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!
Stick Like Glue Radio www.getjimpalmer.com
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)
- 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
- 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?
- 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
- 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
- This is where you connect with people and close business
- Collaborate, have conversations, closing, delivering
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