Tag Archives | SmallBizChat

How to Earn 6 Figures (or More) in 2013

By on March 7, 2013 in Business Inspiration, Grow Your Business, Q & A Interview, SmallBizChat

SMALL BIZ CHAT LOGO 20121 300x123 How to Earn 6 Figures (or More) in 2013Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with @darnyellejervey. Darnyelle A. Jervey, MBA is an award winning author, sought after speaker, award-winning certified business coach and marketing consultant. Darnyelle is the founder of Incredible One Enterprises, LLC, a full service marketing strategy, empowerment and business optimization consulting firm that specializes in offering business leaders marketing and business optimization strategies, empowerment and executive coaching solutions to individuals and organizations worldwide. For more info, visit: http://www.incredibleoneenterprises.com

SmallBizLady:  What exactly do you mean by incredible factor?       

Darnyelle Jervey:  Everyone has an Incredible Factor. I believe that you start with your innate gift and clarify if it solves a problem that people are willing to pay for the solution to. Unleashing your Incredible Factor is two-fold; it is first and foremost managing your mindset so that fear and beliefs don’t hinder your actions. And secondly, it’s about movement – positioning yourself (via marketing and strategy) to take consistent action toward your target business growth goals.

SmallBizLady:  Why don’t all entrepreneurs make 6 figures or more in their businesses?

Darnyelle Jervey:  While there are many factors, I have narrowed it down to five, because they don’t take the time to create a balanced and effective business and marketing plan. Focusing on just five areas as a service-based business owner can be the difference in five figures and six or multiple six.

SmallBizLady:  What are the five factors that make up a successful business?

Darnyelle Jervey:  Sure, the five areas that entrepreneurs need to focus on to be able to successfully unleash their Incredible Factors are: Mindset, Message, Market, Money and Method.

SmallBizLady:  What does HUG stand for?        

Darnyelle Jervey: It’s your innate gifts and talents (which I call your HUG – Hot Undeniable Gift) plus your Signature System (which I call your signature business move) plus how you stand out from others who technically do what you do (your USP) in a client and brand magnetic package. Knowing your Incredible Factor makes developing a plan for your message, market, money and method much easier.

SmallBizLady:  Why do you suggest shifting your mindset as a key component to unleashing your Incredible Factor?

Darnyelle Jervey:  95% of your success in life is based on mindset. Your business growth will always be stifled by your limiting beliefs. If your limiting beliefs are bigger than your desire to change the lives of those you’ve been called to serve with your Incredible Factor, you won’t grow your business. By taking the time to learn strategies to shift your mindset, you can experience exponential business growth, which will allow you to create experiences for many more people.

SmallBizLady:  When it comes to my message, what is essential to consider when creating it?

Darnyelle Jervey:  Remember the universal law of business and build your marketing message around it. Everything that you do, say and are must align to the way you want to be represented in the market while solving a problem for your “audience of one”.

SmallBizLady: How do you determine your marketing message?

Darnyelle Jervey:  I recommend that you complete a SWOT analysis on your business concept. Start by considering the top of mind problems that exist in the market place. It’s easy to want to speak in a voice that is already in the marketplace; however, it’s about finding what makes you different. As you complete your SWOT, think differently. Ask yourself questions that look at the problem from a different angle. Don’t be afraid to burn the box.

SmallBizLady:  You mentioned top of mind problems. What are they and can you give us an example?

Darnyelle Jervey:  Sure, a top of mind problem is a problem that keeps your Audience of One awake at 3 am when they should be sleep. They are losing sleep and stressed because this problem is at the forefront of their minds. Top of mind problems fall into one of six categories: identity/purpose; health/wellness; love/relationships; wealth/money; time/life balance; sex/life fulfillment. If the problem you solve falls into one of these categories, great if not, go back to the drawing board.

SmallBizLady:  How do you recommend you determine your target market or Audience of One, as you refer to it?

