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The Be Your Own Boss (BYOB) Podcast
5 minutes | Jun 14, 2021
Want To Close More Sales? Try This Strategy!
Here’s a tip for #solopreneurs out there who fall more in the consulting space and offering services instead of products: I’ve learned early on in my consulting career that it’s important to give my prospective clients OPTIONS. Instead of giving just one, give them at least three. I personally like to do one lower-cost option, one medium, and one very expensive option with a ton of value behind it. Offering this to your prospective client works well because it gives them the freedom to weigh in on the best one, instead of just seeing a one-size-fits-all solution. Not only that, but you also get a better chance of closing the deal.
23 minutes | Jun 9, 2021
What To Do When You've Fallen Out Of Love With Your Business
If you have fallen out of love with your business, you're not alone. It happens to the best of us. But what should you do if you feel burned out, or you hate your customers, or you dread going into work? What can you do if you're just not into it anymore? Trust us, there are things you can do to help in this situation. Today we are going over six strategies that you can use to get your heart, soul, and mind back into your business. Understand if it's really an issue with you or the business. As entrepreneurs, we carry our whole selves with us to work. If you are feeling over it, take a step back and think about whether it's really because of something to do with the business, or if you are just having a bad day, week, month. Are you getting enough sleep, are you eating right, are you taking care of your body, do you need some time off, have you had personal things going on that are hard? How you are feeling about the business may be related to personal underlying issues, and not the actual business itself. Take some time and space for yourself. Taking a break can mean staying away from emails or text messages for a couple of hours or it could mean going on a longer vacation. Do what you need to clear your head and refocus. Go for a walk, take time for a hobby you love, go hang out with family. Maybe you need a few hours or a half-day, maybe you take off a few days or maybe you just have breaks on a regular basis. Put up boundaries if you need to - no calls on certain days, stop working at a certain time each day, etc… Delegate. As entrepreneurs, we like doing everything on our own, but it's not healthy. In the beginning, you may have to do that, but as your business grows you have to grow with it and you have to have people around you who you can delegate things to. Offloading things you don't enjoy or you're not good at can really help keep you from getting burned out. Get a new lens. There is a saying that goes, you can't see the forest for the trees. When we focus on small details and when we are in the thick of it on a daily basis, it's hard to see the big picture. Sometimes we have to step back from work, so we can get a different perspective. Being so close to the problem makes the problem seem bigger than it is and it's hard to see the answer. By doing something non-work related, it helps you relax and think about things differently. Branch out. Try new things, be innovative, get out of your normal routine. Try something in your business that you haven't done before. These things can really open up your mind, it can be refreshing, and it can give you a new outlook on the business. It will help you stay engaged and it can be very invigorating. Maybe it's time to STOP. It might be time to end the business and do something else. If it's not going well or if it is something you're just not enjoying, there's nothing wrong with closing that chapter in your life. Knowing when to stop something is just as important as knowing when to start. This should be your last resort, don't just give up easily. But if you've tried your best, you've done what you can, and it's still not working out, maybe it's time to stop and move on to something else. Life is too short to be miserable.
4 minutes | Jun 7, 2021
3 Strategies On How To Say Yes
In our previous videos and episodes, we talked about setting boundaries and the beauty of saying no. Today, I’ll discuss the other side of the coin— I'm going to give you three strategies for how you can learn to say YES. ✅ Don’t overthink it. ✅ Instead of focusing on what could go wrong, focus on what could go right. ✅ Learn what you should say yes to. When facing situations that need a decision, most of us tend to overanalyze things in fear of committing a mistake. Keep your decision-making simple, optimistic, and high-level. Instead of saying no, you might want to consider seeing things from a more positive vantage point, and believing firmly in your ability to make wise choices.
