Creative Cashflow Tip: Think Outside the Transactions
When it comes to making money, many solo business owners think only in terms of the transaction. What does that mean? Well, here’s how a transaction-focused business works:
You put lots of effort into selling your thing. Someone hires you or books you. Yay, you got the sale! (Or the date, or the client.) You fulfill the sale. Then, it’s over.
Now you gotta go out and get another one.
This is all well and good. (And like I said, it’s how many people run their business.)
But there’s a problem here.
When your business relies on transactions alone, it’s a lot more effort. You work constantly to find the buyer, market to the buyer, sell to the buyer, fulfill the sale – and then start all over again. It’s a lot of energy.
Even if you master this model – (most people don’t) – you’ll eventually run out of hours in the day to fulfill each of these sales – or to keep finding new transactions. Which is why so many business owners are so freakin’ tired. In fact, the enemy of the Upleveled business is the transaction. (Or at least, the transaction mindset.)
So, it doesn’t matter if you’re a realtor, a coach, a wedding photographer, a graphic designer, a speaker or a candlestick maker… if you want a consistently successful business, you have to become what I can an “Anti-Transactionist.”
An Anti-Transactionist lives from this philosophy:
When you get a sale, you don’t get a sale. You get a customer. Huge difference. An Anti-Transactionist does one key thing differently from exhausted business owners…
She sets up systems so that one transaction naturally flows into other transactions. She still makes transactions. But that’s never the end point.
How do you do this?
Well, first, you have to start by doing what most solo business owners never do…
You have to create the space to get strategic about how money comes in to your business. Next, you have to implement the ideas you generate. Use some of these action steps to get you going:
1 - Sell packages, not hours.
This one thing alone will change your entire business.
Rather than make an appointment here and an appointment there, charging dollars for hours – create packages so that you’re not waiting for clients to schedule their next transaction with you. It makes your life (and theirs) much easier.
2 – Create impeccable follow up systems…
Some business models don’t allow for packages. That’s okay. Then, you must create systems to follow up, reschedule and stay in constant touch with your clients. (You can do this with packages as well!) Dick Benson said: “It’s three times easier to get a second sale from an existing customer than a first time sale from a non-customer.” So true.
3 – Create referral systems
Referrals are not just little mysterious blessings that happen by chance. Every customer you work with is connected to hundreds of other people. Learn how to engineer referrals to extend transactions infinitely and effortlessly.
4 – Always know the very next step.
When you fulfill a transaction – whether it’s a speaking gig, a corporate training, a seminar, writing your book – always think in terms of the VERY NEXT STEP. What is the next step the prospect or client can take? Once you know this, you can set up each transaction to lead naturally into that next step.
So, if you’re flying around the country doing speaking gigs – and each one of those gigs is the end of the line for the money flow – then you’re a Transactionist.
However, if you engineer a next step where audience members can sign up a VIP session with you – then you become an “Anti-Transactionist.” You’ve added a “Next Step” that turns your transaction into a lead generator and extended cashflow.
5 – Educate your clients.
“My clients don’t know they need what I do beyond a single transaction.”
“My customers think it’s all about just picking my brain for a single session.”
“My clients just want a quick fix.”
If you ever say anything like this, then guess what? The burden is on you to educate your clients how you can help them further. And no, this doesn’t mean you create a brochure called “How I can Help You Further.” It means you become a marketer and creatively educate your clients by dispelling their doubts, overcoming their objections and addressing their challenges.
Yes, these steps take focus, strategy and work on your part. But when you do them, your cashflow will become more effortless. I promise!
In the comments below, share with me what single step you can take to become more of an Anti-Transactionist in your business…
Christine Kane is the Mentor to People Who are Changing the World. She helps women and men Uplevel their lives, their businesses and their success. Her weekly Uplevel You eZine goes out to over 20,000 subscribers. If you are ready to take your life and your world to the next level, you can sign up for a FREE subscription at http://christinekane.com.