February 28, 2024

Top 10 Tips for Starting a Business: What I Would Have Done Differently

27 minutes

Ep. 38 Whether you're starting a business or nurturing a side hustle into something more, this episode is packed with practical advice, distilled from Merchon's own experiences and interactions with many entrepreneurs. The episode guides listeners through the fertile yet challenging landscape of entrepreneurship with candor and actionable tips.

Host Merchon Hargrave lays out a blueprint for those at the onset of their business ventures. She delves into managing finances with the help of an accountant, the significance of a sales funnel, understanding one's zone of genius, and the necessity of getting comfortable with sales. With additional focus on strategies like setting correct pricing, fostering an abundance mindset, and the importance of follow-ups in business, these insights are invaluable for anyone looking to create an impact and income with their passion.

Key Takeaways:

Manage Your Finances: Work with an accountant from the start to understand cash flow.

Hone Your Sales Funnel: Daily work on the sales funnel is crucial. Rejection is part of the process, but persistence is key to growth.

Find Your Zone of Genius: Focus on what you excel at and outsource the rest. For example, Merchon outsources podcast post-production to JazzCast Pros so she can focus on being a great host!

Set Appropriate Prices: Do not increase your prices incrementally; charge what you believe your service is worth from the beginning.

Fortune Lies in the Follow-Up: Constantly following up with clients and potential leads is essential for keeping your business on their radar.

Notable Quotes:

"If you don't sell, you don't have a business."

"Finding your zone of genius, spending more time in that and less time in the other areas, is another way you're going to just really be able to grow and scale your business."

High Vibe Resources:

High Vibe Masterminds: Free Coworking Hours Wednesday 12pm - 2pm

https://www.highvibecowork.com/virtual

Books:

"Profit First" (Recommended reading on managing finances)

Apps:

"You Need a Budget" (Mentioned tool for managing finances)

Episodes Mentioned:

Ep. 30 My Word of the Year and How I Manifested our Dream Home

Ep. 34 Am I being too salesy? 3 Tips to Help You Find Fortune in the Follow-Up

Ep. 29 The Power of the Pivot with Ali Haney + Kassie O'Driscoll

Chapters:

0:00:00 Introduction and background of the speaker

0:01:15 Tip 1: Work with an accountant and manage your money

0:03:45 Tip 2: Work on your sales funnel daily

0:06:09 Tip 3: Understand your zone of genius and outsource the rest

0:09:15 Tip 4: Say no to things that don't feel good

0:10:35 Tip 5: More is not more, focus on the customer experience

0:12:23 Tip 6: When people show you who they are, believe them

0:14:22 Tip 7: Rip the band-aid off and charge what you're worth

0:15:22 Tip 8: Practice an abundance mindset and surround yourself with like-minded individuals

0:19:11 Tip 9: Gather testimonials to improve your marketing and sales

0:21:48 Tip 10: The fortune is in the follow-up, get creative with your approach

0:25:11 Additional insight: Remember, you are not your business. Separate your identity from your business's success or failure

Learn more about your ad choices. Visit megaphone.fm/adchoices

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By Merchon Hargrave

1313 ratings