Why I started a podcast

In November 2020, I attended Janet Murray's annual event 2021 Sorted. Colin Gray talked all about how to start a podcast and it really appealed to me. With some pushing from Janet, I agreed to start a podcast.

Today (17th March) marks the launch of my new podcast "The Pricing Queen". I have 11 episodes all ready to go and I'm so excited to be out there with it.

For me, a podcast is perfect. I don't have to put on any makeup, I can chat away (I love a chat!) and I can choose when I do it. It can also be quite casual in style, as I don't have to be too corporate about it.

I have also loved having loads of guests for my first season. I've chatted to Osmaan Sharif (mindset), Janet Murray (online courses and memberships), Amy Mitchell (systems and productivity), Amy Caiger (niching) and Rob & Kennedy (email marketing).

It's a great way to show your authority in your chosen niche, and also to invite people you admire so you can chat to them. It should also open out my audience (I...

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How to earn more in your small business

business income Feb 17, 2021

2021 has started off being a tough year. We thought we'd left behind some of the woes of 2020, but unfortunately, that's not the case. And lots of small businesses are struggling.

If you are struggling with managing homeschooling, your business and all the other demands at home, you are not alone. The uncertainty can make it very difficult to plan anything and balancing your energy can be really important.

Also, if you are just working all the time (maybe you don't have kids but are stuck on your own at home), there is a temptation to just work all the time, and never have a break.

Look at what brings in the most money with the most ease in your business. If you offer a 1:1 service, could you do more, rather than sell something like a course, which won't get you much, but a 1:1 would net you more.

Do short term things if you need the money right now. Go out to your "hot" leads - these are mostly existing or previous clients or ex-colleagues. Ask them if they know anyone who needs...

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5 things I've learned from being in business 3 years

As my business turns 3 on 13th February, I've been reflecting on things I wish I'd known or done when I started out.

1) Outsource as early as you can

I waited for ages to get my amazing assistant Louise, and my web designer Lisa, but they have transformed my business. Don't wait until you are collapsing under work to outsource. Get someone to start small and grow with you as your business grows.

There is a saying that you should get someone when you can afford 50% of their fees. I think it's a good rule of thumb to get you started.

If you find it hard to delegate, just do a few hours or tasks to start with. I find I can't outsource email easily but have no problem with social media posting.

2) Don't be afraid to experiment

I've tried all sorts of things in my business. I started as a freelancer exchanging time for money (as most people do). Then I discovered online courses and email marketing, and I have experimented with various offers, some more successful than others.

Some things...

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Why you should have Xero in your business

It’s so important to have an accounting system in your business. It doesn't matter how small you are or how big you are, everything is made easier by having an accounting system.

I am Xero certified because I love it, and I highly recommend Xero. I find QuickBooks really clunky, so if you're choosing between QuickBooks and Xero, I'd say Xero every time.

Why do I need an accounting system?

Having an accounting system will save you lots of time in the long run. It will also save you time in the short term by having all your invoices sent from the system, help you collect money via GoCardless and seamlessly match it all. Plus If you have an accounting system like Xero, you can connect up your bank, Stripe and PayPal. This makes it very easy to keep track of your numbers, because every business needs to know what their numbers are.

You can also take photos of your receipts when you are out and about (when that can happen again!) and then all receipts and invoices are in one place...

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Which product or service makes you the most money in your business?

Which product or service makes you the most money in your business? Do you even know this?

If you have lots and lots of products and services in your business, you need to really think about focusing that down, and knowing which ones really make you money. But do you know how much money they each make?

If you offer one to one consultancy, is that actually worth doing? If you do a course, is that worth doing?

I want you to think about how which products and services in your business make the most money. And then you can make some conscious decisions about the best way to manage your business.

Revenue information

Start by looking at the split of your revenue.  Look at your revenue for the last 12 months ideally, but whatever you can pull out.  Look at how much you made from each of your products, how much time they took you take you to deliver each time.

Let's say you have one to one consultancy. Look at how much one to one time you actually spent and how much revenue you...

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What is a power hour and why should you have one?

I think all service businesses (and some product ones too!) should have a power hour as part of their portfolio. It's a chance for people to work with you at relatively low cost, and you can get a result in an hour for the client.

It also deters time wasters who just want something for free.

What is a power hour?

A power hour is an hour of your time where you solve a specific problem for that client. So for me, it is pricing a specific thing, or increasing your profit in a certain area. I can't solve all of your pricing problems in an hour, so it's best to pick a topic and be really clear about what you can (and can't) cover in an hour.

Why do I need a power hour?

Do you often get people "tyre kicking" or saying "can I pick your brains about....."? It can be hard to say no, but you can end up spending a lot of time for free and giving away lots of your hard won experience by doing this. And people will push your boundaries all over the place if you let them!

Is it difficult to set...

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Apps to make you more productive

I talked in my previous blog about productivity and in this one I want to talk about more tools you could use in your business to make you more productive

 

Toggl - perfect for tracking your time on projects and knowing how long things take you to deliver a project or retainer. The free version is fine, but I use the paid version to give me billable vs non billable amounts.

 

Asana - I have everything in Asana these days - documents, workflows, projects and I love it. I can set due dates, share information and tasks with people and generally organise my life. Amy Mitchell has a great free training on getting started. Get it here.

 

Kajabi - I love Kajabi because it houses my website, courses and email marketing in one place. When I was looking at it, I thought it was expensive (I pay around £130 per month) but because I was paying for web hosting and an email list separately, plus having somewhere to host my courses, it wasn't much...

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5 ways to stop discounting your services

So today I want to talk to you about five ways to avoid discounting when talking to a client. 

Picture the scenario, you send a proposal to a client and the client says they can't afford that. And the And you immediately offer to discount with no reason to do so.  Instead, take a deep breath and do one of the following 5 things:

  1. Ask the client what the most critical thing that they need doing is.  If they are a new client, it might be that they haven't seen what you can do yet, they might be worried that they're spending money they won't get back. And so ask them what their most critical items are, and which ones you can start with. You could also start with what the budget is, and this would guide you as to what to start with and how they can get a result with a smaller budget.
  2. Packaging your services.  I believe this gives people more options, plus makes it clearer.  It avoids awkward pricing conversations before they even start, so having conversations...
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Know your business numbers

business cashflow finances Oct 14, 2020

Do you know your business numbers? It’s one of those areas of business that many shy away from, but it’s a crucial element you need to understand, if you want your business to grow and be profitable. 

So why is it so important and what numbers do you need to know? 

Make informed financial decisions

Knowing your business numbers helps you make informed decisions for your business. For starters, how will you know if your business is making money or losing it? If you know your numbers you can decide if you can afford to make investments or hire a mentor.

But knowing your numbers will also help you know if you’re on track with your business and general financial goals. You can see if you need to increase your prices to cover VAT or to better reflect the value you bring to your customers. 

And if you’re at the stage where you are considering getting someone to invest in your business, you’ll have the numbers to back up why they should consider...

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5 reasons to be a limited company

Should I be a limited company?  I get asked this a lot, and the answer is it depends on your business and personal setup.
 
But in general, it is because of 5 key things:
 
1.      Liability insurance
2.      Employing people
3.      Business partner
4.      Tax & control of income
5.      You want to be seen as a bigger business than you are.
 
Liability
 
Liability is a critical one. If you have insurance of any kind and you are a sole trader, if the insurance is inadequate, you are liable for your personal assets (house, car etc). So make sure you have adequate insurance cover especially if you are a sole trader.  It’s the main reason I am a limited company, to protect me professionally.
 
Payroll
 
If you are employing people a limited company gives you a legal framework to work...
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