Episode 55: 5 Business situations to take emotions out & put strategies in.Nov 05, 2020
As a business owner, you are making decisions all the time - and dealing with issues constantly. Emotions can sometimes get the best of you and make you blind to what is really going on. So, today I'm sharing with you the way to deal with the emotions and think strategically to move forward effectively. Hear 5 common ways I see others put emotions into things.
Episodes I mentioned:
Episode 17 - The emotional rollercoaster of business ownership.
Episode 53 - The 7 things you need when you start your business.
1. Product creation/development phase: When you are developing your products and services, make sure you take out the emotions you are feeling. Many of you get so excited about your products and services, but haven't validated that people actually want what you have to offer. You may not know that this will actually sell. Make sure that you are researching and validating your idea/products/services for sale before you create them. (In the Academy, there is a whole workshop on how to validate your idea.)
2. Price: So many women bring in drama about price - mainly for service offerings and digital products and courses. Many think they are worth more than they are at this stage of their business and price things too high. OR, they price them too low. AND, they don't realize that pricing is a big part of branding and it is important you come in at a price that is representative of your experience. For product sellers, your decision probably isn't as difficult - you're lucky. But, if you are struggling with price, make sure you consider everything from what competitors are pricing at, what competitor's products and features are, etc as you price. Take the emotions out and be smart about the price - but know it is simply a decision and don't waste a ton of time/energy on this. Just get going.
3. When no one buys: this can be super emotional. You may get your business started but are scared because no one is buying. You may be worried they will never buy. You may be anxious about how to get people to buy. The truth is, you need to pause and back up and see if you really made this business visible and people know what you offer. Frankly, if no one knows what you offer, then it's likely you won't get sales. You have to have a visibility plan. You have to share your business. Get a plan together for how you will make your business known before you get upset and think your business is going to fail.
4. When people steal from you, give you bad reviews, are rude or are dissatisfied: this always creates strong emotions. Just remember that you will screw up and do things wrong - and need to take ownership and learn from the situation. If you end up having a rude customer who is rude for no reason, then try to hold yourself together because that person is being ridiculous. People will be rude - so get ready. Also, if someone steals from you, it will be hard. It is so frustrating and maddening. But hang in there, you will get through. Just be smart about how you react and do the right things.
5. When people are good: make sure you celebrate, but always have a safety net and strategy if the rug gets pulled out from under you. Things can be really good and it's so exciting - but make sure you have a solid marketing plan in place to keep customers coming in - and coming back!
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