The Fierce Business Babe Podcast Ep 130: Profitable Business Tips
In today’s episode I am going to be diving into my top three profitable business tips. These are actions that you can take in your business today, tomorrow, this week and this month to become fiercely profitable and continue to move the needle forward in your business.
3 Profitable Business Tips
By: Melissa Lin
Becoming fiercely profitable in your online business is something that I talk about often on my podcast and all over my other social media. So today we're going to be diving into my top three profitable business tips. These are actions that you can take in your business today, this week, or this month to become fiercely profitable and move the needle forward in your business.
Now, Last year I actually did a podcast about a similar topic. So I'm going to do a very quick recap of that episode’s three tips, and then give you three brand new tips today. So technically if you haven't listened to last year's episode around my three profitable tips, then you're basically getting double for your time today. Six tips for you to get started.
Recapping Three Tips from Episode 91
Let's go into the recap first, I'm going to be recapping the tips that I provided back from episode 91, if you want a deeper dive definitely go check out that podcast episode. You know, my goal is to always help you start and scale your online businesses, create the lifestyle of your dreams, create a bigger impact in the world and definitely more profits in your business as well. I've definitely made my own list of mistakes, and I'm happy that I can laugh about it now because I didn't definitely did not feel that way in the moment;however, that's a big reason why I have this podcast to help prevent you from making some of the same mistakes that I made and to help you get to where you want to go even faster. I say this quite often over on my Instagram , and I may have even posted a graphic about it today as well. Life is not a dress rehearsal. You get to take action today, step outside of your comfort zone today and go do the things that you've always wanted to do today.
So back in episode 91, I went over three ways that you can become more profitable in your business and no longer leave money on the table. So many people are leaving money on the table and I want to help you prevent that. So the first item was selling in your business daily. And this might scare the living daylights out of you. If you are in the very beginning stages, like, "What do you mean Melissa? Sell my business daily?" Yes. Selling in your business. Every single day. This is something that over time will feel easier and will continue to excite you. I love selling my business every single day and it's something that I believe to be true. The question I want you to ask yourself is , how can people buy from you or go from point A to point B if they don't know about your offer and how you can actually help them. Right? We are truly being selfish by not letting them know about our offers and how we can support them. Does selling every single day mean that you get to get on Instagram stories every day, wave your hands around saying, "Hey, come buy this!", or "Hey, come apply for my program!". No, not necessarily. There are so many different ways that you can sell in your business. We have dozens of sales activities that we teach our clients and support our clients with ,so that you can have fun with it, right?
I'll name just a few of them off for you today :emailing your list with value, how they can work with you, sharing your freebies that then funnel into your other offers, hosting a live stream series, and then pitching your program. We can sell every single day in a way that feels good to you. And if it feels icky, I definitely have some sales mindset, podcast episodes for you to dive into and like ask yourself, the last time you walked into a grocery store or you walked into a department store and it was very normal to see what the business was selling,and having sales signs up and above going down the aisle when you’re grabbing your favorite veggies or chips or fruit bars or whatever it is.I say those specific things, because those are some of the things that we ordered on our grocery carts, via Instacart today. But it's very normal for them to sell it. It doesn't even cross our minds like, Oh, that's gross or that’s sleazy. And so ask yourself, like, why not you? Why can't you do the same? Like you are running a business ,you get to sell every single day as a well, and it gets to feel fun and normal. If you want a deeper dive, I have so many podcasts episodes about sales and ads as well, and stay tuned because next week's episode may have something to do with that as well.
That second item from last year's episode. It was, if you've started your online coaching or service based business, then you most likely already have your signature core offer. If you don't that's okay, I also have past podcasts episodes that help you walk through this, and my group coaching program, the Fierce Business Academy, helps you do this as well If you're looking for guidance and for support, feel free to DM me on instagram @themelissalin. I also have a behind the scenes look at the Fierce Business Academy program, how it runs, the curriculum and that type of thing. I'm such a big behind the scenes girl. My clients know this, I share so much of the behind the scenes. So you have your core offer and how we can add more profits in it by adding either an upsell or a down sell. So let's say that somebody gets on the phone with you. You're on a sales call for maybe your private coaching program and they aren't the right fit, or maybe they really can't fit into their budget this time. That's okay. Right? Not everyone's ready for your private coaching or your high ticket coaching program right now. That's okay,and what you could do at this time is either upsell or down, sell them into either something else, a better fit for them or something that fits their budget a little bit better. That'll give them that quick win and get them prepared for your private coaching down the road, or get them prepared for whatever that next level looks like in your customer journey. It's part of creating and expanding your product suite and creating a customer journey for your clients.
