Four Tips To Increase Profits

Welcome back to my discussion about profits! If you remember my last post, I set the record straight about what being profitable is and isn’t—while busting some myths along the way. (If you want a refresher, read my last post here.) Remember, your profit is what you have left over after all your expenses are paid, all your specific savings are accounted for, and after you’ve paid yourself. Now that you have a solid understanding of what profits are why they are so important, it’s time for the good stuff! Here are four tips for you to increase your business’ profits!

1. Set a goal & track it daily.

   The first way to increase your profitability is to set a growth goal and track it daily. Yes, it can be that simple! Sometimes the only issue preventing our growth is that we don’t have a revenue goal to begin with! If we don’t have a clear target to hit, how can we expect to grow our profits?

   At my business, Be Inspired Salon, we have a monthly revenue goal that we break down into daily goals. Every day, our administrative manager emails me the revenue from the day prior, along with the weekly goal we need to achieve in order to maintain our revenue expectations. Our budget is tied to these numbers, and we share this openly, so everyone on our team is motivated to bring in clients. The real goal here is to have a number to work towards that we track against to hold ourselves accountable.

2. Stop offering discounts.

   The second way to increase your profitability is to STOP offering discounts. Have you heard the saying, success is what you say ‘no’ to? For example, if I wanted to be successful in my pursuit of being super fit and healthy, I’d probably say no to eating fast food. If I wanted to get out of debt, I’d probably say no to friends when they ask me to go on weekend getaways — at least until I am debt free, of course! You get the idea. We don’t have the time in this blog to go through all of the reasons discounts don’t work, but what it comes down to is this: you’re going to attract fickle guests who are easily swayed because you’re using devalue-based propositions. It’s just like shopping at Bed Bath & Beyond without coupons, you wouldn’t do it! Why? Because you know everything in the store is actually worth less, so you’re not willing to pay more. Remember this, people don’t want to pay less, they want to be given more! There are many ways to offer value to your guests’ experience without devaluing your services, products, or people. To learn more about how to get new clients without offering discounts, watch this video!

3. Increase your prices.

   The third way to increase your profitability is to charge more. Seems simple, right? Then, why are we so scared to increase our prices? Our CPAs, attorneys, product companies and contractors are all very willing to increase their prices on an annual basis. We come to expect and accept that is the price of doing business with the people we trust and like to work with. Why would we look at ourselves any differently?

   Did you know inflation increases annually by about 3 percent? This is why we must always be in growth mode! Inflation doesn’t have to be the only reason that you increase your prices. Any time that you add value to your clients’ experience, you can—and should!—increase your prices.

   Here are some examples of reasons that I’ve increased prices at my salon:

   -All stylists at my salon are now certified in (fill in the blank).

   -We offer a new shampoo experience including a hand massage, aromatherapy, and steamed towel.

   -The stylists have been promoted to higher levels related to their benchmark achievements and productivity percentages.

   Of course, these examples are specific to the salon industry, but they can easily translate to other industries, as well. Do you operate a fitness club? Maybe all your employees have completed an advanced certificate in nutrition or fitness. Let’s say you have a brick and mortar clothing boutique; maybe you remodel your space to include a small café with complimentary coffee, snacks, and other beverages to enhance the shopping experience. The possibilities are endless and all should result in increased prices!

4. Think big!

   Finally, the fourth way to increase your profitability is to THINK BIG!  When you’re in growth mode, you’re thinking about all the ways to grow your team, your guest list, your brand, and your long-term potential. As mentioned earlier, this could mean you buy a building! Imagine if your business rented space from you, and you were also able to rent out additional space to other businesses? You essentially get into commercial real estate. Would this shift help you increase your profitability? I’d say so! You could also divide and multiply. Meaning you open second, third, and fourth locations. If your systems, processes, culture, and training procedures are in place, this can be easier than you may think! There are so many ways you can grow profitability if you’re willing to think beyond what’s currently tangible. I hope you’re as excited as I am to think about all the ways to think big, innovate, and watch your profits soar!

Which one of these four tips are you going to take first? I suggest taking one concrete step today toward your goal and building on that step every day! I hope you found these four tips helpful, and for more ideas on how you can increase your profitability, please reach out!

