219. Mini Series: Paycheck Plateau #1 - The Kristen Boss Podcast

Transcript

Kristin Boss (0:05)

Hey there.

Kristin Boss (0:05)

I know if you're like a lot of my listeners, you're listening here week after week, maybe binging my podcast and trying to take all the notes and really implement it into your business. But here's the thing. There's something between knowing what to do and actually doing and following through and trying to piece everything together on your own. Well, you don't have to do that. I don't want you struggling any more than you have to be. Which is why I want you to check out the Hub.

Kristin Boss (0:27)

The Hub is the ultimate place for.

Kristin Boss (0:29)

You to learn the foundational habits and skills such as connecting, building relationships, writing content, and how to sell without feeling icky in the online space. It is the ultimate place for you to learn the sustainable habits and business skills in the social selling space. The other offer you need to look at is if you are ready to expand into your cold market, grow your audience, learn the skills of lead generation talking to a target market, and learn sustainable business strategies that really are evergreen. No matter what business model you're in, you're going to want to check out the Social Selling Academy. The links are in the show notes. Of course we have all kinds of testimonials because I've helped thousands of students just like you, so be sure to check that out. Now back to the show.

Unknown (1:19)

I see you with brand new eyes. No, I've never been so sure. Take my head, let's run into the unknown. This is the beginning.

Kristin Boss (1:36)

You're listening to the Kristen Boss Podcast. I'm your host, Kristin Boss. As a best selling author and performance coach, I'm on a mission to share about sustainable and purposeful approaches to both business and life. Each week I bring relevant topics that I believe are necessary to create a life of purpose, significance and meaning. Entrepreneurship is about so much more than growing your bottom line.

Kristin Boss (2:00)

It's about who you are becoming in.

Kristin Boss (2:01)

The process and building a life that is truly extraordinary. Entrepreneurship is really just the beginning.

Kristin Boss (2:13)

Hey bosses. Welcome to another episode of the podcast. I just got back from the most fantastic and fun lake trip with my family in Minnesota. You guys, lake life is a good life for those of you who do. You know, your boating on the weekends and having a blast in the summer. I get it.

Summary

Podcast Summary: The Kristen Boss Podcast - Episode 219: Mini Series: Paycheck Plateau #1

Host: Kristen Boss
Release Date: July 15, 2024
Description: In this episode, Kristen Boss launches the first installment of her three-part mini-series on "Paycheck Plateaus," targeting everyday entrepreneurs and business owners. She delves into the challenges entrepreneurs face as their initial surge of business growth begins to slow, offering insights and strategies to overcome these common obstacles.

1. Introducing the Paycheck Plateau Mini-Series

Kristen begins by announcing a new mini-series focused on the three different paycheck plateaus that entrepreneurs inevitably encounter:

"I'm going to be talking about the three different paycheck plateaus that happen in this business. It's not if, it's when."
[03:17]

She emphasizes that understanding and addressing these plateaus proactively can prevent prolonged periods of stagnation.

2. Defining Paycheck Plateau Number One

The first plateau typically occurs during the early stages of building a business when initial excitement meets reality. Kristen outlines the symptoms and causes:

"Paycheck plateau number one is when you've gone through your trusty list of people that you feel comfortable talking to... and you're in the 'oh, now what?'"
[21:34]

This phase is characterized by a slowdown after reaching out to close friends and family, leading to questions about sustaining growth.

3. Understanding Your Trust Network

A critical factor in overcoming the first plateau is evaluating the size and strength of your existing trust network. Kristen explains:

"Whenever you start this business, you come into this business having already established a network of connections and trust... that determines the size of your trust network when you first come to this business."
[04:07]

She advises entrepreneurs to assess their current relationships and understand how deeply their network trusts and values them.

4. The Law of Diminishing Returns

Kristen introduces the concept of the law of diminishing returns in the context of social selling:

"It means eventually more effort doesn't give you greater results. In fact, it hurts your results."
[09:18]

She warns that without expanding the network, continued efforts to sell within a limited group can lead to reduced engagement and sales.

5. First Wave of Customers and Saturation

Discussing the initial surge in customers, Kristen highlights how saturation occurs once the immediate network has been tapped:

"Your first wave of customers is people who you have had the most relational equity with and that you've given the most value to."
[11:17]

As these early customers are exhausted, finding new buyers becomes challenging.

6. Market Transition Challenges

Transitioning from selling to close contacts to a broader audience requires strategic adjustments:

"The market transition is realizing... you need to change up your content strategy."
[17:54]

Kristen emphasizes the need for creating curiosity and strategic content to engage a wider, less familiar audience.

7. Strategies to Overcome Paycheck Plateau #1

Kristen offers actionable strategies to navigate and overcome the first paycheck plateau:

Expand Your Network:

"Time to be social and add value and be more strategic."
[21:40]
Enhance Content Quality:

"Stop asking the same customers to keep buying from you and start broadening your audience to expand your customer base."
[21:43]
Provide Value Beyond Products:

"Value is simply, can you save them a Google search? Give them a good reason, like giving them a life tip, a hack."
[19:57]
Position Yourself as a Problem Solver:

"When you solve problems, they just see you as a problem solver."
[20:22]

Kristen also recommends participating in her "Seven Day Content to Conversations Challenge" as a litmus test to evaluate and enhance audience engagement.

8. Maintaining Consistency and Quality

While consistency in posting is essential, Kristen underscores the importance of content quality:

"Good job on being consistent, but now we've got to work on our quality."
[14:44]

She points out that merely posting frequently without offering genuine value can alienate potential customers.

9. Conclusion and Next Steps

Kristen wraps up the episode by reiterating the inevitability of paycheck plateaus and the importance of proactive strategies to sustain business growth:

"First paycheck plateau is when you've gone through your hot leads... now what? Time to be social, add value, and expand your customer base."
[21:34]

She invites listeners to engage with her challenges and resources to better navigate these business transitions.

Key Takeaways:

Assess Your Trust Network: Understand the foundation of your existing relationships to gauge potential business growth.
Recognize the Law of Diminishing Returns: Be aware that focusing solely on a limited network can lead to decreased engagement over time.
Embrace Market Transitions: Shift your strategies as your audience grows beyond close contacts to maintain momentum.
Enhance Content Strategy: Focus on creating valuable, curiosity-driven content that appeals to a broader audience.
Position as a Problem Solver: Offer solutions and value that extend beyond your immediate products to build trust and authority.

By addressing these areas, entrepreneurs can effectively navigate the first paycheck plateau and lay the groundwork for sustained business success.