Building a Successful Coaching Business – Talk about YOUR Value, Not That You Are a Coach

Building a Successful Coaching Business – Talk about YOUR Value, Not That You Are a Coach[EXTRACT]
In a previous article, “Building a Successful Coaching Business – Successful Coaches Don’t Sell Coaching-They Sell RESULTS” we talked about the buyer’s thought process and that you had to sell value in each of the steps of the buyer’s thought process. So, here is how you develop your value statement.
Your value statement should be about RESULTS not activity. So, a statement like “business up 200%” is much more powerful than “more sales, better marketing, more appointments.”
Your value statement should always be MEASURABLE. “revenue up 200%” is better than “more revenue.” And, “Revenue up $1M” most of the time is even better than “revenue up 200%.” If you are stating “revenue up 200%” then always help the prospect convert that to dollars and cents. He WILL respond more often and faster.
Bracket your value.

Average– Start with an “average” result either across all of your clients, or “average” the result in different segments (even better).

Minimum–Then be prepared to talk about the minimum result you’ve ever delivered. Find the words that work the best here. I’ll be the first to admit that I’ve had clients that fell flat on their face, but there were few of them, and it wasn’t due to anything I did. In most cases, they just couldn’t bring themselves to change, so they kept making the same mistakes. My usual statement is: “for those that get it, and DO follow through with what they learn, most will more than double their business.” So, find your minimum, and how you feel comfortable stating it.

Maximum-Now find the best results you’ve ever delivered. For my sales training, I usually say something like “my typical client doubles his business in 3-4 weeks, and I’ve even seen a couple jump up 10 times within a week. And most of my clients just keep multiplying their results over and over.

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By bracketing your value, you have given a very clear value statement to your prospect. He can understand that working with you what the dollars and cents, or multiplier is for a typical prospect, and what the minimum and maximum is.This approach will cause people to LEAP into your shopping card. Almost no one dares give a clear value statement, so you are WAY above your competition, and you have just removed any reason for that typical objection: “Gee this seems awfully expensive” or “I don’t have the money.”

An Effective Dinner For A Home Business Proprietor

An Effective Dinner For A Home Business Proprietor[EXTRACT]
When you want to take your client for dining out, make sure that they are considered in the final selection. If they have any allergic reaction, you must allow for them by going to places where they will not be left with a scenario that makes them unpleasant. Showing that you care about their desires can make for a wonderful first impact. It could also be a respectful reaffirmation of why they do business with you to begin with you, which is because you have their best interests at heart.If you say that you are going to be at the restaurant at a particular time, get there early. If you arrive before they do, you can take the extra time to make it certain that you are not located someone noisy or near a high-traffic area so that you talk business and hear each other without disturbances.

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Based upon the restaurant, paying the bill in advance could be a good strategy. If the customer sees the bill, they may feel a little bit nervous about the prices. You could have the staff members run your card and add a tip percentage just before your client arrives or if you can step away mid-meal. This can leave you with the choice to get the check just before you leave or have them mail it to you. These options will all depend on where you eat, though.As it comes time to order items, keep your intake somewhat balanced with that of your client. This means ordering similar items and eating at an equivalent pace. Follow your client’s lead is the way to go with food orders and with light drinking. Things could get uncomfortable if you finish your plate before they do.Be well-mannered to wait of staff. If something comes to your table that isn’t that great, do not get upset or abusive towards the staff. Showing condescension and rudeness can show the client that this is how it is to work with you.Adding some small talk in with the business talk while you eat can help you get to know or reconnect with each other individually. They will be also examining to see if you dominate small talk or if you listen well. Any major business talk is best reserved for the main course where wait staff tend to interrupt less.

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Finally, remember the important parts of your dinner and accomplish any requests your client made during the dinner. Nothing will hurt you and your business more than showing that you cannot follow through with promises and requests.Connecting with clients is essential to a home business, and dinner is one of the best ways to do this. Take the time to make it an enjoyable experience for you both to build a better working relationship.

Starting a Business? Talk to Lots of People Every Day

Starting a Business? Talk to Lots of People Every Day[EXTRACT]
Whether through networking, attending meetings, or business lunches there is nothing more magical for a business (new or established) than when the owner gets out from behind his or her desk and interacts with others.Talking to people uncovers new ideas and opportunities. It’s a way to keep a pulse on business in your city or industry, to be on the inside track about changes in technology that could affect you short-term or long, and to stay on top of trends.More than talking, talking to lost of people has more to do with listening than talking. Many years ago, I was preparing for a conference call with a highly successful writer and authority in his field. I fretted over what points to cover, what questions to ask, and how to determine how I could tempt this author into working with us.