48 minutes | Jun 2, 2021
How to Control Your Attention and Choose Your Life
Nir Eyal is the bestselling author of Hooked: How to Build Habit-Forming Products and Indistractable: How to Control Your Attention and Choose Your Life. He is an entrepreneur who has started three companies, two of which have been acquired. He has also taught at the Stanford Graduate School of Business and the Hasso Plattner Institute of Design. Nir didn’t plan on being an author, he actually started researching and writing to solve some of his own problems and answer questions he had. And that research has turned into his books. But it is something he loves doing, and he’s able to do it because his first two companies have provided the financial security he needs to do so. As Nir shares, “Now would I give someone advice, "Hey, you know if you want to succeed, go be an author". No. You're just bad at math. It's a terrible business, because it's, you know, the odds of success are puny. Actually the same with startups, though, right? Like the number of startups that succeed. If you start a company, let me tell you, if you start a startup, because you want to get rich and famous, you're stupid. The odds are stacked against you. You're just bad at math. You have to start a company because you have no choice. It's something that is burning inside of you. It's so much easier just to go get a job, just get a paycheck, right? To start a company is so freakin hard. You have to do it because you have no choice. Because if you don't do it, you will regret it.” Four key steps to become indistractable These days--with smartphones, social media, a pandemic, and constant connectedness-- it is so easy to get distracted. But in order to reach your full potential, especially as an entrepreneur, it is critical that we become indistractable. Nir says, “Distraction is not the opposite of focus, the opposite of distraction is traction. Traction is any action that pulls you closer to what you intend to do, things that move you closer to your values and help you become the kind of person you want to become. So anything you plan to do with your time is traction, anything else is distraction.” In his years of research and writing for his 2019 book, Nir found that there are four key steps to becoming indistractable. Master internal triggers and realize distraction begins from within Make time for traction Hack back external triggers Prevent distractions with pacts The first step, which is the most important one, is realizing that we can’t blame phones, computers, or social media for distracting us. The root cause of distraction comes from within us--we are bored or lonely or anxious or tired, etc...So we have to learn how to master these emotional triggers in order to stop getting distracted. “Time management requires pain management, that if you don't understand that discomfort you are trying to escape--for entrepreneurs, most of the time, it's uncertainty, right? That as entrepreneurs, we constantly feel “what am I supposed to be doing with my time?” “What's going on with my business?” “Are my employees busy?”. But those are feelings. That's not reality. That's a perception of reality. And so if we don't get those emotions under control, if we don't know how to master those internal triggers, they become our masters. And that's when we go off track. That's when we do all kinds of stuff, working our guts out on the wrong stuff, because it makes us feel good.” Time management tips for entrepreneurs This past year has been a tough year for time management. When both parents are working from home full time, plus you have young kids at home all day as well, things can get hectic. Home life and work blend together, everyone is stressed out, schedules are out of whack. And all of these feelings and emotions that come along with this pressure are what cause us to be distracted from actually getting things done. Nir shares his advice for how to make things more manageable and less crazy. He says we have to plan our time. If you don’t plan your time down to the minute, someone else is going to plan it for you. And if you are thinking “there’s no way that would work for me”, Nir says just give it a try. This is particularly important if you have kids at home too, because they need structure. This method is so much more successful than running your life on a to-do list. Why? Because to-do lists are endless, there’s always more you could be doing. And when you have a time boxed schedule you can share it with your spouse, your boss, your employees and your coworkers which allows everyone to see what you are doing with your time and it allows you to sync up schedules when you need to. Most people do things in the wrong order As Nir shares, we have to turn our values into time. Values are attributes of the person you want to become, so you have to ask yourself, “how would the person I want to become spend their time?” And we can really break down out time into 3 domains: You Your relationships Your work But most people have this list backwards, they start with work and then let everything else fill in the details. Nir shared a perfect example of this. He said, “When a company goes out of business the debt holders get their money first, then the equity holders, then whatever scraps are leftover that's what the residual benefactor gets. And a few years ago, my wife turned to me and said, Nir, you have made me into the residual benefactor. I get whatever scraps of time are leftover after the business, after the kids, after your friends, after your workout, then I get a little bit of time here and there. And she was absolutely right. I was guilty as charged.” So you have to first start by sitting down and asking yourself how you need to spend your time based on the attributes of the person you want to become. Do you need to spend time educating yourself, reading, exercising, meditating? If so, is that on your schedule? You can add fun things too-- like playing video games, horseback riding, playing chess, etc… Add the things surrounding relationships. Do you need to add date nights, or Zoom calls with friends, or Sunday night dinners. What do you need to add to your schedule to keep up with your relationships? And then last is the work stuff. And there are two kinds of work--reactive work and reflective work. “Reactive work is how most people who don't get things done spend their entire day--reacting to phone calls, reacting to emails, reacting to notifications, reacting to their kids tapping them on their shoulder--that's reactive work. And everybody's day needs to involve some element of that, everybody's job has some element of reactive work. The problem is, most people make no time for reflective work.” Reflective work is where you plan, strategize, get creative--and you can only do that kind of work when you are not distracted.
10 minutes | May 31, 2021
3 Tips to Downsell Your Customers & Make More Money
In one of our recent BYOB Quick Tips videos, my wife Blake talked about the art of upselling. This time around, I’d like to discuss with you the reverse side of it— down-selling. Down-selling is a sales technique we use in situations when the customer decides to back down from the sale with price-based objections. In this situation, down-selling means that you’re going to offer considerable and more budget-friendly alternatives so they don’t walk away empty-handed. Although offering a cheaper option would mean you won’t be able to realize higher profits right away, down-selling still gives you the leverage to keep your customers and build a deeper business relationship with them. The truth is that if somebody buys from you in a down-sell, they are much more likely to buy your higher-priced product or service down the road. There are three strategies for you to implement an effective down-sell: 👍 Make it a no brainer. ✨ Make it high-value. 📊 Make it scalable.
