Guest blog post by Bill Baren
Today we’re going to talk about the financial goals. Probably the least sexy and most important aspect of running your business.
Now warning –these tips are going to require a Big Shift in your mindset, and how you approach your business. As entrepreneurs the name of the game we’re playing is one of constantly expanding and growing our mindset. What gets you here definitely won’t get you there. What gets you to the 100K mark is not going to be the same mindset that gets you to 250K, 500K, 1MM, and so on.
Are you ready? Okay – lets go!
Big Shift #1: Shift yourself from commodity to one-of-a-kind
When you think about a massage therapist, you have an idea in your head of how much it costs – for me it’s somewhere between $60-160. As long as you’re a massage therapist, there’s a ceiling to how much you can charge. Massage is seen as a commodity.
When you shift from a commodity to a one-of-a-kind, it shifts how much impact you can create, and how much you are able to charge.
I had a client who came to me, and when she started with me she was a resume coach.
In this instance, she was not just a resume coach, she was an exceptional resume coach, and yet she was seriously struggling to make her ends meet. After our work together, she stopped being a resume consultant and became ‘Get a High Paying Job in 30 days’ expert with a premium offer literally 10 times in value and in price.
The result: she was able to add $100,000 in revenue to her income.
Doesn’t it make sense that people are more willing to pay more to get a job in 30 days than they would for help writing a resume? Writing a resume is a commodity. You want to make sure that what you do is not viewed as a commodity. When you create premium offers, your clients drastically benefit as well.
Big Shift #2: Give more and receive more. One does not come at the expense of the other.
Now this sounds so simple, right? You might be thinking – “Bill, why are you telling me this?” But stay with me here. I promise, this is a golden key to increase your income.
When you create and package your services in a way that allows you to deliver more value, the result is you can charge enough to feel like you are financially benefiting from the exchange.
One of my clients was a spiritual hands-on healer, who came to me wanting to create a $100,000 business, but here’s the thing, she was charging $75 per sessions and saw her clients once or maybe twice. And do you know why it was next to impossible for me to help her get to $100k a year at her current rates? It is extremely difficult to get roughly 600 new clients per year and that what she would need to do to hit her earnings goal.
She was shocked when I broke these impossible numbers down for her. And even though she was initially reluctant to change her ways, she literally had no choice when she saw the numbers.
So when we created her premium offer, which for her was $475 per month retainer package for her healing work. She was able to go from $3000 in income to $72,000 in income in just one year. And she was able to help each of her clients in a much deeper way because she got to work with them for longer periods of time and on a more consistent basis. And she got a lot more referrals, too, because over time she developed deeper relationships with her clients.
Big Shift #3 – Don’t create a product, create a movement.
When I was in the music industry, I didn’t think of what I did as selling music. I didn’t just want to promote bands. I wanted my label to be the leader in a movement.
There’s a huge difference between “marketing a service” and “being on a mission to change the world.” When you discover that your business actually represents a movement, you’ll create a bolder vision for the change your business can create in the world. And you’ll attract a tribe of people who are hungry for this change, and are willing to compensate you handsomely for your services.
When you are creating movement marketing, you are not promoting yourself, you are not promoting your service, and you are not marketing your business. You are creating a vision of the world you want to see. You are creating a vision of the world where every person in it no longer has the problem your services solves. You are painting the picture of the world where everyone already has the result your service provides.
How would the world be different then with your movement in it?
[Note from Michele} These are just some of the Big Shifts that Bill Baren will be going through from his event, The Big Shift Experience, a 3 day live event, in San Francisco, CA. He was generous enough share some of his experience here on the blog, and he also gave me 15 free tickets.
If you want to get one of those free tickets – go here: http://bigshiftexperience.com/michele/