Is Your Business Model Keeping You Broke & Overworked?
Most holistic practitioners and coaches (as well as other service providers) are operating off an old and ineffective business model that is not only hurting them, but is also doing a disservice to their clients.
That model is providing "one-off" sessions and trading dollars for hours, which makes you a commodity instead of a respected professional and expert, and gives only temporary (and less valuable) help to your ideal clients.
There's a better model for offering your services that will free up your time and energy, increase your ability to earn a higher income and offer more services to your clients, and allow those clients to get better quality help that will truly make a difference for them.
The dollars-for-hours and pay-as-you-go business model is the traditional model for holistic practices and service providers. Massage therapists, chiropractors, book keepers, laywers, coaches, psychologists, nutritionists, virtual assistants, etc. are usually either taught during their training or copy their counterparts to follow this model of charging an hourly (or $ per time unit) fee.
Unfortunately, this model is the straight road to burn-out, limited income, and mediocrity in your work. There are several reasons for this:
1. There's only so many hours in the day that you can be servicing your clients. Once you cap that, you can't earn any more money unless you raise your rates (or overwork yourself). And raising your rates can pose other challenges, some of which are market-driven and some of which are mindset issues.
2. You have more tasks to do to run your business than just being with your clients, especially if you're a sole proprietor. Until you delegate your non-service-based tasks to others, you have to do everything yourself. (And just like raising your rates, delegation has several practical and mindset challenges).
3. The pay-as-you-go model keeps you scrambling for new clients–or having to constantly chase your old clients to remind (or convince) them to come back for more.
4. Giving your clients the pay-as-you-go/-need/-want option creates inconsistency and uncertainty with your monthly income. Yikes–that's not a fun roller coaster!
5. No matter what service you provide, pay-as-you-go also does a disservice to your clients' long-term satisfaction and assistance because there's no sense of continuity and relationship-building, long-range planning and support, or accountability for maintaining the action steps that will keep them growing.
Following this old way of running a service-based business and offering your services happens by default. As I mentioned, it comes from being taught by limited observation ("this is what everyone in my industry does") or by instructors who do not have training and experience in creating a high 5-figure or more business.
In order to break free of the limitations this traditional model creates for you and the people you are meant to serve, you must begin to operate from the new model of service and transformation: Packages, Programs, Products & eventually, Partnerships.
I'll share more about these four aspects of the new model in the coming weeks, starting with Packages later this week. Until then, here is your assignment:
1. Determine how many hours you are currently working (or want to work) on or in your business
2. Determine how many of those hours you are/want to be serving your clients
3. Determine how many hours per week or day you are/want to be doing other tasks to run your business (hint: marketing alone should average about 3 hours per day for a full-time business)
4. Determine how much money you are/want to be making (net) per week/month
Look at all those numbers compared against each other and you'll immediately see how dollars-for hours just is not going to cut it anymore!
Do you need help developing and marketing a better business model to make more money with less effort and more fun? Schedule a complimentary MMM Strategy Session with me to find out how Marketing, Mindset and Manifesting techniques can help you create THAT kind of business!
Your partner in success,
Marketing, Mindset & Manifesting Coach