It’s hard now to find an equestrian job... in these strange time of the Coronavirus.
Even for top-notch white collars, Ph.D. and masters degree holders in fields other than horses...
At least ⅓ of small equestrian businesses can’t survive a month without positive cashflow coming their way.
Many companies are severely suffering, downsizing and filing for bankruptcy.
Except for one vertical.
Especially those in e-commerce, online education and information products like webinars, for instance.
Their best ROI in history is NOW!
Equestrian online businesses are included too.
Here's what we'll cover in this post:
Let's jump right in!
“We recently experienced the most significant growth our business has ever seen, requiring massive increases in our service capacity."
Zoom CEO Eric S. Yuan
It’s the best time to sell your offer online too!
Here are 5 reasons why:
It costs very little money to start.
Most people are staying home to flatten the curve of the epidemic.
You can reach English-speaking clients from all over the world.
Technology can do the repetitive work for you.
You can work from anywhere with an internet connection.
You don't even have to be tech-savvy to pull it off!
Many equestrians and entrepreneurs often get frustrated with new technology.
If that’s the way you feel too, rest assured - you're not alone!
It happens for the most techie among us.
But it doesn't have to be like that.
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I personally have been working remotely online for over a decade now.
Since I went 100% virtual, I never looked back!
It was a tough ride back then, but now the world has changed to the better.
Things are much faster & easier...
I will show you exactly how you can instantly earn money online too.
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That's all you need to succeed.
No experience, championships, or masters or PhDs required.
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To Thrive Online
(FREE Live Workshop With EquiJuri)
If you’ve ever wanted to build your own custom WordPress website that looks beautiful & gets clients on autopilot, without hiring designers or coders, you're in for a sweet treat...
Discover the evolutionary theme to easily sell your service, consultancy, coaching, course or membership site in a snap.
Grab Your Seat At This FREE Workshop!
(Only 9 Spots Are Available)
I will take you by the hand and show you step by step how to apply the 7 following tips to have the life & business you love.
It’s like a dream come true to all of you who sell or want to sell products or services online.
If you sell online using WordPress, that’s a freaking game changer…
If you’re about to sell something online soon, this is going to make your online life so much more fun, simple & easy.
"In the moments of decision, your destiny is shaped." Tony Robbins
"In the moments of decision, your destiny is shaped." Tony Robbins
What will you decide to do right now?
The same old thing you’ve been doing, so you get the same old results?
Or will you decide to change your life & equestrian business results for the better?
Profitably sell your own equestrian products, services, classes, coaching, consultancy, reading, or expertise online...
Without further ado here are my 2 cents:
Tip # 1
Want to quit your boring day job? The sales department or large enterprise you're working at?
Not sure if you can do it? Or If it's the right time?
Are you asking yourself questions like: Am I good enough? Do I know enough? Do I have enough experience?
Do I have enough money if things go wrong?
Well, you're not alone... It's not insane to have these questions. But don't let it hold you down.
You need a vision and plan.
These "fear-based" questions are real, but not true.
It's your subconscious that wants to protect you and keep you safe.
That's fine. It will keep you safe. But may not get you where you want to be in life.
You need courage and faith to take a calculated risk. Knowing that you will reap what you sow.
Life will often give you what you deserve not what you need.
Your online business will grow as far as you can personally grow. As much as you give, you will take. It all starts and ends with you.
It's not the economy, the government, the circumstances, the market or anything else.
If you want to learn, hone your skills and have the discipline to do the work. You can start & grow your own business, get clients from all over the world and make double, triple or quadruple the salary you're currently making or even what your employer is making.
The sky's the limit, as long as you don't trade time for money and know what you're doing.
It all depends on you and how far you want to go.
This doesn't mean doing more, but rather focusing, specializing and narrowing down. What you don't do is more important than what you do. Managing what you don't know is more important than leveraging what you do know.
The first step today is to know yourself. What you like or love to do and what you're good at.
Out of everything you do daily. Let's focus on only the 20% that gets you 80% of the results. Choose one thing, one activity, one client and one problem or objective to tackle.
The problem with most of the entrepreneurs I work with from all over the world is that they want to be everything to everybody. So they end up reaching nobody.
Simplify to amplify. Be the big fish in a small pond rather than the small fish in a big pond. Focus. Narrow down. Choose a niche.
Be the specialist, not the generalist. The first run circles around the latter every day of the week.