36 minutes | May 26, 2021
What Is The Law Of Attraction & Does It Work?
Today we are talking about the law of attraction. We are going to go over some misunderstandings and some truths about the law of attraction and how we have leveraged the law of attraction to create the love, the marriage, the family, the business, and the lifestyle that we desired. This concept actually started in the 19th century with a man named Phineas Quimby who was diagnosed with tuberculosis, which had no cure at the time. He felt really sick most of the time, but he found that when he was horseback riding he felt strong and healthy. He wrote about his experience in a study called mind over body, which to Phineas meant that the real trouble is in your mind, not your body. So if you can see something in your mind and believe it, it will become reality. There are some elements of this that can be true, but it also doesn’t mean that just by telling yourself you are great at your job and that you are successful, that it will just happen for you. There’s more to it than that. Tips to leverage the law of attraction Identify what you want-- Any successful entrepreneur or business leader will tell you that it takes more than dreaming or imagining something to make things happen--it takes a lot of hard work. But it is still important to identify what it is you really want in life. Putting aside fear, if you could do anything in life, what would that be. What would your life look like? Be specific and write things down. And this can shift over time, but it is important to write it down and talk about it. And once you identify these things, start taking action on them. Your thoughts need to reflect that new desire--Now that you’ve identified what you want, it is important to focus on the thoughts you are having. Your thoughts become things. So when you look in the mirror don’t say negative things like “you’re fat”, “you look horrible”, “you’ll never do anything important”. Start telling yourself a different story. Don’t limit yourself in your thoughts. Don’t take advice from people whose lives you would not want. They may be afraid or timid or negative, but you don’t have to listen to that. When you have healthy thoughts, your behavior has to reflect that--It’s one thing to give yourself these positive thoughts and affirmations, but it’s another thing to actually act on them. You can dream up anything you want, but until you put behavior behind it, it’s just going to stay a dream. Invest in yourself-- You should be investing time and money in yourself to get where you want to go. Learn new skills, take time to relax, make sure you are staying healthy--invest in yourself physically, emotionally, spiritually, and mentally.
6 minutes | May 24, 2021
The Most Effective Time Management Hack for Entrepreneurs
The ability to manage time effectively is vital for everyone, but it’s even more crucial for busy entrepreneurs like me. While there are several time management techniques you can use, there’s one that I find most effective: batching tasks. When I started as an entrepreneur, I had no system— everything was just pure chaos. One thing I learned is that the best way to get things sorted out is to batch tasks. This technique means you take tasks that require similar effort or tasks that are similar in nature, and you do them together. By focusing solely on one job, you are putting yourself in a state of flow where you are fully committed to something without being interrupted. Watch this video to try this time management hack and see amazing results. You’ll be surprised how much time you get to save every day and every week.
53 minutes | May 19, 2021
How Mei Xu Bootstrapped and Sold Chesapeake Bay Candles for $75 Million
Mei Xu is the founder of the multi-million dollar company Chesapeake Bay Candle (now part of the Yankee Candle family of brands) and author of the new book, BURN: How Grit, Innovation, and a Dash of Luck Ignited a Multi-Million Dollar Success Story. Mei was born in China and she grew up in a time in the country when they were moving from being closed off from the rest of the world to a time when the country was trying to catch up with the rest of the world. Because of that she was one of the first students at the age of 12 to be able to learn a foreign language. Being naturally good at learning and speaking English, Mei was able to get a job as a translator for The World Bank and she was supposed to continue working there after graduating, but she graduated in 1989, during the Tiananmen Square protests and because of that the government didn’t allow students to stay in the cities anymore. So she was forced to go to a far away town and work a very low-skilled job at a warehouse. Shortly after that she quit and she worked small jobs here and there until she decided to move to the US in 1991. How Bloomingdale’s inspired Mei to start her own company When Mei moved to the US she worked in New York and she very vividly remembers her experiences going into Bloomingdale’s. In China she had never seen a store with an abundance of merchandise, and walking through a massive store with bright colors, beautiful clothes, great fragrances, etc...was as Mei describes it, a paradise. She spent a lot of time going through all the floors of the store, but one thing she noticed was that the lower levels seemed to be more modern, while the further you went upstairs it became more and more dated. The top floor was filled with home goods, but instead of matching the clothes downstairs, which were sleek, modern, clean lines, and bold colors--it looked like you were walking into your grandma’s house. Several times Mei would call her husband, who at the time lived in Washington D.C., and she would tell him how odd it was that the floors were so inconsistent. And he really encouraged her to focus on a business that would address that problem instead of working a job she didn’t really enjoy. So they started Pacific Trade