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Fifteen minutes before the call, I spoke with a colleague who was working on this project with me and would be a part of the call. After listening to me express my concerns and worries about the call, he said, “If you want this to be a great call and get him to buy into the deal, spend 80% of your time listening and 20% talking.”I followed that advice. It was tough. During the first 20 minutes I felt like someone had duct taped my mouth closed. I briefly described our mission and what we had in mind. I listened. Along the way I asked only a few questions.The call took 44 minutes. At the end, we had total buy-in from the author – considerably more than we had hoped for or expected. In fact, at the end of the call, he said to us, “Great call. I’m looking forward to working with you guys.”

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I have a friend here in Manhattan who never eats lunch alone. That’s his policy. And he’ll do exactly that at least 4 days a week. This is his connection to the world.He doesn’t sell. He talks a little. But mostly he listens. This technique has put him at the top of his profession (earnings wise)… and keeps him there.You’ll notice that a willingness to talk to lots of people has nothing to do with selling. But it is amazing how well the approach sells.

Practical Solutions To Commencing A Small Business

Practical Solutions To Commencing A Small Business[EXTRACT]
These guidelines will go a long way in advising would be small business owners in whether their decision is the right one and apprise them of what they have to keep in mind, before commencing the business.Understand Clearly Why You Want To Start A Business:Starting a business can be a challenging task. But it is a challenge worth expecting, especially if you don’t have a job and the hopes of landing one in the near future are not too bright. However, never start a business because you are left with no other alternative. That is by far the worst reason to get into it. Start only if you want to do it, know what you are getting into and have the zeal and passion to do it.Do A Lot Of Research:Go online, talk to existing people in the business, talk to people on the streets; get to know as much about the business as much as possible. Stepping on to unchartered territory with your eyes closed, could be dangerous.

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Do What You Like Doing:There are so many things you can do. See what others are doing successfully and see if you can do it better than them. Knowing what people require to buy and providing them with better services is the simple way of ensuring that you are one-up on your competitors. Comprehend that you are going to invest a significant amount of time; energy and money into your business, so choose something that you enjoy doing.Design A Basic Business Plan:A business plan will show you were you are headed and whether it is a viable proposition and what are the chances that it will succeed. Your plan does not have to contain everything. Just write down the basics, like where you intend to be located, estimated expenses, estimate earnings, prospective customers, employees, bank accounts, state and federal permissions and similar aspects of starting a new venture.Understand The Customer You Are Targeting:The success of your venture hinges primarily on one fact – your ability to attract customers. Do you know who they are and where they are? Most of the customers are already buying the product that you intend to sell. They have their loyalty elsewhere and to get them to shift their loyalty will require you to do that something extra. Do you have a plan to entice customers to shift allegiance?Charge The Right Price, Not A Penny More Not A Penny Less:

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How do you calculate the right price? First it should be competitive, meaning it should not be more than what your competitors are quoting for it. You have annual expenses – add all of them and now using simple arithmetic see how many pieces you have to sell, and at what price, to earn that amount. You don’t have to be a chartered accountant to understand this. Set yourself an attainable sales target and just keep a regular track of it.Understand Tax And Legal Implications:More than anything else, it is of the utmost importance that you understand the tax and legal implications of your new venture. Transgressing legal compulsions can land you in a heap of trouble and not knowing tax liabilities could see your profits seriously impacted.

Why Small Businesses Fail (or Fail to Thrive)

