, in with the new, as they say. Do some spring cleaning or fall clearance of your old products.  Have a pre-sale of your newest program or offering.  Your clients will appreciate the value of the savings and your business will benefit from the value of the earnings. Everybody wins.

——

Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com

The Value of Your Inventory

9 Resources You May Already Have to Start Your Online Business

February 10th, 2010

Is something stopping you from starting your online business and moving forward to achieve success in your life? Successful online entrepreneurs didn’t let their circumstances prevent them from getting started. No matter where you are starting from, you already have many of the assets and resources you need.

If your reaction is, “I don’t really have any,” I am going to prove to you how wrong you are. You’ll be surprised at how much you bring to the table.

You don’t need to have a huge marketing budget. You don’t need the technical know-how. You don’t need to have a website or a facility for taking payments online yet.

What you do need is an awareness of the resources that you can tap into.

•   Life experiences. Your experiences in life count for a lot. Make a list of all the jobs you’ve ever held, and all the work you’ve done for those jobs. All of this adds value to who you are right now.

•   Existing prospects. Do you have a list of people that you’ve been in contact with who have expressed an interest in your services? If you don’t, or if it’s a small list, you need to begin to build that up.

•   Existing customers. Your list might not have hundreds of customers, and it doesn’t need to. If you have a customer list, of any length, that’s an existing resource that you can use to get you started.

•   A  network. You have a group of people that know you, that like you, that value you. While they may not be direct customers for your business, there’s a good chance that they will participate and help you.

•   Email. Just send an email out to your prospects, past and present customers, old colleagues and other network lists saying something like, “This is a new project that I’m starting. I would really appreciate if you could hook me up with other people that might be interested.”

•   Your willingness to ask for help.
Yes, this is an asset. Don’t take the path of least assistance. If you’re going to build a successful online business, it’s essential for you to get comfortable with asking for help. You’ve got to be okay with that. It’s not a sign of weakness. It’s actually a sign of strength.

•   Existing products or programs. You might already have something that you don’t even recognize the value of. I turned copies of sales proposals I had used years ago to win training contracts, into valuable materials that I could share and sell. That was material that I had been undervaluing.

•   Your know-how and experience. Maybe you’re very good at what you’re doing and getting tremendous results, but can’t explain what you do. That’s okay. That can be pulled out of you and turned into training or a product that can give people similar results, without you having to work with them in person. Or you could map out what you know into a process that you can sell to other coaches. There are lots of opportunities to utilize your know-how.

•   Support and help. Do you have someone who assists you with admin? Or someone who helps with the technical work? If you don’t, it’s easy enough to get hooked up with that.

These are the some of the resources you likely have ready have access to.  You can build a successful online business if you have these.  Take inventory and see where the gaps are. The more resources you have to start with, the less time it’s going to take for you to profit. If you’ve got fewer resources, you have less of a margin for error, so deploy them wisely.

9 Resources You May Already Have to Start Your Online Business

NOW Is The Perfect Time To Build Your Business

February 7th, 2010

Have you heard the joke about the tourist who is driving around Ireland and stops to ask a farmer for directions? The farmer leans into the car and says, “Well, you know sir, I wouldn’t start from here.”

Like all good jokes, there’s an element of truth about human psychology in his answer. Most of us wish that we were starting from somewhere other than the place that we’re actually starting from.

When you think about starting your business, have you said any of these things?

If only I had more experience.
If only I was younger.
If only I got started earlier.
If only I had more money.
If only I was self-employed.
If only I had more time.
If only I wasn’t committed to this other project.

Always remember that where you’re starting from is a lot less important than the direction you’re heading.

Everyone who is running their own business had to start somewhere. And a lot of them started in much more challenging situations than yours. Whether you have situations, reasons or excuses, they all boil down to the same thing. They are stopping you from moving forward.

So, if you’re in a successful business, but tired of trading your time for money; if you’re pressed for time and want to break free of your existing revenue model; if you want to learn to earn revenue through products and passive streams – you’ve got to begin somewhere.

Stop finding reasons why right now is not a good time for you to start. Stop using your current circumstances as reasons to justify staying where you are. Right now is the perfect time to start to improve, grow and expand your business. Right now is the time to stop procrastinating and stop making excuses.

You can start your information empire from any point. Yes, where you start will influence the steps you take and the order in which you take them. But, the point is that you can start right now, from right where you are.

You may be familiar with Jim Edwards, an online information marketer. He sells e-books, among many additional things, in his information product funnel.

Jim started his information empire from probably the most challenging situation a person can be in. He was bankrupt, worked full-time, lived in a trailer, and had precious little free time to build his own business. But, he carved out time every day to come up with marketing ideas, write sales copy and work on the mechanical nuts and bolts of his business.

Because he couldn’t afford resources, he worked a lot of long hours by himself – 16-hour days or even longer.

You probably aren’t starting from a situation as dire as Jim’s. His is an extreme example that even when the situation is really tough and challenging, you can still take the steps and get started.

The only difference between you and someone who is running a successful information empire is that they decided to start, no matter what their circumstances were. You can learn from their examples.

Bernadette Doyle is a small business marketing expert. Get more tips and advice at http://www.clientmagnets.com

NOW Is The Perfect Time To Build Your Business