030: The One Thing to Focus On at Each Stage of Business with Amanda Goldman-Petri
Amanda Goldman-Petri from Market Like a Nerd provides her four step system for building a thriving yet sustainable business and having a balanced life.
This week I had a very fun interview with Amanda Goldman-Petri. She is one of the most savvy and entertaining internet marketers around and I think the entertaining factor is very important. A lot of people have useful content but when you can combine useful with entertaining you really get people to pay attention.
The Eye Opening Moment
Amanad’s story is truely one of going from struggle to sucess. She went through a lot of trama in her youth that would have crippled a lot of other people such as being abused as a child and being hit by a car that landed her in the shock trama unit of a hospital.
This car accident made her question everything she was doing and she realized she was not living the life she wanted to live but the life that everyone else wanted her to live. She quit her job, quit school and decided to figure out how to make money online.
Her very first business was a consulting company that was a complete failure. Ouch!
She was able to gain a lot of attention for her brand and had a lot of followers online but couldn’t figure out how to turn those followers into paying customers. This is an important lesson.
People get so focused on building an audience and building an email list but if you can’t convert those people into paying customers then the audience and list have no value.
Amanada said if what your doing isn’t working it might be because you not doing what you’re meant to do. This was the case for her.
She remembered that she loved technology so she opened up a online virtual assistant business and that’s how she made her first $10k.
A Business Pivot for the Better
Her next moment of clarifty was when she realized she was focusing too much on making money and not taking care of herself. She took a step back and focused on the most important next step in her business instead of trying to do 10 things at once.
Amanda learned that trying to do too many things at the same time either paralyzes you or confuses you. She also learned to focus on the one thing that you need to focus on to get to the next level of achievement you’re looking to reach.
Amanda figure out that there are 4 important stages that every entrepreneur goes through and you need to figure out what stage you’re in and only focus on getting to the next stage in the four stage process to becoming a balanced entrepreneur.
Amanda’s Four Stages of Entrepreneurship
At each stage Amanda suggests only focusing on the step that will get you to the next stage and forget about everything else and doing everything all at once.
Stage One: Get Out of Debt
At this stage you need to be ok with not making money in the short term so you can make more money later. This puts you in control and gives you power over your money.
If you focus on needing more money you come from a place of desperation and will try to skip steps and cut corners to get to your goal instead of doing what you need to do to build your business the right way.
Skipping steps often will actually take you more time and possibly cost you more money in the long run because even if skipping steps works immediately you will likely get pulled back down eventually.
Stage 2: Start Making Money
Once you’re out of debt and have money to invest in your business you’re in stage two and you want to get to a place where you’re making money.
Amanda said the best and fastest way to get to stage three is by focusing on making $5k per month consistently. The first step is to create a one-on-one program and sell that out first before you start with a group program, this is a fastest way to make money.
You start selling this by getting people on the phone and selling them a highly ticket item with a recurring commitment.
If you new to selling products you should focus on doing one-on-one coaching until you figure out what you clients really want and how to develop a course that will serve them best.
Stage 3: Start Making Consistent Money
Next you want to grow you income to a consistent $5-10K per month and beyond to maximize your potential using the skills you have gained by following the previous steps. Sell out you one-on-one program, develop and sell out a group coaching program and develop upsell for client so you can maxmize you income.
Stage 4: The Balance Entrepreneur
At stage four you want to become a balanced entrepreneur because at this point you might be burnt out so you have to focus on scaling and selling automation and leverage to get you to being a balance entreprenuer. This is when you hire a virtual assistance to do much of the work you don’t want to do or aren’t great at doing.
You automate using technology such as using evergreen recurring webinars that sell your products and by creating an online course that doesn’t require very much of your personal time.
This is how you build a sustainable business like a nerd.
How to Get Started Making Money
Amanda suggested that you don’t look at selling volume but high value items when you’re new. Get people on the phone by sending traffic to an offer which in this case is the phone call. Use a scheduling tool such as ScheduleOnce, Calendly, or Appointlet so people can sign up for the phone call that you will sell your high ticket program on.
Ask your friends to share you program, go into facebook groups or create your own group and spark up conversations with people to find out who might be a got fit for you program.
If you have an interview based show such as a Podcast or YouTube channel ask guests at the end of the interview to share your program with their audience.
Developing a Successful Facebook Group
With this group your goal is to follow the steps of create, grow, engage and monetize.
When creating the group, center the group around the problem you solve. Grow the group by creating a free offer to get them to join the group on the thank you page.
You need to engage the group frequently so they see you as the authority and solution to their problem.
You can also manufatcure engagement by asking you friends to comment on things you post in the group so other people will want to comment as well. Sometimes no one wants to be the first person on the dance floor.
Monetize the group by creating an offer that focuses on the problem the group is designed to solve and sell people into that program.
Click the button below to hear the full interview with Amanda.
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