Jeffrey: Welcome to the light and your launch podcast today, we're talking about whether or not you actually have a real business, stay tuned.

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Katie: We want to talk about the four things you absolutely need if you want to have a real and profitable business. So I remember getting back or getting really building my business. You know, it was probably four or five years in and just trying to figure out like, is this yet profitable? Because I kept reinvesting and reinvesting. Um, and I learned these four key pieces that you have to have in place. Um, and what I want you to do is listen to the four pieces as I described them. And at the end, I'm going to ask you to take a self-assessment and see if you do have these four pieces in place. And if not, let's make a plan for you to get them in there. Um, so there's this whole idea of, you know, you can be a business owner or you can be a hobbyist.

Katie: And what we mean by that is, you know, it's nothing wrong with being a hobbyist, right? It's um, my dad used to work full time and he also used to grow dried flowers. And then he would make dried flower arrangements and like pine cone wreaths. And he'd take them to a craft fair and sell them like at a holiday market. That was his hobby, right? He made a little extra cash. Uh, another hobby he had was selling used books on Amazon and half.com back when that was a thing. So, you know, he never claimed to be an entrepreneur. He wasn't trying to build a viable business. He was just doing a hobby because it was fun. So there's nothing wrong with that. But for those of us that quit our full-time job and what to have a viable business, that brings in plenty of money for the lifestyle that we want to be living, then we really want to be listening to these four key pieces and making sure that we've got them. So the first thing, and you'll hear Jeffrey and me talk all the time about irresistible offers, right? So obviously you need to have an irresistible product or service that you can sell and you need someone to sell it to. So it doesn't matter what you're selling. You could be selling lunch with God. If you have no audience, if you have no customers, then you don't have a real business because no one is there to buy your stuff.

Jeffrey: That could be a real business. Cause I would buy that. I would buy that

Katie: You would buy that. But how would you know, because if you were in my audience, uh, if I have an audience of zero,

Jeffrey: Then nobody's buying it,

Katie: Right? It's like everybody would want that. Most people would want that except for the APS out of curiosity, more than anything, right? Whether you believe in God or not, if it's an opportunity, you're like, Hey, let's see what that's all about. Um, you know, so you could be selling a magic wand, right. But the thing is, if nobody's there to receive your offer, then you're not going to sell it. And if you're not selling, you're not making any money. I know that's very obvious, right. Sometimes we have to say that out loud.

Jeffrey: Yeah. Yeah. And, and, and it's, it is obvious, but it is something that you do have to think about when you are deciding to go into business and you really, really have to ask yourself, does anybody want what I'm selling? And I think what the question, this, this piece of it is really diving into that question of like, is anybody going to buy this? Do they actually want it? Is it a service that people want, you know?

Katie: Yep. Which is what makes it irresistible or not. Right. So we need the irresistible product or service and we need someone to sell it to that's number one, all right. Number two, this product or service that you're choosing to sell needs to be profitable. So what do we mean by that? Well, obviously it needs to help you make money, but,

Jeffrey: But just because you make money off, it does not automatically make it profitable. So there's a difference. Yeah.

Katie: I find that, um, a lot of people get stuck on pricing and I, I sent out an email to our list last week about, you know, let's talk about pricing, right. And it was like, don't be the Walmart of your industry. Don't try to low ball everything because you think people are going to buy based on price because often they're turned away based on price and not in the way you think, you think, oh, they're turned away because it's too much, often they're turned away because it's too little.

Jeffrey: Yeah. And let, let's, let's be clear that we're really mostly talking about service-based businesses. If you do have a $99 widget and you can sell it to the mass markets, you could make a business that way. But really what we're talking about here is valuing your service. I guess. I just want to make that clear that, you know,

Katie: Yeah. I mean, I think even to have a $99 product or $99 membership, you have to look at your sales goals and ask yourself, am I going to get to my sales goals with this price point? And it can't be your only price point or it's going to be a long time before you get to a million dollar business, for example, right. How many of those do you have to sell? How many $99 things do you have to sell and a membership, you know, doesn't have a very long shelf life. Either often people will quit the membership after say four months. Uh, so then you're constantly trying to replace that 99. It's not like you're building on that each each time. So it's, um, I always like to say, like, let's just look at what you're offering and do the math. What are your sales goals?

