I get you – you’re busy, really busy, you’ve got 5 or 6 projects on the go, great ideas flowing in, but something is really off because contrary to what they tell you in school somehow the busier you get the less money is coming in. How is this happening?
You work hard, you’re smart, competent, talented, heck you’ve invested in great business training, you’ve gone to take several courses to sharpen your skills and when it comes time to re-investing in your business you’ve got to shuffle funds from one credit card to the next and you STILL can’t justify making the financial commitment even though you know you need to.
Entrepreneurship a Full on Contact Sport
Your business is short on cash flow and it’s frustrating, to say the least. You feel like you’re caught between a rock and hard place. You know you need to DO something different, but are overwhelmed with all the options, ideas and things to implement, marketing, social media, speaking, etc. It feels like you’re running on hyper drive and you’re still WAY behind schedule. Jeesh, what’s next – scheduling TIME to breathe? Right, yoga classes and self care. How in the HELL do people do this AND actually make money without having a nervous breakdown?
If only someone had told you that entrepreneurship was going to be a full on contact sport, you would have prepared yourself better – like when you go camping, you bring wet wipes – you know, in case you need to go in the woods.
What woman goes into the woods without wet wipes? You think someone would have come up with some kind of master plan “entrepreneurial success” check list or something?
Screw Business Building – Light Yourself On Fire Instead
The problem many solopreneurs face is lack of cash flow as they begin building their business. A business is a like a fire, you need to constantly be adding wood to make it burn brighter and brighter so people see you – then eventually, when the fire catches, it gives off some heat, and the red coals give off a steady warmth that you can heat your house with.
How to Turn Visibility Into Cash Flow Fast!
The solution for a business struggling in the cash flow department is to build a successful marketing system to gain massive VISIBILITY (to shine brightly like a fire so everyone can see you) and turn that visibility into cash flow (warmth to heat your house with…or even better to pay your bills with!).
1- Make More Offers
I was talking with a colleague this morning who was frustrated because her business wasn’t generating even half the results she’d been expecting, and to kick it all off, she was exhausted, feeling like she’d been running a marathon in her business.
“How many offers are you making at the end of your talks?” I asked her. What are the numbers, who bought what? Numbers never lie. She said “I offered a free discovery session and 2 people took me up on it.”
2- Don’t wait to have everything perfect – good enough is good enough
I just got off teaching a group – coaching class – tonight, and I gotta tell you – I just LOVE one of my clients because she just jumped in the game without a life jacket and learnt how to swim.
She began making offers on Facebook posting invitations for a free 20-30 minute session with her. She was inviting people to have a heart centered sales conversation with her BUT she didn’t know what to say on the call (we hadn’t gotten covered my proven “Art of Engagement Heart Centered Sales Process” yet).
STILL, she closed 50% of her calls into paying clients!!! She felt relieved, and reported having SO much more confidence for just getting in the game!
I had to hand it to her – WAY TO GO – for not waiting to have everything just PERFECT before getting in the game. You’ll learn from your mistakes – and the biggest cash flow mistake you can make is being too gun shy to just get out and TRY something new.
3- Raise your rates
You aren’t charging enough – you already know this… need I say more?
I will just because this is a HUGE problem for my clients and it was a big problem for me, too, when I first started my coaching practice.
Here’s one tip that stuck with me …
Charge for the lifetime it’s taken you to become the expert you are. Charge for all the years and all the courses it’s taken you to get to where you are now.
Done deal…now just do it!
4- Sell your results not your time
Breaking away from charging dollars for hours instead of for results is a BIG leap every solopreneur needs to make if you want to generate big cash flow in your business.
Selling results IS THE fastest way to turn your cash flow problems around on a dime. Here’s why…
If you’re selling your service and justify your rates by what everyone else in the industry is doing, you’ll never get very far. Never compete with people on your rates, you’ll attract people who are only bargain shopping.
Sell the results you are offering people. If they are your ideal clients, TRUST me, they won’t be scared away from higher prices.
I had another group coaching client on tonight’s call ask a great question regarding pricing: “When I’m taking to a prospective client during a networking event and they ask me “how much do you charge” – won’t they think I’m rude or like I’m trying to hide something if I don’t tell them right away like you suggest?” Fabulous question.
NO, they won’t think you’re weird AND don’t ever tell someone flat out what you charge for your services without bringing them through a sales conversation, so they can understand the full value of what you provide. They’ll think you’re too expensive, they won’t get it and you’ll waste not only a valuable lead but a chance to make a real difference in someone’s life – because that’s all a sales conversation is. Helping someone say YES to themselves. It’s not about you. So don’t blow it before you even get started.
Never tell people what your rates are before taking them through a process where they can discover for themselves what their problems are really costing them. Then, and only then, will they be open to investigating and investing in solutions for their problems.
One of my early marketing mentors Adam Urbanski says “Owning your own business is like having your own sand box, if your clients don’t play by your rules – you kick em out!” I put this quote in my book “From Bankrupt to $900 a Day Selling Mops” because I love it so much and it’s just always stuck in my brain and I hope it stick in yours the same way.
Don’t worry what people will think of you- decide who you want to work with, how you want to work with them, how much you want to charge and then get out there. You won’t please everyone, so don’t even try – just play with the people you like. It worked in kindergarden and guess what, it works in business too!
5- Create a client attraction system
One of the biggest frustrations I hear from my prospects and clients is how they HATE wasting their time giving away free conversations to people who are not really interesting in purchasing their coaching and or services.
You want to create a client attraction system using your website and automated response system (I use awebber.com, but there are a ton of other great programs like, mailchimp.com and constantcontact.com or even Infusionsoft.com for something more robust) – and pre-qualify your audience.
When someone wants to work with me, I pre-qualify them to make sure I am talking to the right person. I send out a questionnaire for people to answer, asking them specific questions and have them review information about the type of results they can expect to get when working with me; who I work with, and other client testimonials.
I require my prospects to do this kind of jumping through hoops exercise for 2 very good reasons:
1- I make sure I am not wasting my time on tire kickers and people who are only interested in looking around and browsing – if they are willing to invest 20 – 30 minutes answering questions, that means that they are also invested in getting answers – and those are the type of people I am looking to work with.
2- I want to work with people who are willing to follow instructions and if they show me right away in the very first instance that they can’t or won’t follow simple instructions – they’re not a good fit for me.
Just remember that you get to decide what kind of people you want to work with. I chose to work with committed, no-excuse action takers who are ready and willing to invest in themselves and get results. Who do you want to work with?
Now that you know the 5 tips for generating more cash flow in your business FAST, which one will you implement and take action on today?
“Things may come to those who wait, but only the things left by those who hustle.” ~ Abraham Lincoln
To your love, expansion and freedom,