Dear fellow early stage entrepreneur,
I can (almost) guarantee you are leaving money on the table in your business right now. Money that could be spent on your dream vacation, your BFF’s destination wedding, or your next big move. How do I know?
Well, out of all the six and seven(+) figure companies that I have had a backstage pass to, one thing has been consistently true: they have all been inefficient in multiple ways. Inefficiency = profit losses. Period.
I know you didn’t start your own biz to eat KD Mac + Cheese three days a week, and binge on Netflix because you feel guilty spending your money on nights out with your girlfriends. Uber ain’t cheap.
So, here’s the scoop. If you want TRUE time, financial and location freedom, you have to prioritize profits. This is how you can start right now. Charge the right prices for your offers. Get organized with your admin, time and energy and stop doing all the things ..aka focus.
Charge the right prices
The large majority of the clients I work with are currently undervaluing their offers. Let me be clear: your price is not your inherent worth. YOU ARE PRICELESS as a human being and you are NOT your business. However, women tend to undervalue their contribution because we’ve had hundreds of years of systemic oppression and undervaluing of the feminine gifts. This is not your fault.
I want you to take a moment and consider everything your offer adds to your ideal client’s world. How does it benefit them and what is that worth TO THEM? That is where you base your pricing. Do NOT undercharge for the impact your offer has on the lives it helps. Once you have refined your pricing, make sure you have structures in place for the pricing to be consistent across the board, with room for you to scale. Unless there have been significant changes that allow for you to operate at a cheaper cost, your prices should actually rise over time to account for inflation. Furthermore, the majority of millenials are loyal to brands that are loyal to them. You can use this knowledge to your advantage by creating loyalty programs or loyalty incentives, without feeling like you are perpetually discounting your offers.
If you’re anything like me, you’re a creative entrepreneur that loves to do the fun, big dreaming, deeply serving parts of your job. You probably don’t love to keep track of receipts, update spreadsheets, and keep your [virtual] filing cabinet in order. Your desktop is a mess, let a lone your quarterly goals, strategies, and paperwork. THIS IS COSTING YOU MONEY. It’s time to declutter your mind, space, and business processes.
Being clear on what you are spending time on, when you are doing the things you do, and how they are adding or taking away from your bottom line is critical for sustainable success. Developing productive habits looks like: an organized calendar, automated processes for the client journey, software that keeps your contracts and admin in order, and energy management integrated into your workday. Structure is everything for us right brained beauties, even if we rebel against it. Not sure how to do this? No problem, I’ve got you! Book a strategy session and we can organize this for you.
Stop doing it all
The tough love is this: it’s time to trim the fat. All your multiple offers in your business, the add ons and shiny objects etc, need to go. If you’re an early stage entrepreneur and you’re not at six figures yet, my advice is that it’s time to simplify and do *your* one thing EXCEPTIONALLY well. You can’t do it all. And it doesn’t pay to. Delegate what you need so that you can stay in your genius zone, and eliminate anything in your business except for your big money maker. Then put 100% of your energy into serving your perfect people the VERY BEST that you can with that one offer. Streamline your business to reduce overwhelm and nourish your clients with the very best of you, not your overwhelmed-disorganized-cant keep up leftovers. If you’re looking for insight into how to strategically prune your product suite, this article goes into a lot of detail.
Building out a strategic, intentional and aligned product suite is a BIG part of a profitable business, and one that takes time and DATA. This is why I don’t recommend adding layers of offers until you are at six figures and have enough information, resources, and visibility to introduce new offers. You do NOT want to burn yourself out on the way to six figures…I recommend less (but more efficient) time in the office and more time at the beach!
If you’re looking to take this one step further, let’s hop on a call! We can strategize where you need to delegate and automate, and do a business audit to see what fit needs to be trimmed from your business model.
As always, I promise to perpetually remind you that THE BEST IS YET TO COME.