Education Phase 3 – Initial Clients

In Show 156 – Education Phase 3 – Initial Clients originally broadcast on Youtube on Wednesday 5 December 2018 we explore this interesting topic.

You can download a copy of the workbook for today here 156 – Workbook

Show Notes

Finding your ideal client is so important.  On today’s show we discuss the reasons why you need to develop this idea.  Creating a highly specific description of the perfect customer takes some time.  But once you do it you will be able to run your business far more effectively.

Who is my ideal client?

This is the person that you both want to work with and the person who who you can make the most money from.  You can’t be all things to all people so don’t even try.  Developing a client avatar will allow you to focus your energy.  And it will help you to develop your niche.

In order to start developing your client avatar ask a series of questions.  Where do they work?  How old are they?  Married or single?  What kind of car do they drive?  How much money do they make a year, etc…

There are other things you need to figure out.  What is their level of commitment to achieving goals?  What is it like to think like this person?  What are they thinking about when they buy your product or service?  What story are they telling themselves when they make a purchase from you?  People think in pictures.  When you understand what your ideal client thinks about you can help shape that.

How can I use my ideal client avatar?

From a marketing point of view you now know how to target this person.  You will be able to purchase advertising that is more likely to be seen by the people you want to see it.  This will also help you to turn down business that is going to be a waste of time.  Allocating your time and resources more efficiently is going to mean more money for you in the long run.

Your client avatar will also help to develop the way in which people engage with your business.  Those include things like terms and conditions, application forms, engagement letters, personal guarantees and privacy notices.

Those documents are so important to the long-term health of your business.  It totally depends on your having a clear idea of who you want to do business with.

Application Forms

These forms are really important because they are the contract you have between you and your customers. If you’re selling products in a store you probably don’t an application form.  But if you are providing credit to you customers your definitely do.  Don’t just take a form off the internet.  Make sure you do it right for your business

Engagement Letter

Whoever you are engaging with needs to a legitimate entity.  You need to make sure your customer is not a deregistered company or someone with bad credit.  The engagement letter outlines the terms of your relationship.  You terms and conditions will be outlined in this letter.  It will also ensure that everyone who should be liable for any debt are clearly named.

Unfair contracts

As a business person in Australia you are subject to the laws around contracts.  You can’t just write anything down on a contract.  The whole agreement won’t be void if you include unfair provisions.  But it will void those things you get wrong and you will be liable for any penalties.

More about this Show

We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms.  Most importantly we want to help you to develop a plan to take your business successfully into the future.  There’s a startling statistic the underscores the importance of developing a solid plan.  The majority of business owners are just seven months away from losing everything.  A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly.   Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients.  We want to close that gap once and for all.  We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.

Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV.  We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with.  Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.