Turn Your Business Model Upside Down

I never thought much about my business model until almost twenty years into being an entrepreneur. I know: crazy, huh? My model was to get an idea, implement it, and keep doing it … if it was fun. But I didn't have criteria to gauge what was working and what wasn't.

Who cares if I'm constantly reinventing the wheel, as long as I could put food on the table?

Are you doing something similar? Maybe you have a well-thought-out model, but you're unhappy and not producing as much profit as you'd like. Your model might feel confining or boring.

How about chucking your current model for something better? And what if you created a model that worked in harmony with your behavioral style, values and lifestyle?

What if you kicked it up another notch and created a business model so cool, that it put your creativity at an all-time high?

Turn your business model upside down, shake it out and put it together in a way that 100% turns you on. You might be cringing right now at the thought of figuring out a business model. It might sound complicated.

Nah! It can be a simple, easy and creative process. In fact, the end product can fit on an 8.5 x 11-inch piece of paper. [Read more...]

Focus on the Easy Money

I used to have a bad habit of creating new ways to generate money every month. None of my new offerings had earth-shattering results, but that didn't stop me from trying to reinvent the wheel. Apparently, I didn't notice the pattern of working hard for little ROI.

I know many highly creative entrepreneurs who have similar issues. But then there's the bunch that never tries anything new and they're overworked and underpaid, too.

Sometimes it takes a simple question to wake you up and be smart about how you increase your profits. The question that always works for me is, "Where does most of my money come from?" (Make sure you actually look at your bookkeeping reports before you answer.)

In my case, it's my high-level mastermind programs and private coaching clients.

What about you?

Another great question to ask yourself is, "What's the easiest way I make money?"

Now the obvious way to use this information is to focus your energy on the things where you make the most money in the easiest way. But what if you don't enjoy the thing that makes you the most money? Or what if it's not easy to make sales? Or what if it's not time leveraged?

Ask yourself why it makes you the most money and you'll have your next step.

My mastermind is great because it's a one-time sale for which I receive payments from each participant for ten months. I don't have to sell it over and over again. It also happens to be heavy on coaching which means less intense content creation for me. And coaching is the favorite part of my business.

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The Naked Truth About Success

Success is often not pretty. We can be falling to pieces behind the scenes but the show must go on. You have to keep your big boy/girl pants on and keep doing the things you know to bring the money in the door.

No matter what stage of the game you're in, there are going to be times where you are financially suffering. You and your team will make embarrassing mistakes. You will say something stupid to a potential customer. There will be dry spells with your creative ideas.

But none of these things needs to be an emotional crisis or the demise of your success. The faster you accept what is happening in the moment, the faster you can move back into your mojo. Remember, every situation is temporary. The bleakest moments in your business can mean the biggest breakthroughs, right?

Ten years ago, my entire life was in shambles. My boyfriend went crazy (literally) and when I left him he wanted revenge. My fear was triggered and I began to put all of my focus on keeping myself from not being robbed or physically hurt. The more I tried to find safety, the more horrible things happened.

I stopped paying attention to my business. When I finally pulled my head out of the land of fear, I saw that I was in debt and no new clients had signed on in months. Ruh roh. I was in deep doo doo. And to top it all off, I wasn't able to tap into my creativity to get some much needed solutions to this volcano of a problem. I felt like a loser.

Back then my entire message was about extreme abundance and I was in extreme scarcity. Then I layered guilt on top of all my other yucky feelings. I thought, "How can I coach about abundance when I don't feel abundant?"

My stress and guilt about my situation caused me to suffer the most. And it kept me in bondage for almost a year! If I could do it all over again, I would've not made a big deal about any of it.

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Who Can Help and How to Ask

I've been called a control freak, multitasker, goof ball, magnificent manifestor and just plain ole freak. I can relate to all of them. However, the one that really irritates me is when someone says I'm not very good at delegating.

Why? Because I see how often it doesn't even occur to me to ask for help. I'm used to figuring stuff out with my Inner Business Expert (aka Divine Guidance) or whoever is coaching me. After years of being single and a solo-entrepreneur I created a bad habit of handling everything myself.

I shifted this practice after I created a family. My time and energy was poured into feeding, bathing, cuddling, playing and cleaning up after my boys. I realized quickly that the only way to stay sane was to expand my circle of physical and mental support.

There is no way to generate a huge increase in profits, and sustain it, if you're not tapping into the expertise and leveraging the time of other people. Even if you have a GREAT team and you think you ask for help often, push your own boundaries on this topic.

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Grow Your Business with Sheila E.'s Fun Formula

Even if you only have a few customers or clients, you're sitting on a goldmine. You just have to mine it.

Don't have any clients? No worries, you have the ability to connect with potential fans simply by being intentional with how you interact on social media, blog posts, phone calls and meetings.

Anywhere that you have the ability to express yourself, you have the ability to create a frenzy of people falling over themselves to get your products and services … and make them massive referral sources.

I watched Sheila E. do this at a performance this week and I was in awe. Sheila E. is a Grammy winning vocalist but she is best known for her rockin' drum skills. I'd never seen her live before this because I wasn't a true fan. But all that changed after one hour in her presence.

She intentionally created an environment at her sold out show that was all about the audience and showing off the talents of her band. She connected with everyone in the jazz club in a heartfelt and intimate way.

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Leadership Skills Are Critical to Profits (For solopreneurs, too!)

Regardless of what you think, you need to be a leader. That means everyone: solopreneurs and employees, too. And no matter what stage you find your business in, start thinking of yourself as a leader if you want to see increased profits.