Want More Clients? Here's How! Part 2

Welcome back to the second part of my series on gaining and retaining more clients! As you recall, I left you with some homework from Part 1; your first steps were to define your target market or avatar and then“find” where your target market is both physically and digitally. I hope you had some fun with these first two steps and now you’re ready to jump into Step #3: Get Clients Excited and Step #4: Ensure Clients Return. If you missed Part 1, you can catch up here; otherwise, let’s get started!

Step #3: Get Clients Excited

After you’ve created your avatar and connected with them, nearly every potential client will visit your website before they buy anything from you. Think about your own habits—would you see a new dentist without visiting their website first? Probably not, and the same advice holds true no matter what industry you are in! Because every potential client will visit your website, it needs to be beautiful, easy to use, and offer something unique. In 2018, all your competitors have beautiful websites, so you need something that sets your business apart from the others and gets your clients excited to do business with you. For my salon business, our little something special is a survey called Meet Your Stylist.

Meet Your Stylist is a psychologically-savvy survey that lives on your salon’s website and matches potential clients with the top three stylists at your salon who are the best fit for them. After all, who doesn’t like taking a survey about yourself?! As the owner of Be Inspired Salon, I needed a way to set my salon apart from the competition, get clients excited, and start building relationships with future guests, and Meet Your Stylist does all of this! If you are a hair salon, you need to check out Meet Your Stylist! I promise it will transform your business.

I know many of you reading don’t own hair salons, but the same principles behind Meet Your Stylist apply to your business. Let me explain. I was recently on Neutrogena’s website searching for a new face wash, and found myself taking a survey to find the skincare routine right for me and had a $2.00 coupon emailed to me. Boom! They connected with me, personalized my experience, captured my email address, and got me excited to purchase from them!

Personalized surveys and recommendations are everywhere! For instance, let’s say that you own a vitamin company. Maybe your website could offer a survey that gives clients product recommendations and encourages them to book a consultation with you. The possibilities are endless; you just need to give your potential clients the right tools and information to get connected and excited!

Step #4: Ensure Clients Return

In the salon industry, new client retention rates are pretty low. In fact, the national average, new client retention rate is about 30%. That means only 3 out of every 10 new guests will return for a second time! I don’t know the statistics for your industry, but retention is something we should all focus on to grow a strong business! Once we get a client to do business with us, we need to make sure they continue to do business with us. So, how are you going to do  that?

For my salon business, retention is another problem that is solved by Meet Your Stylist! By matching clients with the right stylist the first time, I know that the guest is going to have a fabulous experience and want to come back. Let’s think about the vitamin store example from earlier. If this new client didn’t take their pre-visit survey, he would have simply walked into the store and purchased a product he thought was right for him. Then, a few days later, he started having adverse side effects, stopped taking the vitamins, and never returned to the store again because he thought the business was selling ineffective products. On the flip side, if this client purchased the right vitamins for himself the first time, I bet he would continue to come back for more! See how that works?

Beyond getting it right from the start, my salon focuses on prebooking clients for their next visit. Essentially, the stylist is helping the client make a reservation for their next visit. Instead of hoping that the customer will take time out of their busy schedule to call and make another appointment, we set it up for them to ensure they come back again. For the vitamin store, the sales rep could work with the customer to determine when their product will run out and set up a time for them to come back to the store and restock. This sounds pretty simple, but it will have a huge impact on retaining new clients!

You may have heard the Tony Robbins quote that success leaves clues. You don’t have to reinvent the wheel, just put together the pieces that I have laid out: Step #1: Define Your Target Market, Step #2: Find Your Target Market, Step #3: Get Clients Excited, and Step #4: Ensure Clients Return. I hope you take the four steps from my playbook, add your own creative twist, and achieve massive success! If you have any questions on the four steps, please connect with me! I can’t wait to chat with you!

Want More Clients? Here’s How!

As a salon industry business coach, one of the questions that I am asked most frequently is: how do I find more clients? As a matter of fact, most businesses have this same question, which is why I’m so excited to share my winning four-step formula for attracting more clients! Let’s jump in with Steps 1 & 2, and stay tuned for the final steps!

Step #1: Who? Finding your target market.

