Day: July 18, 2019

How to Set Up a New Business in Vermont

Starting a Business in Vermont

A new business in Vermont is not out of reach. So have you been wondering: how do I start a business in Vermont? And more importantly, can I do so no matter what the economic conditions are? Can I start a new business in Vermont during a recession?

New business in Vermont: Advantages and Disadvantages

Business Insider called Vermont the third worst state to start a new business in, per a 2016 article. So this is for the whole nation. There are high costs but also few employees for hire. There are around 11,000 unemployed Vermont adults and also around 3,000 open jobs.

So 1.29% of the working population is available to work at a new business. Contrast with the best state (Wyoming). Wyoming has more than double (2.73%) employees available for startup companies. Also, Vermont had the second lowest density of startup businesses. There were fewer than 54 new businesses per 1,000 firms.

Vermont, though, with its proximity to New Hampshire, can potentially seek employees there.

Recent Changes?

In 2018, Forbes ranked Vermont at number 47 – not much of an improvement there. Also in 2018, Fit Small Business clocked Vermont in at number 28.

So, why the difference? First of all, keep in mind these three sites all have different methodologies.

Fit Small Business praises Vermont for its #1 quality of life and its #4 labor market. The labor market is a measurement of both the desirability of an area and the number of people with bachelor degrees. Vermont also scores well for the costs of starting a business.

But then it all goes off the rails. Vermont is in the ten worst states for taxes, cost of living, startup activity, and access to capital. In truth, if Vermont didn’t have such a good quality of life, Fit Small Business probably would have ranked them in the bottom of the 30s.

Forbes says Vermont has a decent labor supply and quality of life. Note: quality of life does have some subjective factors. But then there are four areas where it is in the bottom ten states. These include regulatory environment and economic climate. Business costs are also bad. But it’s growth prospects which are truly abysmal, ranking at #49. Only Mississippi ranks worse.

Only you can decide if it’s worth it to start a new business in Vermont.

New Business in Vermont: Initiatives

However, Vermont is also showing growth in many sectors. This includes manufacturing. The state’s government is taking an active role in trying to encourage economic growth. This is being done by heavily investing in and developing infrastructure to support that growth. Also, Vermont is pushing several key economic development initiatives.

Start a New Business in Vermont – Vermont Top Industries

As might be expected, tourism and maple syrup still represent rather large industries in Vermont. Smart business owners may see new business opportunities in catering to both of these niches. So these can be in industries which would include camping equipment, hospitality, and athletic and also cold weather apparel.

Per the Vermont office state website, Think Vermont, the biggest industries in Vermont are software development and IT, and also manufacturing. More top Vermont industries are financial services and insurance and also renewable energy and green businesses. Yet more top industries in Vermont are tourism and outdoor recreation; and also food, beverage, and consumer goods. More Vermont top industries are education; health care and social assistance; and also professional and creative services.

Start a New Business in Vermont – Vermont Business Ideas

Smart business owners can always find new opportunities.  Work with bigger industries in the state. Offer goods or services such as hospitality, transportation, and also trucking for any industry. Other ideas are developing and also distributing safety equipment. Another idea is computer support such as programming and also data, for example.

Here is how to start a new business in Vermont.

Start a New Business in Vermont – Vermont New Business Secretary of State Requirements

Register a Business Name

Register a business name on the Vermont Secretary of State’s website.

Corporations

Vermont corporation names must be unique. Before deciding on a name, search online records and also other records to determine if the name is already in use. Start with the online database of registered Vermont corporations available at Vermont Corporation in the Vermont Secretary of State website.

Corporate Name Reservations

It is not necessary to reserve a corporate name before filing to incorporate. But if a business owner wants to reserve a name before the time they can file to incorporate, submit a name reservation application to the office of the Vermont Secretary of State.  Find and download the name reservation application form at Reserve a Vermont Corporation Name in the Vermont Secretary of State website. The corporate name is then reserved for 120 days. There is a filing fee of $20.00.

Business Permits and Licenses

The Secretary of State has a list of professions which require licenses.

Local Permits and Licenses

Consult a useful PDF. It lists many of the town and city clerks in Vermont.

Start a New Business in Vermont – Business Registration

Get set up with the Vermont Secretary of State Online Business Registration Guide. But if you need more information or forms, check out the Start or Register a Business page.

Tax Registration

To take care of tax registration, go to the Vermont Department of Taxes.

Start a New Business in Vermont – Virtual Offices

Alliance and Regus do not offer Vermont virtual business offices.

