How to get more money to keep your business alive

How to get more money to keep your business alive

How to get more money to keep your business alive

One of the most common worries for female entrepreneurs that I talk to is not having enough money.  They constantly worry about not having enough clients and not making enough sales and this can then lead into a self-fulfilling prophecy.  They need to find a way to get more money quickly to keep their business dream alive.

It is said that we become what we think about the most, so if we constantly focus on our lack of money, this is what we will attract.  Whilst we are desperate to get more money, our behaviour is actually blocking us from getting it.

When we don’t have enough money coming in each month, this can lead to bad decisions being made.  Corners are cut to save costs.  We don’t invest in the tools and support that would take our business to the next level.  We start to discount and offer sales to try and get in some cash but don’t realise our net profit is now non-existent.

But how to get out of this vicious cycle?

How to get more money

Many businesses do not make money in their first year.  For some, it can be even longer than this.  Getting a business off the round takes time, energy and money.  So maybe it is time for a reality check.

Work out how much you need to have to be able to sustain your business and pay your bills for the next 12 months.  And then work out ways to get this.

Take paid employment

It may be that you need to continue with paid employment to cushion your bank balance until you get your business off the ground and making a decent profit.  This could be just a few part time hours each month that will ease the financial pressure.

Use savings and investments

If you have savings or investments, use them to invest in your business.  I have met others who tell me they are not prepared to risk their savings on their business venture.  My answer to them is that obviously don’t believe their business is going to succeed with this mindset so they should go back to the drawing board and do more research for a business they truly believe in.

What can you sell?

Do you have things you can sell to bring in some much-needed revenue to tide you over?  I know of a lady who sold her top of the range car and bought an old banger because she needed to raise some funds to follow her dream of a home-based business.  I know of another lady who went through her house and consistently sold unused items on eBay to gain much needed extra monthly income.  These were both women who were determined to succeed!

Take out a loan

If you have done your research and are confident of it being a success, consider taking out a loan to allow you to invest in what you need to take your forward.  Yes, there is a risk with taking out a loan and using up all your savings, but then show me a high flying business owner who didn’t take a risk somewhere along the way.  If you hold back just in case things don’t work out, you are subconsciously admitting defeat already which is not the right frame of mind for someone who truly wants to be successful.  You have to believe in yourself and your product or service 100% or you are simply playing at this and running a hobby, not a business.

 

A lot of women I meet have some serious money blocks and if this is you and you want to get more money to keep your business alive, try out EFT or tapping.  A bit woo woo for some but I have seen some incredible results from those who have done it.

Go read ‘Get Rich, Lucky Bitch’ by Denise Duffield-Thomas.  She has her own unique style of helping you get over your money blocks and to start believing that wealth is on its’ way to you.

So stop constantly worrying about not having enough money and start to change your thinking and find a way that can bring more money into your business.  Remember, where there’s a will, there’s a way.

Have you any tips of your own?  Share them in the comments below.

 

How many times should you follow up a prospect

How many times should you follow up a prospect

How many times to you get an enquiry from a prospect, send them some details and then file them away and hope they get back in touch?  Too often I suspect.  Some of these prospects could be good potential future clients but they do not receive enough contact to be converted to buying from you.

How many times do you think you should follow up a prospect?

People tend to lead busy lives and if the email you send or voicemail you leave arrives with them at an inconvenient time, they may forget to respond or, be full of intention to, but then something else happens that takes priority.  Past research has shown that it can take up to seven touch points with a prospective client before they take action and with the huge rise in social media, this figure can now be significantly higher.

I have included a simple diagram which shows 13 touch points, but illustrates how the buying process can take time and most sales people do not make enough contact to keep in the potential client’s mind.  You may not see yourself as a sales person, but in reality, yes you are if you are trying to gain paying clients.

How many times should you follow up a prospect?

 

Therefore, you need to set up a system to ensure regular activity to try to make contact and if no response is forthcoming after a set period, to at least add them to your mailing list for an ongoing newsletter (you did take their email didn’t you?).

After someone has requested some information on your business and you have sent it out, a simple seven point contact plan could be as below.  Once a prospect buys from you, they would move out of the remaining sequence and be added to your client mailing list so that ongoing contact is still maintained.  The types of contact you have will be determined by the information you have available so at the point of initial enquiry, get as much information as you can.  Ask for an email as the bare minimum but if you can, take a phone number and mailing address.

  • Attempt contact via email or phone call to see if info received and if any questions. If no response, leave message or send acknowledgement email (within 24 hours)
  • Follow up call to prospect and if not there, leave a message (+24 hours from step 1)
  • Send follow up email (+ 1 week from step 2)
  • Send written letter (+ 1 week from step 3)
  • Final phone call (+ 1 month from step 4)
  • Final email (+ 1 week from step 5)
  • Final letter – confirm no further contact will be made but will add to mailing list (+ 1 month from step 6)

Once prospects have moved off the main seven steps and on to your mailing list, this database of contacts can be used for sending out your newsletter, free advice and tips and for future marketing purposes including competitions/surveys etc.

 

To find out more about the follow-up process and how it can dramatically help you get more clients, watch my webinar recording on How To Double Your Sales In 90 Days.  It may just be the most valuable 60 minutes you spend on your business!