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One of the biggest roadblocks many women entrepreneurs have to growing their business is thinking they have to first invest in office space, a fancy website, a blog and more before they can be successful.
When I first started what is now a multi-million dollar business, I had a tiny budget. And I thought I would be perceived as more legitimate if I had all of the trappings of a “real” business. So I spent money where I didn’t need to, wasting a lot of my time, effort and my limited budget in the process.
It wasn’t until later that I realized it isn’t the trappings of business that make prospective clients take you seriously. Which is why I want to share with you simple budget-stretching tips to help you attract high-end clients, without breaking the bank.
Tip #1. Focus On Getting Clients Before You Invest In A New Website
While a website is eventually necessary for you to invest in, early on in your business (or when you’re launching the next phase of your business growth) you can skip this time intensive and expensive step. Instead, focus on getting your first few clients, then use your increased cash flow to fund your new website.
I recommend using networking to meet potential new clients. Invite them into a complimentary Discover Session. Then, complete your Discovery Session by offering a Virtual VIP Day. VIP Days are nearly 100% pure profit for you and clients love the high-content value they receive from this intensive format. And the best news is, you don’t need a website to offer VIP Days.
Tip #2. Skip Expensive Office Space In Favor Of This Strategy
Paying for office space that you may only use a few times each month to see clients in is a waste of your budget. Instead, check out many of the shared office rentals that may be available in your city.
Or if you have your eye on an upscale building, ask the receptionist which business might be open to an office sharing arrangement with you. Many businesses have unused space that is expensive for them to maintain, which can make them happy to recoup a bit of their investment.
If your only live client meetings are with VIP clients, where you’re delivering a day of coaching and mentoring, you can check out area hotels as many of these have executive boardrooms or special suites they rent out by the day. Just be sure to negotiate and be prepared to walk away if they won’t accept your budget.
Tip #3. Make Sure Every Penny Is An Investment, Not An Expense
Every networking meeting, coaching program, training course or marketing tool you invest in should give you back a return on your investment. The mistake most women entrepreneurs make is that either they’re not clear ahead of time what the return is they expect or they don’t fully implement what they’re learning and instead, rely on hope to be successful.
Early on in my business, I vowed to implement everything I was learning, no matter what. And as a result, I built up trust in myself and I continually looked for ways to maximize my investment in every course, training or program I invested in. Sometimes that return was in feeling different about myself, helping me to emotionally and energetically leap to the next level.
This helped me grow my confidence to invest at higher and higher levels, even when finding the money to pay for those investments seemed daunting.
Tip #4. Get Your Relationship With Money Handled
Women hesitate to invest in the training and mentoring they need to grow their business because in their heart, they often doubt either their ability to succeed or their ability to handle rapid growth.
This may shock you to hear, but 95% of the success you’ll achieve in your business is due entirely to your relationship with money (and only 5% can be attributed to your marketing). So it makes sense that the more you heal your relationship with money, the quicker and easier you’ll find it is to grow your business, without the overwork, overwhelm or under earning that many women entrepreneurs commonly experience.
A Budget Need Not Ever Limit You From Achieving Your Next Level Of Success!
If you have any thoughts of “I can’t afford it” I recommend taking a closer look at this barrier and apply the tips I’ve just shared with you. “I can’t afford it” is a cover up for fear and doubt, both of which are far more costly than the investment in what you need to grow your business.
Remember, this YOUR business and don’t let anyone, or any hidden doubts or fears, hold you back from achieving what it is you truly want!
Testimonials
Dead on as always Kendall! Thank you for always reminding us to take care of business from the inside out ~ investing wisely every step of the way!
I love that you mentioned implementing everything you invested in. So many of my clients tell me that they have unopened programs on their shelves and hard drives that they hope to get to “someday”.
Just an excellent article Kendall. I completely agree that investing in only the basics is necessary at first. I’ve known so many people who invest in services they don’t even use – like merchant accounts for example. Go basics to start and the rest will come by just getting out there. Thanks for great work.