Why Small Businesses Fail (or Fail to Thrive)[EXTRACT]
Tammy, a skilled and gifted horticulturist, called me to discuss what she needed to know to start her own florist and landscaping business. She had been in the horticulture industry for 10 years and was incredibly skilled at working with flowers and plants – one of the best. She also had great design skills, as well as good customer service skills. But she had little business management experience and less self-employment experience.Discovering why small businesses fail was a smart research project for her, as it helped her uncover her own weaknesses and begin to build up some strengths before she invested in becoming self-employed. It’s no secret that a large majority of small businesses fail in the first five years. The question is: Why do they fail and what can I do to prevent problems in my own business?As we talked, we reviewed some of the common reasons why small businesses fail. Here are 14 top reasons, which might help you to determine why your business isn’t growing and thriving. Some of them are related to learnable business skills; others relate to personal attitudes, habits, or self-sabotaging belief, which are not so easy to change, except through coaching or other self-development work.1. Mistaking a business for a hobby: Just because you love something doesn’t mean you should convert it into a business. Too often businesses fail because the owner feels their passion is shared by others. Research your business idea and make sure it’s viable.2. Poor planning: Yes, you must have a business plan. It can be a simple three-page plan or a huge 40-page plan. The point is that you’ve looked at all the aspects of your business and are prepared to handle problems when they arise. Your business plan helps you to focus on your goals and your vision, as well as setting out plans to accomplishing them. And don’t get mellow – revisit and revise your business plan annually.

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3. Entrepreneurial excitement: Entrepreneurs often get excited about new ideas, but are unable to determine if they’re “true opportunities” and/or put them into practice. Test every new idea against your business plan and mission statement before deciding whether to undertake it or not, and ask yourself, Do I have the time and skill to implement this?4. Putting all your eggs in one basket: Too often, small business owners will have just one product, one service or one big client. They cling tight to this one thing because it brings in good revenue. But what if the one thing disappears? Variety and diversification will cushion you against the ebb and flow of business tides.5. Poor record keeping and financial controls: Yes, you have to keep financial and business records, you have to review your revenue and expense report each month, and you have to file taxes and other business-related filings. If you don’t know how to do these, or don’t want to, get help from someone who does.6. Lack of experience in running a business or in the industry you’re entering: There are so many hats you have to wear, from marketing and selling in order to run a business effectively. On top of that, you have to understand your industry, the skills required to offer your products and services, and the trends in the industry. If you don’t know about these basic skills, educate yourself. Talk to others who are successfully running their own businesses, talk to industry leaders, get a book, find a website, get a coach, do your homework. And keep increasing your business and industry skills by attending classes or reading new books every year.7. Poor money management: You need to be able to live for one to two years without income when getting started; often businesses are very slow to get off the ground. Also, you have to create and use a realistic business budget, and not constantly drain the business income on personal spending.8. Wrong location: If your business runs out of commercial space, you need to make sure that you are convenient to your customers, and near to your suppliers and your employees.9. Competition: Customers will go where they can find the best products and services. It’s important for you to know who your competition is, what they have to offer, and what makes your own products or services better.10. Procrastination and poor time management: Putting off tasks that you don’t enjoy will sink your business faster than anything else. You can’t afford to waste time on unimportant tasks while critical tasks pile up. All tasks need to be done; if you don’t like to do them (or don’t want to spend your time doing them), hire someone to do them for you. If your time management and prioritizing skills are rusty, hire a small business coach or take a class to help you.11. Ineffective marketing: Learn the basics of marketing and make sure that you track the success or failure of each marketing technique you use, then dump those that aren’t working.12. Ineffective sales techniques: Once you have a potential client, you have to know how to lead them down the sales path. If you don’t understand the basics of selling, get some education on it immediately. If a selling technique doesn’t work, try another one.13. Poor customer service: Once you have a customer, you have to keep them. There are two key points here – make sure you pay attention to what the customer wants (and how these wants can change over time), and make sure you provide quick return of phone calls and emails, proper billing, win-win problem solving and an overall pleasant demeanor.

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14. Entrepreneurial burnout: owning your own business requires a huge investment of time, money, energy and emotion. It’s easy to work long days and forget to take time off. But in the end, this only causes burnout where your motivation and creativity will suffer, and a pessimistic attitude prevails. You’ll find yourself unable to balance your business and personal life, and both will suffer. Schedule self-care time into your work week and be religious about taking time off from your business.Dunn and Bradstreet recently did a study and determined that “90% of small businesses that fail do so because of a lack of skills and knowledge on the part of the owner.” However, D&B also did a study that showed that over 90% of small businesses were still in business after five years IF they had the help of a Small Business Development Center (SBDC) or other expert assistance. You can find a list of the SBDC in your area here:http://www.passionforbusiness.com/web-resources.htmAs Tammy and I concluded our coaching session, she made a list of the areas where she needed to grow, and created a task plan to get the help she needed. Today she has a thriving business and is happily self-employed. You can do it, too. It just takes a little planning and a close look at both the reasons for your success and where you might need to get a little help.