It’s time for the GPS Business Podcast Q&A where I answer your questions. This session features answers to these topics:
- 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 answers to your questions now and if you want to submit a question for our next Q&A email email@example.com and put GPS Business Podcast QA in the subject line.
- 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.
If you need money to pay yourself during startup before you start generating revenue then yes you may need some start-up money
It depends on your unique circumstances but generally if you have some money to carry you over for the first month or two and if you have a cash flow focus on your business you should not need to borrow money.
That is why our startup business training teaches the ‘Revenue from Day One’ model and our focus is on generating cash flow, starting your revenue stream from the first day because why would you start a business without considering the money side of your business? And yet that’s not what you get from anyone else – they all ignore the revenue and money side of the business.
2. 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.
Revenue starts with low ticket offers, A cash flow kickstart offer which is a low priced upsell to your free lead magnet is my first suggestion to start making money in your business. This could be a short digital learning experience, a video or audio package, or add on to your lead magnet. I would make it the next step from your lead magnet and something that gets customers into your cash flow pipeline. I think it is a huge mistake and very bad business to offer a free item and then at some point in the future start selling to your customers. Their peak interest in you is when they sign up for your newsletter and your lead offer.
3. 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. The 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.
4. 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 from me. You can do this legally and technically. If they attack you verbally or online, there are legal remedies for that. Do not tolerate it.
5. 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 is not a viable business model. 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.
A consultant offers advice and information on a specific topic in which they have experience, expertise, and authority. If you want to know what those are and what yours are, get my expert audit at gpsbusinessacademy.com
Consultants typically do not do implementation work – their services are in the information and oversight capacities. You’ll offer your expertise regarding strategy and best practices and depending on the project, you may stay for ongoing support and may participate in a launch or a final process.
For example, from my Fired to CEO book – when I became a subject matter expert in time and attendance systems due to my experience in implementing one that interfaced with the Peoplesoft application, I was asked to consult with Peoplesoft on the best design and process for their proprietary time and attendance system. This involved several trips to their headquarters in
Contractors are like ’hired help’. A contractor typically does the same kind of work as an employee, but they are not employed as a full time employee, they are working on a contract. The contract can be project or time based but it is generally based on some need that the hiring company has which it does not have in-house resources for.
Or the contractor is an expert in their field and has already been successful in that area.
From my experience as a technical writer, after my final job layoff I was asked to write technical documents and consult on large scale implementations for many years, and I still get the occasional request. I am a well known tech writer, an authority on software implementation and technical project management, and I am very good at that so companies that want the best will seek out the help they need, and they will pay for it. Don’t ignore the years of experience you have in your job or in your career, they are a valuable asset as a contractor, consultant, or subject matter expert.
6. What is the best 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.
For example: For Intuitive sessions and personal coaching I was charging $197 per hour and my schedule was full
Sylvia brown charged $700 for a half hour and her clients came to me – they hated her, and she was dishonest.
I raised my price to $297, decreased my availability and also offered more long term coaching.
7. What is better, short programs (6 to 9 weeks) or longer programs, 6 to 12 months?
Shorter programs and then lead into a long program but I would not exceed 6 months unless you are offering some kind of certification or specialized program that requires a 12 month commitment.
8. 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. You do this by letting them know that you are on board with them, you understand them and can relate to them because you share an experience with them. This is what creates authentic connections – the ability to understand, relate, and to be relevant.
That’s it for this month’s QA session and if you want to have your questions answered email Jennifer at firstname.lastname@example.org which is our dedicated support email box.
Click here to access this informative podcast now – why you need Terms of Service in your Business.
The 5 Step Business Startup 3 Day Challenge is here!
If you are thinking about starting a business or want to find out how to do it, join my 5 Step Business Startup 3 Day challenge.
You will learn the 5 steps to business startup that includes the most important first step (that no one but Jennifer teaches), email services, getting on the internet, resources, and more.
And the 2 bonus trainings are: how to create a lead magnet (very important) and how to set up a digital course. Jennifer has taught over 2 million students since 2004 and she has used many course platforms. She will show you exactly how she sets up her courses and the technology she uses.
You will also get a 17 page workbook, 3 LIVE trainings plus the bonus trainings, and an option to GO VIP and get more support. If you want to talk to Jennifer about your business, get a 30 minute Strategy Session to talk about your business, products, pricing, markets, marketing, and more.
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The GPS 90 Day Business QuickStart program is a comprehensive tutorial in how to start and manage your business, beginning with your message, money, and marketing. You will learn how to define the foundation of your business from a cash flow, revenue focused standpoint, to how to create your lead magnets, courses, programs, newsletter, and more.
Featuring Jennifer Hoffman’s iconic Expert Audit, Your Expert Solution, Cash Flow First system, and High Vibes Wealth methods, this is the only business training taught by a real business and technology expert with business experience, education, and expertise. Jennifer is an authority on business process management, software development and implementation, and financial audits.
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