Archive for May, 2010

We all know that life often gets in the way of how we do business and make money.  But have you really thought about what would happen if you had to be away from your business for a day, week, month or even longer?  Would your business survive?

One of the things I’ve learned is that when you leverage your talents and create products or other income streams that can be marketed and sold, you can sell those programs or products day and night on the internet and continue to make money.

Now I know that many of you are thinking that you can’t create a product to sell and that your skills and talents are not transferable into another income stream.

I am here to tell you that is simply not true!

I work with all my private clients to create multiple streams of income in their business.  Here are a few ideas to consider:

• An Information Product is anything you create to take your clients through a series of events that teach them something to enhance their business or life.These products can include the following:
  • Workbook
  • Workbook and CD set
  • DVDs
  • Etc., etc., etc.

  The great thing about information products is that they can be created in almost any business.  Personal trainers, consultants, coaches, weight loss experts, health and wellness coaches, financial planners, photographers and interior designers all have a product inside of them ready to be unleashed.  And that list is only the tip of the iceberg.

• A Membership Site gives you the opportunity to serve many people at the same time by offering a variety of services to the masses.  Again, you are doing the work once but are getting paid by multiple people who are members.These sites work well for coaches and consultants but can be created in other business areas.

• An Association not only gives you instant credibility, it allows you to provide expert services to others in your exact same field.  For some specific fields, this is a completely untapped market; for others, it will require a lot of creativity to do something different in an area that already has numerous associations.

• Publish a Book. This one speaks for itself.

The possibilities are really endless when it comes to taking your knowledge and creating a program or product that others are hungry to buy.  Do the work once, market it and watch the income roll into your bank account.  That’s the power of leverage.

The outside of our business often has an uncanny ability to mirror for us what’s up for us on the inside.

That’s why when my business is experience an ebb instead of the flow, I immediately see it for what it is – an opportunity for a breakthrough.  Typically that breakthrough involves money.

Many of us carry around mistaken ideas around how making and keeping more money might change us.  We get this idea it will change us in a negative way, which is simply not true.  So when there is a lull in my business that lasts beyond a few days, my first step is to realign myself with my Money Goal.

Here is a list of questions you can ask yourself to guide you through this process:

ü  Is your money goal big enough?  Maybe you made your money goal a while ago and it’s no longer big enough.

ü  Does your money goal still hold meaning and significance for you?

ü  Are you passionately connected to the bigger why of what the money is for?

ü  Which belief are you challenging by creating a breakthrough about money?

Having the courage to answer these questions completely and honestly will help you get your business out of the slump and into making more money!

I attended a networking event last night and wanted to write a quick blog post about the importance of being  personable when networking.

It doesn’t serve you well if while out networking you treat others coldly or with some degree of disdain.  Whatever you do watch your facial expressions and don’t look up and down at people as if they are aliens.

Now some of you are probably reading this thinking, “No kidding Maureen, we know better than that!”, and I am sure you do.  However, this evening I witnessed a whole host of women behaving just like that.

This type of behavior reflects so poorly on you as a business owner and I am quite certain if I noticed this type of behavior others did as well. Never mind the poor person on the receiving end and how this made them feel.

One of the points of networking is to meet new people that you possibly could establish a relationship with and someday do business.  If you are not interested in meeting new people or are going to judge others with your facial expressions and disrespectful looks – well, I have one piece of advice for you – stay home!

On Sunday I had the pleasure of speaking at the Ladies Who Launch and 85 Broads first joint Power Networking Brunch.  My talk entitled “I’d Rather Be On Top” highlighted the mindset shifts and strategies that one must make in order to have a successful business and life.

At the end of the meeting several of the women came up to me and asked what else they needed to do to be successful.  I told them the truth…it takes alot of hard work, dedication, great systems and again, I reminded them it all lies in their ability to adopt the proper mindset of success.

I had the distinct impression that they were looking for some magic pill that would make growing their business easier.  The reality is ladies that there is no magic pill, but there are  a couple of things that you need to put in place to create a thriving business.

1.  Develop a Team That Serves You

You can’t do it alone and quite frankly why would you want to.  Being able to delegate those activities that can bog me down in the minutia isn’t going to help me build a lucrative business.

Having a team that supports my vision of the company and does what I need done, how and when I need it, has been key in my being able to build a successful businesses.  Start out with one person maybe for 5-10 hours a month and build up from there.  Use your new found time to market your business and watch it grow!

2.  Stop Believing You Can Do It Without the Proper Mentoring and Training

Now some of you  may think that this bullet is self-serving, but the truth of the matter is that I have a couple of mentors and coaches that I rely on to provide me with the training and coaching that I need to continue to grow my business.

