Stick Like Glue Radio #119 On this episode of Stick Like Glue Radio I interview entrepreneur and coach Carolyn Herfurth on how to avoid and get your business out of ‘the dip’. Don’t miss it!

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Staying out of the Dip

On this episode of Stick Like Glue Radio I interview entrepreneur and coach Carolyn Herfurth on how to avoid and get your business out of ‘the dip’. Don’t miss it!

Main Questions Asked

  • Talk about “why smart people create stupid businesses and what to do about it”
  • What are some of the patterns you see among small business owners?
  • What do entrepreneurs need to do to avoid landing in the ‘dip’?
  • What are some strategies to get out of the ‘dip’?

Key Lessons Learned

  • If your business model is not set up to serve you it will drive ‘panic spending’
  • Be aware that ‘cash flow’ decisions are not the best long term decisions for your business
  • There’s a difference in what entrepreneurs ‘should’ be doing and what they ‘think’ they should be doing
  • Making the wrong decisions at the wrong time or the right decision at the wrong time is detrimental either way
  • Successful entrepreneurs have your own ‘language’ e.g “the dip”
  • You must be in charge of your fear so you can optimize your time, money, mindset and priorities
  • Don’t shove yourself into a ‘one size fits none’ business
  • Ask yourself “what do I want my business do to for me? What do I want my business to do for others?”
  • Many people don’t do enough investigation on what a good business model is (sometimes it can be a one trick pony)
  • One of the biggest mistakes with a business model is creating a ‘low touch’ program without a big list, volume or eyeballs
  • If you are the echo and not the voice of what people need to hear then that can be a deal breaker (it can take a long time to get visible)

Business Keys   

  • 1.  Understand and purposefully create your business model
  • 2.  Know what you stand for (how are you showing up as a thought leader)
  • 3.  Marketing strategy (newsletter, podcast, public speaking etc)

The 4 D’s of Business Design                                               

Declare

  • What you want your business to do for you?
  • Why are you doing it?
  • What income do you need?
  • Start with your needs, move on to your wants, then move on to your fantasy
  • What kind of lifestyle do you want?
  • What kind of legacy do you want to leave?

Define

  • What your business does for others?
  • Who are your perfect people and what do they want?
  • What do you take a stand for on behalf of your clients?
  • What value and benefits will you deliver?
  • Know what a client ‘wants’ and ‘needs’ are two different things

Design

  • How do I package and price myself?
  • Know what your low, mid, and high touch offers are
  • If something does changes you can go back to your business model and make changes

Do

  • Marketing
  • This is where you connect with people and close business
  • Collaborate, have conversations, closing, delivering

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Links to Resources Mentioned
The Newsletter Guru
The Biz Truth
4 D’s Cheat Sheet

Click to Tweet
 Want to know how to avoid and get your business out of ‘the dip?’ Listen to @CarolynHerfurth in this podcast! www.getjimpalmer.com  

What is ‘the dip' and how can business owners avoid it? @CarolynHerfurth reveals all in this #sticklikeglue podcast! www.getjimpalmer.com



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