So, you want to find more clients for your business. While that is a great start, do you even know who you’re looking for? This is the very first step; before you can jump into marketing, products, and promotions, you need to get really, really clear about your target market. Take a moment and think about this—who is your target market? Got it? Well if you answered something like, women age 35-50, we have a lot of work to do! But, don’t get scared because I will guide you through every step!

In the business world, your target market is sometimes called your avatar. In other words, who is your dream client? To get clear on your avatar, gather some of the top influencers in your salon and start listing the characteristics that describe your ideal client. Think about a few of your customers who you absolutely adore and wish you could clone. Now, start describing everything specific about them.

Here are some questions to get started: where do they shop for groceries—Trader Joe’s, Whole Foods, the local co-op? Where do they shop for clothes—Banana Republic, Anthropologie, Asos, Nordstrom? Do they workout—hiking, running, yoga, spin? What do they do in their free time—read, hangout with friends, volunteer, cook? What is their style—conservative, edgy, trendy, classic? Where do they work—corporate, education, non-profit, small business?             

I think you see where I’m going with this. You need to get so specific that you’re even naming your avatar! That’s right! Once your team is in agreement on your avatar, you need to keep this image front and center. Your front desk team, stylists, managers, and marketing team should be thinking about your avatar every day.

For a lot of us, creating our businesses’ avatar is a fun step. But, I completely understand why it can be a scary step for many people. A lot of business owners get scared about “excluding” certain customers. By creating an avatar, you aren’t excluding or discouraging anyone from patronizing your business; instead, you are focusing on quality over quantity. Above all, focusing on a target market sets you free from having to be all things to all people; getting clear on your target market makes your job a little easier as a marketer and business owner! Who wouldn’t want that?

Step #2: Where is your target market?

Now that you have your avatar clearly defined—we know where she shops and how she spends her free time—we need to actually find her! Ask yourself where your avatar hangs out, both physically and digitally.

For instance, let’s say that your avatar is a business professional who is part of local networking groups. Guess what? You need to join a networking group and physically be where your target market is! If your target market is part of the local PTA, you need to get involved with the PTA.

Another piece of the puzzle is where your avatar is digitally. If your target market is between the ages of 18-24, you should be on Snapchat. If your avatar is between 25-30, you’re probably looking more at Instagram, and if your target is 35 and up, you need to be on Facebook. Other digital spaces that people hang out include Pinterest, YouTube, Pandora, Spotify, blogs, news sites, LinkedIn, Yelp, etc.

Your wheels should be turning as you’re thinking about where your target market is hanging out. Once you know where your avatar is, you also need to speak their language and be genuine. If you and your team are consistently going to networking events, you will start to talk this talk. Maybe you’re talking to other professionals about cross promoting or some innovative marketing topics. If you are volunteering at a local non-profit, you should read up on the various initiatives they’re working on. If your interests aren’t genuine, you will stick out like a sore thumb.

The language that you use to communicate with your target market is equally important on digital platforms. Let’s say your target market is hanging out on Snapchat, but you’ve never actually used Snapchat. It probably isn’t a good idea to just jump right in and start sending snaps! Every social media platform has a certain etiquette, and you don’t want to send your avatar running in the opposite direction. Enlist the advice of your younger staff members or hire an intern to help you get started. When it comes to your target market, you not only have to walk the walk, but you have to talk the talk!

Whew! That is a lot of information to get started, so let’s recap your homework so far. First, you need to get really clear about your target market or avatar. Once your target market is clearly defined, you need to find your avatar both physically and digitally. When you find your avatar, you need to speak their language and be genuine. Have some fun creating your avatar, contact me with any questions, and check back in a couple weeks for Steps 3 & 4!

Maximizing Customer Relationships Part 4: The Follow-Up

Congratulations—you’ve made it to the final part of my series on Maximizing Customer Relationships! 

To begin, let’s recap Parts 1, 2, and 3. In Part 1, you learned the importance of standing out from the crowd to get clients in your door. In Part 2, I reminded you that the little things mean everything, including the details that a customer experiences before they buy from you. In Part 3, we focused on WOWing customers during their visit and checkout process. Finally, we’ve made it to Part 4 which is all about the follow-up. After Part 4, you will have all seven of my secrets to maximize customer relationships and run a fabulous business! 