Katie: How many of these things do you have to sell and does that feel easy or hard? Right. And that's a big reason why I'm a big proponent of high ticket offers for coaches, um, and not to get into that today and how to define that. And what's high ticket and all that, but let's just say thousands of dollars makes it a lot easier to get to a million when you're selling something for thousands of dollars versus a hundred bucks, you know? And I will say I I'm looking into possibly purchasing a program for personal stuff. And, uh, I saw that it was $200 and I forget it was two weeks or a month or something. And I, I like paused. I'm like, ah, I don't know, is this just going to be kind of a waste of my time? Right? Like sometimes when they're that low, you think that it might be fluff and I'd rather something deeper. Um, you know, I remember when, before I hired my 30, I always call her my 30 K coach.

Katie: Now I bet it's more. Um, but when I first got introduced to her, I went to her launch. I did her five day challenge and she made a pitch at the end for a program for a thousand bucks. And I was clear that I was looking for kind of a nuts and bolts soup to nuts program. I wanted much more support than what that thousand dollar program offered. So I said no to that thousand dollar program. And then a few weeks later she sent an email saying, are you looking for one-to-one coaching? Whatever the subject line was made me open it. And then, um, you know, it was like, go ahead and book a call with me and let's, let's see for a good fit. And that's how I ended up in that funnel of hiring her for one-to-one. So just to say that sometimes people don't don't want a low cost offer.

Katie: They're looking for a bigger package. Um, but all that to say for your time you're getting paid for your, um, investments that you've made, you're getting paid for the equipment you need. You're getting paid the, um, all the expenses that you have to put out for the program that you're getting paid for those and thinking that through and taxes and credit card fees and all of that, all that goes into assessing your price and making sure that what you're doing is profitable, but at the end of the day, even if you're selling a $10,000 program and you're like, all I have to do is sell 10 a year and I'm at a hundred grand while that's true. If you don't have an audience, you might not sell it. Yeah. Right. So it's really important that you understand all of these pieces have to be in place.

Jeffrey: And I want to touch on that for just a second from, from just a little bit of different perspective, you touched on it and mentioned it, but, uh, there's also the cost of acquiring a sale. And, you know, marketing is, uh, is, uh, a large portion of the cost. And if you're spending money to make a lead and then nurturing the lead and then turning the lead into a customer, um, there there's a value on that. And I don't want to go down the whole rabbit hole of how do you value, uh, that the earnings per lead. Uh, but it's, it's not every lead you get becomes a client. You know, you spend a hundred dollars thousand dollars, $5,000, whatever, to get certain amount of leads. And then one of those becomes a client. So you spent $5,000 to get that client. I'm just making up numbers, but you know, there's a cost in getting new clients. So you really do have to factor that in that to get one client costs a certain amount of money. So if you're charging them $99, but it costs you $150 to acquire that one client, I'm not saying $150 per lead, but maybe it's 150 bucks or more before somebody says, yes. Right? So that's another perspective of looking at this. If you're selling something for 99 bucks, but it costs you 150 bucks to acquire a new client that right there, bottom line is not profitable.

Katie: Right. Um, all right. So the third thing you've got to be doing to make your business a viable one or a real one is you've got to constantly be generating engagement with your audience by educating them about your offer. So sometimes we talk about your domino belief, your vehicle to get them there, right? So as an example, I've talked about high ticket sales. That's the vehicle that I help people find their way to consistent, dependable income that they can count on. And the domino belief that I need people to understand is that high ticket sales is the fastest, easiest, best way to build a consistent, reliable coaching income. So I need to educate my people on that so that they want high ticket sales, because that's my number one, my irresistible offer, product service, whatever you want to call it. So we've got to generate engagement and get our audience to get on the side of the belief we're selling.