Darnyelle Jervey:  The short answer is market research. Before you can get started, you have to get clear on the problem that you can solve for others easily out of your abundance – of content, information, strategy, etc. Remember the universal law of business. Then, the first step is to thoroughly describe who they would say that they are right now. It can be done in one clear paragraph. This includes demographic as well as emotional information that helps you “get into their heads” so that you can eventually create compelling marketing for them to self-select themselves into your products and services. Next, identify what their problem is right now in a full paragraph. Get clear on what they’re struggling with in graphic detail. Begin to use words they’d use to describe their problem. And lastly, build out a detailed paragraph about what they’re in most need of right now to solve the problem. This final paragraph is like your prescription for their problem or the product or service you will introduce them to as they progress through your funnel.

SmallBizLady:  How do people’s attitudes about money enter into whether they are successful in business?

Darnyelle Jervey: Most entrepreneurs never see 6 figures worth of income in their businesses in a year’s time. It’s for a few reasons. First, they have problems with money that stem from their past, mostly their childhood. How their parents dealt with or felt about money, etc.  And that trickles down into the prices they set. When you don’t know your worth, you undercharge and when you undercharge, you don’t take all of your business numbers into consideration so that each new client brings you closer to profit. It’s a vicious cycle if you don’t deal with your money consciousness.

SmallBizLady:  So how do you pull this all together to run a strong business?           

Darnyelle Jervey:  After clarifying your message, market and money, you have to create a systematic approach to marketing to them in a consistent manner. I created the Magnetic Marketing Success Formula that includes setting up marketing sequences that move prospects through your funnel in an authentic way.

SmallBizLady:  Can you give us an example of a potential marketing sequence?

Darnyelle Jervey:   Sure.  The formula I like to use is Value x 3 + Offer + Delivery + Value. If we were building your Free Offer Sequence, it would look like this: It starts with your free offer – make sure it addresses the first top of mind problem they are actively seeking a solution to and offers a high content and value sample of what it would be like to work with you.  And also make sure it has an effective call to action so that they opt in.  Then, create a sequence (video or email) that provides 3 pieces of value pertaining to that top of mind problem and additional content before making an offer for them to invest in your help to solve said problem.  After you make the offer, deliver it, and then add more value to deepen the relationship to position the next solution to the new problem that will surface.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is America’s #1 small business expert. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing to fulfill her mission to end small business failure. She writes a weekly column on social media for The New York Times. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also the bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works and the ebook: How To Become A Social Media Ninja; 101 Ways to Dominate Your Competition Online.

Comments { 2 }

Who is on #SmallBizChat | March 2013

By on March 1, 2013 in SmallBizChat

SMALL BIZ CHAT LOGO 20121 300x123 Who is on #SmallBizChat | March 2013#SmallBizChat is a weekly conversation where small business owners can get answers to their questions. The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss.

Join me live every Wednesday, 8PM EST for #SmallBizChat on Twitter.

Here’s how: follow @SmallBizChat on Twitter and click here for directions on how to join the conversation.

_____________________________________________________________________________________________________

Here is a list of who is on #SmallBizChat in March:

3/6/13: How to Earn 6 Figures (or more) in 2013 @darnyellejervey – Darnyelle A. Jervey, MBA, is the founder of Incredible One Enterprises, LLC, a full service marketing strategy, empowerment and business optimization consulting firm that specializes in offering business leaders marketing and business optimization strategies, empowerment and executive coaching solutions to individuals and organizations worldwide. http://www.incredibleoneenterprises.com

3/13/13: Everything You Need to Know About Your 2013 Small Business Taxes. @BarbaraWeltman – Barbara Weltman is a respected corporate speaker, contributing editor, author of more than a dozen books from major publishers, sought-after expert media source, newsletter publisher and more than ever a trusted advocate for small business owners.  More info at http://BarbaraWeltman.com

