MBA1397 4 Ways to Turn Your Business Around + Free Ride Friday

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Hey, today is Free Ride Friday so make sure you hang on to the end of the episode to hear who won this week's Free ride. Every Friday we give away a lifetime membership to our course easy course, our 30 day course on how to build your own online course. It retails for $500 over at EasyCourse Co, but you can win it for free. Just leave us an itunes rating and review. It's that simple. You enter our weekly random draw. Just listen in on Friday to see if you won. It's our way to say thanks for showing us love on itunes. All right, let's jump into today's episode. Hey O welcome to the 100 doll RMBA show where savvy entrepreneurs get their business chops every day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. And in today's episode you will learn four ways to turn your business around if you're stuck. If your business is in a rut, it's not making any progress and you're desperate. You're on the verge of closing things down. Then this episode is for you. We're going to share four strategies that can help turn your business around asap. Things that you could try before you close it up. These are big steps. These are radical moves, but they can make a radical difference and get you radical results. Sometimes businesses stagnate and they reach a certain point because this is as far as it goes with what you have and what you're doing. You need to do something differently. You need to add something to the pot in order for you to see something different. We'll talk about that in detail in today's episode. So let's get into it. Let's get down to business. If you're stuck, if your business is not moving and you need something to jump start it, to make it happen, because you just about given up, here are four things you can do to do exactly that. Number one, get a business partner. Sometimes you need somebody else, another brain in the mix to change things around, to challenge your ideas and your perceptions. Getting somebody else with skin in the game, with some stakes where they have some sort of ownership is gonna really move them to make something happen. You're only one person. If you're a solopreneur or you're building this thing on your own, adding somebody who can help you, a co founder, a business partner, can really not only give a mental injection, but if you've gotten the business to a certain point and you're making some money, then maybe even a financial injection because they can buy into the company. But the most important part here is getting another cook in the kitchen. I know they say too many cooks in the kitchen. No, sometimes you need somebody else to give you a different perspective. Somebody with a different skill set, Somebody with a different set of tools and skills that you don't have that can influence the business for the positive. So getting a business partner can change things around drastically. Number two, specializing. A lot of people don't want to niche down because they're afraid that they're going to lose business, that they're going to say no to business, turn business away. But it's just the opposite. If you don't specialize, you just become vanilla. I'm going to give you a real example. Before I started the $100 MBA and webinar ninja, I used to do a lot of business consulting. I used to help people build their businesses and I used to do an array of things from helping them plan their business to building their website, from their logo design to their branding, to building their membership sites, to hosting their sites, everything, right? I used to do a lot, but I had a hard time getting clients because I was all over the place. People would be like, well, do you do this? Do you do that? And they realized, I don't really have a specialty. I didn't attract customers to me or people couldn't refer customers to me because I really didn't have a specialty. And what I realized is that I need to have some sort of niche. So I looked at what do I do best in My business, all the things I do, what brings me the most business, where can I help my customers the most? And it was the website design. My best clients and best work that I was able to get was helping people have a new website, a refreshed website on WordPress. And that's when I niched down and became the WordPress website specialist. Once I did that, things just changed drastically. When you specialize, people know what you're all about. I got referrals, I was able to create content for my website that was relevant. I was able to go deep instead of wide. And I was able to really provide a better experience for my customers and therefore I was able to charge more. It changed my business around and it helped me stay in business. It allowed me to really put food on the table. To be honest with you, that little shift helped me. And it's not really that little. It's really saying, hey, I'm saying no to all these things. I'm really just going to go all in on this one thing and I'm going to be the best at it or the best I can be. And the floodgates opened. That's another thing you can do. That's number two, niching down, getting specialized. Number three, drastically changing your pricing. Sometimes you are stagnating because your pricing is in no man's land. You're not a dollar store and you're not Nordstrom's. You're somewhere where no one really knows what you're all about. They can't really convey the value, nor are you attracting any particular customer. Price is a filter. And by increasing your prices, you're saying, I'm only catering to this type of person who values my service at this cost. There's a reason why expensive coffee like Starbucks did not go out of business during the recession. They actually grew. Why? Because their margins are so high, they can absorb all that. And even when their volume not super high like Dunkin Donuts or other cheaper coffee shops, they're able to still grow a profit. Right? They also send the signal that, hey, this is our price for our coffee. People that respect coffee, that love coffee, we are for you. And of course there are higher levels than Starbucks, but this is just an example for the sake of this point. So if you increase your prices drastically, you're talking 2x3x, you're going to put yourself in a different category and you're going to allow yourself to be able to run your business with less clients, less cost. This is especially effective if you're in the Services. I did this when I was designing websites. I used to be in no man's land. I started charging a whole lot more. I literally 3 xed my prices and I got more clients, interestingly enough. But more importantly, I got the right clients. People that value my work. Now, I know this could be scary, 2xing and 3xing your prices. But hey, you got nothing to lose. You are desperate for a change. Let's make it happen. Let's go for it. Number four, changing the way you deliver your value. Here's a practical example. You're selling online courses and these courses can be bought at any time. And you're just not getting sales. Changing the way you sell these courses, making them only available for a certain amount of time, an enrollment period, just like a university does. You can enroll now and enrollment closes at a certain date and then it closes. You can't get access to this course. You can't just buy it anytime. And during that period of time, when the course is open or when it's going on, you have some sort of accountability, some sort of Facebook group, some sort of slack channel where they can help each other out and support each other. And then when that cohort is done, you open it up again. You might be saying this is counterintuitive. Hey Omar, if I offer this course 24 7, 365, I should get more sales, right? People can buy anytime. No, people need a reason to buy. People need urgency. They need scarcity. This is why opening closing the windows really helps drive more sales. Change the way you offer your value can change your business. You might change it from, you know, recorded online courses to live classes, live webinars. Or you can go back and forth and answer questions. This could be higher perceived value and therefore you could charge more. Instead of selling a course for $99, you can sell for $500 since it's a live 10 part course where you're going to be spending your time there. So changing the way you deliver your value can really change everything.