DaVinci offers Vermont virtual business office space in Burlington and Shelburne. Business owners in Montpelier or Rutland, and in other parts of the state, should ask local business owners. Also try computer groups for help in this area.  Other options may be virtual business office space in nearby states. These are Massachusetts, New Hampshire, and also New York.

Start a New Business in Vermont – Build Business Credit

Business credit is credit in a company’s name. It doesn’t tie to a business owner’s personal credit, not even when the owner is a sole proprietor and the only employee of the business.

Therefore, an entrepreneur’s business and consumer credit scores can be very different.

The Benefits

Given that small business credit is independent from personal, it helps to safeguard a small business owner’s personal assets, in case of court action or business bankruptcy.

Also, with two separate credit scores, a small business owner can get two separate cards from the same vendor. This effectively doubles purchasing power.

Another advantage is that even startups can do this. Going to a bank for a business loan can be a recipe for frustration. But building company credit, when done right, is a plan for success.

Consumer credit scores are dependent on payments but also additional considerations like credit use percentages.

But for company credit, the scores really only hinge on if a small business pays its invoices punctually.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

The Process

Building small business credit is a process, and it does not occur without effort. A business has to proactively work to build business credit.

However, it can be done easily and quickly, and it is much speedier than building personal credit scores.

Merchants are a big aspect of this process.

Accomplishing the steps out of sequence will cause repetitive denials. Nobody can start at the top with company credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.

Start a New Business in Vermont – Business Fundability

A business has to be fundable to lending institutions and merchants.

For this reason, a company will need a professional-looking web site and email address. And it needs to have site hosting bought from a supplier like GoDaddy.

Additionally, company telephone and fax numbers should have a listing on 411.com.

At the same time, the business telephone number should be toll-free (800 exchange or the equivalent).

A small business will also need a bank account dedicated solely to it, and it needs to have all of the licenses necessary for operation.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Working with the Internal Revenue Service

Visit the Internal Revenue Service website and obtain an EIN for the business. They’re free. Choose a business entity like corporation, LLC, etc.

A small business can begin as a sole proprietor. But they will most likely wish to change to a form of corporation or an LLC.

This is in order to reduce risk. And it will make best use of tax benefits.

A business entity will matter when it comes to taxes and liability in case of a lawsuit. A sole proprietorship means the entrepreneur is it when it comes to liability and taxes. No one else is responsible.

Sole Proprietors Take Note

If you run a company as a sole proprietor, then at the very least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the small business name. Consequently, you can wind up being personally liable for all company debts.

In addition, per the Internal Revenue Service, by having this structure there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 possibility for corporations! Steer clear of confusion and considerably decrease the chances of an IRS audit simultaneously.

Starting the Business Credit Reporting Process

Start at the D&B web site and get a totally free D-U-N-S number. A D-U-N-S number is how D&B gets a small business into their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.

By doing this, Experian and Equifax will have something to report on.

Vendor Credit Tier

First you need to establish trade lines that report. This is also known as the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.

Start a New Business in Vermont Credit Suite

And with an established business credit profile and score you can start to obtain credit in the retail and cash credit tiers.

These types of accounts tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But first of all, what is trade credit? These trade lines are credit issuers who will give you initial credit when you have none now. Terms are commonly Net 30, instead of revolving.

Therefore, if you get approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, such as within 30 days on a Net 30 account.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts must be paid completely within 60 days. In comparison with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you used.

To launch your business credit profile the proper way, you should get approval for vendor accounts that report to the business credit reporting agencies. As soon as that’s done, you can then make use of the credit.

Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit Tier – It Helps

Not every vendor can help in the same way true starter credit can. These are merchants that will grant an approval with negligible effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than once to these vendors. So, this is to validate you are dependable and will pay promptly.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then move onto the retail credit tier. These are businesses such as Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the small business’s EIN on these credit applications.

One good example is Lowe’s. They report to D&B, Equifax and Business Experian. They want to see a D-U-N-S and a PAYDEX score of 78 or better.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then progress to the fleet credit tier. These are service providers like BP and Conoco. Use this credit to purchase fuel, and to repair, and take care of vehicles. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the company’s EIN.

One such example is Shell. They report to D&B and Business Experian. They need to see a PAYDEX Score of 78 or more and a 411 small business telephone listing.

Shell may say they want a certain amount of time in business or revenue. But if you already have adequate vendor accounts, that won’t be necessary. And you can still get approval.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Cash Credit Tier

Have you been sensibly managing the credit you’ve up to this point? Then progress to the cash credit tier. These are service providers such as Visa and MasterCard. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

One such example is the Fuelman MasterCard. They report to D&B and Equifax Business. They want to see a PAYDEX Score of 78 or better. And they also want you to have 10 trade lines reporting on your D&B report.

Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).

Also, they want you to have an established company.

These are service providers such as Walmart and Dell, and also Home Depot, BP, and Racetrac. These are normally MasterCard credit cards. If you have 14 trade accounts reporting, then these are doable.

Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and address any errors ASAP. Get in the practice of taking a look at credit reports and digging into the particulars, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.

Update Your Data

Update the data if there are mistakes or the information is incomplete.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to contest any errors in your records. Errors in your credit report(s) can be corrected. But the CRAs typically want you to dispute in a particular way.

Disputes

Disputing credit report mistakes generally means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always mail copies and retain the originals.

Fixing credit report mistakes also means you precisely spell out any charges you contest. Make your dispute letter as crystal clear as possible. Be specific about the issues with your report. Use certified mail so that you will have proof that you sent in your dispute.

A Word about Business Credit Building

Always use credit responsibly! Never borrow more than what you can pay off. Keep track of balances and deadlines for repayments. Paying in a timely manner and fully will do more to raise business credit scores than just about anything else.

Growing small business credit pays off. Great business credit scores help a company get loans. Your lending institution knows the small business can pay its debts. They understand the company is authentic.

The business’s EIN attaches to high scores and loan providers won’t feel the need to call for a personal guarantee.

Business credit is an asset which can help your business for years to come.

Learn more here and get started toward opening a new business in Vermont.

Want to start a new business someplace else in America? Then check out our handy guide to starting a business in any state in the country.

 

The post How to Set Up a New Business in Vermont appeared first on Credit Suite.

The Top 10 Small Business Credit Cards – Excellence for Every Entrepreneur

The Top 10 Small Business Credit Cards Can Be Yours

Do you know the top 10 small business credit cards? We did the research for you. So here are our favorites.

Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal cards!

This shows you can get a lot more cash with corporate credit. And it also means you can have personal credit cards at shops. So you would now have an additional card at the same stores for your business.

And you won’t have to put up collateral, cash flow, or financials to get business credit.

Credit Card Benefits

Features vary. So make certain to pick the perk you prefer from this collection of possibilities.

Top 10 Small Business Credit Cards: 10. Ink Business Cash Credit Card for a Terrific 0% APR Period

For a 0% APR period, this card is great. You pay no yearly fee. It’s got an interest-free time period. It has flexible cash-back rewards. There are spending limits for employees. However, you will need a credit score of 690 or higher.

Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-cash

Top 10 Small Business Credit Cards: 9. Ink Business Preferred from Chase for Excellent Rewards

With this card, you can get 80,000 bonus points. But this is once you spend $5,000 on purchases. And it is within your first three months from account opening.

Earn three points per dollar. But this is on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, and cable and phone. It is also on advertising purchases made with social media sites and search engines. But this is for each account anniversary year.

Also, earn one point for each dollar on all of the other purchases. There is no restriction to the amount you can earn.

Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-business-preferred

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Top 10 Small Business Credit Cards: 8. SimplyCash Plus Business Credit Card from American Express for Awesome Cash Back

Small Business Credit Cards Credit Suite

Check out the SimplyCash Plus Business Credit Card from American Express. So you can earn as much as $400 cash back. Get a $200 statement credit. But this is after spending $5,000.

Also, get 5% cash back at US office supply stores and on wireless phone services. So these must be bought from US service providers. But this applies to first $50,000 of yearly spending.

You also get 3% cash back on spending category of your choice. So this is from eight distinct categories. They include air travel, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending.

Plus you get 1% cash back on all other purchases.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Top 10 Small Business Credit Cards: 7. Gold Delta SkyMiles Business Credit Card from American Express for Luxurious Travel Points

If you want Delta SkyMiles, then this card is for you. Get 30,000 bonus miles. But this is after you make $1,000 in purchases on your new card. And it is during your first three months. Terms and limitations apply.

Also earn a $50 statement credit. But this is after you make a Delta purchase with your card. And it is in your first 3 months. Earn two miles per dollar spent on purchases made straight with Delta. Also, earn one mile per qualified dollar spent on purchases.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/gold-delta-skymiles/44279

Top 10 Small Business Credit Cards: 6. Spark Cash Select From Capital One for Jackpot Rewards

With this card, you get 1.5% cash back on all purchases. So this is with no restrictions.

New cardholders can also get a $200 cash bonus. But that is once they spend $3,000 on new purchases. So this is within three months of account opening.

