Liz Scully is a Business and Mastermind Coach with Rethink Central. She had a background in film, and spent 20 years in the industry. She worked in the post production, and was running a team of people. What she discovered it wasn’t so much about management, but more of problem solving.
After 20 years, and really long hours, she discovered that she just couldn’t do it anymore. She decided to set-up a business that would bring in another revenue stream, and slowly work into that.
She started Re-think retreats, which was like a yoga retreat. She initially discovered great venues and wonderful coaches, and trained as a coach herself so she could hire people. As she did this, it wasn’t filling up with people, she decided to learn more about internet marketing.
She has found that when most entrepreneurs hit a problem, they stop. In film they learned that there’s always going to be a problem, but you just don’t know what it is yet. So they plan for problems. As she moved down the path of her business, she discovered that she needed to apply this same concept into entrepreneurship.
What do you think you did wrong at first? She did the wrong research. She went with what she wanted to build versus what people truly needed. What she should have been looking at was what people wanted to buy. She had talked to her ideal client, but she didn’t ask the right questions. She built what she thought they wanted, and what they said they wanted, but they weren’t willing to pay for it.
What questions would you have asked differently? Instead of saying ‘do you think this is good value?’ The question should be ‘What would you pay for it and what value do you think it has? Liz encourages to not build anything until you know there really is a market for it. It feels wrong, but it’s perfectly correct.
How do you monetize your current business? Liz has three legs to her business. She has 1:1 Coaching, small group masterminds, and she has a small group of online courses.
Have you experienced anything in the new business that you wish you would have known? In her new business, she had just gone down the road of referrals. At first, it was great. However, as she needed to add more people, she discovered it wasn't going to work out. She basically determined she needed to create a tap that could be turned on and off. Referrals should definitely be part of your business, but they can't be the only way you do business.
Liz has a great story about another entrepreneur who knew his business so well that he had it down to a science of how he could get customers in the door.
What has been a marketing win for you that was outside of the box? Outside of business, Liz really loves cakes. She wrote a cake book, and a kindle book. She made this available on Amazon, but also free on the website. She has it where you can get 4 recipes on the website. When you open the book, there's a button that says 'do you want more free stuff.' When they press the button, they have to opt-in to the email address. That book has converted to more sign-ups than anyone else. There is a little more attrition. However, the people who do stay are engaged and really into the content.
Are those people truly converting to customers? Liz knows there are a few very high-end customers who came for the cake and stayed for the business. It's a strange sales plan, but it works.
Advice from Liz? Make sure you love what you're doing, and love the start. Make sure you also do 6 months of marketing research. You can build a product very quickly, but you need to make sure you're building something that people actually want.
Any tips and trick to market research? Research online and find out that other people are doing what you're doing. If they are that's a good thing because it shows people are willing to pay for it. That just shows there is a business model for it. The other thing is to do some Google keyword research.
Understand that even if someone is doing what you're doing, they don't do it the way that you do it. There's always space that as long as you know your market, you can make it your own.
What's one thing you cannot live with your business? Liz is a huge proponent of networking. Because she has a really clear vision of her business, and she's always thinking of ways to connect people and promote her business. Generally people want to help you, but they just want to know what you need.
You can find Liz at rethinkcentral.com
More About Liz: Liz Scully wants to live in a world where entrepreneurs work sensible hours, customer service is amazing and everyone eats cake at yoga class.
As a sought after business coach and film specialist, she’s been spotlighted in The Globe & Mail, Thought Leaders LLC, Body Enlightenment, TimeOut London, and has won an Emmy and her work is multi Oscar nominated.
When she’s not running Mastermind groups to help entrepreneurs earn more by working less, you can find her booking her next trip, picking out which beach would be cool to live on next year and attempting to prove that there really are no calories when food is eaten from another’s plate.
Her shiny new course ‘How the Hero’s journey can help you build an amazing business’ will launch end of September
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