Top 5 Business Mistakes – Pt 5

We have been covering the Top 5 Mistakes most self-employed people and business make, when trying to make moneyl

If you have missed any of these emails, you can read Business Mistakes 1-5 at the blog at http://www.TheMoneyGym.com/blog – just search using the little search box and the key words “business mistakes”. You will also find related articles suggested by the software.

What were those Top 5 Mistakes?

1. We are unclear about what we offer
2. We are unclear about who we are offering it to
3. We keep ourselves a secret
4. We imagine we are doing things when we are actually just thinking about it
5. We don’t believe we are worth it (and often undercharge!)

So our final mistake is to secretly feel that we are not worth paying for our product or service, or certainly not worth charging enough.

Actually it’s a bit more fundatmental than that…we often don’t have a clue about what we should be charging, in order to make a great living, let alone whether we feel comfortable about charging that amount.

We often just price our product or service around the lowest level that our competitors are – and we have no idea if THEY are making any money!!

I have created a report called “Fee Setting For Lone Rangers” which I was going to drop in here but it’s too long.

If you haven’t seen it yet, it’s well worth downloading, as it will help you work out what to charge.

http://www.themoneygymmvs.com/mvs

(Login, or register to create a free account here)

Then, of course, the issue is around whether you think you are worth it.

Similarly, my free report “Natural Marketing For Lone Rangers” addresses the real world sales and marketing challenges, while my “Business Success 21st Century Style” report addresses online marketing and how to do that easily and inexpensively.

Feel free to download those too from

http://www.themoneygymmvs.com/mvs – login to your account and scroll down the homepage to find them.

YOUR 3 ACTION STEPS:

1. Read the rest of the “Mistakes” this week

2. Do a quick search using the box – top right – on “business success”

3. Join The Money Gym Silver Membership or come along to our one of our excellent “Money Gym Presents…..” workshops in Central London.

THEN WE CAN HELP YOU TO:

1. Work out what you are worth and who can afford you

2. Help you reach those people

3. Deal with an issues that come up for you, when charging what you need to charge, to make a great life

Sound good?

Great!

See you there!

Nicola

Top 5 Business Mistakes – Pt 4

I’m sharing with you the Top 5 Mistakes most self-employed people and businesses make, when trying to make money.

What were those Top 5 Mistakes?

1. We are unclear about what we offer

2. We are unclear about who we are offering it to

3. We keep ourselves a secret!

4. We imagine we are doing things when we are actually just thinking about it

5. We don’t believe we are worth it (and often undercharge!)

Today I’ll cover Mistake #4.

1. We imagine we are doing things when we are actually just thinking about it

This mistake is even worse than the “Entrepreneur’s Trap of Busyness” as described in Joseph Jaworski’s excellent book “Synchronicity: The Inner Path of Leadership”.

Jaworski outlined the challenge business owners and leaders have, of always having to be busy doing stuff, with the result that they never spend time just thinking about their business strategically, or spend time working “on” their business but always have to be working “in” their business.

Mistake #4 goes one step further and my realisation of it came about from personal experience. Let me tell you the story!

One day, early in my coaching career, I panicked about not having enough clients. I scheduled a call to my first ever coach, Rachel Turner of Kaizen Coaching, to discuss emergency measures I could take.

However, before the call, I heard Rachel’s voice in my head (sign of a good coach, note!) asking me, “well, Nicola, just what HAVE you done to attract clients?”

And I thought to myself, well, we discussed this, this and that, and I COULD have done this, this and that. But at the end of the day, what HAVE I actually done?

Not much at all, was the truthful answer.

It is almost as though we don’t take action because we have already convinced ourselves that it won’t work. And this moment of insight was all it required for me to think “well, I don’t want to tell her these things don’t work, because I haven’t actually tried any of them”. Is it an inbuilt cynicism, a bit like the cynicism that stopped me ever reading personal development or wealth creation books in the past?

So the coaching call was a bit redundant in the end, because it was all about me reporting in to Rachel on the actions taken since the day before (some of which were already working!) rather than me moaning on to my coach about all the things I hadn’t done, which weren’t working.

Interesting huh?

Whenever I speak to my clients and they are complaining that they haven’t got enough clients, I always ask them what they are actually doing, on a regular basis, to attract clients.