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All right, let's recap. The first thing you can do to change your business around if you're stuck is get a business partner. Number two, niche down. Get specialized. Number three, change your pricing drastically. Play in a different league. Number four, change the way you deliver your value, how you deliver your product or service. Listen, if you're in the state where nothing's moving, nothing's changing, and it's been going on forever and you're about to fold, you're about to say, hey, let's close this up is not worth the time and effort. It's worth trying these. Give these a shot. One of them, two of them, all four of them. Before you call it quits. Thank you so much for listening to the Hunter Ombia Show. Today's episode's not over though, because it's Free Ride Friday. I get to give away a lifetime membership. Let's see who won this week's Free ride. And the winner is Rad Pops, my go to podcast. Five stars. Great podcast. I've been addicted for the past two months. I love the format and the bite sized chunks of wisdom. Well, thank you Rad Pops. You are our Free Ride Friday winner. Make sure you email me@omar mba.net so I can hook you up with the free ride to EZ course, our 30 day course on how to build your own online course. It retails for $500 over at EasyCourse co. But rat Pops just won it for free by leaving us an iTunes rating and review. It's that simple. Leave us a review and listen in on Friday for a weekly random draw. You could win a free ride too. Thank you so much for listening. Before I go, I want to leave you with this. Sometimes we forget that we can't continue to do the same things and expect different results. We got to change it up. We got to experiment. We got to do different things. And when we're desperate, when things need to change drastically, we need to make some drastic changes. It can't just happen. We with a little thing or two. I can only share what has worked for me in the past in the hopes that it can help you and your business. Thank you so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.

At Capella University, learning the right skills could make a difference. That's why our business programs teach you relevant skills you can take from the course room to the workplace. A different future is closer than you think with Capella University. Learn more at Capella Eduardo.