Where IS the money? Many entrepreneurs get into business, have a strong passion for what they have to offer and then, after a period of time they stop and wonder, ‘just where is the money?”
This is quite common, actually. I know that many entrepreneurs fall into the habit of comparing the inside of themselves to the outside of others. They look around and make the assumption that everyone else has cash flowing through their bank accounts.
NEWS FLASH!
THAT IS NOT NECESSARILY SO.
Phew! Feeling a bit relieved now, are you? Ok, take a moment to process that. Because it’s true. It is not necessarily so. I have been coaching entrepreneurs for a number of years now and I know the truth.
Most of you are broke. Most of you are struggling when it comes to cash flow. That has got to stop and I want to give you a few steps that worked for me, right at the beginning, so that you, too, can stop wondering where to find the money.
Those of you who coach with me know that I think, and operate, in terms of three. So, here we go:
STEP #1 – MAKE IT EASY FOR PEOPLE TO PAY YOU. This is a key step for many of you. You have not yet set up your business AS a business. You lack the systems and processes for people to pay you – and to pay you easily. Believe me, once this step is out of the way, you can get down to work with your clients and move towards some incredible results. THAT is why you get hired. So, get out of your own way and get those systems in place. In the beginning, you might want to check out PayPal (we have had that option for our clients for a number of years – hey, it gets the money flowing!). You can get the ‘Square’ – it’s a handy-dandy little item that fits right on your I-phone. You can accept cash transfers via the bank. There are a number of ways – pick one and get it set up today!
STEP #2 – SET UP AUTOMATIC PAYMENTS. I mean – this IS ideal, people. Get your clients set up in a system whereby the payments are processed on a regular basis. Set it and forget it! Neither one of you has to think about this again for the duration of your contract. (you DO have contracts with your clients, right?) We use Infusionsoft for this – but, for many years when I re-launched my business, we used 1Shopping Cart. Check out the system that works best for you and is compatible with your bank, too. Just get ‘er done.
STEP #3: GET YOUR CLIENTS ON CONTRACT. It’s really difficult to grow a business when you are offering a ‘one-of’ to your prospects. What I mean by that is you work with them once, they pay you, then you have a discussion about continuing to work together – yada, yada. That’s not efficient for either one of you. Get your clients on a contract – minimum 3-months and, preferably 6 to 12 months. Why? That takes the pressure off any further ‘sales conversation’ during that period of time and, again, you can both get down to work. You can also plan your cash flow this way and be confident in the deferred revenue that is coming your way over the next few months.
Does this all sound simple? It is. Stop complicating things. Get these steps in place so you can get on with growing your business and, more importantly, get on to delivering the service/products that attracted your clients in the first place.
The only way to GROW a business is to ACT like a business. You can do this!
WHICH STEP DO YOU NEED TO IMPLEMENT RIGHT AWAY?
Please share your thoughts!