Thank you Kendall…this article was perfectly timed for me. I’ve been stuck in thinking that I ‘should’ spend $1500 on a pretty new website, rather than the free WordPress sales page theme I’ve been using (which has been working perfectly well whilst I’ve started out with programs and audio products). You’ve helped me realise that the money would be much better invested in clearing any inner blocks to wealth and success – then I know it wouldn’t matter what kind of website I promoted myself from, because my energy will be the factor attracting sales and clients, not an attractive logo or website! Thank you for the inspiration.
Great article Kendall!! This is definitely a trap that I found myself falling into as well. It’s hard not to invest in all of the latest bells and whistles, especially if you pay attention to what everyone else is using. And I’ve also realized to pay attention to those multi-six & seven figure business owners to see what they are not using and they are still able to create a successful business.
Heart and soul wisdom; Persistence always pays.
I specialize in building WordPress blogsites for solopreneurs – but what many don’t realize is that if you have a very small (even a zero) budget – go with WordPress.COM – it’s FREE and has all the SEO magic and the ability to make your own edits.
When you have cash flow, you can easily move into a more customized WordPress solution.
However, a website is a MUST-have. A Facebook page is not enough.
Cheers!
Absolutely spot on again, Kendall. Thanks! I love your comment about ‘can’t afford it – equates to fear and doubt’ and which really do end up costing you more in the long run.
Pat
Not only money but time. I’ve found with myself and clients that putting in time into website, videos, and other things is just another way of hiding and saying that I’m not good enough yet.
Also, Kendall, if you haven’t seen the movie “Buck” yet, you definitely must. It’s about a real life horse whisperer. He does amazing things with horses to heal both people and horses.
Leah
Great post! I would love to learn more about VIP days. I hear about them all the time but have no idea what to put in mine.
Indeed, I am looking to change my website eventually and will use WordPress to start with then upgrade when I have the budget for it.
Great article. I too relate to the tip to implement everything – I want to take on the vow that you made, especially with some investments I’ve made recently. I don’t want these to become something I’ve listened to and then not done anything with; this means handling the fears that arise with implementing!
Thank you Kendall for this great article you are right on with “Getting Your Relationship with Money Handled” It affects your business in alot of ways from charging less than you are are worth to having a mentality of lack.
As a brand-new coach, it is hard to know what you don’t know. When I see so many good coaching and training programs out there, it is tempting to sign up so that I have more confidence that I’m well prepared. Thankfully, I have held off, wanting to absorb all of the materials I already have from you before taking on anything else. And, as someone who will be coaching entrepreneurs on all of the systems and logistics needed in setting up an online business, your advice is in line with what I would advise them. Many thanks.
Kendall, all of your advice as always is spot-on but especially tip #1. While I have different websites for my free gifts and info products, I have not had one central website for a while. I was thinking I should network before investing more money and time into website work and you confirmed that for me. Thanks and brightest blessings to you and Richard!
Great tips as usual, Kendall. I’m also loving your cd series–”How to charge what you’re worth and get it.” thanks!
Hi Kendall, thanks for this great article! The part that really got me was #3. I realized that everything I spend money on in my business needs to have a return on investment. . . even the things that seem like they are simply a “cost of doing business”. After all, what good is an expensive shopping cart program if you’re not making sales? I looked at these things as expenses before but they are clearly part of building the business foundation and an investment in my business that should produce a return. Thanks again, Erin
Another cheer for that blog post, Kendall. As someone who has NOT implemented all the learning from the programs I’ve invested in, I relate very strongly to Tip #3. Something I will implement, this year, is an intention to choose just one “guru” to follow and really follow their advice. It’s easy to get discouraged when you’re getting advice from 15 experts and have 16 “top” priorities. Thanks, again, for being inspiring.
Hi Kendall, this is s great article! I especially like #3. it is very easy to get caught up in “investing” in your business with frivolous things thinking that we are actually making a true investment. It’s important to evaluate what your results will be before you invest and make sure it is something that will contribute to the growth of the business and something that you will implement. Otherwise, you will just be wasting money.
Thanks for posting this!
Great tips Kendall! Many of the people on my list will not take the leap and invest in themselves. Once I invested in ME, everything changed . Thanks for your wisdom.
Patricia