Secret #6: The Follow-Up

Oftentimes, the follow-up is the missing link to maximizing customer relationships which is why I consider this the most important secret! A lot of businesses provide you a top-notch experience when you’re visiting them, but then you never hear from them again. Have you heard the saying: out of sight, out of mind? Well, this is why the follow-up is so important! 

So, how do you follow up with your guests? While the possibilities are truly endless, here are a few tried-and-true ways that we follow up with our clients.

Surveys

Surveys can be scary for a lot of people because they put you in a vulnerable position. After all, there is always the possibility that you could receive negative feedback. But, you cannot reach your full potential from a position of fear or ignorance. Instead, you need to look at surveys as a great learning opportunity! 

At Be Inspired Salon, we send a survey to every new guest after their first service. We ask questions like: Was the salon clean? Was your stylist professional? Did your stylist show you how to use your products? (If you want to know more about our survey, connect with me!)

Marketing Emails

Friends, marketing emails are not dead. Did you know it takes an adult 21 times to remember new information? That means you need to consistently remind your clients why they made a great choice to do business with you. For my salon, this means we are always reminding guests about Meet Your Stylist (remember, this is how we stand out from the crowd before a client buys from us), our VIP Program, and our points program. 

Take Notes

To really shine in the follow-up, you might need to take some notes on your clients. Some people have a natural gift for this and they simply remember every detail about a person. But, for most of us, we need to take a few notes about our clients to remember their interests, names of their children, upcoming vacations, where they work, etc. Think about creating “customer profiles” to help you form a deeper connection with your clients! 

Personalized Emails

At my salon, we encourage our stylists to send check-in emails to their clients. If a guest purchased a new product, or changed from blonde to brunette, the stylist can send a quick email asking how the change is going. This is so quick and easy, but it leaves a lasting impression with your clients! 

Cards

When was the last time you received a handwritten thank-you card? Better yet, when was the last time that you received a handwritten thank-you card from your hair salon? For most of you, the answer is never! We send thank-you cards every week to clients who refer new guests and brides who were booked with us the weekend before. Additionally, we send cards for graduations, new babies, marriages, new businesses, and get-well wishes. 

Show Up

Show up for your clients like they show up for you. Do you have a client who has been planning a charity event for the last six months? How awesome would it be to show up at their event to demonstrate how much you care about their success! If you have a client in the hospital, maybe you stop in for a quick visit during your lunch? What kind of impact would that make for your relationship and their loyalty?  

Remember, the little things mean everything, and you will truly maximize your relationship by following up with your clients!

Secret #7: Accountability

Hopefully, you’re fired up about all the fun and exciting ways that you can WOW your clients before, during, and after the buying process. But, now comes the tough part—how do you stay accountable for all the initiatives that you’ve implemented? Holding yourself and your team accountable will separate you from your competition. 

Excellence Trackers

My stylists all have excellence trackers to hold themselves and the team accountable. An excellence tracker is like a goals sheet. For example, my stylists reach out to all guests who canceled, but did not rebook. They also reach out to guests who have visited twice or more to ask for a Google review. Every week, they have goals regarding phone calls, emails, pre-booking, sending cards, etc. and their promotions are tied to their performance trackers. Basically, if you want to move up in this career, you need to meet the goals on your excellence tracker. 

Meetings 

You need to check-in with your team on a consistent and routine basis. At my salon, we have weekly team meetings where everyone submits their performance tracker. At the meeting, everyone can share what they have been working on in the last week—including me! This is a fabulous way to hold everyone accountable.

Secret Shoppers

Yes, we really do this, and you should, too! As a business owner or manager, you cannot be at your business 100% of the time and handle 100% of client visits. So, a secret shopper program is an effective quality control technique. For our secret shopper program, I break down our training manual to a six-page form for the guest to fill out. For instance, our training manual indicates that a phone call should follow XYZ steps—then, the secret shopper form asks on a scale of 1-5 if these steps were met. 

Like surveys, secret shoppers can be scary, but they give you a glimpse into what things are like when you’re not around. At my salon, I learned that we had some consistent mistakes at the front desk, so we had to tighten that area up. Without the secret shopper program, I wouldn’t have known that!  