I tried it on my own.  It didn’t work very well for me and I bet it’s not working very well for you either.

Being a business women and having no other sounding board can sometimes take you down a path of self destruction.  Why?  Because it’s hard to do things in a vacuum  all on your lonesome.

I rely on my coaches to keep me focused and accountable and I use them as a way to test out my thinking when developing new programs and services.

Do yourself a favor and find a coach that you can work with successfully.  Your businesses will see the results of your investment.

3.  Develop The Systems To Support Your Growth

Often times the  business begins to grow and wham, we’re hit with the realization we aren’t prepared for it.

If every time you launch a new product or develop a new service you have to start from scratch then you don’t have the system in place you need to leverage your time.

Do yourself a favor and  document the system now as your business is still developing so that when it happens you’ll be ready for it.

Remember, growing a successful business won’t happen by popping “a magic pill.” It takes work.  But having a team that supports you, coaches and mentors to focus and teach you, and the systems to grow with your business will help put you on the road to a successful and profitable business.

I recently added a new Money Reflections Section to my newsletter.  Here is the first addition with many more to come.  Hope you like it.  If any of it resonates with you I would love to read your comments.

Do you give your power away with money? In business, women typically give away their power in one of these four ways:

1. They decide in advance how many people are going to sign up for the next offer or they decide in advance how much someone is going to pay and they do this in a way that artificially suppresses their success by keeping their numbers much, much lower than they could be.
2. They don’t understand or they don’t see why people would pay more for their services.
3. They give away their power by giving away an abundance of their time.
4. They give away their power by overspending in different areas of their life and business.

Which is your pattern?  Figure out which one of these really hits home for you and then ask yourself this question:  “What need is being served by giving away your power with money in this way?” Maybe it’s your need to be liked or the need to avoid rejection or the need to avoid being seen as powerful by others.    Now consider and ask yourself, “As someone who meets that need and is fully standing in my power with money what is the action I should now take?”

Let me know what it is, ok?

So, what IS your business model? Every business has one, including yours.  The key here is does your business model pump you up or suck the life out of you?

If your model is based on your time, then I am here to tell you it’s sucking the life out of you. If not, well you are on the right road to a profitable, happy business.

Unfortunately, most self-employed business owners have adopted the 1-on-1 model and no other. Problem is, with this model you’re always limited by one key factor:  your time. When you’re out of time, you’re not making money and you’re exhausted and frustrated too!

The good news is that you can completely eliminate the 1-on-1 frustration by redesigning your business model the right way! A great business model ensures that you have plenty of free time, creates great income for you even while you sleep and grows with you not against you.  You work less hours but make more money!

So in order for you to start shifting your business model from  a life sucking 1-on-1 model to a model that pumps you up, I’m sharing some simple tips from my proven business model system I teach my clients using the marketing pyramid…

Tip One:  Don’t Put All Your Eggs In One Basket

When working with new clients one of the first things that we evaluate is how to create multiple streams of income so they are NEVER reliant on just one.  We create several different options and price points so that more clients can be served AND for them to receive more ways to be compensated for the work they do.

Creating income streams is easier than you think if you use the repurposing method.  You have a signature system you take your clients through which you can repurpose into several different formats.  For example, you can offer a teleseminar, Virtual VIP Retreat Day or other product.

By creating this signature system and offering it in a variety of ways it provides you with income streams you can tailor to your clients and helps you from getting burned out by having to develop new content all the time.

Tip Two:  Design It Correctly and You Will Always Know What Comes Next

When you design your business model correctly it creates leverage – the kind of leverage that gives you big results with very little effort of your time, energy or money.  To get this great leverage you must design your model so each income stream flows into the next.

When you fail to create your business model so that each stream flows into the next you have a scenario that looks like this:  business owner creates an offer, gets a few clients, and completes the work…with no next step.  There are countless ways to serve your clients again and again.  Just keep asking yourself “what’s next” and you will be able to create the next offer with ease.

Tip Three:  You Don’t Need To Give Up 1-on-1 Work

Just because you have created multiple streams of income which allows you to serve more people doesn’t mean you have to give up 1-on-1 work.  You just need to know where it falls in your business model.  This is your most valuable, exclusive, highest ticket offer so treat it as such.

Tip Four:  Focus Your Time On High-End Offers First

Focus your attention on your highest priced programs or services first so that you don’t run out of cash!  Most new entrepreneurs make the mistake of focusing on free offers and low-end programs first and then find themselves out of clients and out of cash – which by the way is a sure way to leave you panic stricken.