Think about it. If you are Real Madrid, the football club, and have a legal problem with Ronaldo. Would you go to a sports lawyer who specializes in football or to a generalist who does criminal, civil, aviation and pharma work?
Which one of these two would you pay more to hire?
By the end of the narrowing down exercise, you should be able to write one clear sentence about what you do that sounds like one of these examples below:
I help online entrepreneurs design their website in 2 weeks.
I help hotel owners draft hotel management contracts with their management companies in 4 weeks.
I help real estate contractors amicably settle their disputes with their landlords in 6 weeks.
Feel free to comment below or message me if you have any questions.
Tip # 2
Productize Your Equestrian Service
Are you trading time for money?
The common problem most equestrians, entrepreneurs and professionals like lawyers and accountants are doing is trading time for money. Charging by the hour. But we all have limited time.
Here’s an example: If you charge $100 per hour, and you can only offer your clients 6 hours a day for instance, then the maximum you can earn per day is $600 dollars. If you get an extra client, or extra work from your existing clients, you will have to ask them to wait or the quality of your work will suffer.
Trading time for money puts you and your clients in a conflict of interest. It doesn’t align your interests or get you both on the same boat. Your interest becomes billing more hours. And the client's interest is to get results as soon as possible.
Both you and your client want opposing things. This creates a conflict of interest.
This is the wrong business model and if you find yourself doing this, you should stop it now.
Both you and your client must have aligned interests.
Clients don’t give a damn about how much time you spend on the job or what your process is.
Think about this simple situation: When someone wants to hang a picture on their wall, they don't want a quarter-inch drill bit. They want a quarter-inch hole in the wall.
Clients only care about what’s in it for them. They care about results.
You solving their problem or helping them achieve their objectives.
This is how you can create value and charge fees for it.
This way you charge for value, not time.
Value is not limited like time. Getting results to clients can be invaluable. You can put a much higher price tag on it. How valuable is it to save a life, marriage or a business? Very valuable!
So the more serious the problem you solve, the more fees you can charge.
The more people you can solve it for, the more money you can make.
Simple, but not easy. Common sense, but not common practice.
Once you know what problem you want to solve and for who, it’s time to craft a minimum viable product or service that gives your clients what they want as soon as possible.
Then you need to productize this service or automate it using tech tools, so that it doesn’t add to your workload to market or deliver it.
Think of Facebook, Uber, AirBnB…
Do the founders or managers of these companies need to do any more work when a new client or user gets on board? Not at all.
Now you need to focus on a single product or service that you can market, sell and deliver on autopilot to reach as many customers or clients as you can.
The great thing about the internet is that it can help you do exactly that.
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Tip # 3
Online Business Models
Contrary to a brick & mortar business, online business doesn’t require:
- A ton of money to start,
- Existing product or service to sell,
- And it doesn’t require you to be the expert or even do the work yourself.
Online business is a leveled field for all participants. It’s an ultimate democracy where all the players can use the same tools and start from the same place.
You can start it from zero and more interestingly, you can grow it on autopilot without much engagement from your side.
You’re not stuck in your local market, but can sell internationally even in your sleep.
You don’t have to work from an office. You have the freedom to work from anywhere you want as long as you have your tools. Basically, the internet, mobile, and a laptop.
Sounds interesting, doesn’t it?
Here are the main types of online business models:
E-commerce Business Models. Selling products to people or businesses
- B2C is when businesses sell to customers, ex. Amazon, Walmart, Target.
- B2B is when a business sells its products to other businesses, ex. Alibaba
- C2B businesses allow individuals to sell to companies. Ex. Upwork
- C2C business connects consumers to exchange goods & make money by charging fees, such as marketplaces (eBay) for example.
A consultant or coach is a professional who provides advice in a particular area such as business, law or sports, for example. eg. Tony Robbins
DIY: ‘Do it yourself’ info products like ebooks or programs that clients create on their own.
DFY: ‘Done for you’ is when an agency or service provider offers a service to a client. Eg. SEO service.
DWY: ‘Done with you’ is when both the client & service provider work together to achieve a certain objective.
‘Software as a service’ is an App or a program running on computers, mobiles or the cloud. Eg. Uber, Airbnb, Booking.com
The subscription model is when a customer pays a recurring fee at regular intervals for access to a membership area, newsletter or service.
This is when course creators offer education, workshops or training to students.