International, where they sold textiles, fake trees, pillows, decorative candles and much more. From selling endless home goods to focusing on candles With their new company Mei and her husband went to a smaller trade show in North Carolina to sell their items. They brought several items with them--everything from silk flowers to seat cushions--but the end result shocked them. One of the items they had with them was ball candles inside holders with stained glass that would create a pattern when the candle burned. At the end of their week at the trade show they realized they had sold $50,000 worth of product and every single order had a candle. That’s when they realized they needed to focus on candles. In the first five months of being in business they had sold more than a half million dollars in candles. But the next year they attended another trade show--but a much bigger one--and they found out they needed to pivot, because they didn’t sell very many candles at all. Based on feedback people felt that the special candles in stain glass were for holidays and not something that you use everyday. And that’s when Mei realized that what she was missing was fragrance. So she went back to the drawing board and figured out how to add new, modern fragrances, bright and bold colors, and contemporary jars. She was able to travel around the world and find inspiration from countries like Germany to come up with an up-to-date version of candles that people would want to use everyday. As Mei shares, “What I think we made a great difference also is to combine fragrances. Fragrance candles used to be pretty single dimension. So way back 20 years ago, you would only find a mulberry candle, or a vanilla candle, or watermelon candle. You wouldn't find something that's called copper moon. Or you wouldn't find something that’s called the temple. You know what is the smell of a temple, what's the smell of compromise, it's more, it's more imaginative, but it also gives you a creative license. So that's where the journey I traveled, it's creating a lot more thoughtfulness in design, and using the manufacturing that we control, to experiment something that brands like Yankee Candle, you know, Carolina Candle--those are very big companies--didn't even think about.” What does Mei think about competition and people who copy her work As an entrepreneur you may get worried when you see competition pop up around you or if you start to see others start to copy your ideas. But Mei’s view is that competition shouldn’t worry you, because you should always be one step ahead of them. “I don't get hung up on what people were copying me about, because I'm already going after other things. So I always feel the creative type, you know, they don't have time sometimes to defend themselves, because they're always looking at what's new, what's new.” By the time people were starting to copy her scents, she was already coming up with a new collection inspired by drinks like the mojito and the martini. She was also looking at what the consumer wanted and needed. She saw a need for making candles easy to give as gifts, and she found new ways to do that. The key is to not get stuck or get complacent doing the same thing, you have to keep adapting and thinking ahead to stay in front of the competition. Challenges Mei faced in the business Over the years of her business Mei definitely faced challenges, but she was able to take those challenges and turn them into success. She could have given up after that second trade show when very few people bought candles. But instead she figured out what stopped people from buying them and adapted her business to solve their problems. She also faced issues with the anti-dumping duty, which raised the price of the goods she was buying from China to sell here in the U.S. If they kept going with their same prices, the business would fail, but they couldn’t raise the price of their product much either, otherwise clients like Target and Bloomingdale’s would stop selling it realizing their customers had cheaper options. But instead of giving up or taking the easy way out, Mei traveled to Mexico, Thailand, the Philippines, and Vietnam to find the perfect place to move her manufacturing to. She looked at things like working conditions, pricing, location, etc..until she found the perfect place. And she ended up moving her operation to Vietnam. “I always say, problems like this sometimes can be opportunities. We would never have looked outside of China, if we did not have that very urgent issue and it allowed me to move into a much safer country for that reason, and a country that is just beginning to catch up. So at that moment, it wasn't fun. But when you look back 2-3-4 years later, it's definitely those changes or those demands, really produced a good result and a lot of learning for me.” Her advice for any entrepreneurs struggling after Covid to use this as an opportunity. There are so many things changing around the world that is opening up space for smaller businesses to take up space in industries like retail. Now is the time to go for it. “Everything can be made better, right? If a candle can be made better, underwear can be made better. Food can be created better. Houses can be built better, the road certainly can be better. So if you have that kind of lens, like I said, the immigrant lens is that, you know, there's nothing you can’t change for the better.”
7 minutes | May 17, 2021
3 Tips To Conquer Procrastination
Is there a project or a task you've been putting off for a long time now? Do you feel like you have more lazy than productive days? Let's face it, we all procrastinate— our brains are wired to procrastinate. But for anyone who wants to achieve things, you know that procrastination is the enemy of results, so you have to do what it takes to tackle it head-on. How do you beat procrastination? I'll give you three tips: ✨ Start small. 💁♂️ Tell someone what you're doing. 🏆 Reward yourself.