New customers also get initial APR of 0% on purchases. But that is for nine months. Also, there is no annual fee.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Top 10 Small Business Credit Cards: 5. Blue Business Plus from American Express for a Fantastic Introductory APR Period

This card an introductory 0% APR time period, we also prefer the Blue Business ℠ Plus Credit Card from American Express. So it has an introductory 0% APR for 15 Months. Also, you can earn double points on day-to-day company expenses up to a yearly cap. But the regular APR is 12.24% – 20.24%. So this APR is variable.

Right now corporations can earn double points. But this is on the initial $50,000 in purchases each year.

Get it here: https://creditcard.americanexpress.com/blue/

Top 10 Small Business Credit Cards: 4. Bank of America Business Advantage Cash Rewards MasterCard

With this card, you can get a $200 statement credit. But this is after $500 in purchases. And that is within 60 days of account opening.

You also get 3% cash back on purchases at filling stations and office supply stores. But this is as much as $250,000 annually.

Also, you get 2% cash back on purchases at restaurants. And get 1% cash back on all purchases. Also, there is no yearly fee. But it is available to applicants with excellent credit.

But you can only redeem your cash back in $25 increments.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Top 10 Small Business Credit Cards: 3. Wells Fargo Business Secured Credit Card for Excellent Credit Building

This card allows cardholders to secure a credit limit of $500 – $25,000. The amount available corresponds to the amount of funding you supply to secure the line.

Your purchase APR rate can be as low as a variable 13.15%. And the yearly fee is $25. But the more cards you have, the more expensive your annual fee will be.

This card lets company owners with bad personal credit to get a card to make purchases and build business credit.

But the card will only report to the personal credit bureaus if you default or are late on payments.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

Top 10 Small Business Credit Cards: 2. US Bank Business Edge Platinum for Low APR Bliss

For Low APR/Balance Transfers Business Credit Cards, this card is king. So you start with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer fee.

Afterwards, the purchase APR is a variable 10.49% – 18.49%. And this depends upon creditworthiness. There is no yearly fee. But this card is just available to people with great or superb credit. But there is no rewards program for purchases.

Get it here: https://www.usbankedge.com/credit/business-edge-platinum.do

Top 10 Small Business Credit Cards: 1. Business Platinum from American Express for Amazing Travel Perks

Check out the Business Platinum Card from American Express. It is a fantastic option for travel benefits!

Travel benefits including access to these airport lounge networks:

  • Priority Pass Select
  • Delta SkyClubs
  • American Express Centurion Lounges

You also receive Gold Status when you register for the Starwood Preferred Guest program. There is also a $200 yearly air travel fee credit.

There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program. And you also get one point per dollar spent on the majority of purchases.

Also, you get 1.5 times the points. But this is on charges of $5,000 or more. And it is on qualifying purchases. But this is up to one million additional points per year. Get five points per dollar. But this is for purchasing flights and prepaid hotels from the American Express Travel website.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Bonus #1: Capital One Spark Classic for Business for Fair Credit

For Fair Credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. But you will need a credit score of 690 or higher.

But BEAR IN MIND: the ongoing APR is 23.99% variable APR.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Bonus #2: Business Gold Rewards Card from American Express OPEN for Jackpot Rewards

Take a look at the Business Gold Rewards Card from American Express OPEN. So you can earn 50,000 Membership Rewards points. But this is after $5,000 in purchases on the card within first three months.

Also, you get three points on your choice of five categories. In addition, get two times the points on the other categories.

Also, get one point per dollar on all other purchases. It has a $0 yearly fee for the first year. But then your yearly fee rises to $175.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-gold-rewards

Bonus #3: Business Platinum Card from American Express OPEN

Also, have a look at the Business Platinum ® Card from American Express OPEN. So you can earn as much as 75,000 Membership Rewards points upon account opening.

Also get 50,000 Membership Rewards points. But this is subsequent to spending $10,000.

In addition, get 25,000 more points. But that is after spending an additional $10,000 all on eligible purchases. But this is during the initial three months.

And also you can get five times the Membership Rewards points. So this is on flights and pre-paid hotels on amextravel.com. But it has a $450 yearly fee. Yikes!

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279

The Top 10 Small Business Credit Cards for You

Your best small business credit cards will depend on your credit history and scores.

Only you can decide which rewards you want and need, so make sure to do your research.

And, as always, make sure to build credit in the established order for the best, fastest benefits.

Share this and tell your friends what you think of the best company credit cards.

The post The Top 10 Small Business Credit Cards – Excellence for Every Entrepreneur appeared first on Credit Suite.