Now that you’ve mastered all seven of my secrets, take a moment to write down your three biggest takeaways. In three months, revisit your list and see what progress you’ve made! Do you have other suggestions to maximize customer relationships? I would love to hear from you, so make sure to connect with me! 

Maximizing Customer Relationships Part 3: Take Lessons From Others

Welcome back to Part 3 of my series on Maximizing Customer Relationships! I hope that you have spent some time reviewing your business’ practices with a focus on standing out from the crowd and WOWing your customer before they even purchase from you! Now, we are ready to dive into Secrets #4 and #5.

Secret #4: During the Visit

This is the easiest—and most fun—secret that I have to share: take lessons from other industries. The best way to do this is booking an expensive, 5 star experience for yourself! If you’re in the salon industry like me, this means heading to a big city and booking a service at a top-rated, high-end salon. (Now you know why this is the best secret!) While you’re there, take tons of notes: what are they wearing, how do they greet you, what did you LOVE, etc. If you’re in the hotel industry, visit another hotel; if you’re a fitness club, visit another fitness club—you get the point.  

The best part about borrowing from other industries is that you don’t have to reinvent the wheel! Success leaves clues, so all you need to do is be the detective. For instance, the best restaurant servers don’t ask if you want a refill, they just bring it to you. I noticed this and implemented it at my own salon. When a guest is running low on a beverage, we simply bring another one.

Remember, the goal of this series is to maximize customer relationships, and there are countless ways that you can do this when you have guests in your business. Another way that we WOW our guests at Be Inspired Salon is by offering to clean our guests’ rings when they are being shampooed. By partnering with The Diamond Center, this added amenity costs us nothing, but is a great added value for our clients! In Part 2, I told you that the little things mean everything and this is especially true when you have a guest in your business, so don’t be afraid to go the extra mile! If you want to maximize relationships, you have to be willing to do what others aren’t.

Secret #5: The “Checkout”

If you’re running a top-notch business, you should be charging top-notch prices. So, Secret #5 is all about alleviating the “pain” that comes with a pricey purchase. I learned from Steve Jobs that people will remember the last thing that they see, touch, or hear. For most businesses, the last thing that a customer sees or touches is the receipt, and that isn’t always a great memory. I decided to replace that “painful” memory with a positive one. Now, when a guest finishes their checkout process, we hand them an inspirational quote to bring a smile to their face. How simple is that?

Another strategy to make the checkout process more enjoyable is by implementing a VIP Program or “Points Program.” When a customer completes their transaction, your front desk staff can let the customer know how many points they have and how far away they are from their next reward. Additionally, first-time customers receive a Be Inspired Salon tote bag with a product sample, brochure, and business card.

Last, but certainly not least, you can’t forget to say “thank you for your business.” Don’t let your customers forget how appreciative you are! In the beauty industry, there are three reasons that a client will stop doing business with you. #1: they move, #2: they pass away, #3: they think you won’t notice. Take a minute and let that third reason sink in. You will notice when a client doesn’t return, so make sure your client knows that!

Here’s an example of a checkout process that eliminates the “pain” of a client’s purchase: “With today’s services, you have a total of 800 points, and you’re 200 points away from a complimentary product! Here’s an inspirational quote to take home with you. Thank you for your business, Elise. Have a great day!” If this sounds great to you, write it down in your employee handbook and hold everyone accountable!

Are you fired-up about WOWing your customers during their visit and checkout process? Connect with me on social media to share what you’re doing at your business and make sure to check back for Part 4! We all grow when we lift each other!

Maximizing Customer Relationships Part 2: The Little Things Mean Everything!

Welcome back to my four-part series about Maximizing Customer Relationships— I am so happy that you’re back to learn more! In Part 1, I shared my first of seven secrets to create long-lasting and profitable relationships. To recap, Secret #1 is standing out from the crowd and being unique. After reading Part 1, I hope that you spent some time identifying your niche and now you’re ready to think about WOWing your customers during the buying process. Are you ready? Let’s dive into Secret #2: Before the Buy and Secret #3: The First Purchase.

Secret #2: Before the Buy

There are so many components of the buying process that actually occur before a customer even hands you their payment, and you cannot overlook these aspects! Every small detail about your brand can sway a customer’s opinion of your business and whether or not they want to enter into a relationship with you. Remember, your goal is to maximize relationships and this starts the very first time a customer Googles your business. I’ve outlined four key components to focus on that all occur before a customer buys from you—keep reading to learn these secrets to success!  