23 minutes | May 12, 2021
4 Investments You Should Make To Grow Your Business in 2021
It can be hard for entrepreneurs to make investments, because they know it is their hard-earned money and letting any of it go can hurt. But investing in your business is crucial in order for it to grow. Today we are going to share four areas of your business that you should invest in this year. These are all areas that we personally have invested in, and we’ve seen huge rewards because of it. Software There are so many tools out there that can make your life as an entrepreneur so much easier. When we first started out we tried to do everything on our own, and it just wasn’t scalable. If we had continued on that way we would have been constantly burned out, frustrated, and we probably would have ended up hating the business. But instead we invested in software like Hootsuite, Sprout Social, Kajabi, Google products, Dropbox, LinkedIn Premium, Streamyard, etc... It is so worth the money you pay each month to be able to save yourself time and effort. Hardware This is another big area to invest in that will have a huge impact on your business. We invest in things like a good camera, a quality microphone, MacBook computers, professional lighting equipment, all of the things we need to create our digital content. So what hardware do you need to effectively run your business? Your Team The people you work with can make or break your business. Having the wrong people in place can cause a toxic atmosphere, it can divide the rest of your team, and it can make every day at work a horrible experience. So it is so important to invest in a good team. If that means you pay someone more per hour to get a great person instead of a so-so person--do it! You want to have people you can count on, people you can trust, people who work hard, and who believe in the vision of your business. When you invest in good people it takes work off of your plate and helps you focus on the things that matter for the growth of the business. You should also invest in education for your team as well as the tools and technology they need to get their jobs done. Yourself This may be one of the harder areas to invest in, but it is another one that will benefit your business. As an entrepreneur you have to be at your best every single day, and the way to do that is by investing in yourself. You can invest in meditation apps, workout equipment, healthy food, a personal or business coach, massages, therapy, etc... We have found that there is a strong connection between how we feel personally (physically and emotionally) and the work that we do. This area of investment is probably the most taboo, but it’s also the most important investment area. If you don’t feel good you aren’t going to fully show up to work every day, you’re not going to take risks, you’re not going to make good decisions.
9 minutes | May 10, 2021
3 Strategies to Move From Negative to Positive Thinking
There are days when things just don’t go your way and you start to feel frustrated and angry. When you have these negative emotions brimming inside you, you’ll notice the rest of your day gets affected. Something that I’ve been working on personally is learning how to shift gears from negative thoughts to positive thoughts whenever I come face to face with a bad situation. It’s easier said than done and I’m not perfect at it, but my wife @Blakemmorgan has been great at reminding me to always look at the positive side. I share with you some quick tips for you to start to implement in shifting from negative self-talk to positive self-talk. When you’re having negative thoughts or facing a negative scenario, remember to: 🙋♂️ Imagine what the older, wiser version of yourself will tell you. 💁♂️ Lean into that negativity and find out its root cause. 🤷♂️ Think of one to three positive thoughts, or things you are grateful for. Negativity can only go far if you let it get inside your head. Learn to control your thoughts and emotions and always focus on the bright side of things.
48 minutes | May 5, 2021
The Art of Stress-Free Productivity With David Allen
This week we are joined by David Allen, author of the international bestseller Getting Things Done: The Art of Stress-Free Productivity. Do you ever feel like you have so many things to get done that you just don’t know where to start? Or maybe every night you wake up a dozen times with things that pop into your head and you just can’t get a good night of sleep. These are the things that David set out to fix in his own life over 30 years ago, and since then he has helped tens of thousands of other people get things done using the methodology he came up with. We can all use help being more productive and focused in life and at work. Especially now when a lot of us are still working from home with our kids and life has become more complicated and chaotic. The framework you can use for stress-free productivity David’s Getting Things Done Methodology framework is made up of five key action items. They are: Capture--identify what has your attention and write it down, record it, or gather everything into a collection tool Clarify--Once you have identified what has your attention, process what it means. Are there any action items that they require? If yes, then write down all the actions you need to take. If not, figure out if it’s trash, something to just remember, or something to put on hold Organize--Now that you