My 11-year-old daughter Riley is out here building a business and making smart money moves. She’s following the guidelines she learned from her mama.
Grown-up entrepreneurs: take note. You can learn a thing or two from Riley’s approach. Here is the playbook…
Create Your Own Opportunities
Because Riley is a child, she can’t drive a car or leave the home unsupervised and has limited Internet access. This makes it difficult to find customers. However, this is only a minor roadblock for this young CEO! She has found a creative workaround.
When mom (aka me) invites a guest to come stay at the house, Riley knows this is her moment to pounce. When that guest walks in the front door, Riley’s got dollar signs in her eyes! She turns this situation into an opportunity to sell, sell, sell. Houseguest = a lead that Riley can convert into a paying customer. It’s time to get that shmoney!
Create Goodwill and Build Rapport
Riley sashays up to her lead and says, “I love your earrings!” She strikes up a conversation and then casually mentions, “I actually make earrings, too.”
Tell the Story Behind Your Business
Riley explains that she is a self-taught jeweler. She never took classes, she simply figured out how to do it. An intriguing origin story!
Give Social Proof
Riley mentions that the last houseguest bought three pairs of earrings and her grandmother bought two as well. Riley is demonstrating that her product is a hot commodity that’s flying off the shelves!
Create FOMO and Urgency to Buy
You want earrings that have fun tassels? Sorry, that particular style is sold out. Riley explains that all the tassel earrings got purchased by the last customer and there are none left. The houseguest feels immediate dismay and wants those tassels intensely!
Showcase the Offer
It’s time for the shake-down! Let’s get those coins!
Riley pulls out the crystal earrings that she has remaining in stock and shows them to the houseguest aka lead. She does so while they’re seated by the fireplace with tea. She offers her lead a sugar cookie that she baked herself. It’s a warm, inviting, cozy environment that puts the houseguest into a buying mood!
Riley just created a “conversion event.” This is her version of a trade show, product demo, webinar, or sales call.
Make the Ask
It’s time to ‘make the ask’: “Would you like to buy a pair?” Her lead says, “I’ll take two.” Hooray! Money chimes!
Double Your Prices
I told Riley she should double her prices from $5 per earring set to $10. She immediately followed her business coach’s (aka mom’s) advice and did so.
The next time a customer wanders in the door, Riley will earn double for doing the same amount of work. Smart cookie.
Riley’s Million Dollar Action Plan
If an 11-year-old is out here acquiring leads and getting sales, we all can.
Create an offer. Put yourself directly in front of potential customers. Build a connection. Make the ask. Collect the payment. Get a few wins. Raise your prices. Do it again. Create an approach that works—and then systemize your process and repeat.
We need to stop making entrepreneurship more complicated than it needs to be. Let’s get back to basics. Keeping it simple leads to $5, $10, $100, and eventually millions in the bank.
Stop doing pointless busywork that doesn’t generate revenue. Stay focused on the money moves that immediately bring cash into your wallet.
What’s one money move that you’re going to make—today?
PS. Riley co-signs this message and wants to remind everyone that tassels will be back in stock soon. So… that’s that on that.