Katie: And that is through consistent engagement. Um, the other thing is a lot of times, you know, there's levels of awareness and marketing. There's, you know, the group of people that have no idea that they need, that they have a problem that needs to be fixed. There's a group of people that have, uh, somewhat of awareness and they're somewhat bothered and they're somewhat looking and we've got a group of people that are like, I've had it up to here. I need a solution right now. And your marketing is going to talk to those different groups of people. You can't always be talking to the people that are ready, ready, because you might be missing the ears of the people that are in the maybe, right. So you've got to shift your marketing and shifting your engagement so that you're talking to the all three levels, or at least the two levels, you know, the no clue, people look tough, tough to talk to like no clue people, but, um, but to highlight the symptoms that are showing up or the problems that are happening, and then being able to say things like, it's not your fault.

Katie: This is why you're making this mistake. This is the belief you're holding onto. If you don't change your belief, you're never going to get different results. You're never going to insert transformation that they desire, right? So all of that is your engagement in your content. And that is what drives people to want to buy your offer. So if you're skipping that piece or if you're weak in that piece, that could be the missing link to why you're not making any sales, is that you're not making a case for your offer before you make your offer. Yeah. You know, so it's like how much easier it is to sell a, an umbrella after it rained that day, you have a bucket of umbrellas outside for sale. There are 10 bucks. Everybody walks by who cares, then it downpours, and then everybody wants your umbrella. Right? Right. So they were made aware of the problem that they didn't know they had until they got wet. Right. So, okay. So moving into number four, um, you need a, this is my favorite part. You need a proven method that enrolls them into your program. If you cannot enroll people into your product or service your business, won't survive. Why? Because you're still not making any money.

Jeffrey: Right. Sales happen now,

Katie: You know, most entrepreneurs, um, I'd like to say most entrepreneurs invest in themselves and invest in their business. And, um, it's, it's betting on yourself, right? We take out loans or credit cards and it's like, okay, I'm going to, I'm going to do this thing. I'm going to learn this thing. Cause I know it'll come back to me tenfold. But if you don't have the sales skills and, or a method methodology by which you sell your stuff, like a launch, then you're going to be one of those people that says I launched my website, quote unquote, which means absolutely nothing. Because if you don't have an audience, it doesn't matter. Right? Yeah.

Katie: We always say your website does not make you money. Your offer makes you money. And in order for people to hear your offer, it's smart to host an event that creates a container that people want to come to. Right. And be inside of so that you can make an offer to people.

Jeffrey: Yeah. It's about intention, intention, intentionality. Is that even worth? Yep. Okay. That's about it. Yeah. If not, I just made it up. It's about intentionality, about an event. It's about, uh, you know, uh, you know, coming from the website industry. So often, uh, we'd finish up a site. We're like, Hey, it's ready. We're launching it. And launching a website back in the day was just flipping the IP address. And it was, it was accessible on the, on the interwebs and the clients always thought, oh, okay, you launched it. And now people should be flocking to it any minute now, any minute, hold on. I'm looking at my watch. Where are they? Where are they? Yeah. And it never worked. It never worked. And they would always wonder where, where are my sales? And we always say, well, have you told anybody about your website? No, but you launched it and it's live. Yeah. Yeah. Well, that's step one part of it.

Katie: Like how are they going to find it? Right. It's kind of, okay, so you get, uh, flyers in the mail for different things. Right. It's, it's kind of that same idea of like, but I created the flyer it's like, but, but did you mail it? Do you have a list of addresses to send it to, right. So the intention of creating a flyer is only halfway there. Yeah. So not only do you need some sort of an event or something for people to, um, have the opportunity to buy from you because it's drawing their awareness to what you have with a deadline, which is what makes people buy. Right. But you also need to understand how to sell it. And that is through content marketing. It's through the copy on your pages and your sales page. And it's also through one-on-one sales conversations and all of that. You need to know how to do. Or, uh, as we discussed earlier, before we started hitting record, you may not have to do it, but you have to find someone who does.

Jeffrey: Yeah. That's really the beautiful part of this. And you know, when you're taking your self-assessment here and you're like, oh, well I do have this and I don't have that. It's okay. It's not always on you to fill all these check all these boxes, right. Uh, somebody who is a really smart scientist and comes up with a great invention, might not be a good marketer. Right. So you don't have to do all the things, but you have to have all the things that makes sense.

