I've got a great real-life case study for you today. It really explains why some professionals like health coaches are so broke (when they sooo don't have to be).
I just met up with a former client of mine who is KICKING ASS in her holistic health practice.
Her income is jumping every day and she's booked out after two weeks in Hawaii (despite worrying at first she wouldn't have clients when she got back).
But let's go back a year.
She was losing out on easy money every single day. Not because she wasn't good with clients or wasn't in demand, it was worse than that.
She HATED asking for the money. At the end of every consult, she'd chicken out of asking for her full price (even though it was clearly stated on her website and marketing materials). She'd discount heavily on the spot, not charge properly for supplements and worry about telling clients EXACTLY what they needed (and were more than willing to pay for) to get the results they wanted.
Why would a smart, capable and otherwise awesome chick do such a blatantly stupid and self-sabotaging thing, when she knows she shouldn't?
There's a lot of reasons why women like us are scared of charging what we're worth; old sh-t from your childhood, what your friends and family earn, what's "acceptable" in your environment or industry, etc.
My client had a few crappy beliefs we had to deal with:
- My fees are too expensive
- They can't afford all this stuff, I feel sorry for them
- I'm in this business to help people, not make a fortune
- I can't be too pushy or they'll think I just care about the cash
First - let's look at where she was really leaking revenue.
She was discounting her prices by an average of $50 a consult. Over 5 clients a day, that's $250/day. On a 3 day client week, that's well over $37,000 a year.
Changing nothing in her business, except actually charging her advertised rate(which was still way too low, but we took care of that in later sessions), she could easily make an additional $37k with no effort.
Once her mindset shifted, we increased her energetic income level, so she gave herself permission to earn even more. (Another belief she had to get over was "nobody would pay more in this town")
We raised her prices (not by huge amounts) but a small increase has a huge impact.
(For example, just adding $20/consult to the above client load adds an extra $15,000 a year) Her clients get great results, so they'd be happy to pay. Plus, she's confident in prescribing the exact solution for herbs and supplements and her clients are MORE than happy to pay for fast solutions.
More profit for no extra work!
Same client load but tens of thousands more in revenue PLUS better client results. Let's not even talk about what a change mindset does to your creativity and capacity to grow your wealth consciousness even more, or how you start to attract more abundance minded clients!
One extra tip - we worked out that she could hire an assistant for twenty bucks an hour, who would have no problem charging the correct amount, could offer additional point of sale items PLUS take care of annoying time consuming paperwork that took up client facing (ie. billable) time.
WIN WIN WIN!!!
See? It's often a mixture of mindset and practical shifts. It's not about sitting and meditating or buying a lottery ticket. It's being ruthless with the mental and emotional obstacles you face from being rewarded for your talents and the practicality of the HOW is suddenly obvious.
But to be honest, without the mindset changes, it's hard to do what you know you SHOULD do. That's why you kick yourself when you don't hit your income goals.
Could a simple mindset shift make YOU an extra fifty grand?
Maybe. It depends on what you do, to be honest. Depends on your blocks and what you're willing to do about them. Maybe money really isn't that important to you.
But if you're an entrepreneur who is smart, reasonably ambitious and wondering why it feels hard to make good living, when you're actually quite talented, then yes, your mindset is probably holding you back.
- It's why you get stuck at a particular income level
- It's why you discount, barter or chicken out of asking for the sale
- It's why you get jealous of others who earn a great living
- It's why you work hard but don't feel rewarded for it
- It's why have to work for someone else instead of yourself
I see it and help women deal with it every day.
How much is your fear around money costing you?
Get out your calculator and make a rough estimate of what your current mindset could be costing you. Then ask yourself, what tiny shift could make a huge difference?
If this case study has shifted a big AHA for you, comment below and tell me what action you're going to take in YOUR biz. I can't answer your questions individually but I read every response (and I can usually create a blog post to help everyone with the same Q)
I'm going to create another case study soon - this one about a common mistake I see in female entrepreneurs - being over generous - its a killer.
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