Not what they think they are doing, or what they think they could do, or what they have heard works, or does not work. But what they are actually doing day by day, week by week. (I also ask what has worked in the past, what they used to do that they are not doing now).

Not much is usually the answer, and certainly not enough of the things that work!

It’s all about comfort zones I’ve decided. We want to take the actions that we are comfortable with rather than the actions that produce results.

So what actions do the successful companies in your field take, that you are not taking?

What are the critical success factors in your industry? Which are you missing?

YOUR 3 ACTION STEPS:

1. Do a search here on the blog for other articles on “business success”

2. Download another free report here

http://www.themoneygymmvs.com/mvs

3. Join Money Gym Silver or come along to one of our “Money Gym Presents…..” workshops in Central London.

THEN WE CAN HELP YOU TO:

1. Establish what the critical success factors are, for your business

2. Work out how to get the ones you are missing or don’t think you can afford

3. Work out what works in your business and what doesn’t, and support you to do more of what works.

Sound good?

Great!

See you there!

Nicola

Top 5 Business Mistakes – Pt 3

This week I started to share with you the Top 5 Mistakes most self-employed people and business make, when trying to make money?

What were those Top 5 Mistakes?

1.  We are unclear about what we offer
2.  We are unclear about who we are offering it to
3.  We keep ourselves a secret!
4.  We imagine we are doing things when we are actually just thinking about it
5.  We don’t believe we are worth it (and often undercharge!)

Let me elaborate a bit…..today I’ll cover Mistake #3.

1.  We keep ourselves a secret!

Many times, when talking to Money Gym clients about why they are not achieving the ezine signups and sales they would like, whether it be their own products or affiliate sales (where you recommend other people’s stuff and earn commission), I am shocked to hear that they expect to make sales from tiny trickles of traffic.

I tell them, over and over again, something that I was taught by my first business coach Chris Barrow, it takes getting in front of 1000 people to make a sale.

This formula comes from Chris’ background in financial services sales – a tough environment – where he reckoned that you had to call 1000 people to get 100 to talk to you.

You have to talk to 100 people to get 10 appointments.

You have to get 10 appointments to make one sale.

Let me qualify this as I think the word “sale” is misleading.  It suggests that if you are a “better” or more aggressive sales person, you can convert more appointments to sales.

I prefer to say that, if you can get 10 appointments to discuss whether your product or service is a fit, for that potential client or customers problem or pain, then one person will BUY.

See the subtle difference?  They will buy, rather than you will sell.  Takes all the pressure off you actually.

So, following this through, assuming that you get in front of enough of the right kind of people, with a great solution for their problem, then they will buy your solution.

He went on to say that you need to build a reservoir of potential future customers who know who you are and what you do, and more importantly what you can DO FOR THEM.

Filling the reservoir in the early days is hard work.  Imagine a little stream running along the ground till it meets a big hole, and starts, very slowly to fill that hole up with water.  Eventually it will, and then, for every new drop that goes in, a drop will spill out and those are your customers.

That reservoir is filled up out of the 100 people you talk to, out of the 1000 calls.  The 10 people are the ones that express at interest in your product or service.  The one person out of the 10 is the one that buys.

Tranlating that for a second to the online world, we say that you need 1000 unique visitors coming to your website, to be able to attract 100 potential future customers into your reservoir of people who know who you are and what you do, and how your solution can help them.

You need to ask yourself this burning question!

If I need to get in front of 1000 people to make a sale, how many sales do I want, and how quickly can I get in front of the required number

But what do we do, when we are new in business?

We keep ourselves a secret!

We take tiny marketing actions rather than huge marketing actions.

We put notices on boards in supermarkets and health clubs.  We give a few cards to our hairdressers, our garage, our friends.

In short, we do everything we can to avoid exposing ourselves to the large numbers of people that we need to expose ourselves to, in order to build our reservoir and make the sales.

So now you know that, what can you do differently?

Think about the billion people online, on broadband, right now.

Think about the huge overseas markets coming online and getting access to Google, Yahoo, MSN, AOL and the other big search engines.

Think about the easiest, fastest, cheapest ways to get in front of thousands, hundreds of thousands if not millions of potential future customers.

Start with a blog, even if you haven’t thought of a product or service yet.

Tell your story, your story of discovery, your tale of venturing out into the big wide online world.

I’d love to read it!