Katie: Yes. Oh my gosh. I wish I could remember the brand. Um, that exact thing happened. I remember being at an all women's networking group, this woman was selling stick on high heel shoe inserts. The stick on was fricking brilliant because every high heel pair of shoes you have requires a $30 stick on shoe insert, but it, it was basically, you know, quote unquote, guaranteed to let you stand on your feet in these high heels for eight to 12 hours a day. And I was doing sales at live events. And so that was very, um, what's the word I'm looking for? Um, I, I was like, I want that right. Like good marketing, very appealing. And um, so I bought a couple of pairs at this point. So anyway, then she got up and shared her story and the product itself was designed by, um, I think she said like an astrophysicist and it, and it was a guy. And so how on earth was he going to sell that? Right. And then she was trying to create her own product and they somehow cross paths and her product wasn't as good as his, and then when they crossed paths, he was like, Hey, I got a product, but no clue how to sell it. You've got the wherewithal to sell, but you don't have a product like let's get together. And anyway, a million or multi-million dollar company.

Jeffrey: I guarantee I couldn't sell high heel shoes. I would wonder why anyone would buy those things.

Katie: Oh. But there, they just looked so good. It just looks so good, but they just have to be comfortable. So anyway, so if, if you're not the salesperson, you know, find, find one. Um, but I do, I personally believe that you need to be able to sell your own stuff before you can hire someone to sell it for you. So, uh, you may have to get very good at it, but you do have to figure it out. So when we say a proven method that enrolls them, you know, uh, if it's a one-on-one conversation, then you know, you've got to get away to book those calls. So when I learned these four things, I took myself through the self-assessment and I was like, so what am I missing? And embarrassingly enough, as a sales expert, I felt like I was missing a little bit of number one and definitely number four, the little bit of number one, which to remind you was you have to have an irresistible product or service and someone to sell it to.

Katie: I was missing the, someone to sell it to, I had an audience, but it wasn't big and it wasn't responsive. And, um, and I also knew that I was good at sales and I was selling for other people, but I was struggling getting calls booked for me. Right. So you can be good at something, but maybe the efforts you're putting in aren't working. And I was doing everything I was told, you know, do the newsletter and engaged in Facebook groups and go to meetup groups and network and speaking gigs and yada yada yada. But to be honest, most of the time, the calls that got booked for my business were because I did a speaking gig. So that was a proven method that enrolled people in to an opportunity to have a conversation with me. But when I decided to move away from that model, because I found it very exhausting, everything was in person.

Katie: I was going to events all the time. I was hosting events. I had to find rooms. I had to rent the rooms. I had to charge people to come in, to pay for the rental, right? Like it just was all this headache that I was like, I hate this. I want to go online. Sounds like a lot of work. I want to do my business from my desk chair. And thankfully this was pre COVID. So I was all set by the time COVID came. But the new proven method that I learned was launching and after launching by myself for a few times, and that's when Jeffrey and I kind of circled around each other, helped each other with a few things and found our synergy. Um, truly, I believe if you're selling a high ticket offer, then you should launch it. You should have an event multiple times a year and you should have a set schedule.

Katie: I'm going to launch every eight weeks or I'm going to launch every 12 weeks, whatever that is for you. And then you have all your dates for the whole year on the calendar, you know exactly what's coming when it's coming and what you need to do to prepare for it. That's the proven method that enrolls people. That is what works for online coaches. And for online course creators, they're trying to sell their course. Yeah. They can go to your website, but if they don't know you, they're not going to find you on your website. But if you host an event, people get to find you because you're promoting a free thing and then they raise their hand and say, I want to do that. Shout

Jeffrey: It loud and shout at proud. Yeah.

Katie: Yep. So a lot of what I ended up saying to my clients is like, stop holding up your, you know, little toothpick sized sign that says, oh, S right. It's like, you can get very shy. And it's like, oh, I don't want to self promote. What will people think? But it's like, you know what? You're self promoting a free event. So I don't know too many people that will think badly of that. Right. The offer is not made to the masses. The offer is made to the people that opted in for your free event. So you're really not blasting your sales page out there, or, you know, you're going live inside a Facebook group. So it's not as public as you think, but the promotions public.

Jeffrey: Yeah. I think this is a fun concept to start thinking about, if you're out there thinking I'm afraid of being public, I'm afraid of being in front of a lot of people. There are millions and millions and millions of people, billions of people really online. You're gonna speak to probably 1% of 1% of 1% of those people like that is a minuscule, a minuscule amount of people. And if you do that, that's still a viable business. That is still a lot of people enough to create a business in a sustainable income. But you know, it's some kind of a minuscule amount when you think about it.

