With the cost of a college education rising almost double the cost of inflation, there must eventually come a point where it becomes too expensive to obtain a higher education. Is this all a bad thing?
I don’t think so. There is a lot to be said for institutional learning that is done in a school, but there is also a lot to be said for real world experience.
With 80% of college grads working in something unrelated to their major within 10 years of graduation, it may be a good deal to check out a local community college and begin the process there.
Most credits will transfer when you realize what it is you really want to do, but the biggest savings will come in the form of less money spent.
You are the same as all of the other businesses around you.
Stop and think for a moment about why someone would buy your product or service instead of from the company down the street or in another state. In other words, what makes you different? If during this exercise you determine that you are just about the same as all of the other businesses then you certainly are not unique.
Every business that wishes to turn a 6-figure profit must determine their unique selling proposition or USP. The difference between you and the competition should set you apart and make your ideal customer beg to do business with you.
If you remain the same then most prospects will purchase based on price. Do you really want to market your services to someone that will leave just as soon as your product or service is offered for dollars cheaper somewhere else?
My USP in the financial coaching realm is that I do not sell investments, insurance or anything magic software that makes getting out of debt any easier as most companies do. My focus with my business clients across the country is to help their businesses turn a six-figure income in 24 months or less.
Some great things that could set you apart from your competition and have customers knocking down your door could be fast delivery, uncommon results for your clients, quickly returned phone calls, stellar customer service, overnight service, no-hassle guarantees or no-pain dentistry or doctor.
Whatever your USP make sure you convey it to your customer base. It is likely the main reason they will do business with you. Domino’s Pizza is not known for great pizza, but if you want it there fast, everyone still remembers their “30-minutes or less or your pizza is free” slogan.
Marketing to yourself instead of your target market
Picture yourself as a business owner with a problem. You have a problem because your company, which has been successful in the past, has been experiencing a downturn. If you are a business owner you probably do not have to use much imagination because this business owner is probably you.
When you begin to analyze the reasons of a downturn in business it is very easy to blame the economy. “All businesses are doing bad, just look at the economy!” I hear this one all too often. But what if we thought different? What if, instead of blaming the economy for our business downturn, we embrace it and actually use a slowing economy to our benefit? What would it look like for your business to be thriving in a down period?
That is exactly what I have been coaching business owners to do. In fact, I think that now is a great time to start a business. You heard it right. Instead of blaming external factors, how about we embrace them!
If the economy has changed, that’s perfectly ok. If your business is suffering now, the market has somehow changed. My question to you is what have you not changed either your marketing plan or your entire business model to keep up with the change? If you are not marketing to consumers who need your product or service then in the long run, you are really only marketing to yourself. I for one am willing to bet that you will not be able to purchase enough from your company to stay in business. Why not change?
… to get a radio show to you. This morning my wife Christine joined me on the show to share how we save over $1,000 each month in our house.
We had a problem getting into the studio, but we did not let a pane of glass stop us. We broke in a few minutes before going live.
You can listen to the show here.
Having only one source of referrals
I coach with many coaches across the country to help them build their practices. A common problem most of them have in their business is having only one source of referrals. Many of the Dave Ramsey coaches I talk with rely solely on Dave’s company to send them all of their referrals. This is also a problem that I see not only in services businesses, but also with businesses selling traditional products.
As a Certified Dave Ramsey Coach myself, my market is a very small one for Dave Ramsey. As a result I have had to build models and streams of referrals that do not depend entirely on one organization sending prospects to me. I even consider anything that Dave’s company sends directly to me as icing on the cake, where many others rely nearly 100% on this one source.
When working directly with any Dave Ramsey Coach, I would prefer they be in a small market for Dave Ramsey because they must quickly learn to rely on building their business on more than one referral stream. Any time you are reliant on one source for anything in a business, risk enters the picture. What if someone else comes into your market that was trained by Dave Ramsey? Immediately your referrals could be cut in half. What if Dave Ramsey’s company decides to no longer send prospects to you? Again, your business dries up. What if your one buyer decides to branch out and find a cheaper product?
The importance of having more than one stream of referrals has never been more important. Take a look at where the majority of clients and customers in your business come from. Can you expand to reach other areas? As you do I guarantee your income will soar.