Business Model Woman Masterclass
Welcome to “Business Model Woman Masterclass”, the 3rd class in this free 5-day preview of my mastermind program called “Creating Money.”
Good afternoon. My name is Kadena Tate. I am a revenue strategist for female entrepreneurs who can’t figure out how to create multiple streams of income. I help them get exactly what they want, which is more clients, more money, and more vacations.
Through my delightful global retreats, courage inducing blog posts, free challenges and on-demand classes, I’m here to to show you how to create multiple streams of income — while making every step feel like a hallelujah good time.
And when I’m not helping you to find new customers and sell more to existing ones, you can find me indulging in spicy cajun food, reading a good book and the occasional Zumba dance class.
What is a business model woman?
Before I share my definition of a business model woman, I am going to assume that you are a woman who, like myself, in the past, had a tendency to put the needs of others before your own.
You are specifically listening to me because you want to build a business where you help to make the world a better place, and you benefit from the fruits of your labor.
For this reason, I am defining a business model woman as a female entrepreneur who understands the only business formula worth following is the one that honors her core values, strengths, and desires. She is a fabulous “giver” and is now willing to “receive” that which she so generously gives to others. Instead of putting the pressure on someone else to make her dreams come true, she has done and continue to do - the inner + outer work necessary to maximize her earning potential.
She has awakened to her power, and become fully aware of her gifts – so that she can heal her life and invite others to do the same. In order to “walk her talk”, she begins her business journey by taking the time to write down her big vision, beginning with the end in mind. She then works her way forward with thoughts and actions fueled by self-care, self-acceptance, self-love and self-compassion.
You’ve probably heard that the graveyard is the wealthiest place on earth. So many women died with their books, songs, inventions, products, services and programs. The question is “Will you be one of them?” This masterclass is designed to be a wake-up call. What are you waiting for? What is stopping you from building a pleasurable and profitable business?
My desire is that you stop tolerating powerlessness, under-earning, shrinking yourself to make others feel comfortable, hiding your talent and muting your opinions. To support your efforts, I’ve designed today’s masterclass to help you uncover the opportunities that have been hidden in plain sight. Let’s tweak your business model so that it clearly reveals how your company provides value to its customers, clients, supplier, vendors, and society at large.
Before we get started, I’d like to remind you that people are hiring you to help them transform into the highest version of themselves. What makes a woman feel like wonder woman? What does she want emotionally, mentally, physically, spiritually, and financially? What is the thing that she’s yearning for? For example, when people sell weight loss products, they don't show people doing sit ups, push-ups and lunges, they show happy people admiring their six-packs abs in the mirror, beautiful couples running on the beach, people doing challenging yoga poses, things of this nature. Begin to think about how to weave transformation into your business.
In order for your business model to truly honor all parties involved, there must be clarity around the idea that there are tangible and intangible benefits of working with you. As women, this is the unique value that we bring to the table. We can create business models that allow us to create our own economy and design a positive legacy at the same time.
I would be irresponsible if I did not remind you that professional dancers, singers, actors, athletes, yoga teachers, accountants, nurses, doctors....all of these (and more) had to do the deeper inner work that inform and inspire how they perform. They have to DAILY prepare emotionally, spiritually, and physically for fully living their heart's desire; and so will you.
Business Model Canvas.
As a contributing author in the book “Business Model You”, I believe the business model canvas is a wonderful tool for entrepreneurial women who desire to both make money and make the world a better place.
The business model canvas is a framework designed to show you how to attract your ideal clients, create products and services that they want and are willing to pay for, deliver a phenomenal level of service and in the process, create strong relationships, and earn a profit that allows you to live life on your terms.
I would like you to pull out a pen and paper and draw the business model canvas.
Tactile learning and doing (like drawing, doodling, and writing) has been found time and again to boost creativity and productivity.
I could literally teach an entire course on the importance of clarifying your ideal client. When I worked in the international aviation industry, I would witness customer service agents speaking to passengers with disdain and disrespect. This would grieve my spirit, because they obviously did not understand that without those customers, none of us would have a job to come to everyday.
Those who embrace the mantra “customer first”, will always have clientele. The million dollar question is “Who is your ideal client?” Unless you are making widgets, the mass market is not your market. The reason why you must specialize is because you simply do not have enough time, resources, money or energy to help “everybody”. Not only that, but keep in mind that “everybody” does not want, need or desire what you are offering. For example, a 20 year young woman is not interested in products for a woman experiencing menopausal symptoms.
Tomorrow’s masterclass is specifically on the subject of buyer personas, so I will not go too deeply into the customer segment. For now, I will simply remind you that the last thing that you want to do is launch a product, service or program without a deep understanding of your ideal client. These 3 questions will help you determine who wants, needs and desires your solution: Who are you serving? Give as many details as you can think of (i.e. age, gender, relationship status, exercise routine, beverage choice, etc.) Who is not currently a customer yet could benefit from your product or service? Hint: They could be individuals outside your original target market. What prompts them to hit the BUY button and invest in your product, service or program?