Katie: Yep. And the other thing I like to keep in mind is a lot of times people don't buy the first time. Right. They go through your launch a couple of times and maybe it just wasn't the right time, or they didn't feel ready for whatever reason, but when they signed back up again, you know, that's a hot lead. Yeah. This person's leaning in, they're coming to the exact same event again, right. Whether that's a webinar or a five day challenge or a live launch, or a mixture of all of them, which is what we do when people come a second time, there they're really leaning in. Right. So, um, that's the benefit of doing it over and over and over again, they know what to expect. They enjoyed it the first time, but maybe their kid got sick and they were home from school all week and they good to cut distracted.

Jeffrey: Maybe they pivoted what they were doing. And now they're trying a different approach or something or different service. Yeah.

Katie: Yup. Yeah. Or maybe they came the first time with some curiosity, you know, geez, I'd love to have a high ticket offer. Where does she even mean by that? Right. And they played real small that week and they went through, my challenge, heard my pitch and they're like, I'm not quite ready. Right. And then later they're like, you know what, she's right. You know, high ticket offers is the best way. And I don't have one and I need to, so I changed their awareness through my event. And now my awareness to marketing reached them where maybe they were at level one before and it fell on deaf ears, you know, or it just, it may be spiked curiosity, but they weren't ready. So for whatever reason, um, hosting these events over and over again is where the gold is.

Jeffrey: It is. And notice that what Katie was describing is, is addressing that domino belief, right. For somebody who showed up and said, I'm not so sure about this, went through a launch and her hurt her, uh, her spiel, if you will, and then changed your mindset. Oh, maybe this is for me. And now they're ready. Like, that's, that is what every lead magnet or free event or challenge or something should do address that dominant belief. Once you address that dominant belief, then they're poised, they're ready to receive your message.

Katie: And here's the thing just like in the movie, the secret, the book, you know, they talked about, um, you know, you want a red sports car and then all of a sudden, all you see everywhere, red sports cars, well, the same thing happens for your domino belief because you've presented this and they're thinking, Hmm, I've never heard of that. Interesting. And they might stay curious and then everywhere they look, people are offering high ticket offers. Yeah. And they're noticing it. And they're like, wow. Or somebody saying, you know, holy, I made, you know, $60,000 in my last launch. Now these people that are making maybe five grand, one month, 1500, the next month, 800, the next month, those people are like, how do I make 60 grand? And one time, right. In one launch, how do I do that? Oh, I think they're right about high ticket sales. So that part of your brain gets activated. Um, that's, what's so beautiful about people participating is that they mull it over and merit let it marinate a little bit. And then they start to notice it. And you're not the one that has to convince them, quote, unquote, it's really just making them aware and moving them up through the awareness marketing levels. Yeah.

Jeffrey: And I like that. It's not convincing, like, that's the idea here is you're not trying to convince somebody of anything you're making a case for it. Right. You're providing evidence for it. You're essentially kind of, you know, using evidence and, and argument or, or, um, uh, examples to, to prove a case. Really. Yep.

Katie: Yep. All right. So I'm going to read through these four again, because at this time I want you to take yourself through a self-assessment. I want you to identify how many of these four pieces have you already mastered and how will you resolve the pieces that you haven't mastered yet? What do you need in place? Most important thing too, is, you know, give yourself the right to get help. You don't need to know how to do all of this, right? So whether you're getting help by hiring someone to be on your team, or you're getting help by hiring someone to be your mentor, or you're getting help by buying a program. Um, stop trying to figure all this stuff out on your own. Cause it's just slowing down your process.

Jeffrey: That's definitely the slow boat.