KD's Out, Kyrie's Leaving, and Jeselnik Is Still Funny—With Bill's Dad, Sean Grande, and Anthony Jeselnik | The Bill Simmons Podcast

HBO and The Ringer’s Bill Simmons is joined by his dad to talk about the Rockets letting another playoff game slip through their fingers and the end of the Celtics’ season (2:50). Then they are joined by longtime Celtics radio play-by-play announcer Sean Grande to reexamine Boston’s season, where it went wrong, and why it couldn’t be fixed (25:30). Finally Bill sits down with comedian Anthony Jeselnik to discuss edgy tweets, comedy roasts, gambling, sports, Jesilnik’s new Netflix comedy special ‘Fire in the Maternity Ward,’ and more (1:00:50).

The post KD's Out, Kyrie's Leaving, and Jeselnik Is Still Funny—With Bill's Dad, Sean Grande, and Anthony Jeselnik | The Bill Simmons Podcast appeared first on Buy It At A Bargain – Deals And Reviews.

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The post Variable-rate Mortgage Payment appeared first on Buy It At A Bargain – Deals And Reviews.

How to Sell Your High-Ticket Services in High-Volume [PLUS A $234,780 Live Event Funnel Case Study]

Editor’s note: MFA is pleased to share this article and case study from guest author, Justin Devonshire about marketing and sales funnels for live events.

Do you have a high-ticket service you’d love to sell to the masses?

Perhaps you’ve wanted to hold your own live event but don’t know how to make it profitable?

Or maybe you’ve tried holding an event but got hit by the big costs. Many entrepreneurs who start their own live events get stressed trying to fill it, and barely break even.

In this article I’ll reveal the ‘Money’ Platform Model which will help you earn at least 2, 5, or even 10 X more revenue from every event you do, while liquidating your costs before the event even starts.

Why This is Important

With more and more experts getting online and competing in the coaching / consulting industry, you need to stand out and create Expert Authority in your niche.

Getting on stage is the fastest and most powerful way of creating both instant authority and trust with your audience. This trust provides you with three big benefits:

  1. It allows you to command higher fees
  2. Live events allow you to leverage your time by selling 1–to-many
  3. As a speaker you’ll attract media attention and high-level partners with far more ease than ever.

Simply put, if you want to dominate your niche, a live event funnel is one of the best strategies you could use…

…But You Have to Get It Right

I’m known as the ‘secret weapon’ behind some of the world’s leading speakers and coaches, helping them double or triple their revenues from each event and fill their seats every single time.

I run 3 businesses across different niches, that each use live events to gain new clients every month. I promote and profit from at least 10 events every single month, and teach others how to run successful large-scale events, multi-thousand people expos, and even small-group, high-price masterminds.

The key to selling high-ticket services in high volume and enjoying huge profits is something called the ‘Money Platform’ funnel.

The 3 Elements of the Money Platform

 

Justin Devonshire 2016-03 money platform

The Intro Event

So many entrepreneurs shoot themselves in the foot by going straight into promoting a paid event.

Unless you already have solid branding and a good following, it’s tough to sell tickets to an event in this way. It increases your costs up front and drains your cash flow before you’ve created it.

That’s a headache you don’t need.

How to set up your first profitable marketing funnel in less than 30 days!

Use the 5-step 6-Figure Funnel Formula!

WATCH the FREE 4-part video masterclass NOW!

That’s why the top speakers always start their funnels with an ‘intro event’. This is generally a 60 – 90-minute presentation that introduces the audience to the topic, with an offer for more at the end (just like a standard webinar is used online).

By holding an intro event, and using it like a lead magnet you’ll rapidly start building your list, and build a lot more ‘know, like and trust’ with that cold audience.

Another benefit to this intro event is that because of the higher volume of leads you’re getting at lower costs, you can also make ‘Point of Registration’ upsells to liquidate your marketing costs as youi’re filling the event.

So you’re essentially filling your event for free!

Some great offers that sell well here include a “VIP Networking” session before the seminar begins, or even a low-cost “VIP Upgrade” ticket that includes a consult with you and dinner with the speaker on the night of the event.

We often sell around 20 to 30 ‘upgrade’ tickets like that, out of a couple of hundred registrants, which essentially puts us into the profit margin weeks before our seminar even happens.

“But Do Free Seminar Attendees Buy Anything?”

You may be wondering will free attendees buy anything at your event? How do I sell high ticket stuff?

This is a common objection, and it’s really strange, to be honest.

Because, actually, a free seminar attendee is 10x more qualified and profitable than your average free webinar attendee.

