Is your business idea profitable?

Make sure you ask questions. 

Before we commit to something especially when there’s financial and emotional investment, we want to make sure we have all the Qs answered. That’s what I wanted when I was looking for a coach when I first started out. 

Here’s something some of you don’t know. I hired my first coach for $9,000 only to find out that he was a scam. He lied to many other people as well. I was “this” close to sue him. Then I didn’t. I realised there’s no need to blaming or shaming.

I didn’t ask enough questions. 

I was desperate to find someone to ‘save’ me. 

So the other day, I asked my VA (virtual assistant) to do a quick research online, the FAQs of other coaches to see what kind of questions they’re addressing. And I found these: 

  • Why is (the coach) the best in the industry? 
  • Who are your mentors? 
  • How can I get onto your mailing list? 

And I was thinking, I didn’t want to know any of those when I was looking for a coach or a program. These are the questions they wish people ask them. I wanted to know how the coach or the program can help me solve my burning problems. 

So I decided to take myself back to early days and put myself in the shoes of those who are starting out and desperately needing help because they - 

  1. Have an idea how they want to grow their business but lacking the steps needed to take,
  2. Are googling and asking friends around but not really getting anywhere,
  3. Are feeling like they don’t have enough confidence,
  4. Creating products/services, pricing, sales, marketing, social media and everything just seem too overwhelming, and
  5. Need step-by-step approach from idea to launch. 

So here are the some of the FAQs I get asked and I would ask. 

I kind of have an idea but I’m not sure if it’s profitable? 

Even if you have an idea, I still make my clients go through the idea verification process to ensure it’s not just a great idea but something that is profitable. Most of the time, we do have a great idea but we decided somewhere along the way to discard it because we feel 'icky' to charge money for it. So we decided to go with something that make us feeling good i.e. not-so-profitable-idea. 

I started my business with a vague idea but instead of sitting on it, I acted. As I acted on it, the idea gets more and more refined. 

What if I can’t afford it? 

Most of the time affordability is a matter of prioritisation. I know many people who can’t afford a personal development program but spend on expensive hand bags and heavy night outs. If we’re serious about the results or transformations we want to make, we’re able to access money from anywhere. When I first paid for $9,000 coach, I borrowed half the money from my parents. 

Whilst that’s the case most of the time, I do know some people who are in serious financial challenges. For those, I offer payment plans. 

I just haven’t got the time to commit. 

I once did a Time Management exercise with one of my clients where she was struggling to find the time to work on her business. I asked her to record a week’s worth of her activities only to find out she spends about 3 hours everyday reading news, listening to radio and watching TV here and there. That’s 21 hours in a week! 

How do I know if I’m ready? 

If you’ve tried asking advice around, doing things yourself, read enough materials online, gone to workshops and still don’t see the results, check in with yourself. I can’t and never force anyone to work with me. I’m here to guide you to make the best decision. I’ve turned down many clients simply because I don’t think they need it at the time.

If it’s your doubt talking, ask yourself what are you doubting. If it’s simply procrastination, you already know the answer - take action. 

How do I convince my partner? 

I know this is a serious conversation. I myself have gone through this. In fact, my partner and I are very different people; I’m a risk taker and he’s cautious. I’m very entrepreneurial and he’s like to play safe. So naturally, there could potentially be a disagreement. However, if you explain to your partner why you need this in a way you’d listen to yourself, that’s a great way of starting a conversation. Also, if your partner is skeptical then it’s even a great way to push your limits and work even harder!

So there you go, I hope these answers some of your burning questions.

If you're curious about working with me on growing your business, you can APPLY for a Free Breakthrough Session here

Much love xx