Perhaps 2 out of 10 people in your target audience are ready to make a purchasing decision. The remaining 8 are mildly interested. Therefore, if you are trying to “sell everybody”, you’re wasting 80% of your 5 most valuable resources: time, attention, energy, money, and intellectual property. A buyer persona will help you understand what a buyer needs to know, feel and understand about your product or service before they call you. Understanding your customer in every way possible will help you market your business in a way that gains their attention. When you demonstrate that you understand and empathize with them, they will be more willing and open to listen to what you have to say. Taking the time to strengthen your ideal buyer client profile will demonstrate why you are the perfect choice to hire.
If you are online or offline pretending like your life is perfect, no one can relate to you. You have to be be willing to take off the mask of perfection and connect to the needs of your people. You empower others when you tell the truth about how you overcame the various challenges in your life. This is where the power of story comes in. You must tell this story over and over again, online and offline, across all marketing channels. As people connect to your story, a relationship will begin to take shape.
If you’ve been in business for awhile, you understand that relationship building is essential to developing and growing a successful business. Look at the clients who’ve been with you for the last 5, 10 or 20 years. What do they all have in common? Probably trust, vulnerability, shared values, listening, humor, mutual respect, giving and receiving. I’d also guess that there is a shared power dynamic going on, whereby each person helps the other to feel loved, valued, respected, and appreciated.
I’m bringing this up because so many people are power hungry. They want to control their clients with manipulative sales techniques and passive aggressive behavior because they are in scarcity energy. I believe that you must give yourself permission to stop the madness. See yourself at a long banquet table with people from all over the world. See yourselves eating, laughing and enjoying each others company. Remember that we build connection and community when we celebrate and express gratitude for the diversity of ideas and the richness of shared life experiences. What I will tell you is despite any struggles that I’ve gone through, I am not intimidated by other people's gifts. I celebrate other people's gifts and it brings me a lot of joy when you stand in your power because it allows me to stand in mine. So please give that some thought as you are moving forward.
To build your business with more ease and less stress, you have to clarify and articulate your Value Proposition, which has three crucial elements:
Your Point of Difference: How will you differentiate yourself from your competition in a way that is meaningful? How will you stand out? What is it that you can do for your Ideal Clientele that no one else can?
I was at a dinner party and a friend introduced me by saying “oh, this is my friend Kadena, she is an expert in helping you to reclaim your power with money.” I was like, oh, wow! Sometimes we don't see ourselves the way that other people see us. That is what I do but I would not have worded it that way.
One of the things that I can tell you is that when you think of your value proposition, it will help you if you look through the lens, for example, of the ruptures that have taken place in someone's life. A rupture might be miscarriage, cancer, divorce, bankruptcy, foreclosure, the death of a child, a spouse or a parent, being disowned by their church, family, having a nervous breakdown, things of this nature. If you are willing to address these ruptures without projecting further guilt, shame, embarrassment or harm, you will be seen as someone who sincerely wants to help.
Your Target Audience (aka your Ideal Client): Who do you want to reach? Who are your Ideal Clients and what do they specifically need or want in relation with your line of work?
The bottom line is that your business exists to help people. Consumers, businesses, government, non-profits, and educational institutions need you to help them solve a challenge or achieve a goal in the areas of health, wealth, success, technology, beauty, happiness, relationships, sex, spirituality, and personal growth.
The buyer is always tuned into the radio station WIIFM - “What’s in it for me?” Therefore, they will only find benefit in your knowledge, wisdom, and solutions - IF - they find it relevant to solving a current problem or challenge.
They may never ask you directly questions like: “Why you? What do you do? Why should I work with you instead of someone else with a similar offering? Why should I invest in your products, services, and programs? How does your product, service or program help me in the areas of my mental, physical, emotional or financial health? How can I trust that you really want to help me and aren’t just trying to separate me from my hard-earned money? How can I trust that you can do what you say? How long is the solution going to take and when and where are we going to do it? ” Those questions are just a tip of the iceberg of the questions that a prospective client has during the research and consideration stage of the buyer journey. You can trust and believe that they are asking their family, friends, and colleagues about you; and they are also on Google and YouTube doing their research. This is why you must answer these questions across all marketing channels with clarity, brevity, and authority.
If you are an observer of people, I’m sure you’ve noticed that everyone is either entering a problem, having a problem or leaving a problem. This is great news. Thank goodness everyone is not dealing with ill health or a financial challenge at the exact same time. That alone reveals that we are one tied to another, here to be of love and support to each other. This gives you an opportunity to get crystal clear about how you help people. in order to do that, you must go beneath the surface and locate the “real” problem, which is normally rooted in fear, shame, regret, anxiety, feeling unworthy, undeserving and so on.
For example, for the bulk of my life, I’ve been ashamed of my smile because I had missing teeth. The dentists and orthodontist who helped to correct my smile, probably have no idea how much they changed my life. For example, I would always cover my mouth when I laughed or smiled because I was terribly self-conscious. I did not want to make videos or speak in front of audiences because I did not to explain why I didn't have the money to get my teeth fixed. I was fixated on my missing teeth and this made me feel unattractive. Some people even thought that I was shy, quiet, and unfriendly. Today I am a totally different woman. I have a renewed sense of confidence; people find me warm, friendly, and outgoing; and I have no problem whatsoever sharing my opinions on everything. Who knew that braces could change several quadrants of my life - all at once?
Write down these 5 questions as they will help you to gain clarity about your specialty: What is the number 1 result your clients will get from your product/service? How can you narrow your niche and specialize on something specific? What experience do you give your customers that no one else is giving in your industry? What specific result do you want to be known for by your customers? What is the boldest message you have to best represent your niche?