Each of you is a 'leader of self;' the leader of your position or your business. You have a slew of people you impact daily for which you may not be taking credit and you need to.

Why?

Because how you feel and what you think speak louder than words. Your thoughts generate emotions. Emotions generate vibration. And vibration dictates what happens in your reality every single nano-second.

This means that how you feel creates:

  • Disagreement within your team
  • Contractors who don't perform
  • Potential clients who say "no thank you" (even when you think it's an ideal match)
  • Family and friends telling you you're doing it wrong
  • Rising or declining profits
  • Which marketing strategies work and which ones bomb

Most people say actions speak louder than words. But actually, vibration speaks louder than words or actions!

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How Do You See Yourself?

Focused on MoneyI inadvertently became an entrepreneur about the time I turned twenty-one. My mother told me that she and my brother were starting a business and I didn't want to be left out. I created two other businesses before going through coach training eight years later.

By that time I knew how to connect with people, get them to say yes to my offer, show up when I said I would and deliver the goods. But I still wasn't a great business owner. Business was just a way to get paid. And when I started to coach, I got paid for doing something I loved.

As I learned more about business I realized how much I didn't know. I saw myself as someone who had great aspirations, yet it felt like it was going to take forever to live my dream. And guess what? It did.

I felt like the little kid dressing up in big kids' clothes. I was trying to be a big player in my business but I felt like I was not old enough, smart enough and didn't have that 'something special' that would get me all the way to the top. I knew what I wanted to create and yet it wasn't happening.

And because I viewed myself as missing something, I got into overdrive. Nothing I did was ever enough. I should do more. If I did more, then good things would happen. I was waiting and not much was happening, except I was creating a big ball of stress in my body.

It got ugly before it got pretty.

That was over ten years ago. I've viewed myself in many different ways as a business owner since then. But the biggest breakthrough came when I finally saw myself as having exactly what my ideal customers needed. I was enough. I knew what I was doing in many areas of business and the areas I didn't know I could ask for help.

I saw myself as someone who could figure anything out as long as I stayed connected to my heart and didn't worry about my performance. Another thing that changed was that I saw the value of looking at the big vision and taking my time to plan out my actions. This was huge.

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The Cringe Factor

Focused on MoneyThe first time I heard the term "the cringe factor" I was sitting in a comfortable chair in an enormous home theatre at Robert Allen's house. I was there to mastermind with other coaches and business experts. I had no idea what to expect but I knew something good was going to come from this day.

I had interviewed Bob on my radio show eons ago about one of my favorite wealth building books The One Minute Millionaire. And now I was about to show him the marketing funnel of my business. I wasn't cringing over that. I was excited to get feedback and improve it.

When he asked what area of my business I resisted most, that's when my whole body shrank. I knew immediately my answer. I was not very good at asking for support from joint venture partners. Yep, I cringed at the thought. My cringe factor is what someone else in the room named it. Uh huh. Yuck.

When I dug a little deeper into why I cringed, it made me cringe even more. I didn't want to bother my partners. I didn't want to seem like a 'taker' or a leach. I had no problem supporting them. And if they offered to support me, I'd say yes. If my team asked for support from them, that was cool. But me? Not so much.

Because I do almost all of my marketing online, this cringe thing was a giant roadblock that I needed to shatter. Two things helped me downshift this cringe into a slight frown.

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Wimpy Intentions = So So Results

Focused on MoneyThere is a crisis in the world — one that is not talked about openly. Some would say I'm crazy for even mentioning this.

The world is awash in greed. That's what the media exploits. And we believe them.

I think the opposite. Too often people are not asking for enough. When I first start coaching people around their goals and desires I'm seeing that they're asking for a result lower than what they really want.

Why?

They don't believe it's possible to get what they want, or they think the journey to manifestation is filled with blood, sweat and tears.

People! If you don't clarify the real goal, make a plan, go after it and fully expect it, how the heck are you going to see major improvements in the quality of your health, relationships, and prosperity? And what about overall peace?

Don't just say you're going to write a book. Write a book that transforms lives. Write a bestseller. Write a book that people fall in love with and then buy your products and services. Don't just write a book because you have a book inside of you. Decide the impact that book will have on you, the readers and your business.

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Six Figures on 24 Hours a Week

Focused on MoneyI was recently asked by an entrepreneur in the Mastermind group I coach, “How do you work 24 hours a week and be successful?” I thought that was a great question and one that requires honesty.

When I originally claimed a 3-day workweek for myself, I didn't have kids. I scheduled all my appointments on Tuesday, Wednesday and Thursday. And I blocked out the last week of the month for projects only. If I wanted to work more, I did.

Then as I was closing in on 40 years old, I decided I needed kids now. So I had kids. And then I felt less at choice about when I worked because those babies need you when they need you.

I still only take appointments three days a week, except when I have something special going on or I'm fitting clients in after a long vacation.

What's most important to know about this type of schedule is the intention behind it. I could easily and joyfully work 50 hours a week and feel energized. It's in my DNA. I have ideas that would take me a lifetime to implement. I love my work.

But I have lots of other interests besides work, so I make sure to spread my focus in a balanced way. My family keeps me accountable to a short workweek with their needs. And it's made my business even better!

I'm forced to rely on Law of Attraction, not action, to increase my profits every year. I'm also forced to leverage the gifts of my team members to make my business run like a machine. One that doesn't need me every moment.

[Read more...]