So why does this help you? How does this actually create more profits for you? Well, adding in that upsell or downsell will help you serve more people. So instead of that person saying no and then getting off the phone with you, resulting in zero sales for you, you can give them another option. It's not as big of a sale. However, it's very likely that they will come back and buy from you again. If you have one signature program right now, amazing, you know, ask yourself what could you offer as a down sell? What could you offer us an upsell? Look at what you already have and ask yourself, like, what can you create out of what you already have instead of spending the time to create something brand new? Because that does take some time.
Now the third item from last year's episode around creating more profits was expanding our customer journey and always having that next step available for them. So when your client graduates your group coaching program or a course, what's next for them? Do you have a value ladder? Do you have something else available for them? Right. We can't necessarily take our clients from point A to point Z in 12 weeks. We can help them get from point A to point B or point A to point C or even D in 12 weeks, but not the entire thing. So if the end goal for you is a seven figure business, Amazing. We most definitely can make that happen. However, that's not going to happen in 12 weeks, right? At my Academy, we help you go from starting to $5K months, and then when you're ready for the next step, we help you scale to the $10K months, then, you know, 30K months, 50K months, 100K months and beyond. And so it doesn't always happen in 12 weeks that A to Z. It's not realistic. So what can you offer? What can you create for that next step for your customers as they go through the rest of your customer journey? So, if you don't have one available, no worries, create a new one. Right? After a group coaching program is finished, you could offer an alumni version for those that would like additional support. The amazing thing about running your own business and being the CEO is that you get to create anything that feels great and aligned to you. And I love that so much.
Okay, now that we've covered the three tips from last year, let's dive into three new tips to help you become more fiercely profitable this year, and some action items that you can start taking today, this week, this month.
Diving Into Your Sales Process
Now, the first thing that I want to go into is really diving into your sales process. I was chatting about this with my mastermind clients last week when we were on our recent coaching call and really dove into their sales process. So I want you to do the same, take a look at your sales process and see where you may have a gap or where you could make an improvement. How are you attracting leads right now? How are you nurturing leads right now? How often are you asking for those sales? How often are you closing the sale? Are you only looking at your lead tracker maybe once per week? We get to have a pulse on what's actually happening in the business. So if you're asking yourself, "I don't know why I'm not making the sales?" Well, take a look at your sales process and determine what the gap is. There is always something that we can improve. Always something that we can tweak, always something that we can amplify for more of what we want. So take a look at it. If you're only looking at your lead tracker once per week. Okay. We know we need to have eyes on that lead tracker every single day, or a team member gets to have eyes on that lead tracker every single day. Fortune's in the follow-up. So make a daily list of the things that you may want to do. Have that pulse on what's going on in all stages of your sales process.
So what you could do, if you want to pass it to a team member, they could go in and make a list for you as well. So if they go into your lead tracker every single day, they can ping you on your communication portal, whatever you use for your team. We use Slack, we have a team Slack channel, and so you could have a team member Slack you, you know, "Hey, these are your hottest leads right now. Go and follow up with them from your sales conversation that you had last week. Follow up with these are people today and these people tomorrow", right? You can have a team member support you and help you with this as well.
So other things that could be a gap in your sales process, just to give you some ideas, ask yourself, are you noticing that maybe you aren't closing this many sales this month because we aren't following up with leads. Right? Are we noticing that maybe we just aren't getting in front of enough people? So a little side note, you know, growth is typically one of the biggest leverage points many of us have. So getting in front of more people and expanding lead generation is important. Now, once we feel great about our sales process, ask yourself, how can you amplify this?
Determine What Could be Improved
So, the first step is to fill the gaps, determine what could be improved then once everything feels great and looks great, you know, you're bringing leads consistently, you're nurturing them consistently, you're closing sales consistently. Now we get to ask ourselves, okay, how do we amplify this? What does that look like? How can you take that all to the next level? So this can look like, you know, automating more of your lead generation. It can look like increasing your nurturing cycle, creating evergreen funnels. So lots of questions to ask yourself and really dive into this with your sales process this week. Cause I guarantee you'll find either a gap or something that we can improve or work on and maybe something that you haven't even thought about yet in your business. Do you maybe not have a lead tracker? I had somebody reach out to me, um, over on Instagram sharing that they were already at 10K months in business, but didn't have a lead tracker and that's amazing that they've reached 10K month in their business and we also get to have a pulse on who your leads are, who could potentially be working with you down the road as well. We definitely get to have a pulse on that. Huge corporations have CRMs and things like that. You get to have one as well, some type of lead tracker.