Social Proof: Why should your Ideal Client believe you’re different? Why are you 'The One‘ they should work with? Do you have case studies, audio, video, and written testimonials, “hot seats” in your coaching and mastermind programs, before and after photos? What is a signature story (about yourself, your life, what you stand for) your Ideal Client would resonate with and you can keep telling in your content this year? Does your website design and copy reveal to your Ideal Client that she has arrived at the right place?
Thought leadership is cultivated as you accept the mantle of leadership. Visibility is required order to be seen as the “go to person” within a specific field of expertise. You must learn how to lead. You cannot hide your gifts under a bushel. You must be loud and proud about the value you bring. Leadership requires learning how to delegate , negotiate, communicate, collaborate, celebrate and calculate profits/losses.
I believe mind, body, spirit, and soul, that you really are going to have to dig in and stand in your truth and your personal sovereignty, and you're going to teach people how to do the same. You're not going to be one of these people who's out here terrified that somebody else is smarter than you, sexier than you, younger than you, taller than you etc. That time has passed. We have enough models in our society of people who try to project that there's one way and one path to anything and you're here to do something different. I truly believe that if you give yourself permission to look in the mirror and be filled with self-love, self-care, self-compassion, self-acceptance, you're going to be a better leader and certainly a more effective one.
I’m sure that you’ve met someone who wrote a book or created a physical product, and they have cases of them in their garage, bedroom closet or storage unit, gathering dust. Or you’ve met someone who created an amazing course, asked 10 friends to buy it, they all declined and now it is sitting in a file folder on their computer.
Sitting at home waiting for customers to purchase your products, services and programs is not the highest and best use of your time as an entrepreneur. Visibility and selling are required to move your products and services into the hands of your ideal clients. How you move these products a.k.a. your distribution channel, can be virtual or physical in nature.
Products can be sold on your website, book stores, resale shops, department stores, boutiques, gas stations, ITunes, Ebay, Etsy, Facebook, Gumroad, Creative Market, Creative Live, Thinkific, Teachable, Ruzuku, Udemy, and a host of other online and offline channels.
At the end of the day, the question has to be, are you reaching the right customer at the right time in their life and in the right place? One of the things that I can tell you is people don't come looking for you until they have a problem that you can solve.
Ladies, time is the great equalizer. Both you and your ideal client are trying to live your best lives in 24 hour segments of time. There is no need to waste time, money and energy trying to reach clients online or off-line.. Employ the power of focus and give serious consideration to where your ideal client is directing their attention and money.
Where are your clients online? If you know that you're a creative person, reach them on Pinterest, Instagram, Behance, Dribble, and DeviantArt. To be seen, host webinars or reach them on YouTube, Vimeo, LinkedIn, Facebook Live or Instagram Live. To be heard, create a podcast, host teleseminars or reach them on iTunes, Soundcloud, Stitcher and/or schedule yourself on your ideal client’s favorite podcasts. If you prefer to write everything down, write an ebook, start a blog and also guest blog so that you can gain more visibility.
Where are your clients offline? If you desire to meet people in person, for personal or professional reasons, networking is a great choice. Quick sidebar - please take the time to get to know people. Do not run up on people, vomit your value proposition allover them and then ask for money. This is a huge turnoff, even when people would consider buying your product, service or program. Obviously you can ask people questions to determine if they want/need/desire what you’re offering , just keep in mind that it is probably not the best idea of they are meeting you for the first time.
To be seen, create your own tv show, become a guest expert on a television show, start your own networking group, speak at other people’s live events, or host your own bootcamps, workshops, seminars and/or conferences. You can also sponsor events or purchase a vendor table. To be heard, create your own radio show, become a guest expert on a local radio station, and apply to be interviewed on talk radio shows. If you prefer to write everything down, submit your writings to magazines, newspapers and/or you can self-publish your book.
The desires of your ideal client will inform your strategy. There are strategies for every option that I just shared. You must take the time to consider the cost of reaching your ideal clients. Inbound marketing can eat up your time, outbound marketing can eat up your money, so choose your channels wisely.
We know how to make our loved ones feel, seen, heard, loved, understood, valued and appreciated. It is the same exact thing with your customers. This is why you must “walk your talk”.
Your value proposition informs how you will attract, service, engage and grow your customers.
If your solution is do-it-yourself, consider creating an offer that includes audio content, video content, worksheets and resource recommendations.
If your solution is done-with-you, consider creating a community where the members can engage and interact with one another. Ask your clients to engage in the art of co-creation. Ask them to write a guest blog post, interview them via audio or video, write a collaborative book, create a subscription box or host an unperson or live event together.
If your solution is done for you, provide concierge service. Dedicated personal assistance, individual coaching sessions, VIP days, private retreats all make people feel special and important.
Regardless of which option you select, if they have questions, make sure that you have a strong customer service offering. This could be a FAQ section on your website, assistance via a help desk, Twitter feed, or email and/or you can hire a service like Helpscout, Freshdesk, KnowledgeOwl, SupportHero, LiveAgent, Kayako or TeamSupport.
Creating Customer Evangelists.
