Being an entrepreneur brings many challenges along with its many benefits. One challenge in particular involves your business mindset and recognizing if you’re setting yourself up for success or failure.
Figuring out what mindset you have involves using your common sense. If you’re afraid to fail, chances are that’s what will happen because you won’t want to take any risks so you won’t take any action.
The great things is that it IS possible to shift this mindset; so instead of being afraid, you become determined to make your business work. Which scenario do you prefer:
Being determined and taking action or being afraid and cowering in a corner, doing nothing?
Here are some other common mindsets that may negatively affect your business:
Does the topic of money make your mouth dry and your hands sweat? Do you dread that point in a conversation when someone says, “So what do you charge?”
You’re not alone. Most of us have difficulty talking about money—especially when it comes to quoting prices for our own work. But if you’re going to be successful in business, you have to get over it.
Practice. The first rule for declaring your prices with confidence is simply to practice. Talk to yourself in the shower. Tell your dog what your rates are. Stand in front of your mirror and say, “I charge $XXX.00 per hour.”
The more you say your rates out loud (not in your head) the more natural it will be for you.
Smile. Even if you’re on the phone or writing an email, smile when you say your rates. Your tone of voice changes when you smile (as does the “tone” of your typing), and that tone can convey confidence and authority, not to mention professionalism.
Habits are the key. Simply put, your habits determine how much money is in your bank account and the size of your waistline.
Your habits determine the quality of your life.
It can seem impossible to break bad habits or to create new, positive habits. Most people have an ineffective approach. They try to go cold turkey and rely on willpower to force the necessary changes.
You already know this doesn’t work unless you’re incredibly motivated, and motivation isn’t reliable. It’s here one day and gone the next.
Create new habits more effectively by avoiding the most common mistakes:
You will get better results from your marketing efforts if you craft powerful offers.
Offers are special deals that you promote to customers in order to make your product and/or service offerings more irresistible to them.
Good offers will drive more new customers to you, and also drive past customers back to you.
There are five basic types of offers as follows:
A free offer could include a free information piece (e.g., special report). Or it could be a free trial of your product or service.
By giving something of value away for free, you will encourage prospective customers to try your product or service. Then you can influence them to become paying customers.
Guarantees give customers the confidence that your product or service will meet their needs. They are also known as “risk reversal” in that they put the risk of customer dissatisfaction on you and not the customer. This results in more customer...
In every coach’s life, there comes a time when you simply have to raise your rates. Maybe you’ve been in business for years without a pay increase. Maybe your skills have recently improved through a new training course or certification. Or maybe you just want to attract a higher caliber of client.
Whatever the reason, it pays to have a plan in place before you make your big announcement. Here’s where to start.
First, take a look at your current clients. Will you raise their rates as well? If the answer is no, then you have to consider if keeping them will be worth your time, or if you’ll feel resentful at the amount of (lower paid) time you are spending with them. Resentment can build up, so be wary of this. It’s better to raise their rates than provide substandard services due to hidden anger.
If the answer is yes, then you have to prepare yourself for potential fallout. Simply put, there are some clients (you likely know who they are) who will balk...