3/20/13 Where to Go When the Bank Says No. Ways to Find Alternative Funding. @karlenesinrob - Karlene Sinclair-Robinson is an alternative financing expert, speaker, entrepreneur and business consultant.  Karlene is the Managing Member of KsR Solutions LLC, a business consulting firm focused on strategic business solutions, including financing and diversification. For more info:  http://www.spankthebanknow.com/

3/27/13 How to Use Social Media to Generate PR for Your Small Business.  @cathywebsavvypr - Cathy Larkin is founder of Web Savvy PR, adding social media tools to the traditional Public Relations (PR) toolkit to help small businesses, entrepreneurs, non-profits, speakers, bloggers and authors build their businesses and expand the reach of their brand.  For more info, visit: http://websavvypr.com

Comments { 0 }

How to Build a Million Dollar Business

By on February 7, 2013 in Grow Your Business, Q & A Interview, SmallBizChat

SMALL BIZ CHAT LOGO 20121 300x123 How to Build a Million Dollar BusinessEvery week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Richelle Shaw, @RichelleShaw. Richelle Shaw is an author, speaker and entrepreneur.  She is the leading expert and authority in building successful million dollar businesses. Richelle’s experience comes from building her first business to $36 million, losing it all after the 9/11 tragedies, then, successfully rebuilding her million dollar company in approximately 5 months. As the only female African American public utility owner in the nation, Richelle has won local and national awards including Top Woman Entrepreneur of the Year 2010. She wrote How to Build A Million Dollar Business in Las Vegas Without the Casinos and The Million Dollar Equation.   For more information visit: http://www.RichelleShaw.com

SmallBizLady: What are the three ways to grow a business?

Richelle Shaw: There are three basic ways to grow a business:

  • Get new customers
  • Get your existing customers to spend more money with you
  • Get your existing customers to come back more often

SmallBizLady: How do you build a million dollar business?

Richelle Shaw: I believe you start with a great solution.  Look to solve a problem. Even with a business that currently exists, start with what problems do your customers have.  I like to Google your target market and the word “problems”.  Then, create the business using your existing assets to solve the problem. For example, I owned a telephone company.  What a commodity?  How was I to compete with the larger companies?  In Nevada, there were 58 other carriers that provided the same service as I did and with huge budgets.  The biggest problem my target market had, getting telephone service without a huge deposit.  I found that credit challenged customers were being taken advantage of from bigger carriers.  I decided to focus on them and “providing a solution to their problems”.

SmallBizLady: Tell us about how successful your businesses have been?

Richelle Shaw: As the only female African American public utility owner in the nation, I built my first business from $300k to $36million and lost it all after the 9-11 tragedies.  I then rebuilt back my million dollar business in about 5 months.  Not only have I personally built million dollar businesses, but I have coached over 12,140 entrepreneurs on their way to build their own million dollar businesses.  Several have been successful, from an auto repair center to an OB/GYN.  No one wakes up eager to spend money with the gynecologist.  BUT, we grew his business from $384k to $1.2million in 9 months. I have systems that build successful million dollar businesses.

SmallBizLady: What was your greatest obstacle when trying to build your million dollar business?

Richelle Shaw: The first time, I was 27 years old. Everyone in the company was older than me, except for the receptionist.  My ideas were sabotaged by my staff.  They even called the police on me for parking my new car in a handicap space.  BUT, what they could not dispute were results.  So I used it as an important lesson.  Now, I focus only on results.  Results helped me stay focused.  Test everything and only use money to expand the ideas that had already proven profitable.

SmallBizLady: What is the Million Dollar Equation and can it work for any type of business?

Richelle Shaw: Here is the entire Million Dollar Equation –

1GS + TM+MC+FU+R³+85W+3GR = Million Dollar Equation

1 Great Solution – You must be solving a problem for your customers

Target Market – Your target market must pass the MDE 5 Step Criteria

Marketing Calendar – Random implementation produces random money

Follow Up – The specific follow up campaigns for both prospects and customers

R³ – Retention, Reactivation, Referrals – All systems that make sure that each customer stays, pays and refers.