Most people have no problems selling from free webinars, even though you have limited engagement with the audience, and half the time they’re scrolling on their Facebook newsfeed while you talk!

But in a live seminar, those audience members have driven out to see you. They’ve put aside 2 hours or more of their time. They’ve invested the price of gas and parking. You have their full attention.

You have more engagement, more rapport, and therefore more trust and authority.

So the bottom line is, free seminar attendees DO buy stuff. Lots of stuff. Its up to you to learn to be a good stage-seller.

So, you have a room full of free seminar attendees, and you’ve made some upsells to cover your costs. What do you do next?

The Money Platform

Remember, the objective of this funnel is to sell your high-ticket service, which is made easier thanks to the Expert Authority positioning you’ve created by being on stage.

So the next step is to refine your audience and further qualify the most potential high-ticket buyers.

A great way to do this is by using your free intro event to sell a ‘Money Platform’

The Money Platform is a program, or another event, that allows you to spend more time, and deliver more value with customers who are paying a low- to mid-priced fee.

Doing this qualifies the right people and allows you to build more trust and rapport, in order to make the bigger high-ticket sales later.

This is where most speakers go wrong: As I mentioned, most entrepreneurs who are new to events will start at this point of the funnel. They rack up unnecessary costs and often struggle to fill the seats.

But it gets worse.

The real big mistake here is treating this paid event as the product. The mistake is trying to make money from ticket sales.

That’s not where the money is.

I was chatting to someone a few weeks ago, who did a great job of selling 300 tickets to a full-day workshop for $100 each. So he made $30,000 from the tickets.

But because he didn’t use the event as a platform to make high-ticket sales, he lost out on a lot more money.

I asked him, “What would have happened if you’d offered a $5000 mastermind / coaching program to those 300 people at the end of the workshop?”

If only 10 attendees out of 300 said yes, he would have walked away with $80,000 that night, not $30,000.

If this person uses this model 3 times per year, that’s an additional $150,000 he’d gain from that one simple change in platform.

So your paid event is NOT the product. It’s a platform to get qualified buyers into the room and then make your high-ticket back-end sales.

When you use this event simply as a springboard, or a ‘platform’ to higher-ticket sales, your profits will skyrocket every time you put people through this funnel.

So, the objective is to fill an event with paying customers, but then to enroll a small percentage of them onto your back-end, higher-ticket services.

Not sure this will work?

No need to worry. This is the EXACT model used for over 20 years by the greatest speakers in the industry, including Tony Robbins, T. Harv Eker, Rob Kyosaki, and many others.

So, to recap there are 3 stages to your live event funnel.

The intro event which is often free, or extremely low-barrier to entry. Use this event as a lead magnet to overcome skepticism from cold leads, and to rapidly build your email list. Don’t forget to make that tripwire offer too, so you offset some of your venue and marketing costs, and even possibly turn a profit before the event begins.

At the end of the free event, you offer the opportunity for those who want to immerse themselves in your topic to enroll into a larger, more concise teaching event – a bootcamp or workshop, for a low, to mid-ticket fee. This is to qualify the ‘buyers’ in the audience and build further trust with them.

Finally, during your ‘Money Platform’ event you can enroll the most dedicated and ready attendees to join your longer-term high-ticket programs or services.

This method plays the long game, yet you’re going to slash your costs, turn a profit potentially within hours or days of starting your advertising campaign, and you’ll make a lot more high-ticket sales by the end of the funnel.

 

Here’s a Real Case Study Where I Used This Exact Funnel to Generate Almost $250,000 in Sales in 2 Days

The following is a case study in action of how I implemented this funnel model with one of my clients, Gerry Robert.

Gerry is an 8-figure international speaker and consultant, and teaches entrepreneurs how to publish and profit from their own books.

We started with the intro event – all about how to brand yourself with the power of a book.

We attracted 400 business owners to this free morning seminar within 6 weeks, using mainly Facebook PPC ads, as well as some media partners. (Note: Facebook paid traffic accounted for at least 85% of the attendees.)

I offered a tripwire after registration of a VIP lunch and Gerry and me, which would take place when the seminar ended. This was an investment of $97. We had approximately 900 leads register for the free event who saw this offer. We made 20 sales for just under $2000. This covered ALL our costs for Facebook ads and the initial venue.

(By the way, when you hold a free live seminar, you can typically expect 30-40% to show up on the day of the event.)

At the end of the 90-minute talk, we made an offer to join Gerry on a 2-day bootcamp, where they would learn a lot more in-depth strategies and do some implementation. This bootcamp would take place around 10 days later, and was an investment of $49.

