In my online business, I operate a strict no-refund policy. This may initially seem harsh, but in this episode of The Sigrun Show, I discuss why I take this approach and why refunds don’t work.
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.
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. This episode always contains examples of 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. It is important to understand why refunds don’t work on online business, and how you can work around this expectation.
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.