Depending on the experience you want to have online, you can choose which business model suits you and most importantly, your clients.
Which one of these models would interest you most?
Tip # 4
Issues To Consider Before Setting Up Your Company
Do you know which legal form to choose for your new company?
If you’re like most entrepreneurs who started online businesses, probably a limited liability company would be your common choice.
Follow these steps to have a clearer picture of what needs to be done.
There isn’t one perfect business structure or form.
Each business form has its pros and cons. Make sure that you understand the differences and most importantly, how it will impact your business, especially from tax and liability perspectives.
A golden rule would be to start small and keep it simple.
How much should you invest in your startup?
It’s recommended to invest surplus money that you don’t need to cover your day to day living expenses, rent, and bills.
It’s important to have a business plan, SWOT analysis, STEP, and a business model to start off with.
You need to research what those acronyms stand for and figure them out.
If you don’t know these acronyms, it would be better to find some templates to make your life easier.
In most cases, a limited liability company’s capital requirement ranges from USD 5K to 50K depending on the jurisdiction in question. Typically around USD 20K.
Accordingly, it’s very important to have a business plan with a budget or estimated costs for the coming years. Sometimes, it’s not easy to figure out those numbers precisely, but it’s important to have an estimate.
Do You Need a Partner?
In most cases, you’ll need partners, delegates, and outsourced collaborators.
Some jurisdictions allow one-man show businesses and others don’t.
In all cases, it takes two to tango, I suppose. You can’t reach that far on your own. You’ll need a team. Teamwork and networking are essentials for the success of any business.
Having at least one partner is good for brainstorming, support, and to hold each other accountable for what needs to be done.
You definitely also need to consider a good corporate lawyer and the legal auditor or tax accountant for your accounting and taxes.
Virtual assistants are nowadays available online too.
Have you ever tried to hire one?
Tip # 5
Legal Steps to Form Your Company
You will need to choose a name for your business. You will need to search a database to check if it is available to take or if it’s already used by another business. It’s good practice also to check it as a domain name too, and even better to search it as a trademark as well.
You need to prepare your Articles of Incorporation & Statutes. This is the contract that forms your business and its bible or constitutional document. It typically includes: names of the partners and managers, the objective of the company, its legal address, the amount of capital, general meetings...etc
EIN or UID
This is your Employer Identification or Business Number. In some other jurisdictions they call it Commercial Registration Number, or Unified Number. This is a unique number to identify your business. It’s like your business ID when dealing with governmental agencies or third parties.
You will need to register with income and sales tax authorities in most jurisdictions, except if you are in a free zone or tax-free area, where such registration is not required. Normally you get a tax card or number for your tax registration. In some countries, you are not required to register for sales tax unless you reach a certain turnover threshold.
Businesses need a separate bank account so that the partners can deposit their shares of capital, and later it operates as a business account to make and receive payments. Partners need to designate who’s eligible to sign to transact on its bank accounts. Only those eligible people will be entitled to transact at the bank on behalf of the business.
Social and labor authorities
In most jurisdictions, you will need to register your business as an employer at the social insurance services or labor office. With some exceptions, you might only be required to do that if you have employees or a minimum number of workers.
Tip # 6
Accounting & Budgeting
Do you know your numbers?
I’m not a CPA and you don’t need to become one either to make sense of numbers and reach your financial goals.
I want to share with you my thoughts on this. I hope it makes sense to you, gives you clarity and helps you reach financial freedom.
It doesn’t need to be complicated.
Keep it simple by identifying a few numbers in your business that quickly tell you if you’re on track or if you need to dig deeper to see if a problem exists.
Think of your business or personal finances as your pocket.
Here’s an easy way to think about assets, liabilities & equity.
Obligations that takes money out of your pocket.
Resources that bring money into your pocket.
The difference is your net worth (can be positive or negative).
To put it in a simple equation:
Assets - Liabilities = Equity
When you look at this equation at any one point in time, it is called a balance sheet (like on the 1st of April for example).
Because the sum of your company assets, liabilities and equity should always balance to zero.
However, your income statement summarizes an entire reporting period. It covers your income and expenses over a period of time (like a video), as opposed to the balance sheet that gives you a snap shot at one moment in time (like a picture).
So you will either discover an increase, decrease or no change of your net worth or equity resulting from the profit or losses you incurred.