The late Maya Angelous is quoted as saying “I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
I believe that feelings - whether positive or negative - are what ultimately guide customers to tell their family, friends and colleagues about what it is like to work with you. Therefore, please write down the following so that you can clean up your business model: List the top 5 feelings your ideal client feels on a daily basis? What feeling does your client have when they are looking for you? (Think also: How do you help them to feel the opposite?) How does your client yearn to feel WHILE working with you? How does you client desire to feel AFTER working with you?
I’m truly blessed that 90% of my business is built upon word-of-mouth referral. Yes, I provide a great service. However, I believe that my ability to empower my clientele to give voice to their desires with authority, clarity, brevity, and integrity, is the real reason they appreciate me.
If you desire more referrals and testimonials from your clientele, I’d like to share two quick examples of this point embodied.
1st point is a powerful piece of advice from Jackie Huba, the author of Creating Customer Evangelists: How Loyal Customers Become a Volunteer Sales Force and Monster Loyalty: How Lady Gaga Turns Followers into Fanatics.
“Look at all of your customer touch points (website, sales and service representatives, employees, invoices, social media channels, proposals, email signatures, brochures, etc.) and ask yourself if they are word-of-mouth worthy. “Is the interaction with the customer so remarkable that he or she would make a comment about it to a friend, family member or colleague?”
2nd point is a lesson from Arienne Cartier, a massage therapist in Dallas, TX. The very first time we went on a business lunch date, at the end of our time together, she looks me in the eyes and says “Kadena, what support do you need in your personal or professional life"?” I tell her that I need a plumber, landscaper and personal chef. She says “I keep a notebook of my favorite service providers. They are in this notebook because they provide a phenomenal level of service. She then reaches into her briefcase, pulls out a 3 ring binder. As I open it, I notice that it is filled with plastic business card sleeves, with each section neatly organized by profession. As I called each connect to make an appointment, their humility was surprising. After they actually performed the service, which was amazing by the way, they sent her a thank you gift and me a thank you note. Now, this is the reason why I am sharing this particular gem: We are 10+ years into our friendship, and she still does this every time we see one another.
Your value proposition is a commitment that you will help your ideal clients solve a challenge or achieve a goal. The key resources are the physical, intellectual, human and financial assets that are needed to fulfill your promise.
When you have perfectionist’s energy, there is this running narrative that you must sit in Jill of all trades energy because no one can do anything as well as you can. Ladies, give yourself permission to let that go because the truth is, you're going to need some support. You cannot do every single thing in your organizational chart. Even if you could, it is the fast track to fatigue, a nervous breakdown, illness, disease, and death. For this reason, I call the key resources “life support.”
Human resources are quite expensive. I’ve hired independent contractors and seasonal workers, and found the entire experience to be exhausting. I have two full time employees and as I grow my business, I intend to hire more. You have to look at how comfortable you are with someone having access to your proprietary business processes. Non-disclosure agreements only go so far if you do not have the money to sue everyone who violates one.
Physical resources include your office building, vehicle, computer, point of sale systems, and distribution networks. Hire a real estate attorney to review a commercial lease before signing. Have a small business attorney review production and distribution agreements prior to signing.
You are encouraged to hire an intellectual property attorney if you are an author, coach, consultant, speaker or trainer, to assist you in protecting your intellectual resources. This includes but is not limited to your software applications, trademarks, patents, and copyrights.
Yes, you can hire an accountant or book-keeper, however, ultimately you are responsible for managing your financial resources to insure that everything is in order. This may include, but is not limited to payment processing, lines of credit, business loans or stock options. Look over everything. You do not want to be one of these people who handed their checkbook over to someone who ran off with their life savings.
Stewardship in Business.
You have to be a good steward of your financial, physical, legal, and human resources because if you're not, your whole business can go down the drain. Look at how many people don't pay their taxes and then they have a lien; or how many people rent cars or equipment and then they can't pay the bill and it's repossessed; or how many people treat their contractors in a disrespectful way, and then those people run for the woods right before your big launch.
Perhaps you saw the story on the news about how the wife of a local baker suffered an aneurysm and the community bought a dozen plus donuts every morning so that the owner could close shop and spend time with his wife at the rehabilitation center. The bakery had been in business for 13 years. I believe that they were such good stewards of their resources, that the community gave back to them in their time of need.
Years ago, I paid over $6,000 to attend a 5-day training on how to earn $20,000 a weekend teaching what you love. For a solid week, the trainer went over how to present and sell from the stage. On the 4th day, I raised my hand and asked “When are you going to tell us how to land a corporate speaking gig or how to create our own events?” His response was “That is the next course and the investment for that course is $11,995. I’ll tell you about that program tomorrow.” Of course everyone in the room appeared stunned and highly frustrated. This experience taught me the importance of understanding and writing down the actions required on a daily basis to own and operate a business as a professional speaker. You must do the same thing in your business.
Please pull out a sheet of paper and draw three columns. Please place the questions that I am about to ask you in column A. In column B, please write down the companion list of revenue producing activities required. In column C, please write down the companion list of non-revenue producing activities required.