know what has your attention and what you need to do about it, put reminders up where you will see them and organize the details in a place you will look at Review--Frequently look back on all of your reminders and lists and make sure to keep it updated Engage--Go and get things done By using these steps you get all of the unnecessary things out of your head so you can focus on what needs to get done today, right now. As David shares, there are going to be times when life gets chaotic, there are going to be fires you have to put out occasionally. Having these steps in place in order to get everything else under control will help you to better address those issues when they come up, because you can focus on the fire and know that when it is out you know exactly where to pick up and carry on. What is ambient anxiety and how can we overcome it? When you don’t have a process in place to deal with all of your tasks, commitments, ideas, etc..that’s when you get stressed out and things feel out of control. These things wake you up at night and cause you a great deal of worry during the day. Ambient anxiety is the stress of infinite opportunity. This anxiety not only can affect your health and well-being, but it stops you from being present in the moment while you are trying to work on any one thing, because your mind is always racing and thinking of other things. Using David’s five part framework can really get these things under control. Write things down, get them organized in one place, set reminders--just get these things out of your mind and in a reliable place that you will see when you need to. Most people have not yet identified that this is their problem, and that this is what is keeping them from being productive. Why saying no is so important to productivity A big part of the Getting Things Done process is your ability to say ‘no’ to commitments. Every time you commit to something you are saying no to other things you could be doing instead. So you have to make sure that what you say yes to lines up with your goals and priorities. But before you can start to say no to things, first you have to know what it is you are trying to accomplish. If you are not sure what it is you should be working on, how can you explain why you are saying no to something else? This is another reason why writing things down is so crucial. And saying no doesn’t have to sound mean or rude. If your boss comes to you and gives you more work you could go to them and say “You know, these are great projects that you just gave to me. Can I show you what I currently have on my plate and can we talk about the priority of them, because I can’t do them all. If these are more critical, I will need to let something else go.” You could also say something like, “If you can take a maybe on that, I’ll take a look at what I have and I’ll get back to you. If you have to have an answer now, it’s gotta be a no” or “Can you check in with me in a month”. So really think about the commitments you have already before committing to new things. Being overcommitted is a sure way to be less productive and stressed out. David’s advice for people who want to start being more productive TODAY For anyone reading this or listening to the show who would like to start being more focused and productive today, here is what David recommends: Have a pen and paper around you at all times, and anytime something important pops into your head that requires action, write it down. Once you write those things down figure out what next step is required to address each item After you have action items figure out if you can complete any of those in that moment, and if not make sure you put a reminder where you or the appropriate person will see it so that you don’t have to keep that information in your head Review these on a regular basis What to do if you don’t know where to start After reading this or listening to the podcast you may be thinking to yourself, I’m just so overwhelmed, this all makes sense but I have no idea where to start. For those of you who feel this way, David says just take an hour to sit down and unload everything from your mind. Make a list of everything and get it out of your head. Having it out of your head can help you be more objective about the list of things. It will make you feel more comfortable. Any one thing floating around in your head can stress you out, but by getting it out and on to paper can help that anxiety. As David shares, “Otherwise, it's spinning around subliminally in there. That's the source of the ambient anxiety is all that internal spinning about all the potential things you might, could, should you be doing. But you can't see what they all are. So you think it could be anything. And psychologically that's a great way to feel stressed.”
7 minutes | May 3, 2021
#1 Question You Should Ask Before Becoming an Entrepreneur
One of the most important questions for anyone who plans to set off on their own in entrepreneurship is, “What are you going to sell?” This major decision in business is something you cannot leave to chance. Before you even start, you must know exactly how you're going to make money. Every essential aspect of the future of your enterprise— your campaigns, your website, even your business name, etc.— all depend on what you’re going to sell. Today we bring you tips that are based on our personal experiences — tips that will help you decide what your offer will be.