Website

First, you need to have a great website that reflects your brand and speaks to your target market. For most demographics, this means your customers are researching you on their cell phones, so your website needs to be mobile-responsive! You don’t want people zooming, scrolling, scrunching, and getting frustrated. This leads to the next component; is your website easy to use? In the tech world, this is called UX—user experience. Are your clients able to navigate easily and quickly find the information they are looking for? Finally, your website needs to be beautiful. A customer will instantly judge your credibility based on what your website looks like, so enlist the help of a designer or get some inspiration from other brands with a great aesthetic.

Something Special—Meet Your Stylist  

If you’re connecting the dots, you’ve already realized that Secret #1 and Secret #2 go hand-in-hand. Your business needs to stand out from the crowd (Secret #1), so you can engage with customers before they buy from you (Secret #2). One way that my hair salon stands out from the crowd—before  a client does business with us—is with a tool called Meet Your Stylist. Meet Your Stylist is the best marketing tool ever created for the hair industry! Meet Your Stylist is a customized survey that matches clients with the hair stylist who is the best fit for them based on their personality, lifestyle, and relationship preferences. How awesome is that!

With Meet Your Stylist, clients no longer feel like they are on a blind date when they visit a salon for the first time! Basically, we are eliminating any fear that the client has by controlling their first meeting, before they even step into our salon. Although Meet Your Stylist is designed specifically for hair salons, you can think of other tools to create the same outcome. Consider developing your own survey for clients to determine if they would be a “good fit” for your service. Get creative, think outside the box, and do something special for your clients before they even buy from you!

Google is King

Friends, Google is still the number one search engine, by far! Because of this, your Google ranking is incredibly important to the success of your business! If a client Googles “jewelry store in Madison” are they going to find your business on the first page? Factors such as your website design, SEO, back-links, reviews, and more are considered when Google ranks your website. So, a great way to boost your ranking is by having a ton of great reviews!

When I started Be Inspired Salon in 2010, I needed to gain credibility, and fast! To start boosting our Google ranking, we ran a brilliant promotion—so, here’s what we did. In 2010, Groupon was huge, so I sent a marketing email that said: “Better than Groupon! $60 for $30!” If a client visited with this email, we would provide them $60 in services for only $30. In return, we asked that they leave us a Google review. Within a few weeks, we already had 80 reviews! While we no longer run this promotion, it created a great foundation, and today we have over 230 reviews! Throughout the US, I have only found one other salon with more reviews than us. This is a terrific testament to the great work that my team does and people want to know about it!

Messaging

A final piece to consider that occurs before a customer’s purchase is your messaging. Messaging includes all of the small details that clients will notice! For instance, if a client visits your business’ Facebook page does it say “Typically responds within 24 hours” or does it say “good luck” (not really, but you know what I’m saying!). I am a strong believer that you need to respond to a client within the same day that they contact you. If you’re out of the office, you need to set up an automatic reply that includes a specific date that you will respond to them by. Also, are you setting up appointments with your clients? If so, are you reminding them and confirming their meeting? Again, messaging is all about the small details that make a client excited to do business with you!

Secret #3 The First Purchase

At last, you’ve made it to the first purchase! Before we get ahead of ourselves, take a minute and ask yourself “What are my standards for a client’s first purchase?” Hopefully, you have some concrete ideas that you consistently apply with every client. Now, I have a tougher question: are these standards written down? Developing a training manual is a time-intensive process, but if you write it once, you can use it forever! A training manual or employee handbook is a great strategy for ensuring consistency, especially when new employees join your team.

When you meet a client for the first time, you have to treat it as though you will have a relationship with them for the rest of your life. Keeping this in mind, you can’t forget that the little things mean everything! If you have a brick and mortar business, what should happen when the guest walks in your door? What do they see, smell, hear, and feel? Are you greeting people by looking them in they eye, shaking their hand, saying their name, and smiling? Again, these expectations should be written in your training manual so you can hold everyone accountable.