How Can We Scale Your Current Offers That You Have?
Okay. The second thing is, I want you to ask yourself, "How can we scale your current offers that you have in your business or utilize something that you already have?" So for example, can your current group coaching program, or maybe current course, if it's a course, then it should be scalable. It should already be scalable, but can your current program that you have only support five people? Can I only support 10 people? Is there a way we can tweak your program so that it can support 20 people at a time, 30 people at a time while still creating an incredible client experience? So this could look like you hiring support coaches, you adding additional calls to the calendar. Maybe creating more materials that makes the program a little more hands-off for you. So I know for myself, I wasn't able to truly scale until I had that support system created. Hired support coaches. Created training modules and created a little more hands off in the business and supporting clients with the things they truly needed support with. So things to definitely ask. Ask yourself, do you already have something that you can create as an item in your product suite? Can you turn an older challenge or a live stream series that you did in the past into a tripwire or into something else that’s low ticket to add to your shop, onto your product suite. Right? This could be something that turns into a downsell. As we mentioned previously, creating that down sell ensures that you're not leaving some money on the table. So that could be something that you can do as well, recreate something that you already have. Or see how you can expand and scale. One of your current offers, definitely two things that you could do this week, this month, to bring a few more clients into that container.
How Can You Get In Front Of More People?
The third that I want to go into today is How can you get in front of more people, but doing so without necessarily spending more time doing it, right. This is all about working smarter, not necessarily harder, or adding five more hours of work to your daily schedule. Now here's an example. Can you host a challenge with some of your current clients to take action on an item inside of your program and to hold them accountable, you ask them to share it on Instagram stories and tag you in the group. Can you have your team pitch you to get on other podcasts? Can you have your team start your Pinterest business account to get in front of more people? Are you able to share your freebie in other Facebook groups? Can you add a collab once per month? Right? I mentioned earlier in today's episode that one of the big leverage points I've seen in businesses is growth. Once you grow, everything else will fall in place. That's what I mean by having that leverage point. Now, as long as you have the systems and foundations in place in your business, of course, then doing all of those other things I mentioned such as selling every single day, everything else will fall into place. It's kind of like the domino effect, right? That's what your leverage point is. Growth might not be your leverage point right now, right? If you don't have your sales system or sales process put together, for example, you getting in front of more people, isn't going to fix that. So what is your leverage point in your business? What's the one thing right now that can help everything else. If this one thing is worked on, everything else will start to come together. So again, for many it's growth, not always, but you've definitely got to have those foundations and systems created in your business first, before you can really utilize growth in your business.
So, those are just a few, a few business tips for you to move the needle forward in your business. I don't want to overwhelm you with 10 million things to be doing and focusing on, you know, just two or three things you can do today. Two or three things you can do tomorrow. Don't overwhelm yourself. Take action every single day. It does take time, so don't feel you've got to do everything that I mentioned today. Create some action items for today, for this week, for this month, spread it out a bit, right? Growing your business, scaling your business. It's a long term goal. It's not an overnight success for us. It's something that we get to continue to work on. So don't stretch yourself too thin. Most definitely don't.
So again, I love sharing these tips with you, and if you enjoyed this and it helps you too, please share. Tag me in your Instagram stories @TheMelissaLin and let me know all of your thoughts and takeaways!
Thank you for hanging out with me today. I'm always going to be your biggest cheerleader so you taking time out of your day to hang with me truly means the world to me. I'll see you next time.
Topics we cover include:
Recapping Previous Tips
Diving Into Your Sales Process
Determine What Could be Improved
How Can We Scale Your Current Offers That You Have?
How Can You Get In Front Of More People?
And so much more!
Times to check out:
(5:50) A Quick Recap Of Previous Tips
(14:41) Diving Into Your Sales Process
(17:41) Determine What Could be Improved
(18:29) How Can We Scale Your Current Offers That You Have?
(20:28) How Can You Get In Front Of More People?
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