We hear from so many wellness entrepreneurs about how they would like to take a step back and spend more time working ON their businesses and less time working IN their businesses.
Of course just as soon as they say that, fear bubbles straight up to the surface.. They start thinking… "Oh my goodness, I'm training clients, or I'm working with people one on one, and I know that I'm bringing money in… what will happen if I take a step back?”
It is possible to gradually step away from working so much in your business and shift your focus to more strategic goals, but you must be smart about how you do it.
First take a look at your all-around pricing. How are you pricing your services? What kind of fees are you setting? Are you actually demanding what you're worth?
Examine your own thoughts about money and make sure you are leading with a “worth it” mindset. Remember that you are offering a tremendous value to your clients – a gift of health and wellness and there truly is no price too high for such an amazing gift.
It’s also important to understand your market and the competition. What does your area demand for similar services? Is there any way you can differentiate yourself from your competitors and offer more value and therefore command higher prices?
Allow yourself to dream big and stretch just a little bit. Are there any small touches that would wow your client base and show that you go above and beyond everywhere else? Don’t be afraid to implement these items with higher perceived value and set your fees accordingly.
The second part of the pricing equation is to examine how you compensate your team. There is a sweet spot for paying your team members that conveys the message that you value them and their work but that also will not break the bank. Many of us came into business ownership having worked for someone else so we remember what it feels like to be underpaid and undervalued.
Be careful not to make your compensation decisions on emotions. Instead make sure you understand your gross profit margin and set your compensation structure accordingly.
Getting your finances in order is often a daunting task that many business owners avoid. The truth is your finances tell a story about your business…one that is neither good nor bad… But one that is just simply the facts.
As the owner you must understand your finances and take ownership over making sure you are priced for profit, but it doesn’t have to be a dreadful chore.
We teach wellness entrepreneurs how to take a full top down view of their profit systems and design their business for financial success.
Would you like to feel more confident about your business finances, sleep better at night and know that your business is primed for success? We would love to help!
Apply for one of our limited Freedom & Impact Strategy calls, and together we can target one nagging issue you experience in your business finances.
Be Bold, Be Free, Live Empowered,
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