Finally, don’t be afraid to splurge in areas that will help you gain and retain clients. For instance, when a guest enters my salon someone from the front desk team offers them a beverage menu. That’s right! We have enough high quality options that they require a menu. This is one area where I’m not afraid to splurge because I know this amenity keeps customers coming back. On our menu, we serve Wollersheim wine, V Bourbon by Yahara Bay Distillery, reverse osmosis water, locally roasted coffee, and locally sourced tea. How do you plan to go above-and-beyond to make clients feel valued during their purchase?

Rapid Recap

Don’t forget that our goal is to maximize customer relationships! By breaking down the buying process and examining every detail from before and during the purchase, you are sure to find areas for improvement and ways to maximize client relationships. As you probably know, it costs more money to attract new clients than retain existing clients, so don’t be afraid to go above and beyond! Make sure to check back for the next part of this series where we break down a client’s first visit and their “checkout” process—I have some great tips to share!  

Say NO to FOMO

What Is FOMO?

Have you heard of FOMO? Recently, I've been seeing this term everywhere! I've heard it in podcasts, on my favorite Instagram accounts, and even in finance articles. So, what the heck is FOMO? 

No, it's not a scary genetic illness. FOMO stands for "Fear of Missing Out." Yep, you know the feeling. Here's a very real example: a group of your friends invites you out on Friday night. Even if you were planning to stay in and watch a webinar, you become so scared that you're going to miss out on a fun night with friends. And, here comes the FOMO. 

You don't want to be the one who misses a hilarious inside joke or is excluded from all the fun Instagram pics. So, you spend hours agonizing on whether or not you should go. This is FOMO, and it can kill your energy and happiness. 

My FOMO Story

I first learned what FOMO means during a sermon about being face-to-face and fully present in the lives of those who we care about. Many people can relate to this feeling of being pulled in so many directions that some of your personal connections suffer. But, my fear of missing out is related to missing business or educational opportunities. Now, you might be thinking: “That doesn’t sound like Kati—she is always on the top of her game, constantly learning, and building her business!” Yes, that is me, but my priorities have recently shifted.

If you follow me on Instagram, you know that my husband and I recently welcomed our first baby boy to the family! Baby Nash has become the sunshine of my life and fills me with joy. But, I've become a victim of FOMO.

I'm constantly worried about education and business opportunities that I might be missing out on while staying at home with my family. With a newborn, I’m limited in the events that I can attend and be present for. I know the working-mamas can back me up on these struggles: Where do I find a decent babysitter? Will I be mom-shamed for attending an out-of-state conference with an 8 week old at home? How could I miss baby’s first smile, laugh, words, and the list goes on!

Say NO to FOMO

Now, it’s not fair for anyone to experience FOMO—especially when you’re a hardworking, thoughtful, and compassionate person. So, how do you combat these feelings and say no to these negative emotions?

• Gratitude  

A great place to start is with gratitude. For me, I think about how thankful I am for a healthy baby boy, a loving husband, and amazing friends and family. When I’m present for Nash’s first words, I will be thankful for that moment.

For you, this practice might look different. If you’re a graduate student and your FOMO is related to going out with friends, take time to write down how thankful you are for having the opportunity to further your studies, attending the university of your dreams, and learning from top minds in your field. Everyone has something to be grateful for.  

• Take Your Time

FOMO will not disappear immediately, but it can get easier with time as you begin to define or realign your priorities. For example, I recently received an invitation to volunteer for an event that I really care about, but the time and location are totally inconvenient for my life. On the first day that I received the email, I had a bad case of FOMO. I kept thinking about the participants who I would let down and how much fun I would have at the event. But, when I came back to the email a day later, I didn’t feel FOMO and politely declined the invitation. Oftentimes, you can come back to an idea or feeling with a fresh mind and a clearer perspective on your priorities. Make a decision and don’t look back.

• Trust

As a follower of Christ, I trust God’s timing and the path for my life. I know that I am exactly where I’m meant to be right now, and I know it’s true for you too! Remember to treat yourself kindly, stop comparing yourself to others, and enjoy exploring the unknown.

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Do you have a FOMO story, or tips to combat these fears? Share below or reach out to me on Instagram! Together we can say NO to FOMO!

What Not to Do as An Entrepreneur | Part 3: Be the Boss

You’ve made it to Part 3—congrats, you are a rock star entrepreneur!

