I started a business from scratch as a single mum in debt and have made over £2.5m in revenue in 5 years AMA

[Whitecup24]

Hello

I was asked to do a AMA on another thread and have a day off today so thought it would be a good time to do it.

I’ve started various businesses some worked some didn’t but then I started teaching what had worked for me (using LinkedIn to get clients) and it just took off in 2017/18.

I’m now a business coach and help other people to start and grow businesses online very often mums especially those who don’t want to return to work (why I started my business) or want to make additional money usually from what they already know and without spending lots of money on retraining or expensive set up costs.

if I can answer any questions or help anyone with their businesses I’m around all day

Fair play OP! It sounds like you're smashing it!

So many things - a lot are coaches themselves or consultants. I have a lot of health type people and spiritual people, sales and marketing, VAs, some product based people, some have bricks and mortar businesses, a lot support other entrepreneurs like do graphic design, social media, teach other platforms ie TikTok or do things like confidence coaching, career coaching, executive coaching etc. Literally so many things. A lot are people who have had careers in corporate and had a baby and didn’t want to go back or pay childcare etc. So they set up for example HR directors who become HR consultants or some people who do something completely different like management executives who become fitness coaches because they’ve been on their own journey and want to help others.

I’m fine with all the questions! I do know of people who’ve made £100k plus from network marketing but it’s not something I’m into (although people try and recruit me all the time!) I do encourage all NMs to be really open and honest about the opportunity and what it is and what’s reasonable earnings and not be all secretive and make wild claims.

Enjoying the love island reference is that you Whitney?

Gosh people are horrible on here - I smell jealousy and it isn't pretty.

Well done OP for being so successful.

How on earth is LinkedIn going to be useful for someone selling homemade wax melts?

WELL DONE YOU !

If your net profit is £479,175.48 over 5 years, that's roughly £95,835 per year. How are you taking that out of your company? is it PAYE or divideds?

On that wage and being a single mum, would you not prefer to be in full time employment, then you can have the safety net of sick pay, workplace pension contributions, annual leave. Or do you find you like being self employed? how do you balance the insecurity as a single parent?

Also do you have insurance in place in case of legal action against you? is this something that has happened? I could envisage a disgruntled client not being happy that their business hasn't taken off or do you mitigate against this by simply refunding?

Sales Nav is great if you have a very specific search term and want to connect with very specific people for sure. It’s very cool and you’re right there’s tonnes of great videos on LinkedIn and YouTube about how to use it.

I don’t recommend it for most people though as I teach growing an organic audience through daily connection requests, putting out content for your ideal clients and engaging publicly not privately in the DMs.

I also teach how to write your headline and profile to attract and convert your ideal clients.

Paying for sales navigator, sadly, doesn’t do this.

I do have hundreds of hours of free training available though like I keep saying people buy my programme for the community and the calls as well as the training

So you couldn’t get a business to work but set up a business telling other people how to start businesses..

On one level, fair play to you if so, but blimey the coaching industry needs regulation..

This is a great question. I spend a tonne on FB ads so I am probably one of those annoying people you see 🙈

I don’t worry about it no, I just do my thing. I don’t follow other coaches who do what I do or see their stuff so I never get that feeling of over saturation.

My dad did ask me if I will run out of people to teach though

Sounds like Six Figure Mentors to me. Essentially an MLM scheme whereby you get money from recruiting other members to the scheme.

I answered before net is £479,175.48 I spend a lot on FB ads that’s my main expense and of course my team and lots of other things like software etc

Ive a couple of other businesses that I own or part own and they are much more profitable - I think I just got better at business!

Some months at my peak I was doing £100k and spending £70k I packed that in quick and reduces a lot of my run rate so my turn over is lower now but my profit is higher. One of the hardest things when you scale is keeping costs from running away from you.

I also pay a LOT of tax!

Do you ever turn clients down if you can see they have a business model that is unlikey to succeed, no matter how good their LinkedIn training? E.g. selling something no-one wants/understands (woo woo or generic life coaching) or saturated market.

Was your LinkedIn content aimed at B2B? What tips do you have for linkedin content creation as I've always struggled with that platform

How many clients do you have?
Do they only pay you £1.5k or can they stay with you and pay more?

I don’t feel I’ve ‘made it’ but I definitely am proud I made that money it’s not been easy but I do genuinely want to help people who, like I was, are struggling and want to get themselves out of the situation they’re in. I’m most proud of the women I’ve helped leave shitty husbands because they’re in a financial position to do so. So I do keep helping even from my big house and comfy bed. Sorry you’re mad about it. If you’ve got a question I’m happy to answer.

I'm curious if you have marketing qualifications or a background in that or its all self made? Is your business only about LinkedIn? To grow a successful business don't you need in depth Web, digital, SEO, email marketing etc knowledge?

Bit like bit coin etc then , the only people who make money are those selling to new idiots thinking it's a get rich quick scheme . Buying stuff with no actual real value

I've read lots of the thread and many people who are successful are able to teach others. That's not a skill I have unfortunately.

What would you suggest for someone like me that doesn't have a skill that I could teach others?

For this business it’s £1500 for lifetime access so that’s it no more to pay ever. And definitely no recruiting others other than sometimes obviously people refer other people I don’t pay affiliate fees though so they do it for the love not the money.

Over the years I’ve charged £997 l, £1197 and £1497 so on average I’ve had around 2000 people join the programme, the Facebook group has around that number in it too so that makes sense.

That's a good question. I'm a person that doesn't seem to have a good idea (everyone else thinks them up before me and I'm too late).

You say ‘we’, who are we?

Also what did you do before?

And (sorry), what if someone came to you with a venture that you disagree with?

I set up a business. Went through planning, built a building etc.
5 years on, we have a great reputation and are very successful (not in the £M's, we are limited by the size of our operation).

I have never used LinkedIn, or done any advertising. There are people who live 1.5miles from us who are only just discovering us.

How would me paying you £1.5k improve my business?

I’ve answered this a couple of times but if you still want the number it’s Gross Profit £2,198,785.67 Net Profit £479,175,48

I know this as I ran the numbers yesterday for a journalist who’s interviewing me - they wanted my P&L and bank statements for their due dip which I actually thought was cool rather than taking my word for it.

I was very careful to say it was £2.5m turnover / sales not profit in the OP, I’m still proud of all my numbers and not trying to hide anything, making the sales has been such an achievement and I’ve spent 5 years honing my profitability