Dan Martell

But then I got to put out $500 of my own money because by the time I send you an invoice and then your finance team gets it and they pay it, I got to put money out before I get money back.

That's where cashflow is important.

These are the four steps to avoid making the mistake of creating a cashflow crunch in your business before you even get started.

The first thing we have to do is when we're selling, we have to sell one specific benefit.

You can't try to sell anything they want.

So for example, if I'm selling to electricians, I'm saying that I can get them 10 more customers per week without answering a single phone call.

See how that's one specific result or outcome?

The second is we have to package our pricing so that we get paid as much as we can upfront before we incur any costs.

So for example, maybe your service you're selling is $1,000 for one month.

but you might be willing to give them a discount if they go six months up front and you give them a discount to four thousand so that first conversation and transaction is now four times more than the initial for one month but you've committed for a longer term the beautiful part of this is it reduce your potential churn meaning customers that cancel

and it increases the amount of cash in your bank account early and upfront, then we have to implement scarcity.

Because the truth is, is we have to give people a reason to buy, because if they won't, they'll just put it on to-do list and think about it later.

So I like to say that we're opening up 10 founding spots.

After that, the price is gonna go up.

Because you say, I only got 10 spots.

I don't have all the time in the world, it's just me right now and I only have so much capacity.

So you can use that to create scarcity and get the person to make a decision versus them just sitting on their hands and waiting.

And lastly, we wanna add a bonus so that we give them a reason to make a decision today, but the best bonuses kill objections.

So for example, maybe they're like, hey, I wanna do this, but I'm worried that my team doesn't have time to actually implement what you're selling.

You say, cool, well, because you're one of our first 10 customers, we actually have a bonus we wanna add where we come in and we train your staff.