Many new entrepreneurs believe they need to have a refund option to help their clients feel at ease about purchasing their products, services, or online courses. Sometimes, depending on where you live or the type of industry you are in, you may be legally bound to have a refund policy to your clients and customers.
In this episode, I share why I don’t believe in offering a refund on products or services and the challenges that many entrepreneurs face when offering a money-back guarantee. I share my experience with offering refunds, the type of clients who typically request a refund on their purchases, and how offering refunds can impact your business. I also share strategies you can use instead of offering refunds and the difference between a payment plan and a subscription plan.
The problem with refunds is a lot of people just don’t do the work. - Sigrun
In This Episode of The Sigrun Show:
- Challenges associated with offering a refund
- Legal obligations regarding money-back refunds
- The benefits of offering refunds
- My experience with offering a refund
- The importance of doing your due diligence before purchasing a course or program
- Four primary reasons why people request a refund
- The importance of honoring your refund policy – if you offer one
- The difference between a payment plan and a subscription plan
- Being clear in your refund policy and terms & conditions
Key Takeaways:
- Thoroughly consider whether you should offer a refund.
- Consider the terms you are comfortable with granting.
- Consider whether your refund policy is aligned with your mission as a business owner.
Resources Mentioned:
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Thank you for joining me on this episode of the Sigrun Show. If you enjoyed this episode please share, subscribe and review on iTunes or Google Play Music so more people can enjoy the show. Don’t forget to follow and connect with me on Facebook, Twitter, and Instagram.
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