Soul Food for the Entrepreneur: How to Thrive Even in Hard Times

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shirleyansley_bio
Hey There

I’m Shirley. Your brand is a hidden treasure and my job is to help you get seen, heard, and paid what you’re worth.

How to Business Can Still Thrive in Hard Times — 9 min

You may be wondering how in the world am I going to keep my business going when it seems like there is no one out there buying anything? Here’s the thing: you can be the one to not only thrive but conquer in hard times. While attending a virtual conference I gained insight on three things that I want to share with you that will help you and your business immensely.

Can’t see the video? Click Here: https://www.loom.com/share/717eb0c4ce3e4afcaa9d1630a57ca47d

In this article Im going to be talking about three things you can do to help your business stay above water instead of discounting or giving up:

  1. Expanding your Service offerings
  2. Offering extended payments
  3. Creating

1. Expand Your Service Offerings

Take a good look at your offer and see where you can add more. When someone sees that you vs. someone else is willing to go above and beyond the average person to kae their experience better, they are more likely to collaborate with you. Here are a few examples:

  • If you’re a coach who offer 30 minute on-on-one sessions you can expand that to 4 30 minute one-on-one sessions.
  • If you have a self paced ever green online course, you can expand it to have 2 virtual one-on-one session with the course
  • If you have an online wellness community with monthly membership, you can add 90 days meal plan & exercise calendar as part of the service

Pro:

You show your audience that you’re willing to go above and beyond to meet them where they are at.

Con:

You’ll have to put in a little more work, but it will be well worth it.

2. Offer Extended Payments

This is particularly relevant to services that sell high ticket items. Most times you’ll get people who really want what you’re offering but can’t afford the larger payments right now. In exchange you can offer the option to extend out the payments. Here and example:

  • Go from 4 montly payments to 8 monthly payments
  • go from 2 payments to 4 payments
  • Gor from one bulk price to 4 weekly payments

Services like Partial.ly help clients who need payment flexibility to do just that and do it in an automated way, so that you don’t have to chase down inovices.

Pro:

You relieve a financial burden for the client while also creating predictable cash flow for upcoming months

Con:

You take a financial risk because there is a chance a client may skip or miss a payment. Pro Tip – add a risk fee of 3 to 8% to the service price which may help you not only cover the cost of processing these payments but act as collateral of sorts.

3. Create Smaller Offers

If you absolutely must cut your prices, cut your package to essentials that can help them achieve what they need. Some examples here:

  • If you’re a coach that offers 60 minute sessions, cut it down to 30 minutes
  • If you have an online course with 4 different modules, offer each module separately
  • If you’re a trainer that offers weekly training live, cut it down to 1 live training and supplement the other 4 for the month as a self paced video.

Pro:

You still are able to help people without compromising the value of your service. If you cut your prices, sometimes it’s really hard to go back up because people are so use to your rate being low or discounted, that they won’t see the point of paying more.

Con:

You make smaller sales.

Summary

Always remember that people during hard times are still buying. But they are buying from people they trust. People who have been following you for months and years, are more likely buy from you over anyone else because they trust you.

Now is the time to start creating those relationships with people. (Damn those cliches! They’re so true!) Creating content like podcasts, blogs, and videos are essential. And now more than ever people really do want to hear from you personally. Do not be afraid to pick up the phone or send a simple message to your audience so you can start building that trusting relationship that will one day blossom into a partnership.

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