Your Quiz Results Are In And It’s Official….
The No 1 thing holding you back
from growing your product-based business is….
Focusing on the WRONG things
It’s something we see all the time within our community of product bosses, trust us you’re not alone.
So many product-based business owners feel like they need to do more, be in more places, and burn the candle at both ends to ignite that spark for their business.
They're focusing on ALL the things instead of focusing on what works and letting go of the things that don't.
It's scary letting go, we know that and totally get it....but in reality, by keeping your business simple, and narrowing in on the things that work, you'll make more money without adding extra effort.
When we focus, go deep instead of wide, and get clear on our intentions, that's when we can truly succeed.
It's like a breath of fresh air and a weight off our shoulders.
Permission Granted To Let It Be Easy!
You’re not on your own….
Making the shift from only just surviving to feeling like you’re thriving isn’t the insurmountable task you think it is. It may feel like you’re spinning your wheels right now, and as if everything is an uphill battle, BUT you’ve made the first important step to moving the needle in your business by taking this quiz.
And that step is ACTION.
You’ve taken positive action towards making a change.
And as we like to say,
"Keep It Simple, Seller - K.I.S.S"
Bottom line: It's time to sell more, do less, and focus on what matters instead of chasing those distracting shiny objects.
We know it can be a struggle to stay focused and not be tempted into chasing those enticing shiny objects when they show up.
There are plenty of people out there encouraging you to do more, and more, and more when it comes to creating products.
In fact, the Etsy mentality teaches you to make all the things for all the people, pushing you to believe that the more product you have the more you'll get found on the platform.
From our experience with our 60,000 students, we’ve found that that's the quickest way to burnout and often leads to Product Bosses feeling overwhelmed and not seeing the success they’re striving for.
As creative business owners, we know you love to think outside the box and make things with your hands. You are visionaries of big, bright, and beautiful ideas. But those big ideas take focus to build into a sustainable business.
Remember, focus is your superpower!
The next time a shiny idea looks set to derail you and potentially take your focus away, ask yourself these questions…
Will this idea improve my bottom line or move the needle in my business?
Is this going to stop me from focusing on what matters?
Will this be an unnecessary timesuck?
Is this going to simply be a big distraction?
Does it align with the goals I have for my product-based business?
"Action takers are money makers"
Jacqueline & Minna
Your Product Boss Report Card
Let's find out what your report card would say if you were taking lessons in staying focused and not getting distracted. Understanding how to stay focused on what matters, is the fast track to consistent growth in your business.
CONCENTRATION:
It’s almost impossible to fully concentrate on the tasks ahead when our focus is on multiple things. It's so easy to become attached to things in our business which aren't actually making us money. Learn to let go of these things, both physical and emotional, so you can focus on what really matters.
Clarity:
Get crystal clear on the things that are moving the needle in your business. Be led by these and don’t allow yourself to get distracted by the non-moneymakers making demands on you.
MINDSET:
To have a profitable business a mindset shift needs to happen. We have a way, as humans, to overcomplicate things. It's like an inbuilt alarm telling us things should be harder and if they're too easy they aren't working.
Our advice, don't overcomplicate it. Let it be easy.
When you try to do all the things it's not sustainable and you end up feeling crushed under the weight of everything.
On the other hand, simplicity is sustainable by its very nature, and that's what you're looking to achieve in your business.
Shift your mindset to one of simplicity instead of complicated.
DELEGATION:
Getting help where you can is so important whether it’s help with the housework or automating some tasks in your business. Wherever the budget allows delegating to others allows you to stay in your zone of genius doing what you do best.
You don't have to do it all yourself you can absolutely get the help and support that you need.
Goals:
Plan out how you're going to achieve the goal of creating more revenue in your business. This will help you stay focused.
Ask yourself what you have to sell and where you have to show up. What do you need to do in order to reach that goal?
And remember, profit should always be your end goal. One million in revenue means nothing if you're not profitable.
PRIORITIZING:
Free up your mental, calendar and physical space so you can get off the hamster wheel.
Doing a braindump of all those thoughts running around your head, prioritizing things on your calendar, and getting your inventory in order will help you to focus on the things that matter most.
Your Product Bosses - Jacqueline and Minna
Time To Take Action!
The No 1 rule to remember in scaling your business is that 80% of your revenue comes from 20% of your products.
Simple, but life-changing.
This whole philosophy is based on Pareto's Principle, which states that 80% of your outputs come from 20% of your efforts.
How does that translate to a product-based business?
Simply put, 80% of your revenue will come from your best sellers, those products that just fly off the virtual shelves. The ones you don’t have to work hard to sell.
Whilst the remaining 20%, comes from your other products.
So what this doesn’t mean is more products. It’s about scaling your business by going deep and not wide on your best sellers.
It’s so hard to grow when your focus is on making, producing and selling tons of different types of products.
Don’t get caught in the mental trap of thinking more products equals MORE money when in actual fact, more product TAKES more money.
When you focus on more products you lose more money, time and energy.
Instead, focus on what is making you money so you can be a money-making machine.
Learn the secrets to maximizing your revenue and growing a profitable business year-round...