These are the questions that I would like you to write down: What are the administrative activities that require care and attention? What actions are required to train a new employee or freelancer? What are your daily sales and marketing activities? What actions are required to attract a new customer or sell more to an existing customer? What actions are required for customer engagement, customer service and customer referral? What are the actions required to create, produce, manufacture, and distribute your digital products and physical products? What actions are required to create and run your affiliate programs? What are the activities involved in selecting and honoring new and/or existing partnership agreements, alliances and joint venture agreements? What additional actions are required on a daily basis to operate your business? What book-keeping or accounting actions are required? What are the task list of activities that support your personal development, professional development or self-care in general? As you can see, it is necessary to break every aspect of your business down into roles and responsibilities.
For those of you who want to skip this part, allow me to share a quick story. Let’s just say that you are a charismatic coach, consultant, speaker or trainer who also happens to be a powerful networker. Your daily activities are going out to get the business. However, that is only one task when you own and operate a business. In addition to the aforementioned questions, you need to know who will be responsible for the associated administrative details if you are running around saying yes to everyone you meet? Who will create and send out the client proposals and contracts? Who is responsible for arranging your travel and accommodation when you travel to long distance speaking engagements? If not you, then who? If it is you, do you have an organized system? If you don’t, you will find yourself double booking people or making promises that you cannot keep. That is not good, so get clarity on the daily actions required to run your business.
Leadership through Service.
As women, we’ve been socialized to suffer in silence. We have a tendency to tolerate people, places and situations. These tolerations come out as passive-aggressive energy and/or nagging, whining, bitching and complaining.
For example, if you’ve ever found yourself dealing with a client, employee, vendor, joint venture partner, affiliate partner, or independent contractor, who is not committed to putting their best work forward, now is a good time to learn how to lovingly let people go.
Everyone on your team has a different idea of success. However, every single person, whether they're an independent contractor or a paid employee, has to be willing to do the work in a manner that it reveals their own excellence so that you can fulfill your value proposition.
Leadership through service is a commitment. I was raised in a military family, so you know I take accountability, responsibility and personal initiative seriously. Micromanaging people is exhausting. One of the worst situations that you want to be in is doing something with someone who just kind of throws some stuff together. There is no need for you to drag or carry anyone over the finish line.
The stress of trying to do everything on your own is overwhelming. Ask me how I know. Obviously I already tried and failed. Learn from my mistakes. Jill-of-all-trades energy slows you down. It took me seven years to monetize my business. Why? Because I was trying to do everything on my own and I was spinning in perfectionism. Then one day I just said, that's it, that's all. Raised my prices so that I could afford to hire support. Quadrupled my income in one year.
Key partners are the people who help you to operate and grow your business. They come in the form of internal support, external support, strategic alliances, competitive alliances, joint ventures and buyer-supplier relationships. You must add in the expense of your key partners into your budget. This will help you to step out of under-earning and over giving.
Internal support includes, but is not limited to Business Coach/Business Growth Strategist; Accountant/Book-keeper; Legal team (Small Business Attorney, Intellectual Property Attorney); Project Management team (Virtual assistant, On-the-ground assistant, project manager, data entry, social media tasks, etc.); Creative (Artist, Illustrator, Musician, Poet); Visual Team (Photography, Videography, Graphic Designer, Web Designer); and Writing Team (Copywriter, Editor, Content creator/producer/designer).
External support includes, but is not limited to Clergy/Spiritual Advisor; Family and Friends; Image (Hair, Skin, Nails, Makeup, Wardrobe); Healer (Massage, Reiki, Energy work, FengShui); Health (Personal trainer, Nutritionist, Chef); Concierge (Errand runner, driver, travel agent, etc.); and a Mentor or Mastermind Partner.
Four partnership models:
Strategic alliances with people who serve the same people that we’d like to reach, but in a different capacity. For example, I have a divorce attorney who refers recently divorced women to me.
Competitive alliances with people who serve the same audience that you do. For example, a business strategist interviewed me for a module inside of her high-end coaching program.
Joint ventures are alliances where you partner with a person to create a new product, service or program. For example, I partnered with a graphic designer, web designer, and virtual assistant to create a workbook with companion video tutorials that could be jointly promoted to our audiences.
Buyer-supplier partnerships are complex but necessary. For example, Poo-Pourri is a wonderful company that devises and sells fragrant sprays for toilets. The founder, Suzy Batiz, is ultimately responsible for ensuring that the essential oils and plastic bottles used are sourced from suppliers that are maintaining their own level of financial, environmental and social responsibility.
Ladies, I don't believe in competition. I believe that authenticity has no competition and that's something that a lot of people don't believe. I believe that you can build bridges where other people see walls. There is no reason to be jealous of anyone. You have different perspectives, different experiences, so you both win. Be willing to pick up the phone or write an email to the entrepreneurs that you admire and say, "Hello, I respect and admire your work. I’d love to create something magical and wonderful with you. Would you like to have a conversation about how we can work together to help more people?"
Together we are stronger.
Your team is a valuable asset in your business. I believe that diversity is a competitive edge. You are encouraged to work with a diverse team of people with regards to age, race, sex, gender, and religion. Make sure that you treat your team members with love, respect and appreciation. Love your people and they will love you back.
Working with a team allows you to have a powerful strategic excellence position. You can get more accomplished because together you are stronger.
Your capabilities plus the competencies of your team places you in a unique position to leapfrog the market and make the idea of competition irrelevant.
I cannot emphasize how wonderful it feels to stand along side people who are each looking at how to use their talents to make your business dreams come true.