If your income exceeds your expenses, then you made a profit. If your expenses exceed your income, then you incurred a loss.
Here’s where it gets tricky. You can make a profit, but still go bankrupt if you can’t manage your cash flow. Profit is sales, not cash. Since you can sell on credit, then maybe you don’t get paid upfront.
You have to keep an account for your cash flow. This shows you how much liquid cash you have on hand and whether it increased or decreased. That’s why some experts say cash is not king. Cash Flow is king.
This is what your CPA is trying to explain to you through his book-keeping or audit.
What I want to emphasize here is that not any asset sitting on your asset column is a real asset.
It is only an asset, in my view, if it generates positive cash flow.
So a house that you live in, for example, may not be an asset. Since you pay for its maintenance, utilities, depreciation and amortization, I wouldn’t consider it an asset because it doesn’t add any money to your pocket and you won’t be selling it for profit while you are residing in it.
In this context, I consider your residential house a liability. It only takes money from my pocket.
I would only consider it an asset if you rent it out and get income or resell it for profit at a higher value.
Same applies to your business. You need to know your numbers and don’t be fooled with the acronyms. It’s simple to do. But also simple not to do.
Following this same analogy. If you want to make a $1`'000`'000 (A Million Dollars) of sales, you just need to sell a $1000 (Thousand Dollars) product to a 1000 (Thousand) clients.
Or if you’re working for 10 months a year, you need to sell to 100 clients a month.
25 clients a week, or 5 clients a day.
So if your conversion rate is 5%, you need to reach 100 clients a day.
Set your targets, assess how much work you need to achieve them, block specific times on your calendar to get it done and make it real!
Work consistently on your plan first thing in the morning every single day!
Common sense. Unfortunately, it’s not always common practice.
That’s how you can make it.
Tip # 7
Sales & Marketing
How can you reach your sales targets?
In my experience, the best way to start is to establish your Conversion Rate.
Your Conversion Rate is how many sales you make from every 100 clients you reach through your acts of marketing.
For most of the products I came across online it’s typically 3-5%.
Let’s say you’ll make 1 sale when you reach out to 100 people.
In a formula, it would look like this:
Sales = traffic x conversion rate
To increase sales you basically have three options:
Increase your conversion rate
Or ideally increase both!
Notice that at a 1% conversion rate, an increase from 1% to 2% for example, you’ve literally doubled your sales. It’s a 100% increase of goods sold.
This 1% improvement alone can increase your sales exponentially if it’s done consistently over time!
If you’ve followed the process of the previous tips of this post, you should have gotten to know:
Their specific problem
And the result they want.
And you’ve validated your assumptions and gotten feedback from your clients which you used to improve your solution.
If you’ve done this correctly, you should have the first flame burning...
Now it’s the right time to put gasoline to make a big fire in sales.
Only then does it make sense to use paid traffic, digital marketing, and social media advertising to get more eyeballs on your offers.
Marketing is simply an offer (product or service) + a sales message that is revealed in a campaign.
A series of announcements (like movie trailers) to create pressure and anticipation for an event (the day and time you launch your product).
Can be used to:
1- Introduce a new offer (brand new launch)
2- Or reactivate an existing offer (evergreen launch).
Your advertising testing elements should include at least:
7 different ideal client avatars to target with;
4 different pictures or videos for each; and
2 different messages on each picture or video.
Different combinations of these will give you hundreds of ad variations that you can run and let the algorithms of the advertising platforms tell you which one works best for you in just a few days’ time.
You can iterate and test only one variable at a time.
Keep paying for 20% of the ads that work best and discontinue the 80% that don’t perform.
By analyzing these ads you’ll know to a dollar how much it costs you to acquire a new customer.
This is a great milestone for any business because now you have a well-oiled sales machine.
If you can sell a product that at least covers your ad spend, then your advertising costs you nothing, as long as you can offer subsequent sales to these clients without paying any additional expenses to acquire them.
The competitor who can afford to pay more to acquire a customer will win the game.
So from this moment forward you only have 3 ways to grow your online business:
Sell to more clients
Sell them more expensive offers
Or sell them more frequently.
Do this and you’ll have a thriving online business!
Wishing you best of luck 🙂
If you have any questions or need any help implementing any of these tips in your business, feel free to book a free consultation with me to see if we’re a good fit to work together.
Schedule a free consultation on my calendar now at the time that suits you best: