In this episode of Zen Money Monday, we talk about product launches and what it takes to bring something new to the market in today's online environment.
Episode in a Nutshell:
Liz interviews her client Khierstyn Ross about her business helping inventors and entrepreneurs start selling products in today's competitive marketplace. Khierstyn is an expert in the field of product launch and scale, and currently works as a strategist helping clients scale successful brands with Kickstarter and other online platforms. Liz and Khierstyn talk about the varying challenges and opportunities for new products. They discuss the difference between an agency model and a training model. Finally, Khierstyn talks about the importance of identifying the right model and figuring out how to get that model to work for you.
In detail, we covered:
00:54 – Introducing today’s guest, Khierstyn Ross
01:26 – Khierstyn's background in launching products to market
03:17 – How Khierstyn got into entrepreneurship early on
06:58 – Khierstyn's foray into the product-based world
11:05 – The misconception of bringing product to market
11:51 – Khierstyn reflects on a recent interview from her podcast
15:18 – How Khierstyn works with her clients
17:07 – The shift from an agency model to a training model
21:55 – Leveraging group coaching & education services
24:31 – Potential drawbacks of the consulting model
28:01 – Managing unrealistic client expectations
31:06 – Issues Khierstyn has encountered running her business
32:54 – What Zen Money™ means to Khierstyn
34:20 – Takeaways Khierstyn wants to listeners to know
35:03 – Where listeners can find Khierstyn
"Helping someone take a product from zero to Kickstarter is very, very similar to launching a painting company; you need to have a certain financial goal you're going after. You need to have a certain road map." (06:33)
"I give people a system and a process for identifying who their customers are." (15:59)
"I want to be able to work one-on-one with projects I fall in love with." (20:51)
"With an agency model you can probably do 20% to 40%" profit if you're really, really good. But leverage group coaching and you're looking at more of the 40% to 70% profit after marketing costs." (22:35)
"Zen Money™ means no-stress finances. And no-stress finances, to me, means that I just know that part of my life is growing, it's being managed well, and I actually feel a little financially literate." (33:49)
Khierstyn is a digital marketing consultant who helps entrepreneurs launch and scale their physical product businesses. She's built a reputation for wildly successful crowdfunding launches, having raised more than $3M for her clients, has an impressive track record. Reach out and request a free strategy session today by going to www.khierstyn.com/schedule or check out her Launch & Scale podcast here.
Join the Zen Money Conversation!
My favorite part of recording a live show every week is the conversation we get to have on social media, with comments posted here, and messages I get from listeners.
This week's question is:
What's your business model and is it working to your best advantage?
If you're a new listener to the Zen Money Monday show or a long-time fan, I'd love to hear from you! Hop on over to the Contact page and let me know how you liked this episode and what topics you'd find most meaningful to hear about next!
Fun Free Stuff
Check out these resources we discussed in this episode:
#ZenMoneyMap: www.zenmoneymap.com/moneystyle- Learn your Zen Money Financial Archetype and start levering your unique money style to your advantage with quick wins today!
Episode 008: Dr. Angela Lauria
Building an 8-Figure Business & the Stuff No One Tells You About Entrepreneurship
Episode 007: Sumi Krishnan
Getting Into Alignment + Changing the World
Episode 006: Rachel + Kyle Wright
Good Relationships = Good Business
Liz Lajoie, Zen Money Strategist & CFO
Liz Lajoie, the “Zen Money CFO”, helps entrepreneurs master their finances and grow thriving businesses that support their passions and advance their big missions.