Sometimes I’ve purchased flowers for an event, thank you cards for clients, various client gifts, postcards for marketing, and other small investments, without taking the time to record the expenses in my ledger. You better believe after being audited by the IRS and owing them thousands of dollars, I learned my lesson.
Take the time to sit down and ask yourself “What are the costs associated with honoring my value proposition?” For example, if you are a speaker, look at the cost of visibility. if you are a writer, look at the costs of publishing.
The cost of visibility. Look closely at the costs of supplies for live/virtual events; costs associated with marketing/publicity; conference expenses; multi-city tour expenses; travel and accommodation expenses; and the costs associated with image/appearance.
The cost of publishing. Look closely at the costs of ISBNs, printing and self-publishing ; cost of editor, copywriter and copy editor; cost of salary for a VA, publicist, graphic designer, web designer and social media intern; costs of book launch event; and costs to market the books online and offline.
Do you ever find yourself spending your time and energy on products or services that are neither profitable nor enjoyable? If so, what can you eliminate to open up space and resources for what will really make a huge difference for your bottom line?
Leaks can sink your business.
Trust me when I tell you that the costs are not always associated with money. For example, there are times when I’ve been inundated with client projects and perceived that I did not have the time for self-care, entertainment or rest.
Please take the time to recognize and correct leaks in your time, energy, money and resources.
LEAKS IN TIME - It costs attention, time and money to acquire , serve and retain customers. The question is how much, and is it profitable? Quick note - you don’t have to work with everybody in your target market to earn one million dollars. if you have a $1,000 product, service or program, and 1,000 people invest, you are a millionaire. That sounds overwhelming until you realize that there are almost 8 Billion people on planet earth.
LEAKS IN ENERGY - Do you have productivity and profitability systems in place or are you constantly “winging it”? There are times when I’ve been inundated with client projects and perceived that I did not have the time for self-care, entertainment, or rest and relaxation. Medical bills are costs, so please give yourself permission to invest in your mental, emotional, physical, spiritual well-being. .
LEAKS IN MONEY - Do you track the costs of your key business activities (product creation, sales, service and support)? Financial losses affect your peace of mind. When you cannot pay your personal and business expenses, the stress is real. Give yourself permission to look closely at the flow of money coming into and going out of your business.
LEAKS IN RESOURCES - Are you a good steward of your key resources (human, physical, intellectual, financial)?
Profits allow you to serve more people, donate to your causes and take care of your financial responsibilities.
Write down the answers to these questions to keep track of your company's annual revenues for your tax return and for your company's financial statements:
How much money do you need every month (and every year) BEFORE taxes and expenses? What are your current weekly, monthly, quarterly and annual expenses? How much money is being generated through the sale of your assets? How much money is being generated by your inbound marketing efforts? How many clients do you need to work with every month (and every year) to meet your goals? How much money is being generated by licensing your intellectual property?
By calculating your company's annual revenue, you measure the current sales performance of your company and the income it is generating. Write down the answers to these questions:
How much money do you need every month (and every year) AFTER taxes and expenses? How much money do you desire in your savings, checking, investment and vacation accounts? How much money is being generated through your brokerage, academy, association, or membership program? How much money is being generated by your outbound marketing efforts? How many products and/or services do you need to sell to earn $100,000 per month consistently? How much money is being generated through advertising and sponsorship revenues?
Profitability is a decision.
Profitable businesses are not unicorns. A decision was made regarding how much money was needed to serve more people, donate to causes and take care of financial responsibilities, both personal and professional in nature.
SALES ARE THE LIFEBLOOD OF YOUR BUSINESS.
It is really easy to get caught up in the administrative tasks of being a business owner. The reality is that without sales, you have a high priced hobby NOT a profitable business. My mission is to help you productize AND monetize your expertise. The uncomfortable truth is that you must draw a direct line to sales or you will not be in business very long. Contrary to what you’ve been told, selling is a sacred act and an honorable profession. You sell yourself, your ideas and beliefs everyday. Now you must take the focus off of yourself and focus your attention on the needs of your ideal client. Learning how to sell with integrity is a mandatory business skill.
MONEY IS A TOOL
Tolerating lack, limitation, poverty and/or under-earning is not required. You deserve to be compensated for the value you bring. What is stopping you from becoming a multi-millionaire? Maybe you’ve convinced yourself that you don’t need that much money? I call bullshit. You know as well as I do that it takes money to feed, clothe and house people. It takes money to build homes, schools, businesses and places of worship. It takes money to attend college, travel and put gas in your car. You cannot build a sustainable business all by yourself; it takes money to hire staff to support the creation of your dream life + business.
Did you know that most not-for-profits are founded by women but funded my men? Instead of putting the pressure on someone else to make your dreams come true, don’t you want to maximize your earning potential? Stop lying to yourself. The bottom line is that money is a tool that can help you, your family and your community.
Food for Thought
I’ve found the business model canvas to be of tremendous benefit. Whether your business is large or small, it is a fantastic framework to capture how to design a purpose-filled, productive and profitable business.
“If you don't know what to do with your life, do something that saves lives. The world is full of of people in need, be the part of their life that fills that need.” - Sanjeev Saxena.