With Our PROFIT Formula
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PLAN
Too many times we see promising Product Bosses get stuck because they've not planned things out properly. This results in "analysis paralysis" because they feel overwhelmed and unsure of what their next step is resulting in them not taking any action at all!
Plan for success by setting clear goals and breaking them down into projects and then tasks. Ensure they have clear deadlines and reverse engineer the schedule based on your expected due dates.
And remember to set a gauge on your ROI so you have a way to measure the results be it in sales, followers, and outcomes.
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RESEARCH
Do your research on your customer. And I mean really get to know them, understand their needs and what they want from you.
What are the products they're drawn to and can't get enough of?
Figuring out who your customers are and where the browsing turns into buying is the sweet spot to selling more and doing less.
Because once you really know them you can tailor everything you do completely to them.
Focusing on the clients who actually buy from you, rather than anyone who stumbles across you, makes it easier for you to sell to them time and time again.
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OPPORTUNITY
Look for the untapped opportunities in your business and learn to lean into your best sellers. If you have products that are doing really well then keep selling them.
Put your resources behind those products, have confidence in them and allow them to shine. Spend your time and energy on them rather than the products that don't benefit your bottom line.
And remember, 80% of your sales come from 20% of your products.
So identify those best sellers, then see how they can help lift the sales of your other products by creating bundles in your offers.
Could any of your best sellers be a two or three-pack? Could you combine them with a poor-selling product to move inventory and up your bottom line? Think about what you sell and how you could create some fantastic bundles that your customers just can’t pass up.
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FOCUS
It's time to become laser-focused on your business. It isn’t about doing MORE. It’s about doing more of WHAT’S WORKING. (Because if you’re not, chances are, you’re leaving money on the table.)
Remember how we told you to bundle products together? Well, now we're telling you to upsell!
Think about the last time you were shopping on Amazon and saw a box saying “Customer who bought this item also bought these two other items, want to buy all three?”
It's genius and of course, we usually do what Amazon tells us to and buy all three. It's upselling at its best and easiest so focus on how you can upsell your best-selling products.
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ITERATE
Maybe leaning into your existing customers or reaching out to your existing customers is key. Look at who is already buying from you and see how you can sell more to them.
You don't have to create something new all the time. Product development can suck time, money and quality from your business. Instead, think about taking your best sellers and iterating on them. Look at what people love.
Starbucks do this really well with their Pumpkin Spice Lattes they sell in the Fall. Come Christmas, they move that flavor spice profile to a Gingerbread Latte and then come the New Year, they release the Cinnamon Shortbread Latte.
See what they did there? They hooked that same customer on $5+ “Holiday Favorites” for about 4 months! Genius. So think about which product is your Pumpkin Spice Latte. Then iterate.
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TRACK
Too many business owners lose precious time and money by not keeping track of their business.
It’s important to track the promotions you do and note what worked and what didn’t work. That way you’ll have even more success the next time you run them.
Are you tracking your figures monthly, quarterly and annually so you can see how things are looking?
And don’t forget about the seasons. Which are your busy ones and which are your quiet ones? How can you prepare for the quieter ones and make them more profitable?
Meet the duo behind The Product Boss Quiz…
We created The Product Boss out of our own struggles.
In a sea of service-based advice, we needed more ideas and strategies that were specific to product entrepreneurs - to connect, grow, inspire and lift each other up in our businesses and lives.
We’re Jacqueline Snyder and Minna Khounlo-Sithep and we’re the combined force behind The Product Boss and the Shop 1-in-5 Pledge. We’re also the co-hosts of The Product Boss Podcast, a top 10 Marketing podcast.
We've both run our own successful product-based businesses and know exactly how you feel because we were right where you are today at some point in our product journey.
Jacqueline
“I didn’t have investment from some fancy financier or even a small business loan.
My business was 100% self-funded with $20k I had saved from working as a fashion designer.
With A LOT of hard work, I turned that $20K into a multi-six figure business with products sold in 60 countries and worn by a ton of celebrities.
...So if you’re living that bootstrap life, I GET IT.”
Minna
“When I first started, I had no idea what I was doing. I was 100% self-funded, had to wear allllll the hats, and figure everything out by myself.
I hit 6-figures selling a $10 product in my first year. But I felt so lost, confused, and like I was winging it (because I kinda was), and when I wanted to hit that next level...
...I STILL COULDN'T FIND SUPPORT FOR PRODUCT-BASED BUSINESSES!”
Now we help product-based businesses, like yours, grow their systems, visibility, and sales to create the life and business you want.
We’re honored to say we’ve coached over 60,000 thousand students in our courses, workshops and masterminds – anywhere from start-up to multi-million dollar small businesses. And we want to show you what is possible for you using our methods and frameworks created specifically for physical product businesses.
We have grown a community of high-achieving product-based small business owners scale their physical product businesses out of their living rooms and beyond.
We’re connecting women around the world through a blend of real-life motherhood, creative strategy and business leadership.
Are you ready to make BIG moves this year?
You've taken the time to complete the quiz and now it's time to take action.
This is your VIP invite to our exclusive, free workshop series to help product-based business owners set themselves up for success in 2023!
Discover how to implement your quiz results and more…