25 minutes | Apr 28, 2021
What To Do When The Prospect Tells You "You're Too Expensive"
Have you ever had a prospective client tell you “you’re too expensive”? Most entrepreneurs will hear this from time time to--we definitely have. So what should you do when this happens, and can you avoid it altogether? That’s exactly what we’re talking about in today’s episode. We have seven tips to give you and we will go through why the customer is not always right, how to counter when someone says you’re too expensive, and the best strategy to avoid someone saying this in the first place. What does too expensive really mean? Before you start your business it is important to know what other people in your space charge. Your pricing should be based on the value and experience you provide your customer. So when a client comes to you saying you’re too expensive, it is important to figure out if you really are asking too much, or if the client just doesn’t have the money to pay you. Explain your fees. Being able to give people a detailed explanation of why your fees are what they are is powerful. Let them know the value that you provide and the reasons why you are worth that much. A lot of times this will clarify things and people will be more willing to pay your fees knowing what they get for the cost. And this shouldn’t be a long, drawn-out thing. Keep it short and simple. Downsell. If someone can’t afford your main product or service, offer them something that has a lower price point. For example, in our case as speakers, maybe someone can’t afford to have us come give an hour-long keynote at an in-person event, but we can offer them a seat in an online course, or a podcast sponsorship, or point them to a book we wrote. In fact, if you want to avoid someone telling you that you are too expensive to begin with, try giving people 2-3 options for how to work with you at different price points. Giving people these options can move them from simply a yes or no, to a yes, I want to work with you, but in what way. Be careful of discounts. We are both fans of offering discounts from time to time, but you have to be very careful. Make sure you don’t go crazy with this option because it could come back to bite you later on. Once you discount you may not ever be able to charge full price. Don’t get defensive or upset when someone tries to negotiate you down. You can’t take it personally when someone tries to negotiate your fees. It has nothing to do with you. People will remember the way you treated them, so always act with integrity and don’t lose your temper. Not every prospect that comes your way is going to be a good fit, and that’s okay. Be okay with walking away. If after explaining your fees and value a prospect still isn’t sure, you need to be okay with walking away and realizing it’s not a good fit. Don’t beg people for a sale and don’t undersell yourself. You know what your time and effort are worth, so have faith that another client will come along that is a better fit. Backup your fees. You have to be your own best advocate. Backup your fees with beautiful marketing, graphics, media kits, websites, books, social media accounts, etc...Put your best foot forward in every way that you can. These things have worked for us in building our seven-figure businesses. It can feel scary at times, but you have to believe in yourself and what you have to offer. And if you provide the value that your fees suggest people will come.
6 minutes | Apr 26, 2021
How to Get a Response From Someone That You Are Targeting
With all of the tools we have at our fingertips nowadays, I find it quite surprising that many of us still choose to send mass notes. Every day, Jacob and I get tons of messages from people requesting something from us— whether that is for us to feature their company, do a product review, etc.— and 95% of those messages get deleted. If you’re looking for a response from someone you’re targeting, you have to do the legwork ahead of time and work hard to write something powerful enough to cut through the noise and earn his/her attention. Like many of today’s savvy marketers, the biggest hurdle is to win our target’s respect. Remember: ✅ Do not send mass emails or LinkedIn messages. ✅ Take the time to research the person that you are targeting. ✅ Figure out a way to be relevant for them. I've been personally using these tips for 15 years. Whether it’s for a sale, a pitch to an investor, or maybe you want someone to be on your podcast, you'll find these ways to be absolutely compelling.
41 minutes | Apr 20, 2021
Interview With the CEO Whose Company Had the Highest Ever Valuation On Shark Tank
Every entrepreneur dreams of being on Shark Tank and pitching their business to the famous sharks. In today’s episode the founder & CEO of Chirp, Tate Stock, is sharing all of the inside details of what it’s really like to be on the show. It all started when Tate was at his Aunt’s house and he saw an 80s yoga wheel. When he tried searching on Amazon for something similar, nothing came up and he knew he was on to something. He went out and built a new type of yoga wheel, posted it on Amazon, and the rest is history. How Chirp went from $12k to $100k When Tate created the first Chirp wheels he used a $400 sewer pipe and a $50 yoga mat. He posted them on Amazon without any branding or logos, and then he sat back and waited. In two weeks he had made $12k, but he was also kicked off of Amazon because he couldn’t ship the product fast enough. It turns out, it was a good thing since it then forced Tate and his team to create a website of their own. And they hired influencers in the yoga space to promote the product for the first year and a half, which helped them get to $100k. Some entrepreneurs try to have their products and ideas perfected before launching a business, but Tate says most of the time this is not the best way. There are some exceptions, but for the most part you need to just get started, and don’t sweat all of the details. Tate says, “I think people get too caught up in perfecting all of the other little tasks in their life or with the product or the business before they're ready to prove it. And it just wastes a lot of time. Like we didn't we didn't need a shipping box. Because in two weeks, I wouldn't have needed a shipping box anyway, if it didn't sell. We didn't need a logo because in two weeks, if it didn't sell, I wouldn't even need a logo, right? I needed a product that could help someone stretch and yoga.” What it’s really like to be on Shark Tank For those of us who watch the show from our couch at home, it may seem like the entrepreneurs are only in front of the sharks for 10-15 minutes, but they are actually in the tank for a full hour. The experience also starts long before the taping even begins. Tate shares that he actually spent 200-300 hours just applying to be on the show. Once he was selected for the show he flew out to Vegas and had to quarantine in a hotel for 2 weeks because of the pandemic. They had to stay in their room the whole time, they couldn’t even go down to the ice machine. But it gave him and one of his employees extra time to rehearse their opening, get to know the sharks, and prepare for their time in the tank. They ended up getting a deal with Lori, but because of due diligence, the deal is still not finalized. As Tate shares, only about 50% of the deals made on TV actually end up going through. But even though they are still waiting on the deal to be complete, Shark Tank had a big impact on their business. The night the show aired and the day after brought in tons of sales and it helped launch them into the holiday season at the end of 2020. What entrepreneurs need to know about equity A lot of entrepreneurs, when they first start out, wonder what they should do about equity. Is it worth it to keep total control of the company? Should you give away equity, and if so how much? Tate believes that every business owner should try to keep as much equity as they can. It is important to remember that once you bring a VC on, you now have someone to answer to and you give up a lot of the decision-making. Tate suggests that entrepreneurs know their strengths and weaknesses, and if you have a certain weakness that someone else is good at and they want to come along for the journey, then you can do that, but if you feel that you can do it alone, you should. The bottom line is make sure you save your equity for people that really add value to the company and help you grow the business. Advice Tate would give his younger self If he had to start over, what advice would Tate give to his younger self? First of all, he says, “Be patient with yourself. Whether the business works out or not, be patient, keep working hard. But if you're doing the right things, then it's gonna happen at some time or another right, you're gonna see success.” Tate also says it is important to find people with experience who you can learn from. In his journey he did it all on his own and he learned lessons along the way, but he believes he could have learned faster and easier if he had found someone that had been through it all before.