Write down these question to help you design a red carpet treatment plan for your clientele: What is your Red Rope Policy and what needs to be done to make it work better? What kind of connections do you need to build or strengthen to reach more of your Ideal Clientele who are not in your circles yet? What are the 3 key values you want to create in your inner circle this year? And how would you like to accomplish that? What do you need to do differently this year to make sure you’re attracting ONLY your Ideal Clients?
As an entrepreneur, you are encouraged to give yourself permission to: Stand out in your niche in what you do, why you do it, and how you do it. Go where your ideal clients hang out and attract them to you. Show your ideal clients you’re the best fit for them so they can hire you. Give your ideal clients the red carpet treatment. Streamline your service and product offerings for the highest returns on your investment. Identify your company’s strengths and weaknesses so you’re always in alignment with your values, intentions, and desires for yourself and your business. Review your income and revenue numbers so you can take better decisions and release what’snot working.
Now that you have an overview of your business model, it’s important to act on what you’ve learned. The best way to avoid overwhelm is to focus on one area at a time by taking small, simple actions every day until you get the change you’re looking for. If you have team members, you can hand off tasks to them and ask for what you want, which will speed up your desired results and free you to focus on the things only you can do.
Remember that having a viable business isn’t just about having a great idea, website, or image. It’s also about meeting an urgent need in the market place, knowing who your customers are, and pampering those customers so they become enthusiastic brand advocates for you.Your personal touch sets you apart from the other business owners in your niche because no one else can mimic your personality, quirks, and authenticity. Unleashing the full force of your personality stamps an unmistakable image on the eyeballs of your clients, and once they see how right you are for them, they won’t want to be anywhere else. How can you start taking the daily actions that’ll get you where you want to go?
Questions and Answers
I’m opening up the call for questions at this time. Please feel free to ask me whatever you like.
What does “Leapfrog the Market and Make the Competition Irrelevant Mean?”
Great question! I do not believe in competition. I believe that when you give yourself permission to reveal the “real you”, you will indeed leapfrog the market and make the idea of competition irrelevant. This phrase also has three major components:
Strategic Positioning - It is imperative that you been seen as the expert of a specific niche NOT an expert among experts. You must solve a very specific business problem.
Strategic Credibility - Writing a book is critical to your position of online and offline influence. Remember the words of Stanley Milgram “The marketplace will blindly believe the words of an expert.”
Strategic Marketing - Top of mind awareness is key. People are bombarded with messages so you must stand out from the crowd with a compelling value proposition.
How do I know when it is time to hire someone?
What do you NOT like to do in your business? What do you LOVE to do in your business? What takes up the most of your time that does not yield you income? Have you contracted an individual to work with you before? If no, what is the biggest thing holding you back? For 3-5 days, grab a notebook and write down everything you do each day. How much of that time was spent on Marketing, Writing, Connecting, Admin work, and Being in your zone of genius. Once you have completed these days, carefully assess what you did that made you money, what did not, and what you can hire out to free up your time for MORE income producing activities.
Every time I do a listing presentation and I share the market stats, potential sellers look bored and I don’t get the listing. What should I be doing differently?
When I was a real estate broker, I discovered that most homeowners focused on how they felt, not necessarily facts. If your presence makes a person feel valued, respected, appreciated, cherished and cared for, you will win the business every time over someone who presents facts with figures. Share with them your ability to network with other real estate agents who may have the right buyer for their home; or your home staging, marketing, negotiation and selling skills. Be specific so that it is easy to see what makes you different from other real estate agents. Once you secure the listing, schedule an appointment to discuss what is going on in the market. Consider saying something like “When selling a home, it is best to operate from a position of strength. Let’s discuss what is going on in the real estate market, a pre-inspection, staging and other ways we can position your home to sell at top dollar with ease.”
I don’t fully understand Point of Difference. Can you tell me more?
Instead of going deeper into the concept, please write down these questions and answer them when we get off the line. If you are still struggling, please consider working with me. I’d love to support your business growth and expansion.
Do you know what makes you interesting and attention-worthy in a crowded market?
When you look at your business last year, what did you do to underline and better communicate your Point of Difference?
What need is unmet or what is absolutely disturbing in your market? What outdated processes and protocols need to be changed? Is there an easier and more efficient way to get a particular job done?
What do you need to do differently this year to better stand out in your industry? Is it audio, video, speaking engagements, tv and/or radio?
Where can I find my ideal client?
Chamber of Commerce, Facebook Groups, Google Hangouts, Instagram, Joint Venture Partners, Linkedin Groups, Meetup Groups, North American Industry Classification System (NAICS), Pinterest, Purchase a Consumer List via Dun and Bradstreet , Purchase a Consumer List via InfoUSA, Twitter, and Trade Associations.
Keep in mind that it is all about creating connections, so take the following into consideration:
Make a list of people you would love to connect with. What is your ideal client reading to obtain their information? Is there an opportunity for you to position yourself to get seen?
Do you blog? Have a podcast? Have a vlog? If yes, have you thought of obtaining sponsorships to gain additional attention traction?
What are ways you can get in front of your potential clients while addressing their resistant feelings?
There is a book within you, make a list of the top 5 questions your ideal client asks you on a continuous basis. Write down the answers….(Surprise: You are in the beginning stages of writing your book of authority)
Can you give a few examples of client communication?