Katie: Yup. Yup. All right. So listen up,

Jeffrey: Get out your check, your, uh, tonight, your checkbooks, your checklist. We wouldn't mind please send your check to,

Katie: You can sponsor the light in your lunch podcast. Anytime. We'll give you a shout out, um, yeah. Check out your notebook and just quickly jot these down so you can, you know, circle the ones that you know, okay. I need to focus here. Um, and I know it's humbling. As I said, I shared, like I was a sales expert and I'm saying, do I have a proven method to enroll people it's humbling. Right. But that was a really important step for me to say, yeah, you can be an expert, but you've got to keep growing. You can't just claim expert status and say, I don't need to learn anymore. You know, I remember a friend had told me, um, I did all that Tony Robbins stuff and landmark forum. I did that 10 years ago. I don't need to do anymore of that. Like I'm, you know, healed.

Katie: And I just like was laughing on the inside like, oh sweetie, it's never done. It's never done. Okay. So you need number one in irresistible product or service that you can sell. And you need someone to sell it to number two, this product or service needs to be profitable. So take a look at that price and ask yourself, is it currently profitable? Number three, you need to generate engagement through education about your offer or your vehicle or your domino belief, right? Like we need to educate your audience to be interested in aware of, and maybe agitated by what's missing for them. And that is all through your content, your education and your live events. And number four is that you need a proven method that enrolls them. So whether that's I rock one-to-one sales calls, or I need to host a launch so that more people get in front of my offer and become interested in it, um, with the expectation of a certain percentage of those saying yes at that time, and then a repeatable system that allows people who were not ready the first time to come back another time. And by then

Jeffrey: We might even call that a funnel.

Katie: Oh, are you trying to put the fun back in funnel here, Jeffrey?

Jeffrey: Uh, I don't want to say bad words, but it sounds like

Katie: We do try to avoid the F word around here. Um, but yeah, absolutely. A funnel is a proven method. It works right. Email series. They work free gifts. They work running ads to low cost product products, those work. Right. But they're not your most profitable

Jeffrey: Being out there. Right. They're not your end all beetle. It's not your offer. That's just one piece. Yeah.

Katie: Yep. So hopefully that $37 offer is leading you somewhere after that. Yes. All right. So take yourself through that self assessment. And I would love to hear from you, you can email us at success at the lodge squad, lab.com, send us an email and let us know what pieces you feel really good are in place and which pieces you need help with. And if you've got questions or if there's any way we can support you let us know. And you probably hear on some of the podcast episodes, you know, we encourage you to join our Facebook group. And there's a reason for that because we're there giving live feedback. We're answering questions, we're going live answering people's questions. And we're also just, you know, writing comments and connecting. It's really been a really magical place for people to connect, ask questions, get to know each other and really create collaborations and partnerships. So if you're not already in the light, in your lunch Facebook group, get your butt in there and join us and raise your hand and wave and tell us you heard our podcast. Yeah. Any final words Jeffrey, before we wrap up this?

Jeffrey: No. Can I say funnel again? No, I'm just kidding. Uh, yeah. I'm, I'm interested in hearing, uh, what people are masters at in this four and these four groups of, uh, four areas and what they're not. Um, I know that when I started my business, uh, I did have products. I had no audience. Um, it was profitable when it sold. Uh, and I had a great funnel. So I, I could master, you know, two, two and a half maybe, but certainly, uh, was definitely not. I couldn't check all four boxes for sure.

Katie: And, you know, I just want to say most people can't write it. W we need help to like, where, you know, like I wrote my email today, business coaches need business coaches, right? Um, marketing consultants need marketing consultants. Sometimes we don't do a great job in our own business. We're so busy helping other people do a great job in theirs. Right. A lot of web designers don't have a great website, things like that. Um, so it's, it's normal to need help. And it's normal to also want to up-level everything that you're doing. So anyway, take that self-assessment yeah. I think we've said enough. I don't want you dead horse. No shame, no shame. Yeah. Like there's no wrong here. It's just a matter of how can we make it better? You know? So at the end of the day, I just want you all to be as profitable as you want to be. And if you're choosing to not be a hobbyist and instead be a business owner, then let's make sure you've got these four things in place or that you've got the support to get them,

Jeffrey: Make it a real business. Yeah. One day I'll have a real business. Awesome. Thank you guys so much for joining us. And if you enjoyed this episode, please head over to wherever you're listening to this right now, hit that five star. Leave us a review. Let us read it. We would love to hear from you. You can check out all of the show notes at the launch squad, lab.com forward slash episode 42. See you next time. Bye.

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