Getting Ready to Launch with Parker Stevenson of Evolved Finance
Episode 555: Show Notes
Parker Stevenson is a great friend of ours and someone we love and respect a lot! He has done so much for us and our business in the years that we have been working together with Parker handling all of our bookkeeping. He has already been on the podcast a bunch of times and today he is back to talk about the all-important topic of launching! We get into cash-flowing a launch, how to know when you are ready or not ready, questions and preparation and how to pay yourself when it's all done. So basically we cover all the things you might be thinking about and what better person to ask than a bookkeeper.
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Parker is all about helping his clients remain profitable and this conversation will get you into a great headspace for possible launches in the future. We offer tons of free resources in the second half of the show so be sure to stick around for those and Parker gives the inside scoop on many businesses and how he has seen launches evolve. In his work, he has helped countless small businesses that apply to so much of our audience. So for all that and a whole lot more on getting your next launch off the ground and into the air, join us as we talk strategy!
Cashflow for a Launch and Lessons Around the Costs
Parker has a unique perspective on the numbers behind a launch and believes we need to actually talk more about numbers and not just about sales. Cashflow for a launch is essentially the time it takes for money to go in and out of your business and for this to work smoothly you need to be generating some consistent revenue. It is mostly about planning and thinking ahead. Parker likes to say we need to forecast for the launch and what follows. As your business grows and you start pushing more sales you don't want to just be reacting, you need to have goals and minimum amounts laid out so that you are ready. You have to associate these expenses with each project and we know this can be a bit scary and disheartening but it is essential that you understand profitability and the frequency needed for you to stay in the green.
When is the Right Time to Launch?
So you have to do what you need to do in order to generate enough cash flow and the right time to launch is when you need the money! It is ideal to launch as strategically as possible but a lot of entrepreneurs use this as an excuse to hold back on pushing out an offer. Having a plan should not hold you back from taking purposeful steps, you just need to be clear on dates and the spaces between each launch. Until you have consistent traffic, you need to be out there talking about it with your network and potential clients. These periods of promotion are so important and Parker reminds us that we need to be selling even when we are not selling! So use social media, your email list, all the usual stuff and get your message and offer out there ASAP. It is important to note where you are at in your biz, as it grows there will be more operating expenses and in the beginning, you can take advantage of the lack of these. Your expenses can help guide you through how much you need to sell and can motivate you out of your comfort zone. This is such an important piece to get comfortable with, you cannot be afraid to take action!
Investments that Need to be Made in the Beginning
If you can hone your offer and figure out how you serve your audience you are well on your way but these things take time. Parker thinks that a lot of the insecurity comes from questions around the value you can offer a customer. Especially when working for yourself for the first time. If you can focus on the course and the launch now and start the learning process you will be that much further down the road. Your number one objective, in the beginning, should be taking care of your customers and the launch process is the best way to learn about them! It provides such a strong foundation for feedback and improvement in the future. Parker says that starting with paid ads is the wrong way to go! Rather than try and build up some revenue and profit first, you can get so far with a network that is at your fingertips rather than trying to build a huge new online following. The money will come as a result of getting down and dirty and delivering that value to them!
Launching Mistakes that We Can Learn From
If you are just getting started, you might try a few different offers to figure out what resonates. You cannot know that in the beginning and this allows you to make adjustments over time. Focus on getting one, great offer, and remember simpler is better. Getting overly complicated slows progress! There is loads of time to add complexity later as necessary, so keep your launches and offers simple in the early stages. Why not try and build a business that delivers value in a way that you already know? You can build an audience while doing one on one work, instead of delaying putting out your offer. Dedicate your time to speaking to your audience and getting to know them, we all have different strengths and opportunities that we can make the most of, so figure out how you can help them right now and then use the experience you acquire to scale and adjust!
The Importance of Education and Support
The necessary minimum is to build a small support system and keep an open mind to things you can learn in regards to running a business. Having a successful biz is more than just delivering and showing up for customers and learning what you need will speed up the whole process. Offering value is the most important piece and this is why you should never feel bad about trying to make money from your content. In order to do this though, you need to take action and interact. Feedback is the fasted route to improving and the best option is the one that will get you started the fastest. If you can generate cash flow now, you pivot later if you want to. We all have to start somewhere and Parker reminds us that one on one work and launches are a great way to do that!
Quote This
I still think it is important to be selling even when you are not selling.
—@evolvedfinance
Highlights
Cashflow for a Launch and Lessons Around the Costs. [0:05:48.6]
When is the Right Time to Launch? [0:10:22.2]
Investments that Need to be Made in the Beginning. [0:20:19.8]
Launching Mistakes that We Can Learn From. [0:32:43.1]
The Importance of Education and Support. [0:44:21.3]
#TalkStrategyToMe [0:51:44.3]
Figure out expenses.
Forecast.
Set goals.
Map out your year.
ON TODAY’S SHOW
Parker Stevenson
Evolved Finance
Website | Twitter | Instagram | Facebook
Evolved Finance is a bookkeeping, financial consulting, and business education company dedicated to helping online entrepreneurs create profitable and healthy businesses. Founded in 2010, Evolved Finance began as a small, boutique bookkeeping firm and is now the go-to financial team for some of the most successful online businesses in the industry. Our clients include authors, bloggers, business coaches, internet marketers, educators, speakers, marketing agencies, and creatives.
KEY TOPICS
Launches, Forecasting, Education, Investments, Common Mistakes
