April 30th, 2008
By: Shama Hyder
Back in the caveman days, our ancestors survived by hunting and gathering food. Today, we have obviously evolved. Thanks Martha Stewart! However, when it comes to making sense of the online world- our business survival still depends on hunting and gathering. Here’s how:
1) It’s Impossible to Learn it All- …first hand that is. It is, however, completely possible for us to function as a community and learn from each other. Even when our ancestors started farming, they didn’t give up hunting. Their survival depended on the variety of strategies they used to get food. Today, our businesses are like that. We can very much plant our own gardens of information and service. But, more importantly, we also have to seek out information. We have to hunt for the best.
2) Eat What You Gather/Hunt- What would happen if back in the day people gathered the best crops and didn’t eat them…they would rot. Knowledge is like that today. You can read a million blogs, attend hundreds of seminars, and purchase thousands of books. But if you don’t put those concepts into action-it rots.
3) Tribes Rule- Species that gathered together survived. Loners usually died out. The same concept applies to today’s business. What does your personal support team look like? Do you belong to Mastermind groups? Have coaches? How often do you participate in joint ventures? How is your business supported? In the Hunting and Gathering age of information, you have to pull together your resources.
4) Timing Matters- Gather information before you need it. If you go looking for answers at the last moment, you are more likely to make impulsive decisions. People took risks when they were starving-like going out to find food in the middle of winter. We have evolved. Make sure your business isn’t starving for help before going after it.
Posted in Managing Your Business, Training, Coaching, Mentoring, Seminars | 1 Comment »
March 27th, 2008
By: Shama Hyder
Earlier this week I shared how I skyrocketed my past coaching business in three months. In that post, I promised I would also share my top lessons. These are my nuggets of wisdom.
1) Your brand matters. "Branding" is not just a fluffy feel good word. It matters. It is what your business is about, and it is what sets you apart from the million other service providers. I didn’t realize exactly HOW important a brand was until I got into the business. Once I caught on, I changed everything. Do this right from the start, and you won’t have to slave over it after the launch of your business.
2) Don’t do one shot coaching-it takes time! When I first started coaching, I worked with clients one month at a time. BAD idea. One month is not enough to create lasting change- unless you are in a specialized field. In personal coaching, it isn’t enough time. If I could do it over, I would ask clients for at least a 3 month commitment.
3) Get FEEDBACK. No matter how amazing you are at what you do- get feedback and get lots of it. I thought some ideas were just brilliant and they "felt right." Then I asked colleagues and clients. They didn’t agree. And that’s okay! Your business is not about you. It’s about serving your market. Listen to them and heed their advice.
4) Don’t get discouraged- No matter how seasoned you are, starting a business from scratch is tough. Don’t get discouraged. Keep at it and try different methods. Give the methods time, but don’t beat your head against a brick wall. Get help, get motivated, and don’t give up!
5) List, List, List- Offline, location is everything. Online, your LIST is everything. Build up a list of people who care about what you have to say. Respect them, treat them like friends, and offer them value in exchange for their time and attention. I constantly give away things to my list. I adore them. I share my life stories, case studies, and whatever else I can. This is your most valuable asset. I learned this in my coaching business.
What have you learned while building your business? Please share below! = )
Posted in Managing Your Business, Marketing Your Business, Training, Coaching, Mentoring, Seminars | No Comments »
February 26th, 2008
by Shama Hyder
This is perhaps one of the most commonly asked questions that I hear. What does it take to charge clients a premium amount? What makes it worth it?
How do I price my services?
I am a big fan of value pricing. This concept is the brainchild of Alan Weiss, author of the "Million Dollar Consultant."
In simplest terms, it means charge for the value you provide, rather than for your efforts. It may take you ten hours or ten minutes, but it’s the outcome that matters.
1. Sell the Solution, Not the Methodology
People hire coaches but they aren’t buying the coaching. They are buying what the coaching can provide. The final results. Whether that’s an improved relationship or better health; people care about results.
You are selling the final outcome. If you are a Virtual Assistant, you aren’t selling hours. You are selling peace of mind and giving your client more quality time with their family. Focus on the solutions, rather than the methodology.
2. Add Unbelievable Value
Every industry has it’s standards. Find a way to surpass those and you are almost guaranteed higher fees. Most coaches for example meet periodically with clients over the phone. Very few constantly send them useful books in the mail or regularly introduce them to new tools and practices.
Even fewer spend time educating their clients on how to maximize results from the coaching process.
What can you do to enhance your work?
3. Compare your Fees to the Final Outcome
If you can help a company save one million dollars over 5 years by helping them cut down employee turnover rate, how much are you really worth?
If you help a couple restore and revive their dying relationship, how much are you worth?
When you start looking at how your work impacts the bigger picture, you will easily be able to command higher fees.
4. Trust and Courage
It’s not easy to ask beyond what the current market is going by. But it can be done. You have to have the courage to ask what you feel your services are worth, and you have to trust in yourself. Focus on the value your services provide in the long run.
Clients can sense confidence. If you feel you lack confidence in your abilities, work on that first.
Posted in Business Profitability, Managing Your Business | 4 Comments »