85W – Most entrepreneurs only implement a couple of ways to acquire a new customer – in the book I detail out my favorite 85 ways and the 85 ways I used in my million dollar telephone business.

3GR – There are only 3 ways to grow a business and should be your only focus

All businesses need to get a customer, get them to pay and get them to refer.  So, my answer is yes.  The million dollar equation works for all businesses.

SmallBizLady: How do you determine your marketing budget?

Richelle Shaw: The marketing budget should be broken down by 20% spent on acquiring a new customer and 80% spent on getting existing customers to spend more money and to get them to come back and buy again.  Focus the 80% on the R³ portion of the Million Dollar Equation Retention, Reactivation, and Referrals.

SmallBizLady: What kind of team do you need to build a million dollar business? 

Richelle Shaw:  The first time, I had 52 employees including a big sales team and live operators but the second time only 5.5.  The second time, I used every technology available to automate as many systems as possible.  What kind of team is needed?  I believe you must have people on your team that can implement the strategy.  I created the strategy, and my team implemented.  I found that you cannot be the one creating the strategy and the one implementing, too.   My team the second time around consisted of 5 sales people/customer service agents.  The ½ a person was my part-time assistant.  I outsourced my controller, billing, IT and graphic/design departments.  I exclusively spent my time working on the marketing, strategic partnerships and overall growth strategy for the business.

SmallBizLady: Less than 9% of all businesses reach a million dollars in revenue. Why is it difficult, for business owners to build million dollar businesses?

Richelle Shaw: There are 3 reasons that directly influence:

  1. Entrepreneurs have a lack of focus.
  2. Entrepreneurs use money to test instead of using money to grow.
  3. Entrepreneurs do not set up the business to be a million dollar business – from pricing to systems.

SmallBizLady: What is the most important thing you must have to build a million dollar business?

Richelle Shaw: It is about the Great Solution.  Finding the problem that the target market needs to solve is essential to build a million dollar business.  Most businesses start with – I like the idea, I think it can make money – before they focus on what problem are they solving. Without asking the right questions or determining what problem you are solving, the business will not be sustainable.  No matter how innovative or unique the marketing strategy is, it will not work.  Then, we focus on how to determine the best Target Market available.  The simple tests to make sure that you have a great solution.

SmallBizLady: What is the best practical step you can suggest for building a million dollar business?

Richelle Shaw: My best practical step is pricing your products or services to grow quickly. How you determine your price can determine if you ever get to a million dollar business.  When I ask entrepreneurs how did they come up with their price they tell me:

  • Based on the cost of goods sold
  • By calling all of their competitors

The price should be only determined on what the market wants to pay for the product or service.

SmallBizLady: You say – Money makes people stupid – can you elaborate?

Richelle Shaw: Money becomes the focus for so many entrepreneurs.

Example of Stupid Entrepreneur: Before they start the business, they are focused on getting a loan or a grant.  Instead of simply starting the business.  Just start – Run out and get two customers. Don’t wait.  If you can’t make money without money, then when you get money, you will be unable to make money, too.

2nd Example:  As I watch them build the business and as soon as they reach the $10,000 per month level, they buy an expensive car telling themselves that they deserved it. Big Mistake!

3rd Example:  Once the business reaches a certain level, the entrepreneur stops implementing like they did when they were the start up.  They stop taking risks.  And the risks are what help build the business quickly.  I love to tell seasoned entrepreneurs to implement like you are broke.

SmallBizLady: What one piece of advice would you give entrepreneurs trying to reach the million dollar level?

Richelle Shaw: Once you get a customer, make sure that you have systems in place to make sure that they stay with you for life. You need that customer to pay you again and again, plus become referral machine. I show you exactly how in the book- The Million Dollar Equation – How to build a million dollar business in 3 years or less.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is America’s #1 small business expert. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing to fulfill her mission to end small business failure. She writes a weekly column on social media for The New York Times. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also the bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works and the ebook: How To Become A Social Media Ninja; 101 Ways to Dominate Your Competition Online.

Comments { 4 }