We all experience failure at one time or another. Successful business owners learn from their failures and keep going. In this episode, we discuss how to learn from failure to increase your success next time.
Jeff and Kristin discuss the following items this week:
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None of us want to deal with unhappy customers but it is inevitable as a small business owner. In this episode, we discuss how to save your sanity and your reputation next time you must deal with one.
Many of us get a negative email, message, or review and want to instantly respond while we are seething mad. Probably not the best way to respond. Before you reply:
If a customer is too demanding or gets out of line, you can fire customers. Make sure you have disengagement language in client contracts where applicable.
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https://www.smallbizlife.com/blog/episode-97-how-to-deal-with-unhappy-customers
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Small business owners typically struggle with pricing their products, especially digital products. In this episode, we discuss the factors that must be considered when setting your prices.
For more information about pricing your services, check out episode 90.
There are four components of pricing:
You must also estimate how many units you can sell per month or over the lifecycle of the product (if it is short). Typically, we are very conservative with our estimates. If you estimate too high, you may end up not being able to cover your costs. If your estimates are conservative and you sell more units, your profit will be higher (which is a really good thing!).
Total Costs + Profit / Estimated Number of Products Sold = Price
Time really is money. As the time you take to get a product to market increases, so do your costs. All of these costs, including the cost of your time, must be recovered. Here are some tips to minimize delays and procrastination:
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Why do we always look at numbers that mean very little?
Vanity metrics are the numbers that push most online businesses. However, they are just that vanity. They can make us feel great when they look good or grow. However, if they are low then we feel horrible. It makes us what to stop.
However, we need to remember that good or bad they mean nothing on their own. Views, downloads, likes, views, and hearts all mean nothing on their own.
What we need to look at is revenue, customers, conversion, cost or ultimately profit.
However, when we start a business those numbers are bad. They are the numbers of "old" business. They are not as sleek and sexy as these more modern metrics that make us feel like we are at least helping others even if we are not yet making money.
We are looking for validation as well. We want profits. However, we do this to help people. However, the less money we make, the less help we can give people.
So we need to look at metrics that tell us the complete picture of our business.
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As small business owners, we often forget to take care of ourselves in the midst of our busy schedules. Join us for some wisdom from integrative health and wellness coach, Emily Olson.
During this discussion, we cover food, movement, and energy so you can more effectively run your business. We had a lot of fun doing this interview and Emily provided some great tips.
If you are interested in finding out more about Emily and working with her, check out her website and sign up for a free 30-minute Breakthrough call. You can also sign up for her free 7-Day Whole Food Challenge.
Smoothie and Protein Powders
Ancient Nutrition Bone Broth Protein (this is what Kristin uses)
Organifi protein powder and green juice (use code WLW15 to save 15%)
7-Minute Workout App for Apple or Android
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