Introduction

Even though it says 2023, this podcast applies regardless of the year. It gives you the fundamentals to start a service business. It covers topics such as getting leads, marketing, pricing, and other business milestones.

My Notes

A business mentor: someone who has several year of experience ahead of you in a similar business you want to run. That person is able to guide you and stop you from committing certain mistakes.

A business coach: Just a like a tennis coach, guides you and pushes you to accomplish certain things. Inviting them to do certain things they are scared to do by themselves.

The three F’s:

  • Fulfillment – even if you didn’t get paid, you would jump out of bed
  • Finance
  • Freedom
  • What is stopping you from starting your business idea? Most of the time is fear.

“What do you love doing?” “What are you good at?”

Don’t get distracted by the “easy ways to earn money” that many influencers constantly talk about. You most likely do not have enough interest in them, so they may just fulfill one of the Fs like “finance” and you won’t carry on with the idea when times get hard.

Go with a business that revolves around something that you love and are good at doing. The business idea should have relatively high scores across the three Fs.

Have a positive mindset: “ If they did it, why can’t I”

Get a sheet of paper and write all the things that you can do and are great at then grade them on the three Fs. This will help you narrow down your business ideas.

Try one business idea… don’t like it after getting one client? Pivot to another idea. [The Lean Startup by Eric Ries]

What is the smallest step you can take to get a business off the ground?

For example, let’s say you are doing some sort of coaching business.

  • Determine the steps that it takes to get from point A to point B. (Ex. Ali’s 7 steps to find your ideal partner)
  • What is the timeframe for this coaching to be completed? (Ex. dating coaching for 6 or 3 months)
  • How much are you going to charge?
    • Something that is a little bit out of your comfort zone
    • Do not charge per hour!
    • Determine what is your capacity in terms of clients, the amount you want to earn per year (or month) and then have your price. (ex. I want to earn $3,000 extra a month and can only take 3 clients a month…. 3,000/3= $1,000 a month you need to charge per person)
      • If the people you know won’t buy that, they are not the right audience
    • If clients do not see expected result by the end of the project, you can give them the money back, if they did all of their responsibilities…. leads to having a contract!
  • Who will have that amount of money to hire me?
    • Think of people who have a high enough salary that could pay you that
  • How can you help those that can’t afford your fees?
    • One day a year, you can give back to those people:
      • Lower rate
      • or self-pace learning with Q&A once a week
  • Start pitching
    • Find 10 people with a 1:3 conversion rate
  • Marketing 101
    • Who are our ideal clients?
      • a Professional earning at least $x amount
    • Where do they hang out?
      • Demographics
        • Gender
        • Age
      • Psychographics
        • what are their behaviors
        • Identities; similar values to you
      • Go to them without them having to do extra effort
        • Ads… make for your brand to be on their mind (brand awareness) unconsciously
        • Free gift: 5 steps in a doc sheet
        • Host free workshops wherever they are
  • Be tenacious
    • Show up consistently with the same message
  • If the business goes south:
    • Either lose a bit of face
    • or lose a bit of money so get started!
  • The goal is not to get the most clients as possible
    • The goal is to earn the revenue you want with fewer client; have the ability to pay more attention to clients, have more freedom, and a greater quality of life
  • When you have an unfair advantage, you make up by getting creative or being better in another area, in another way
  • The goal in business is to have a profitable business
  • Simple is better when starting unless you know what you want and that you are going to go hardcore for it
  • The client should always be the most important person in the relationship
  • When you think of selling your service, think of it as an opportunity you are giving them to have a better future for themselves or their business.
  • When a person says no they just don’t understand the value that your business provides

When you want to get foot in the door:

  • Consider not charging for your first event
    • When you start the presentation, pitch them first then they have something they can measure the value against
    • Make it interactive
      • Hi, guys! Thank you for coming. Today I want to tell you about the 5 steps to __. But before I do that this is who I am ___. I also offer a coaching program that takes you through this process step by step if you need more help.
      • Ok, so let’s get started by taking a 10 question quiz at ScoreApp… to help them realize all the holes (missing gaps)
  • 90% of things you need to learn about business… you just need to get out there and sell something instead of being stuck on the more superficial things of creating a website, brand, etc,

There are only 3 types of businesses

  • Product
  • Service
  • Content

Once you get a lead

  • Jump into a call… review their scorecard
  • Discovery call, qualification
    • structure: interview them if they are a good fit
    • rule of 3; if you spot 3 things that you are not sure about (gut feeling), then you let them go
    • example: they’ve worked with three other coaches before, and they fuss too much about the price
  • Address concerns by talking
  • If you need more help on sales stuff…
    • Benjamin Jaynie
    • David the sales angel
    • Look up “sales training” on Youtube, etc
  • Ask for honest feedback as you are taking your customers through your “x# step framework” and make changes as you go
  • Lean startup method by Eric Ries… improve your product as you go with your audience (feedback loops)
  • Do not compare yourself to other people… you miss 100% of the shots you don’t take.
  • You have something unique to offer.
    • Think about the 1,000s of business books and the new ones still make an impact to someone
  • The comparison is the death of most entrepreneurs… let’s not stop before you start

The Truth Exercise:

List 10 things that are true about you (it can be anything) … you own those things; nobody can take that away from you

List 10 things that you want to be true for you in a year

In both cases, use “I am” … not “I will be”

Read this list every morning or when you feel down… to remind yourself of your identity

Thank yourself Exercise

Future Gaby is thanking present Gaby for:

“Going to the gym to avoid osteoporosis”

“Daily journal writing”

Other Notes

Build a business that has sustainable recurring revenue (2nd goal)

Read and surround yourself with people that are smart and have the same vision as you. Life is full of learning and does not stop after you finish college.

Conclusion

My notes are all jumbled up and while it has no direct structure it makes sense to me whenever I need to refer to them. For you to get a full understanding, feel free to check out the podcast on YouTube, here: https://youtu.be/F60rVOE5mJw?si=no1Qd8vPOhZPSnWO. ☕🍩

Cheers, Gaby