YOUR 3 ACTION STEPS:

1.  Read the rest of my emails this week

2.  Listen to Richard White and Daniel Wagner’s webinars on www.MoneyGymRadio.com – they were great!

3.  Join Money Gym Silver or come along to one of our “Money Gym Presents…..” workshops in Central London.

THEN WE CAN HELP YOU TO:

1.  Start a blog right now even if you don’t know what to sell – tell your story of discovery.  The search engines will come and then so will the visitors.

2.  Look for good products or services, sign up to their affiliate schemes and recommend them to your visitors.

3.  Think about your expertise, skills, knowledge, experiences and wonder if any of the billion people online could learn anything from you.  Create ebooks, how to manuals, camtasia videos, memberships sites.  Then go out there and find the people who need you and want to buy from you.

Sound good?

Great!

See you there!

Nicola

Property: Top 3 Ways?

When I first started the Money Gym, and wrote the “Financial Intelligence 101″ tips, that grew into The Money Gym ebook, one of the most popular sections was the Property Investing Section.  Everyone wanted to know about investing in, and making money from property.

In the early days, when we used to host the Money Gym workshops at The Acacia, my much loved boutique hotel and my latest venture into property investing, we used to cover “The Top 10 Ways To Make Money In Property” and we used to simply tell people about them, they used to go off and investigate the one they liked the sound of, then we would coach them from there.

However, one day, a couple of guys came along who blew most of our “Top 10″ out of the water. 

Out of “Top 10 Ways To Make Money In Property” only three of them remain.  Which ones?  Aha, you will have to wait for the next few days to find out that!

After we heard about how these guys invested in property, we simply couldn’t, in all good conscience, just tell folks how they COULD invest in property, but we felt we then had to share how we felt people SHOULD invest in property.

Now this went right against all accepted coaching law and wisdom, I can tell you!

But hey ho!  Wealth coaching has always been different – a mix of training, mentoring and coaching, rather than pure coaching itself.

At The Money Gym, we aim to save you time, money, and stop you making expensive mistakes.

Mistakes like I made with buying that hotel in the first place.  If these two guys, my mates Greg and Andy, had been around in 2003, there is NO WAY they would have let me buy it.  They would have stopped me making THAT half million pound mistake.

Side note:  You will see in this week’s ezine, I talk about the difference between “failure” and a “mistake” and it’s an important distinction to make if you are an entrepreneur.  Essentially, a failure is something that can bury you but you can learn from your mistakes.

That hotel was a mistake – some would definately see it as a failure – but I choose now to see it as a mistake.  A very large one true….. 

One that taught me a VERY LARGE LESSON!  In fact, SEVERAL very large lessons.

I will never forget the moment in the garden of The Acacia, when Greg or Andy uttered the immortal words that made me realise that buying it had been a mistake and told me why.

1.  This hotel will never make you the amount of profit that would make all the work you put into it, worth it.
2.  You have a lot of your own money in this business and you will struggle to ever get it out.
3.  When you have had enough and you do want to sell it, nobody will buy it, unless you find someone as daft as you were, to buy it in the first place.

Hmmmmm…..

They like straight talking, those two.  And that is one of the things I most value about Greg & Andy. So many people won’t tell you what you need to hear.  Nobody around me in those days did, that’s for sure.  Hence the mistakes.

So, five years on, here we are, still making mistakes but not so many, and certainly not failing, and together with Steve and Judith, two more straight talkers, they are still two of my closest friends and mentors.  Whenever I want some advice about business and life, I go straight to Greg, and to Andy for property market / business marketing / creative / internet input.

So you can imagine how thrilled I am that Greg still comes to London, to present for The Money Gym on property investing.

I can’t imagine how much longer he will do that, as we are pretty much the only presenting he does outside their own Open Days.

He’s coming to the Southwark Rose on 14th June and really, you should be there. 

* If you have questions about the current property market, you should be there.

* If you have questions about your business proposition, you should be there.

* If you just want to see a down to earth, authentic, funny, FANTASTIC speaker, you should be there.

* If you want to recharge your wealth creation batteries, and hang out with some like minded people, you should be there.

That’s five “shoulds” in five lines, I’m about to get struck off the Eurocoach List!

Book your place here – still some Early Birds left as I’m late promoting this due to half term.

http://www.TheMoneyGym.com/MGPresents/property2.htm

See you there!

Nicola

p.s.  Greg always sells out fast so get your space booked now.