Gerry is one of the best sellers in the industry, and consistently closes a phenomenal 40% of the room onto this offer.

So, on this occasion, we had approximately 160 out of 400 attendees take this offer, for a revenue of $7840.

This revenue now covered Gerry’s travelling costs, and also the fee for the next venue, where we’d hold the 2-day bootcamp.

Note: You may be wondering, why we priced this 2-day event so low?

Remember the mistake most speakers make? They treat this event as the product, instead of the lead magnet it actually is. You’ll make very little money from ticket sales unless you’re a huge name, so why bother?

Our objective is simply to fill a smaller event with a more qualified audience. So we don’t need to raise the barrier too high. It all comes down to knowing your back-end conversion numbers, so you have clarity on how many people you actually need.

In this case, Gerry knew (from 20 years’ experience) that with 160 people attending the bootcamp, we’ll easily make at least 5 high-ticket sales later, and meet his objectives.

So, if you don’t need more people, why work harder?

At the 2-day bootcamp we usually make 2 different offers over the weekend.

The first is the high-ticket program we’re mainly trying to sell. In this case, we sold a 1-year mentoring program to design & write your book, plus Gerry’s company would publish it for you. This is an investment of $25,000.

Be careful not to make this BIG mistake that KILLS your sales…

Most speakers who even get this far and do pitch at their event make a costly – but easily avoidable – mistake here.

They wait until the end of the 2 days to make the pitch.

This is a mistake because when you’re selling such high-ticket investments, your audience usually needs some time to think it over, or acquire the money.

So, it’s better to make the offer at the end of your first day, so you can answer questions or overcome objections during the second day. Remember, if this process helps you land just one or two more high-ticket sales, it’s always worth it.

We also offer a downsell, typically on day 2.

Because we’re only anticipating a very small number to take the high-ticket offer, it’s sensible to make a lower-ticket offer for the remainder of the audience who want to purchase something.

But here’s the secret – the downsell offer must compliment the high-ticket offer, not compete with it.

If the downsell offer makes a similar promise as the high-ticket offer, then of course people will take the lower investment to reduce the perceived risk.

So, what did we offer as a downsell that was a complimentary offer to Gerry’s book publishing and mentoring program? We offered a $5000 online product teaching people how to be a public speaker, and how to use live events to push their book sales!

Being an author and a speaker are complimentary skills, so this offer works great.

Over the 2 days we sold 7 x $25,000, as well as 15 x $5000 product for a total of $225,000.

When we add the additional revenue from ticket sales and the VIP upsells from the intro event, it gives a total of $234, 780 – just shy of quarter of a million.

Running this funnel just 4 times per year is easily manageable and will not saturate one location, and could be a near 7-figure revenue each year.

That’s the power of leverage that only live events can produce.

And that’s why the most influential leaders in the industry all use live events as a main source of new clients and revenue.

Justin Devonshire is an international speaker & trainer, and helps coaches, consultants, speakers, authors and business people like you to attract more clients & create a freedom lifestyle by creating “Expert Authority” positioning quickly.

Justin consults some of the biggest 8-figure-earning coaches & speakers in the world – including companies generating $20 million in revenues – on how to triple their lead flow, charge premium fees and scale their businesses quickly.

He owns businesses in multiple niches, including personal development, health and entrepreneurial success. He has partnered with, and shared the stage with, some of the most successful speakers in the industry.

Justin’s businesses have been featured in Forbes, Men’s Health, Cosmopolitan, The Huffington Post and several national TV and radio stations. To learn his systems & strategies go to Justin’s Expert Authority Academy.

The post How to Sell Your High-Ticket Services in High-Volume [PLUS A $234,780 Live Event Funnel Case Study] appeared first on Marketing Funnel Automation.

How to offer a $1500 course on your front end

Yes, it’s easier to market a $7 tripwire than a $1,500 course. But we’re not going to do things just because it’s easier.

When you have a great story and a great product, you can start your funnel with a $1,500 product.  Go ahead and put it on the front end.

I know you think you should start your funnel with a tripwire. But the idea that the best marketers all use a tripwire is not true. You look at Frank Kern, Jeff Walker, Dan Kennedy, Rich Schefren, and even me. Most of the time, none of us rely on tripwires.

The only difference between marketing a tripwire and marketing a $1,500 course is that the $1,500 course requires a more complex funnel.

For example, a $1,500 course will likely require a series of videos. This allows you to get the cream off the top. For the people who don’t buy at $1500 initially, you can roll out a 6-pay payment plan.

