Every 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 Yakinea Marie. Yakinea Marie, a certified business coach and Wealth Strategist™, is the Founder and CEO of the I Am Woman Network™, LLC, a business development and training company for women entrepreneurs. For more information, visit: www.iamwomannetwork.com.

SmallBizLady: ATTRACTING MONEY HAS A LOT TO DO WITH BUSINESS CLARITY. WHY IS IT IMPORTANT TO KNOW THE TARGET OF YOUR COMPANY?

Yakinea Marie: Knowing your company’s target product or service, target client, and target benefits are vital to attracting your ideal client and supporting them at their greatest need. A lack of clarity can deplete the company’s funds, confuse its brand message in the market, and serve clients with low impact.

SmallBizLady: WHEN DEVELOPING CLARITY WHAT ARE THREE MAJOR QUESTIONS THAT THE BUSINESS OWNER SHOULD ASK THEMSELVES?

Yakinea Marie: The owner should ask themselves:

1. What am I selling? This speaks to the advantages the products or services will offer.

2. What value am I selling? This speaks to how the product or service will benefit the consumer.

3. Who should be buying what I am selling? This speaks to your target market or ideal client.

SmallBizLady: KNOWING THE BENEFITS THAT YOUR BUSINESS OFFERS WILL ATTRACT MONEY. WHAT ARE THE DIFFERENCES BETWEEN A PRODUCT OR SERVICE’S ADVANTAGES VS ITS BENEFITS?

Yakinea Marie: When marketing the advantages to a product or service it allows the consumer to understand what it is, how it works, and what it does. When marketing the benefits, it speaks to the need of the consumer and the result they will experience after having purchased and used it.

SmallBizLady: CAN EVERYONE BE YOUR IDEAL CLIENT?

Yakinea Marie: Yes, if you’re selling water, but even then everyone isn’t your ideal client. Don’t try to serve the entire market only those who have a need for what you’re offering. You should know the demographics, basic habits, income and need of your ideal client.

SmallBizLady: WHAT ARE SOME WAYS TO ATTRACT MONEY?

Yakinea Marie: Believe it or not…..give something away for free. It’s a simple strategy but it works. Give away free advice or How to Tips if you’re in the services business, with an upsell services attached. Give away products for a 7 or even 30-day trial period with the disclaimer if they don’t cancel then they authorize to purchase it.

SmallBizLady: CAN YOU GIVE AN EXAMPLE OF HOW YOU MONETIZED “FREE” OR “COMPLIMENTARY”.

Yakinea Marie: Absolutely. I’ve hosted free or complimentary workshops on how to grow entrepreneur’s businesses and at the close of the workshop I offered them a product that would support them as entrepreneurs. I’ve also given away free How to Tips as a PDF document and they opted-in at the thank you page and an optional upsell product would display to support them as entrepreneurs.

SmallBizLady: SO AFTER YOU BEGIN MAKING MONEY, HOW DO YOU MAXMIZE IT?

Yakinea Marie: Every business needs “Passive Income”. Income or revenue that recurs monthly like clockwork. This is established by creating a product or service that customers feel they can’t live without. For example: if you sell an all-natural skin product that helps dry skin with a convenient monthly auto-ship program with delivery some consumers would enroll. This is called Passive Income.

SmallBizLady: SOME BUSINESSES ARE GENERATING REVENUE WITH LITTLE PROFITS. WHAT ARE SOME STEPS TO NOT ONLY MAKING MONEY, BUT KEEPING IT?

Yakinea Marie: Many businesses are not generating a consistent profit because they:

1. Don’t know their business numbers, their expenses vs the revenue, which equals their profit. Every business needs a book keeping and/or accounting system in place.

2. They are overspending in areas that are not beneficial for the business, be it systems, employees, materials, etc. They must identify what their profit goals are and what is needed and beneficial for the company.

SmallBizLady: WHY IS BUSINESS BUDGETING IMPORTANT?

Yakinea Marie: I’ve been guilty of over investing and increasing my company’s expenses because I had the “I Want It Now” mentality but discipline, learning to say no, knowing your targeted revenue and profit goals, and understanding the Law of Process will keep you making and keeping money. Discipline yourself not to go outside of your business budget.

SmallBizLady: YOU MENTIONED OVER INVESTING. HOW DO YOU RECOGNIZE THE DIFFERENCE BETWEEN A NEED AND A WANT?

Yakinea Marie: A want is a temporary pleasure that often times lacks productive results. A want will lead you to making anxious decisions without thinking it through. But investing in the area of a business need will position the company for growth. For example: investing in a CRM operating system for the company to monitor analytics, products sale conversion rates, customer interest, etc. is a wise investment toward a need vs a want.

SmallBizLady: IS IT POSSIBLE TO OVER INVEST YOUR TIME IN ADDITION TO MONEY?

Yakinea Marie: Yes. Time is very valuable. Time is money and if you want to make more then you must figure out how to spend your time on things that give you the greatest return. Checking emails all day is not going to produce you money, so manage your time effectively and wisely.

SmallBizLady: WHAT DO YOU CONSIDER ONE OF THE #1 MONEY TIPS FOR BUSINESS OWNERS?

Yakinea Marie: Many are focused on making money. But it’s not how much you make that really matters, it’s how much you keep. Creating business wealth has little to do with your income and everything to do with your savings rate. If you don’t have one, then I encourage you to start a plan to save today.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

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