Have I mentioned that it takes an adult about 21 times to hear something and retain it? Well, I know that I haven’t said it 21 times, so here is a recap of what we have covered: do not co-own; there can only be one CEO, do not get desperate and make impulsive decisions, do not hire the cheapest; do not hire based on price period, do not do all the work yourself, do not go too big too soon, do not build it until you’ve sold it, do not avoid investing in advanced education, and do not avoid paying yourself.

So far, we have covered hiring and the money. Now, it is time to really be the boss. These tips may be the toughest to actually implement. This is the real stuff that someone has to do, and that someone is you! Let’s dive in! 

Do not send your opinion in an email or text.

Why did I have to learn this lesson the hard way?! Near the opening of Be Inspired Salon, I began collaborating and cross-promoting with other related businesses (massage, nails, nutrition, skin, etc.). At one of our meetings, a representative from another partner organization was basically a hot mess. They were really rude to others during the meeting, and instead of focusing on the company they were there to represent, they mostly focused on their side business; it was embarrassing to witness. Just imagine my road rage on the way home from that meeting.

After the meeting, I emailed their boss with a laundry list of reasons why we could not work with them—because of that individual. Subsequently, that company let her go. About three weeks later, I was served. The individual sued me for defamation of character. Yeah, it was way too late to recall that email! Although the legal side of things worked out, I learned the importance of face-to-face communication.

Following that debacle, my attorney got real with me and said: “Kati, you got a mouth on you, and you need to stop it.” I suppose a D personality does come with its downsides. He explained that if I have an opinion to share, I need to grow up and have a real conversation. Communicating face-to-face or on the phone fosters greater sensitivity, and you really are less abrasive—this was a great lesson to learn. 

Do not get lazy on the details.

Another perk of being a D personality type is that I really enjoy the big picture/vision of the company, but am not so fond of dealing with the details. One day I was given the challenge of cutting our business expenses by 6%. Challenge accepted!  I dove into last year’s expense report to see what areas we can cut. There are two times to spend money—to get new customers or to keep the customers you have. 

While tediously examining the details, I kept finding charges that I didn’t recognize. After some investigating, I learned that TWO of our old merchant service companies were never successfully cancelled when we switched to a new service. The person who was responsible for canceling the old service never did, and I had been paying for two services every month for nearly two years. It was such small amounts that I didn’t notice it when I looked at our overall financial reports. Two years of being nickel and dimed really added up. I was out the money without any leverage for reimbursement. By the way, I learned this lesson about a week ago, so you are never too good to make mistakes. Take it from me, don’t ignore the small stuff!

Do not get prideful, your ego will screw you out of your potential.

Okay, okay, I can admit that sometimes it seems like I have an ego problem. Even though I’m confident, I can be borderline cocky, and need to continually check myself. I know that having an ego and/or being prideful can really turn people off.  As a result, I’ve lost out on amazing relationships.

So, how do you address this? My business coach handed me the book: What Got You Here Won’t Get You There by Marshall Goldsmith. This book helps you identify unconscious behaviors that are getting in the way of your success. Typically, when you’ve reached a higher level of success, the one thing that is getting in your way from getting to the next level is your behavior. Personally, I learned that not all my opinions need to be shared; people won’t be like me—they can still be amazing regardless; I still have so much to learn—more maturity that needs to take place; words are powerful—how and what you say can make or break someone’s soul. What behaviors will you uncover? 

Do not listen to the people who haven’t done it.

You will encounter a lot of naysayers. When I say a lot, I mean a lot! But they haven’t done it, so they don’t know. How many of you with children have gotten parenting advice from people without any children? Then, you get the point here.

There are people with all the advice in the world, but they haven’t taken one entrepreneurial risk themselves! Instead of listening to your cousin who took one business class during undergrad, find the people who have done it and done it better than you. Then, surround yourself with those people. After all, you are who you hang out with. Find your dream team.

Recap

Now that you have read all of my What Not To Dos, write down your three biggest takeaways. These could be the biggest surprises, the most relevant suggestions for your life, or the most challenging for you. Bookmark this series, save your notes, and revisit them annually! You will always find a new application from past advice.

Do you have other ideas to share? Comment below!