From Mindset to Business Model
Last week I shared with all of you the essential first step any serious business woman must take before launching a successful venture: identifying your ideal client. Who this person is and what their struggles are will inform every single decision you make in your business, so if you don’t know yet, please start here.
Now that you’re clear on who you’re meant to serve, I’m giving you a peak at the next step by defining the elements that will allow you to take action effortlessly. The first half of it, is mindset. Hopefully you’re already a fan of our Transform Your Money Story column, so you have some sense of what wealth consciousness is all about.
After working with thousands of women, I firmly believe that the biggest reason more of us aren’t reaching our next level of financial growth is because of our subconscious beliefs around money. My own money story is a prime example. I grew up a schoolteacher’s kid in suburban Detroit, where the virtuous thing was to stretch every dollar.
I didn’t know anyone whose parents didn’t essentially live paycheck to paycheck. The cultural norm was working really, really hard for your money, saving it and living very tightly within your means. On top of that I had these rules for who was allowed to make money. You had to be a movie star, professional athlete or an investment banker…so as a psychotherapist, there was no chance for me.
For twelve years of my life, these beliefs were completely holding me back. I wasn’t yet conscious of the power of the human spirit to create whatever it is that we desire, especially when it’s in alignment with our purpose. And I had yet to deeply understand that money is currency and currency is energy, and that it needs to be allowed to keep flowing.
What I really love about the entrepreneurial journey is that it requires you to transform your mindset, and that it’s possible to do so in a short amount of time if you’re committed. You can in a matter of months release your false beliefs about money, choose a new set of rules, and start to really live by them.
There was a point in my journey where I felt like I would have done anything to get to my first $10k month. I just wanted someone to tell me what to do! I did not understand how much my mindset was directly related to my ability to not only create wealth, but also to be clear or unfocused, confident or overwhelmed.
Now I get what I was missing. If you desire to have your first $10k month, you have to first do the inner work to become the woman who makes that, and beyond. What is the psychology of this woman? How does she behave? How does she think about herself? How does she hold herself? Does she complain, or is she resourceful?
I’ll tell you. The woman who brings in $10k months (or more) is optimistic and totally open-minded to the unlimited possibilities that are all around. She’s focused, fierce, driven and 100% believes in her ability to create a business she loves and the life of her dreams. She believes ideal clients are out there and that they do have the money to pay for her services, so she takes action in accordance with that.
For me to get to that first $10k month, I had to become comfortable raising my rates. (It’s pretty impossible to get there when you’re selling $25 coaching hours.) So I had to get over that sense of, “Well who am I to charge this much?” In changing my money story, I came to understand that offering a high-end package wasn’t really about me, but about the greater benefits it offered my clients.
So what are those benefits? First of all, starting from an abundance mentality creates a higher-frequency, which is a much more powerful place from which to work. With more freedom you have more flexibility to customize and create something that’s the absolute best for your client, that they can feel great about purchasing.
At the end of the day, that’s what doing all of this inner work and building this business is going to allow you to do: serve people better. Real change and transformation takes a commitment of time, education and investment, and that’s what you’re providing your clients when you create a high-end package.
Once you’re aligned in your purpose and empowered in your relationship with money, you’re ready to get down to it and create the right packages to best serve your ideal clients. Below, my five steps for designing your packages, followed by a little business model breakdown to show you how doable this really is.
If you’ve figured out who your ideal client is and what you want to help them with, you should have some sense of what your packages will achieve. Now’s your opportunity to get super clear on the journey you’d like to have with the client. Why are you creating this package in the first place? What will the outcome be? What will your client experience throughout your time together?
How closely does the purpose of your package link to your client’s number one problem or number one desire? The more you can clearly articulate how the package links to what the client is thinking, feeling and dealing with, the stronger your content, workflow and even marketing will be. Do some writing to find clarity and develop confidence around your offer. At this stage you’ll be generating ideas for branding and copy as well.
What does your client need from you to achieve the goals laid out in your purpose and messaging? For new entrepreneurs, I don’t recommend you create anything long term, in fact the shorter the better. You’re still trying things out, so I recommend shorter packages or sticking with intensives. In the Divine Living Academy we recommend 90-days max.
Now you have a pretty good container for how you’ll be working with your client, so figure out exactly what kind of support they’ll get, plus bonus features. Is it a certain amount of phone or Skype sessions? An amount of in-person time? What about email support, texting, welcome packages, assessments or worksheets? Ask yourself what the client truly needs and the answers will come effortlessly.
There you go—you’ve designed a high-end package! The last step is setting the price. To keep it relatable to your ideal client, start with thinking about them. How much are they making in a month? How much do they have in savings or not? Starting from an empowered mindset, feel into it. What feels like too little? What feels like too much? You should be able to find a number that fits the service and the client and makes sense for where you’re at.
If you still think bringing in a $10k month sounds impossible, let me break down the business model a bit so you can see how simple and doable it truly is. Let’s start with the lowest price point for a high-end package—$500. I don’t know anyone who doesn’t feel justified in charging $500 for something. And to get to $10k, all you need is 20 clients! It could be a group program, it could be sessions—you get to decide. Another option is to bring in 10 clients for $1000 each. With three billion people on the planet with internet access, I guarantee you can find 10 ideal clients to sell your premium package to. Now the most common offering I see from entrepreneurs just starting out in the Divine Living Academy is a $2500 package, which then takes only four clients to get to $10k! Ultimately there’s no wrong way to do it—it’s up to you do decide what feels right. Remember that you can always grow.