The best time to redesign your business model is today. No time like the present to design your multiple streams of income business model.  So don’t put it off another second!  Your financial freedom is waiting!

What is it about women; they have the hardest time saying NO.  I used to be that way, but not anymore.  I learned there is real personal power in saying NO and not always doing what other’s ask of you.

Look, the reality is more than likely you are overworked, stressed out and at your wits end.  The requests pour in faster than you can keep up.  Your family demands your time, your job and coworkers demand your time and if you are an entrepreneur, well you understand the demands all too well.

The secret to getting rid of the feelings of overwhelm and dread is to learn to say NO to new commitments and to stop feeling guilty about it.

Want more time for what’s important?  Want to know how I did it?  Then keep reading and learn my simple tips to learn to say “NO” and mean it!

Tip #1:  Be Polite and Firm

There is no reason to be a b—ch about it!  A simple, “I’m sorry I can’t do this right now” is perfect.  You don’t need to be overly apologetic or defensive which is typically what newbie Noers do.  You vacillate between feeling bad that you have to say NO, to feeling angry that someone else is infringing on your life.

The trouble is it really is your own fault that you feel this way; when if you start learning to say NO you will see you reduce the stress and the burden of always being put upon.  Remember, you teach people how you want to be treated.  Standing in your power and saying NO is a way to show others that you are not at everyone’s beck and call.

Tip #2:  Don’t Justify Your Answer

In the beginning the people who ask the most will ask for an explanation.  You don’t owe them one!  I repeat, you don’t owe them one!

Recently, I was asked to be a speaker at an event.  I looked over my business plan for the year and new that it didn’t fit with my overall marketing plan.  I graciously thanked the person who asked me to speak and declined.  I didn’t justify the NO in any way, shape or form…and you don’t need to either.

A simple, “It doesn’t fit into my schedule” is a perfectly acceptable response.

If they push for a reason just repeat, “It doesn’t fit into my schedule.”  If they keep pushing walk away if you have too – they’ll get the message.

Tip #3: You Can Think About It

You might be uncomfortable with the idea of answering NO immediately.  If you want time to review your schedule, or think about whether this is something you want to do just say, “I need to check my schedule; I’ll get back to you.”

But remember you need to close the loop and get back to the person as soon as possible.  If you must decline in an email, that’s ok.

Most importantly, this tactic helps you avoid letting yourself be pressured into over scheduling your life and taking on too much stress.

Tip #4:  Remember To Take Time For You

There are only so many hours in the day.  This means whatever you choose to take on limits your ability to do other things. So even if you somehow can fit a new commitment into your schedule, if it’s not more important than what you would have to give up to do it (including time for relaxation and self care), you really don’t have the time in your schedule.

Taking time for you is one of the most important parts in learning to say NO.  When you give yourself the space to stand in your power, you are giving yourself the best gift of all.  Say NO and mean it and start feeling in control of your life!

Last night I attended the Celebration of Excellence sponsored by Enterprise Bank.  Although I was honored to be nominated for Entrepreneur of the Year, I was really impressed with the individuals who made it to the finalist stage and ultimately won. Entrepreneurs to truly emulate!

Tedy Bruschi was the keynote speaker and he gave a great speech on never giving up.  After suffering a stroke, Tedy came back to not only completely recover from his stroke but went on to play again for the New England Patriots.  His story was truly remarkable and full of humor and highlited the strength that we all have to overcome adversity.

Which brings me to my point…we will all be faced with adversity at one point in our lives.  How we handle that adversity is what will set us apart.  It might be cancer, or a stroke or possibly death of a loved one.  No matter what it is, we have a choice on how we handle those tought times.

Tedy Bruschi is a true role model on how to come out of adversity and come out on the other person stronger than ever!

This past Thursday and Friday I had the opportunity to attend the Simmons Leadership Conference with my good friends Janet Powers from Diva Toolbox and Lisa Honka, Development Director for the Wyndham Hotel.

On Thursday evening I had the opportunity to meet Ali Brown.  Ali Brown is a self made millionaire and  business coach.  I have been following Ali for at least a couple of years and am always impressed with what she is doing.

She was the guest speaker at a pre-conference event on Thursday night where she spoke to a crowd of 300 women.  What struck me the most was how many of these women in the audience where NOT business women but instead worked in the corporate arena.  Despite that fact her message was relevant to anyone listening.

In a nut shell, her message was do the best job you can do no matter if you are working for someone else or you have your own business.  Give it your all!

Besides having the opportunity to meet Ali and speak with her and her business partner, I also had the great pleasure of hearing a host of speakers that were fantastic.

If you have never attended the Leadership Conference I highly suggest that you consider doing so next year.