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Getting The Most Money From and For Your Business – Shola Abidoye

Stick Like Glue Radio #166 On this special episode of Stick Like Glue Radio, I interview entrepreneur, private equity investor and author, Shola Abidoye. Shola shares some great information about how to scale a sales funnel and prepare your business for sale – for the most amount of profit! Don’t miss this show

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Stick Like Glue Radio www.getjimpalmer.com

On this special episode of Stick Like Glue Radio, I interview entrepreneur, private equity investor, and author, Shola Abidoye. Shola shares some great information about how to scale a sales funnel and prepare your business for sale – for the most amount of profit! Don’t miss this show!

Main Questions Asked:

  • Talk about VC funded companies.
  • When you talk about being a ‘professional entrepreneur,’ do you mean someone who is focused on the numbers and setting up sales funnels?
  • When should you start planning to sell your business?
  • How should business owners look at their time and financial investment?
  • Do investors look at the sweat equity that owners put in?
  • How does an entrepreneur set up CRSP without hiring someone to do if for them?
  • Why is not having an exist plan robbing 50% of your company’s wealth?

Key Lessons Learned:

Venture Capitalists & Entrepreneurs

  • When a venture capitalist plans to invest in a company, they have one key question, “If I put in x amount of money, when am I going to get back x multiplied, and by when?”
  • Private business owners don’t really think about the personal investment of time and money in the same way as a VC.

Entrepreneurs

  • When entrepreneurs start tracking the investment time and money that has been put into the business and see the return, it will force them to focus on the things that really matter, which is customer acquisition and sales process.
  • When you get an investor mindset, you will begin to make decisions that are driven by the numbers as opposed to what feels good.
  • A lot of entrepreneurs look at short term goals rather than asking, ‘How will I make this a saleable asset?”
  • The way to get off the feast of famine cycle is to systematize the sales process. This allows entrepreneurs to step away from the business.
  • The single biggest question in the mind of someone looking to acquire a company is, “Will sales continue when this owner walks away and I take over the business?”

The 7 D’s

  • If you know one of the 7 Ds is going to happen and you want to build a business that generates income and supports your dreams, family, and is an asset, then you have to plan a sales process that is independent of you.
  • If you don’t plan for the following, then it could wipe you out.
    • Death
    • Divorce
    • Disability
    • Departure (of key employees)
    • Disagreement
    • Disruption
    • Disinterest

Being a Professional Entrepreneur

  • A professional is someone who does something for income.
  • Someone who gets consistent results.
  • The big question for entrepreneurs is, ‘Can you describe your sales process, and is it broken down and automated?’

Planning to Sell Your Business

  • You should start planning to sell your business from day one.
  • If you build a business with selling it in mind, then you will build an entirely different business than if you built it for yourself.
  • Up to 50% of business owners’ wealth comes from proper exit planning.
  • A lot of owners only look at how much time they put into the business when they start to exit plan.
  • If you have a laborious sales process, then that makes your business less attractive as an asset or not sellable.

CRSP

  • Controllable
  • Repeatable
  • Salable
  • Predictable

Figure out Your Strengths

  • Entrepreneurs have to start with an 80/20 analysis.
  • People are infinitely more productive at doing things that plays to their strengths.
  • Figure out what you are good at, then choose a customer acquisition process or strategy that plays to strengths and focus on that.
  • Stop wearing so many hats and focus on the 80/20.

Resources

Strengths Finder
Marketing DNA
Shola@convertport.com
Convert Port

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When should you start planning to sell your business? Find out w/
@vrecapitalgroup @newsletterguru http://www.getjimpalmer.com

Are you crystal clear on your strengths as an #entrepreneur? Get the tools! @vrecapitalgroup @newsletterguru http://www.getjimpalmer.com

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Perspective Drives Success

In this episode of Newsletter Guru TV I talk about how important it is to get perspective, in both your business and personal life. The right perspective helps drive success. Do not miss this important show!



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Sexy Boss – Heather Havenwood

Stick Like Glue Radio #165 On this special episode of Stick Like Glue Radio, I interview Heather Havenwood, CEO of Havenwood Worldwide, LLC and Chief Sexy Boss, Heather is a serial entrepreneur and is regarded as a top authority on internet marketing, business strategies and marketing. Don’t miss this show!

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Stick Like Glue Radio www.getjimpalmer.com

On this special episode of Stick Like Glue Radio, I interview Heather Havenwood, CEO of Havenwood Worldwide, LLC and Chief Sexy Boss. Heather is a serial entrepreneur and is regarded as a top authority on internet marketing, business strategies, and marketing. Don’t miss this show!

 

Main Questions Asked:

  • How did Sexy Boss Inc. come about?
  • What is the big lesson in taking total ownership over one’s thoughts?
  • Talk about being true to yourself.

