Last week I told you about the 3 elements that every business needs:
(1) You have to love it.
(2) You have to be good at it.
(3) It has to provide value.
It seems that the THIRD element is the one that most people struggle with. It’s where many could-be entrepreneurs get stuck and decide to give up!
Don’t give up! I’m going to help you 🙂
How do you know if people will pay you to do X, Y, or Z thing?
The simple answer is that your product or service needs to be of VALUE to other people.
In other words, people buy things that make them FEEL the way they want to FEEL.
Yes, my friend. Business is all about feelings!
(This is one reason why women are ROCKING it in the world of business these days, because people are in desperate need to CONNECT with other people on a real, deep, personal level. If you’re a people person, you’re going to do just fine in the business world).
First, let’s clear our heads and consider some products and services that people already pay for and why:
Diamonds –
Makes you feel rich, successful, cared-for, beautiful. Other people have them. Status. It makes you feel like you are where you want to be in life. You can feel like a celebrity or like Audrey Hepburn. Live a luxurious life and have everything you want.
Organic Foods –
Has less toxins and more nutrients, yes. But that’s not the REAL reason people buy organic. People buy organic because it makes you feel healthy, energized, like you’re taking good care of yourself, smart, worry-free. Makes you feel a part of something bigger — a movement towards healthy eating. Powerful. Like you’re younger than you were yesterday and can do anything you want!
Copywriting services –
On the surface, I sell words. But there’s lots of copywriters out there. What makes me different? I DON’T REALLY SELL COPYWRITING. I sell confidence. Fun. Enthusiasm. A reignited flame to be 100 million bajillion percent passionate about what you do. I makes people feel less frazzled, confident that their business will be able to sell more, give business owners time to focus on their strengths. I help them to stop lying awake at night worried that they’ll launch their services but won’t book any clients. I show them how to do this online in a genuine, happy, soul-filled way.
Nail polish –
It’s not JUST paint. It makes you feel pretty– a small pleasure that almost everyone can afford to splurge on. It gives you boost of happiness! When you wear nail polish, you feel “polished”. You’ll feel more confident at your job interview. Your friends (and more importantly, strangers) will compliment you on your unique nail color. It makes you the center of attention!
No business sells what it looks like it’s selling.
hey’re selling a feeling, a SOLUTION to a problem. A better life.
Why do you think so many millions of women around the world are obsessed with Kate Middleton?! We all want to FEEL like princesses. She makes us think it’s possible.
GIVE THAT TO PEOPLE AND THEY’LL PAY YOU AS MUCH AS YOU WANT.
So how does that help you RIGHT NOW?
Once you’ve narrowed your list of business ideas down to ones that you really like, ask yourself the following questions:
(1) WHY WOULD PEOPLE BUY THIS?
(2) WHY DO THEY CARE?
Example: Yoga for entrepreneurs (from the comment that miss Jacqui left)
WHY WOULD PEOPLE BUY THIS?
Because they are stressed out and yoga will help them.
WHY DO THEY CARE?
Because yoga makes you feel more relaxed and helps you to tap into your creativity. You’ll be able to get more work done in less time and feel more energized.
When you answer these questions, you begin to get at the root of what you’re REALLY selling. You may think that you’re selling Yoga for entrepreneurs, but people don’t really care about the YOGA as much as they care about WHAT THE YOGA WILL GIVE THEM.
These are called the BENEFITS of your offer.
The FEATURE is Yoga.
The BENEFIT is increased creativity and energy to work. A sense of calm. An ability to handle the harried, stressful, walking-into-oncoming-traffic life that is entrepreneurship. In short, Jacqui’s business idea will make entrepreneurs feel more POWERFUL.
Figure out what your target clients’ DEEPEST PROBLEMS are and then SOLVE THEM.
Again, if you do this, there’s no limit to how much money you can make. And you’ll be offering a beautiful service to the world– using your greatest strengths to help other people live their dream lives.
Pretty cool, eh?
(Acht. I’ve been in Canada for too long. Forgive me ;))
ADDITIONAL TIPS:
- Don’t re-invent the wheel. You don’t have to create something that’s never been created before. If other people have proven that X service works, why change it? The way that you’ll differentiate yourself is by how you do it, not by what you do. Copying someone’s idea isn’t stealing as long as you change the way you deliver it.
- Know what people are already paying for. This goes hand-in-hand with the first tip, but it’s important that you understand what kinds of things people pay for. When you ask them this question, make sure to ask them about the FEATURE and the BENEFIT. In the case of the above example, I’d ask entrepreneurs “Would you pay for a yoga service directed towards helping busy, creative professionals like yourself to have oodles of energy and feel a sense of focus and calm over your day so that you could get more done in less time?”
- Save people time or money. If your service does this, you’re golden. (Your service doesn’t have to save people time or money, however most things do. FIND A LINK.)
- Know what problem you’re solving. Is it a problem that people are willing to pay to have solved? Remember to look for the REAL problem. How is their life going to be more beautiful? More happy? More ideal? How will they have more energy? More ideas? More organization? More inner peace? What will their life look like AFTER they use your product/service?
- Do your research. Nothing substitutes for getting out there and asking questions. Interview your prospects. Ask them what their problems are. Go online and see what kinds of services people are already offering. Most people won’t do this. If you do, you’re roughly sixteen lightyears ahead of the game.
- Pick a business model. This should be obvious, but based on the amount of people who have told me that they dream of being “bloggers” I feel obliged to make this point. Blogging is great, but it’s not a business model. Figure out where the money is going to come from first. Worry about your website second. (Yes, it’s totally fine to start a blog first and then monetize it later (that’s what I did), but eventually you will have to bite the bullet and offer a service or product. I recommend doing it off the bat so that you can get over the fear!)
If you found that post helpful, please please please do share it! Spread the entrepreneurial love to all of your peeps!
How many clients do you need to hit your revenue goal?
Grab your free Client Capacity + Pricing calculator to find out exactly what to charge, how many clients you need, and how many hours you need to work per week.
GET YOUR CALCULATOR!
Welcome to my world of practical, fun, simple, no-nonsense business strategies to help you
get more clients and create more freedom.
Welcome to my world of practical, fun, simple, no-nonsense business strategies to help you get more clients and create more freedom.
Choose your own adventure to get started!
May i recommend...
This is THE MAP showing you exactly what steps you need to take to go from feast + famine to booking consistent clients. It’s easier than you think. Print it out, put it on your desk, and use it to assess your current services.
Quiz: Which service-based superhero are you?
The Get More Clients Method Blueprint
Add 100K of revenue to your business!
Take this short quiz so that I can personally recommend the exact next steps that you should take strategy-wise to increase your income, book more clients, and create more freedom from your business.
Find out how my 12-month coaching program, Yay for 100K can help you turn your signature service into a signature program.
I heart you…..(is that weird?). LOL. AND I NEVER THOUGHT TO LOOK AT MY BIZ THAT WAY! Total game changer! Next time i am in Montreal we have to meet up!
Seeing as I've been doing yoga lately (because I can't run due to injury), I TOTALLY THINK ALL ENTREPRENEURS NEED THIS.
Anytime, buttercup!
xo
Court