11 minutes | Apr 19, 2021
Advice For Women Entrepreneurs On How To Get Paid
As a young girl, I was taught that it's important to get everyone to like me, and so I had that mindset for a long time. It was when I married Jacob — someone who does the same job as me — that I realized how limited my perspective was, and that I was focusing so much on wanting people to like me. With that realization, I went from someone very insecure and self-conscious to someone who knows the value of her opinion. 𝙃𝙚𝙧𝙚'𝙨 𝙬𝙝𝙖𝙩 𝙄 𝙩𝙝𝙞𝙣𝙠: As a woman entrepreneur, you have to be willing to say things other people might not say, and you can't be concerned if people will like you or not. It is important for us women to take space, to speak up, to lead — but those will not be possible if you are not confident about your opinion.
42 minutes | Apr 14, 2021
5 Self Sabotaging Behaviors That You Need to Stop Now
Self-sabotage is how we hurt ourselves, whether consciously or unconsciously, and keep ourselves from achieving our plans, goals, and dreams. Both of us have sabotaged ourselves in the past in different ways, as I’m sure most everyone reading this has. But as entrepreneurs it is important that we identify these behaviors and figure out how to avoid them so that we can be productive, thriving business owners. Today we are talking about five common self-sabotaging behaviors as well as some advice from Dr. Alice Boyes, author of The Healthy Mind Toolkit, on how to overcome those behaviors. We also share some personal stories of how we have gotten in our own way and how we have become more aware of the way we treat ourselves. In this episode of the podcast we explore: How to overcome negative self-talk What to do when you feel out of control and start to lash out at others How to take a step back and refocus if your default way of thinking is negative What to do if you tend to procrastinate What you can do if you struggle with perfectionism
11 minutes | Apr 12, 2021
7 Things You Should Know How To Do Before Becoming An Entrepreneur
If I could turn back time and teach myself how to be an effective entrepreneur, I certainly would like my younger self to know certain things that could have helped me succeed faster. Having said that, these are the 7 things that you should already know how to do before becoming an entrepreneur. ✅Self-motivate ✅Self-aware ✅Managing your highs and Lows ✅Boundaries ✅Running a business ✅Taking risks ✅You have to be a people person These are essential things for aspiring entrepreneurs and will certainly help you to succeed a lot faster.
51 minutes | Apr 7, 2021
From Stanford Football Coach To Successful VR Entrepreneur
In 2014 Derek Belch was working as a football coach at Stanford University while getting an MBA in business, but what he didn’t know at the time was that his Master’s thesis would change his life forever. This week we had the pleasure of speaking with Derek, founder and CEO of Strivr, and he had a lot of great stories, advice, and wisdom to pass on to current and aspiring entrepreneurs. You will get to hear how he went from a football coach to an extremely successful entrepreneur, as well as the challenges he faced along the way. Today Derek leads a team of 140 employees and his customers include Walmart, JetBlue, and Verizon. Strivr was named one of Inc. Magazine’s Best Workplaces of 2019 and it was on the list of Fast Company’s Most Innovative Companies of 2020. In this episode of the podcast we explore: How Strivr was started and where the company is today What it was like raising money for the business and the biggest lesson Derek learned about the process The impact Covid-19 has had on the company How Derek manages his time as a husband, father, successful business owner, and CEO Derek’s advice for people considering entrepreneurship The biggest challenges he faced when starting his business
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