Need answers on how to kick your funnel into high gear?

Get immediate, actionable feedback to boost your conversions with our MFA Strategists!

Click here to get your free strategy session today!

But don’t stop there. You still want to be able to help prospects who don’t feel like they are ready to invest that much money, so instead of the 20 hours of content, boil it down to three hours, and offer that smaller product to the unconverted leads for $497. Follow up that offer with its own payment plan.

Then have some of it transcribed and package THAT for $97.

When you have a great product and a great story, the key is to start high and go down in price.

“Then what do I pull out for the front end product?”

I know you are thinking that question. And I just want to reiterate that the front end of your funnel is not linked to price, despite what you may have been taught in the past.

The front end is an offer you present to a prospect to turn that prospect into a first-time customer and liquidate your cost of acquiring that customer.

When we were working on a funnel at one point last year, one of the guys on my team said to me, “Well, so, what’s the price point for the front end product?”

I said, “It doesn’t matter. If I can run cold traffic to a $10,000 offer, and I’m able to break even acquiring new customers, that’s a front end. It’s not about the price point, it’s about who it’s being marketed to that makes it a front end.” Whether I’m selling a $49 product or a $1,500 product, the process is the same.

The process – EBM

As you create your funnel, and you are deciding what to put on your front end, remember this: What does your prospect need to believe at the end of your marketing so they want what you’ve got, even before you tell them you’re going to offer it to them?

This is where your EBM – Education-based Marketing – comes into play. All of your content – whether it is written, aural, or visual – is designed to do one thing, and one thing only: Establish those beliefs in the mind of your prospect.

This EBM content is not only valuable to the prospect in and of itself, but the beliefs it establishes ultimately lead them to say, “You know what? Pete’s right. That’s what I need to do and that is what I need to learn. Now I just need to find out how to learn more about that!”

Then, in your marketing you segue into, “That’s why I have put together XYZ program. Let me tell you what it is, what you get with it, and what it does for you.”

Boom. Now they’re thankful. They’re grateful because you educated them about their problem, and then you offered a solution to that problem.

The difference between marketing and selling

People think there’s some magic touch, but there IS no magic touch.

Most marketers are just never taught that there’s a difference between marketing and selling. It’s why our company is not “sales funnel automation”, it’s “marketing funnel automation” because we’re marketers, first and foremost. The better our marketing is, the easier the selling process becomes.

I quote Peter Drucker all the time: “The job of marketing is to make selling superfluous.”

When you do a great job of marketing, people want the product. Then selling becomes, “Here it is. This is what you get. This is what it does for you, and this is how you can get it right now.”

Then they say, “Great. I love it. Perfect.”

Why? Because your marketing created the desire. When you finally offer it to them, they already want it because you GOT them to want it, through education. It feels valuable. It feels like you are giving them great stuff.

That’s the key, the most important piece of the puzzle. It’s strategically created educational content.

And when you do that well, it doesn’t matter what price you use for your front end offer.

The post How to offer a $1500 course on your front end appeared first on Marketing Funnel Automation.

New comment by beerd in "Ask HN: Who is hiring? (July 2019)"

Legal OS | Data Engineer, Senior Backend, All-level Frontend or Senior Fullstack | Berlin, DE | ONSITE, VISA | Fulltime

Legal OS is building the world’s first code-based library of legal knowledge. At Legal OS you will work in a small cross-functional delivery team responsible for the theoretical foundation of the legal knowledge library.

Engineering team currently of 2. Venture-funded and scaling up to around 8. You will be working in close proximity of tech strategy, product strategy and business strategy with founders.

Stack currently React.js, Node.js and MongoDB. Experimenting with Clojure, Neo4j and more. Loads of tech decisions still open. Using TypeScript variant of JS.

Looking for

Data Engineer: https://angel.co/company/legal-os-1/jobs/561407-data-enginee….

Senior Backend Engineer: https://angel.co/company/legal-os-1/jobs/562664-senior-backe….

All-level Frontend Engineer: https://angel.co/startups/6965545/job_listings/562669/edit

Senior Fullstack Engineer: Please email

Also feel free to email lilian@legalos.io

Electronic Banking Security Requires Several ‘Layers’ Of Security

Electronic Banking Security Requires Several ‘Layers’ Of Security Lots of individuals have actually currently found the comfort of financial online and also the versatility it uses as opposed to typical financial at a neighborhood financial firm. Those that are not utilizing on-line financial solutions most likely do not due to the fact that they have … Continue reading Electronic Banking Security Requires Several ‘Layers’ Of Security