Did you know that money is the number one cause of stress, both in personal life and in business life? That fear of not having enough income to pay monthly expenses is real, especially when you add in the responsibility of supporting a family and the families of those who are working on your team.
One way to alleviate your money woes is to pay attention to your pricing, both for coaching programs and for products. Instead of just randomly picking prices out of thin air, think strategically and figure out your financial sweet spot.
Never heard of this term before? Your financial sweet spot is that monetary figure where you can live comfortably, pay your bills, and still invest back into your company. This figure will depend on many factors, including the cost of living where you’re located, but will serve as your overall income goal.
Now examine each of your coaching programs and products and research how much your market is willing to pay for these products. Is there a way to bundle multiple products together for an even higher price? Ask your audience directly what they want and can afford or make a beta offer on a new product or bundle with a higher price and see if it’s well-received.
Another way to bring in more income as well as new prospects is with group coaching. This option is ideal for those who want your expertise but who can’t afford private one-on-one sessions. Even though each individual would pay less than a client in private coaching, you’ll still make more per hour because you’ll have more than a single person in your group.
Do you have upsells for those clients who purchase coaching packages or other products? An upsell is simply another product offered exclusively to those who make another purchase. While this can be a free bonus product, it’s perfectly acceptable to charge for your upsell product. Upsells work best when the price is considered a bargain and when the offer is relevant to the customer.
Another way to achieve your financial sweet spot is to create a membership or a mastermind group that clients can graduate to when they are done with their sessions. Membership groups are generally billed on a monthly basis and members have access to your original content and you. Masterminds are generally more high-end than membership and cost more per month. The big difference, however, is the mastermind members are all experts in their own right and you all gain knowledge from each other. Membership members simply want to learn from you and may not feel they have enough success to help others yet.
I’m holding a webinar titled, “5 Steps to a Stress-Free Business” and we’ll talk more about this financial sweet spot. Implement that financial thinking with the other four steps and you’ll be on a path to a more relaxed way of doing business. I want you to find the joy in your business again so follow the link to reserve your seat.