My Q&A podcasts are among some of my most popular and back in the day when I was publishing weekly articles (because podcasts did not exist), I always published Q&A episodes and everyone loved them. On this week's GPS Business podcast I answer the following questions: Do you have to borrow money to start a business? What are the best products and services to offer in your business? How do you handle difficult customers? When should I introduce or offer coaching in my business? How can I be an authentic resource for my customers? Get the expert answers to these questions and more on this week's Goals Profit & Soul Business podcast with Jennifer Hoffman, The Business Expert and Cash Flow Catalyst.
Here are the questions for this GPS Business Podcast Q&A:
Do I need to get capital or a loan to start a business?
Depends on the kind of business – if you are producing or manufacturing or selling products that you have to make then yes you will need start-up capital.
What’s the best way to start making money in a business?
This is a great question because every single business coach in the industry today never talks about this. They refer to profits (when they mean revenues) and wave a few numbers around, like ‘6 figures’, but no one addresses the important issue of revenue and cash flow. I do, it’s the foundation of my business training because you must make money in your business or you will be out of business.
When is the best time to start a coaching program?
What is coaching and how do you define it?
Coaching individual or group is always a good way to work with clients.
You can offer coaching services at any time, with both individual or group coaching..
Biggest mistake people make – charging too much and making programs that are too long. And offer a price point customers can afford – group coaching is less expensive than individual coaching and a paid master class is also a low cost option that generates revenue, educates your audience and is an opportunity for you to offer training and information and share your expertise.
Don’t shame yourself because you do not have 1000 people in your group from the outset. Everyone begins at the beginning and having fewer people at the outset is a blessing because you get to fine tune the program with their feedback.
How do you handle difficult clients?
Depends on what they do – I do not tolerate abuse or criticism and if that happens I fire them and block them from purchasing
If they attack you verbally or online, there are legal remedies for that. Do not tolerate it.
Get an attorney to write a cease and desist letter especially if they threaten to defame or interfere in your business.
Have a very clear Terms of Use and procedures on your website so you can refer to that with difficult clients.
And once the situation is handled be sure to block them and no longer allow them to buy from you. You do not need to have these kinds of clients in your business.
What kinds of services should I offer in my business?
Coaching or mentoring is a great option and everyone knows what that is. But don’t build your business with it, coaching I
Programs, courses, and masterclasses are also very good options for cash flow and to give people opportunities to learn from you.
A paid masterclass or launch or challenge is a good source of cash infusion.
Take someone through a transformation that you have gone through as a case study.
One on one coaching or sessions is a good place to start. Don’t believe the ‘hours for dollars’ people who teach you to trade hours for dollars but just charge a lot more with a ‘raise your rates’ philosophy.
Other great services to offer is consulting and contracting, which offer your expertise and skills in a specific area.
Many people define these areas in the wrong way so let’s clarify what they are.
Price point for individual sessions?
It’s an insult to charge too much or more than your market will pay. If people tell you your price is too high, it is too high. Lower your price or change your audience. What do others in your space charge? Charge a little less
How can I show my customers that I am an authentic resource for them?
Share your story and experience because that is your point of connection
Focus on your point of resonance – how do you want them to resonate with you?
Be mindful of where they are now (where you once were) and how you are relevant to their situation
Be honest about your experiences and how you relate to them and their experiences. Above all they want to be understood and to have someone relate to them.
That is it for this week's Q&A and if you want to submit a question use our email support@enlighteninglife.com and put GPS podcast QA in the subject line.
Visit gpsbusinessacademy.com for more business resources and the expert business 'advice, resources, and training' you need to make your entrepreneurial dreams a solid business reality.