Talking on the telephone; Text; Email (may include audio, video inside of the emails); Skype/Google Chat/Zoom Calls; In person (networking, coffee/tea, breakfast, lunch, dinner, happy hour, etc.); Inside of a group or forum; and a service like Basecamp or Asana. I do NOT recommend social media (The inbox or wall of Facebook, Twitter, Linkedin, Instagram, etc.) as it is rather difficult to keep a comprehensive flow to a conversation.
I feel like everywhere I look I’m seeing perfect business owners running perfect businesses and some days I’m over here thinking I’ll never make it. What has been your biggest business mistake and what did you learn?
For many years, I was a hypocrite in every sense of the word because my words and actions did not align. I told my clients that their three most valuable assets as entrepreneurs were their time, undivided attention and intellectual capital, yet I squandered mine. My perfectionist tendencies kept me in a state of mediocrity, not to mention outside of personal integrity.
I would tell my clients “Stand in your power. You deserve to be compensated for the value that you bring to the table.” Yet, I coached them for little to nothing.
I would teach clients how to build mutually beneficial customer relationships. The paradox is that I created toxic relationships because I said yes when I wanted to say no. I gave more than I was comfortable giving and I secretly cared more about what others thought than I would dare admit publicly.
I lived as a fraud because I told others that they had a responsibility to share their gift with the world yet my intellectual capital was not showcased because it was hidden, awaiting perfection.
Let’s get right down to the dirty nitty gritty, I had nothing but the drama going on in my thought life. I was besieged with thoughts that ranged from “I can’t do it because …I’m black, I’m a woman, I’m short, I’m overweight, I wear glasses, I wear braces, I’ve been through bankruptcy and foreclosure, I’m divorced, I don’t have a college degree, etc.” You name a self defeating thought, and I had it. I would not take action unless it was perfect. I was plagued with thoughts that I could never be, do or have enough.
I’m sure that you did not expect me to share this uncomfortable truth, correct? I am sharing this because the first step of our journey as entrepreneurs is to love ourselves – as is. It is imperative that we acknowledge, embrace and accept our existing gifts, talents, strengths and abilities. I learned the hard way that if you don’t know who you are – how do you expect other’s to know? You possess the remarkable power to change someone's life. The sad reality is that many people die with their potential buried inside of them. I was tired of feeding mental monsters. My greatest fear was dying with my God-given potential. Self mastery requires courage, self care and self love. The woman standing before you today talks her walk, and walks her talk.
I really can’t afford to hire help right now. Is there ever a time where being a Jill-of-all-trades a good thing?
Jill-of-all-trades energy gives you the opportunity to play all of the bases in the ballgame known as your business. You can use this time to hone your skills and set up procedures and protocols. As you are on the front line, handling everything with your customers each day, it will prepare you to train your future employees so that they will know exactly what to expect, exactly what to say, and exactly what to do in order to give your customers the personalized, caring service that they deserve.
How can I make my business stand out?
Allow your personality to shine through in everything that you do – your web site copy, your blog posts, articles, tele-seminars, books, audios, videos, webinars, and during your live events. Embrace the passion that you feel for the work that you do, and let others see that you are truly passionate about your work. Be yourself. One of my favorite quotations is by Bruce Lee, who said, “Always be yourself. Express yourself. Have faith in yourself. Do not go out and look for a successful personality and duplicate it. Just be yourself.” If you try to cloak yourself in someone else’s personality, voice, or individuality, you are betraying yourself.
As you share your message with those who support you and follow you, you will find that people enjoy having the opportunity to get to know the real you. Maybe it is something as simple as sharing a quick, funny story about your dog within the text of your weekly newsletter. Perhaps this is your favorite time of year and you mention how the changes in the trees remind you of your childhood. Whether your audience agrees or not, they will identify with the fact that you are sharing your true self, and this will enhance the know, like and trust factor.
For the last 6 months, I’ve been posting 10x a day on Twitter for this client. I find the people to follow, write her tweets, engage with the people. She just fired me because she said it was taking too long to grow a big tribe for her. I’m so frustrated that she didn't understand that content, interaction, and engagement is more important than the size of her list. What am I missing?
So often, I see customers walk away without realizing they got what they were after. For example, if a customer hires you to increase their customer base and you work together for several months, the customer has likely seen the gradual additions to their ezine list, their Facebook fan page, and their Twitter followers. They have witnessed more people stopping by their brick-and-mortar location to buy, or more visitors to their web site and more shopping carts being filled and orders being placed. But, if it is gradual, the customer may walk away from you after several months thinking, “I really don’t see much of a difference.”
It is like drops in a bucket. Over time, the bucket becomes full but each individual drop may not seem like a big deal. In situations like this (and in any other situation), it is up to you to provide your customer with evidence. They need evidence to show that you have performed in the capacity that you both agreed upon, and generated the results that the two of you deemed as priorities. Show them how full that bucket has become, as a result of your hard work. How can you provide this evidence? By simply making sure that the solutions you provide for your customers are relevant, measurable and scalable. Think of each of the three as being a milestone on which to document progress as you and your customer work toward your goal.
Ladies, I appreciate your time and attention. My business exists because I believe that women are the most untapped resource in the world. I am committed to helping women productize and monetize her expertise so that we can all live fuller, richer and more rewarding lives.
Thank you in advance for sharing this video and transcript with a woman who wants to grow herself and her business. See you tomorrow for the conversation “Buyer Persona Masterclass”.