 

Key Lessons Learned:

Being A Sexy Boss

  • ‘Sexy’ is a negative term in the corporate world, as you can’t be ‘sexy’ and the boss. Heather is trying to change this.
  • A big part of being an entrepreneur is owning what you stand for.
  • As a business owner, you will attract the people you are meant to attract and will repel others.

 

Taking Total Ownership Over Thoughts?

  • The key piece isn’t the knowledge but rather the shift in the mindset.
  • The difference between yourself and others is not only how you think but the actions you take.
  • The tactics and tools are important, but it’s more about how you think about yourself and customers.

 

Mindset

  • A lot of people think that mindset is one of the ingredients, but it is actually the fuel for the machine.
  • The machine of your business is made up of your skills, talent, ambition, drive, work ethic, and moral compass. Mindset is what fuels the machine.
  • When you start changing your thoughts on what you can do and what you have to do, that’s when everything starts to flow.

 

Deciding

  • Deciding that you want to be a success is a key piece.
  • Highly successful people have an uncanny ability to decide.
  • Successful people decide ‘yes’ or ‘no’ but not ‘maybe’ or ‘I’ll think about it.’

 

Being True to Yourself

  • The more authentic you are in who you are and what your expertise is, the more business you will attract.

 

Resources:

Heather Havenwood

Sexy Boss (book)

Sexy Boss Inc

Dating Triggers

 

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How are female entrepreneurs changing the rules? Find out w/ @hhavenwood @newsletterguru http://www.getjimpalmer.com

Are you taking total ownership over your thoughts? Find out how w/ @hhavenwood @newsletterguru http://www.getjimpalmer.com #entrepreneur

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!



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Selling More In Love!

In this episode of Newsletter Guru TV I talk about how to sell a lot more of your products and services – by being in Love!! Do not miss this important show!



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Kindle Publishing – Ty Cohen

Stick Like Glue Radio #164 On this special episode of Stick Like Glue Radio, I interview the internet marketer and personal development coach Ty Cohen is also an expert in Kindle Publishing. Ty shares some great nuggets about selling your information through Kindle. Don’t miss this show!

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Stick Like Glue Radio www.getjimpalmer.com



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You Deserve Success and It Is Possible

In this episode of Newsletter Guru TV I talk about a very important mindset that you must accept and feel good about – or success will continue to elude you! Do not miss this important show!



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Social Media Marketing with Corinna Essa

Stick Like Glue Radio #163 On this special episode of Stick Like Glue Radio, I interview the founder of Social Media Worldwide, Corinna Essa about all that is working and new in the ever-changing world of social media marketing. Don’t miss this show!

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Stick Like Glue Radio www.getjimpalmer.com

On this special episode of Stick Like Glue Radio, I interview the founder of Social Media Worldwide, Corinna Essa, about all that is working and new in the ever-changing world of social media marketing. Don’t miss this show!

Main Questions Asked:

  • Talk about starting your own company and helping people in social media.
  • Can you really profit using social media?
  • What social media platform is best to use if someone is just getting started?
  • What are the three biggest mistakes people make when they dive into social media?
  • How can someone get more followers or fans?
  • What is the best way to put together and implement a social media plan?
  • What are some of the new trends you’re seeing in social media?
  • What do you think about LinkedIn?
  • Do you have a formula for getting a post to go viral?

 

Key Lessons Learned:

Social Media

  • The ROI often comes from the sheer volume of people on social media.
  • Those who don’t experience ROI aren’t doing it the right way.
  • A direct marketing approach, whereby a company displays products like an online catalogue, is the wrong approach for social media.
  • People on social media don’t use the platform in order to buy something, so the mindset is not the same as when a user is on Amazon.
  • Social media allows people to sell products in a camouflaged way through stories.
  • Products, businesses, and services have great stories via their customers.
  • The best way to choose social media platforms is according to the target audience and the product
  • Social media is about joining or starting a conversation and nurturing leads in a non-salesy way. People go to social media to share opinions and participate.
  • Affiliate marketing on Twitter is promoting other people’s posts for commission.

 

Common Mistakes

  • Inconsistent updates – If people don’t see updates, they will assume that the company is inactive.
  • Inconsistency with branding and marketing messages.
  • Overselling and not customer nurturing and community building.
  • Not keeping business and personal social media accounts separate.

 

Getting Followers

  • Organic reach is about the quality of your post, what time you’re posting, and how relevant it is. Y
  • Competitions are a way to get more followers as long as the giveaway is perceived as a good value and they wouldn’t get it somewhere else.

 

Implementing a Social Media Plan

  • Implementation should be one of the channels but not all of the channels.
  • Establish your goal for social media channels. Is it direct sales, customer support, community, or garnering traffic to the site?
  • Set up a content plan. How often are you going to post, what are you going to post, and who will execute the content plan?

 

Trends

  • More social media platforms are starting out as being ad free.
  • A move toward e-commerce with more features, allowing users to buy direct from social media.
  • Video will be facilitated much more and given priority as reach increases.
  • More people giving away things for free and then charge more for their services.

