Ep. 212 – Amy Rose Herrick best advice for entrepreneurs “I really believe in starting any business with a vision of how you are going to sell it!”

Amy Rose Herrick, ChFC is America’s Profit Building Specialist. Business owners implement her “Secret Profits™” systems to increase profitability $10k-$100k or more by eliminating their hidden “profit eating black holes”.

Clients have turned to Amy since 1991 accelerating profits, increasing bottom lines, de-mystifying root causes of business losses and MAKING MORE MONEY without requiring adding costly inventory, changing locations, or adding more staff.

Amy Rose has several books for sale on Amazon too. Her most recent release is a #1 Amazon Best Seller entitled ”Pack Faith First, Suitcases Second: A Decade of Miracles After 50” that tells the story of her complete “life-do-over” moving from the midwestern United States to a small Caribbean island with her spouse, four school aged kids, the family dog, a few pallets of possessions with no jobs, family, or friends to go to.

Most passionate about

I am most passionate about helping small business owners make more money.
I help business owners increase their profits this year and every year. It doesn’t matter where your business operates. The concepts and formulas and things I work with apply regardless of currency.

Amy’s career and story

One of my life goals is to change the awful statistics that I see. In the U.S., at least 60% of businesses were failing before COVID ever hit.
I started in the corporate world, where I did inventory control and cost accounting.
I ended up moving into employee benefits. Then I worked in some mode of the tax aspect. I also dealt with office management.
Over time, in addition to working in this career, I have bought and sold businesses. I have closed a second-generation family business. It was very painful. I’ve seen all aspects of it.
I’ve taught classes on contract for Inner Eyes SBDC. And then I do classes here in the U.S. for AARP, which is a large organization. I do those in the Virgin Islands.
I developed many courses for small businesses that are very narrowly focused so that we can work on an area.
I give small businesses the formulas and the workbooks they need. That’s how I ended up building the platform, taking over three decades of hands-on experience.

Best advice for entrepreneurs

I really believe in starting any business with a vision of how you are going to sell the business.
- You should always have a business be sellable from day one so that when you need to let go of it, or you want to let go of it, you have got it.

The biggest, most critical failure with customers

There were two things.
The first thing, in one of the industries I mentioned that I was in, securities practice and insurance, they did not allow you to post any type of testimonial. The mistake I made was not collecting testimonials anyway and just holding them back for when I would want them on another day.
- I didn’t start out with testimonials that could have been transferable if I had the foresight to collect them. So, that would be one thing: As you’re looking at your journey, even if you don’t use the testimonials now, get those testimonials. Put them in a file because you may need them later as you’re starting another endeavor, just to show your trustworthiness and value.
The other failure I would say is that there was a very short period of time when I had an unqualified staff person working for me and it was difficult to replace them because of things that I was juggling. That hurt me because trying to undo the damage and trying to catch back up and then fix things was difficult.

Biggest success with customers

I had a client who had Alzheimer’s and their dementia was onset. It was very, very quick with the way things happened.
Before that happened, I encouraged and strongly recommended, and then helped put in place, a life insurance contract for this couple that had a provision in it that if there was a chronic illness or terminal illness, it would advance death benefits tax-free in order to take care of that.
We were able to trigger that benefit and it took the weight off of the spouse at home because all of the long-term care bills, now there was money to pay for them.
I said, “You are vulnerable here because we could lose the business, we could have medical bills,” things will happen because this person was the business. And we knew that.
I would say that is one of my life successes because she was able to continue on, he was able to get all of the care that he needed, and they were not bankrupted.

Amy’s recommendation of a tool

Advisor’s Assistant
- I originally used it for managing my investment, clients, and data, and it ended up being my CRM for absolutely everything.
- It’s specifically for investment advisors or people in the insurance industry.

Amy’s one key success factor

I would say that I am teachable.
- I never stopped learning in order to maintain the designations that I have.
I think, as entrepreneurs, we have to be willing to be taught what we don’t know and then take those opportunities and apply them either to what will further us on a personal financial basis or to help ourselves grow our business.

Amy’s Mountain

Since we believe that the best way for entrepreneurs to get fast, big, and sustainable success is by leading your (new) market category, and the entire entrepreneurial journey reminds me of mountaineering, I want to ask you: Is there a mountain you dream of climbing or a mountain you have already climbed?

My mountain story means you always know somebody is watching, even when you’re not aware of it. As you go up, when you’re trying to get your footing in certain places, you’re going to slip back a little bit.
At some point, I had to ask for my husband’s hand to help pull me up just a little bit farther. So, I think you need help going up the mountain.
When we got to the top, we have an amazing vista up there, where we can see all around a huge part of the island.
Sometimes things are obsolete and times change, but the nice thing about being up there is that you cannot appreciate that particular view from anywhere else on the island unless you’re willing to climb that mountain.

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The best ways to connect with Amy

www.TheSecretProfits.com/courses for course library
www.TheSecretProfits.com to download a free eBook entitled “7 Solutions to Add $10k-$100k to Your Bottom Line This Year” and to book a free 30-minute discovery call.
Email: [email protected]
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