Over the summer, I enjoyed an unprecedented amount of free time with my daughter. Getting her involved in a number of sports camps forced me to rearrange my schedule so I could shuttle her to volleyball camp, karate camp, surfing camp... plus a couple weeks out of town visiting with family.
It was a pretty intense schedule just on the Mom-front. But in the meantime, I had clients to serve and a business to run. What I want to emphasize is that it was a very profitable summer with money coming in and the bottom line staying healthy.
A longtime reader "Kris" (not her real name) wanted more info on how I did it. She sent me this note after getting my weekly ezine:
Nancy:
Thank you for sharing the photo of you and your daughter. I am so glad to see that you got to spend a lot of good time with her this summer. My daughter is turning 15 this month and I am so grateful for the summers I worked a 4 day week so she and I could do stuff together. I didn't have my business running very effeciently then and frankly, my income suffered greatly. Still, I wouldn't have traded those days for any amount of money.
Any tips and/or strategies you can share about how your income keeps flowing in regularly even while you have time to spend time with family would be much appreciated. Even now I find that unless I am doing a preview call and launching something new that the flow of revenue slows way down. I can see that the roller coaster ride of continuous launching may wear me out sooner than later.
Here's my response:
Dear "Kris",
I did the short work week well this past summer, but it wasn't always that way. My old habit was to underestimate how long things take and that always got me in a bind. I remember a few years back doing my very first webinar... I got up at 4:30am to work on it, served my clients in the morning hours, presented my webinar in the afternoon, then worked into the evening to fine tune the video. Crazy! I was exhausted, running on fumes, and I never really LOVED what I created during that time. And I didn't have enough hours in the day to enroll new clients so it became a very ugly case of launch and burn.
Over the years I realized that I needed a smart combination of strategies to keep the cash flow going. Here is a list of what's worked best for me over the years to keep money coming in:
1. Don't depend on launches to fund your life.
At least I don't. There are too many variables involved, like if your competitors are also launching something at the same time, list burn out, etc. It's smart to launch something at least every quarter, but don't kill yourself making this your bread and butter. And trust me, it really can burn a person out (I speak from experience!)
2. Offer payment plans to your clients
If you have clients working with you over the course of several months, divide up their payments so they come in monthly installments. Many business advisors recommend you give incentives to get all the cash up front, but it's funny how that money gets spent so fast. I personally enjoy getting that monthly flow in- it creates a sense of predictability with your cash flow. Be sure to get a back up credit card number in case their primary card expires or declines.
3. Bring in a certain number of higher end, private clients each quarter
It's always smart to have a small number of higher end, private clients you work intensively with. You might offer an in person intensive, a virtual day, 6 months of monthly coaching... you and your client will find the best way to work together. But bringing in a certain number of private clients and keeping your eye out for ideal matches is another way to keep the cash flow coming in.
4. Make offers to your existing clients
The best "new" client is often your existing client. If you're presenting a teleclass, find out who in that class would be a good prospect for the next program. People will want to move forward with you if you consistently show them that you're a great resource to be with. Some people call this "upselling", others call it progressive enrollment. Whatever phrase you use, it's all about keeping your clients and continuing to mentor them through.
Thank you "Kris" for sharing your question and if anyone out there wants to add to this list of tips, feel free to chime in. Cash flow is a serious matter- without it, you're no longer in business. With it, you've got the world as your playground.
Nancy Marmolejo is an online visibility and social media expert who grooms entrepreneurs for the spotlight. An award winning business owner, Nancy is frequently quoted in the areas of social media, business, and creativity. Get Nancy's free Action Guide "Why Social Networking" by visiting http://www.VivaVisibilityBlog.com
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