 

LinkedIn

  • LinkedIn is about the quality of the audience and not volume.
  • Adverts on LinkedIn can be pricey, but they perform well due to the quality of audience.
  • LinkedIn offers something that the other platforms don’t. It is, however, hard to get people to change how they think about you.

 

Going Viral

  • This is the same concept as public relations. A post has to be a funny or unique story.
  • People will like or comment on a post they agree on or enjoyed. For someone to share a post, it has to be something that they wished they had said themselves.
  • In order for a post to go viral, you have to put yourself in the shoes of the audience and ask yourself, “is this something they wish they would have said themselves?”
  • It has to be unique, original, and you have to be the first one to report.

Social Media Worldwide 

 

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What is the psychology behind a post going viral? Find out w/ @SMWonline  @newsletterguru http://www.getjimpalmer.com

What are the common mistakes businesses make in social media? Find out w/ @SMWonline  @newsletterguru http://www.getjimpalmer.com

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!



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Raving Fans are Essential to Success

In this episode of Newsletter Guru TV I talk about why it pays HUGE dividends in your business to create raving fans! This episode was inspired by a recent Mastermind on the Chesapeake Day! Do not miss this important show!



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Audio

From Part Time Biz to 15 Employees – Angie Fisher

Stick Like Glue Radio #162 On this special episode of Stick Like Glue Radio, I interview the founder of Coaching Success Systems, Angie Fisher, on how she took her part time business to the Ultimate Provider of Support Systems for Business, Life and Success Coaches. Lots of nuggets in this show!

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Stick Like Glue Radio www.getjimpalmer.com

On this special episode of Stick Like Glue Radio, I interview the founder of Coaching Success Systems, Angie Fisher, on how she took her part time business to the Ultimate Provider of Support Systems of Business, Life, and Success Coaches. Lots of nuggets in this show!

 

Main Questions Asked:

  • Give us an idea of how your survey worked and what kind of information you got.
  • How did you continue to shape your general Virtual Assistant (VA) service based on the survey results?
  • Were there any ah-ha moments from the survey results?
  • How do you find different people to work with that have specialized skillsets?
  • What kind of systems do you use to keep your business organized?
  • How are you growing your business today?
  • What has been the biggest challenge or surprise as an entrepreneur?
  • What do you say to entrepreneurs who wonder when is the right time to get help?

 

Key Lessons Learned:

  • It’s important to listen to your industry and act based on the needs.
  • Find how you can generate multiple streams of income in your business. One way to do this is to take an existing client and find different things to offer them.

 

Client Surveys

  • Not enough people survey their current customers to find out what their needs are.
  • Surveys are one of the most important resources you can use to grow your business.
  • Angie’s surveys asked for feedback and questions on the industry as a whole based on what other coaches needed or struggled with.
  • Surveys help figure out what goals your clients are leaning towards and their vision for their business.
  • By looking at a business’s goals and vision, you will be able to figure out other services to offer.
  • The survey was an automated 10-question, 3-minute survey.
  • Examples of survey questions are, “What do you see as a weakness, or what do you see other coaches struggling with?” and “How can we help your industry as a whole?”

 

Sourcing Virtual Assistants

  • Angie tries to build her team based on character, but when it comes to copywriting, it’s important to focus on the skill and character to ensure they will mesh well with the team and the clients.
  • Angie will usually provide potential copywriters with a few of her own personal projects to test them out and see how they can deliver the product she is looking for.

 

Organizational Systems

  • Angie’s team communication is kept on a project management system called TeamWork.
  • Clients are also included in TeamWork so tasks can be assigned and communicated directly within the task.
  • Project management systems do away with email and allow clients to check on the remaining time they have left on a project, the status, and pending projects.

 

When to Get Help & Social Media

  • The earlier you are working ‘on’ your business rather than ‘in’ your business the better.  It will be less chaotic to take on VA’s earlier than wait until you are in a growth spurt, which is when you’ll need them the most.
  • If you wait until your business is in chaos and messy, then you will have to invest a lot of time to go backwards and fix things rather than move forward.
  • A lot of clients need help on social media, as they know they need exposure across multiple platforms but don’t have the time to do it.
  • In the beginning focus on two social media platforms and get them working powerfully for the business.

 

Links to Resources Mentioned

Coaching Success Systems
TeamWork

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When is the best time to take on a virtual assistant? Find out W/ Angie Fisher @newsletterguru http://www.getjimpalmer.com

How can surveying your clients help build your business? Find out W/ Angie Fisher @newsletterguru http://www.getjimpalmer.com      

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!



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High Income Earners Share These Two Traits

In this episode of Newsletter Guru TV I share two common elements shared by most high-income earning entrepreneurs. If you do not have these traits now, you want to move yourself and business in this direction! Do not miss this important show!



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