It will be exhausting and nearly impossible to scale and really grow to the income levels you desire.
Here’s why. For example, if you’re generating leads, and you’re trying to get 80 new clients a month, you need something like 8000 leads a month to close 1%, we know the close rate for a lead is around 1%.
Now, unless you’re a huge business, with a huge Facebook ad budget and you have really targeted messaging, it’s not going to be a quick path to the money you want to earn.
I think $300,000 for a small business is totally doable.
I have been around $150,000 in my business, and it’s totally my goal to go to, to grow to 300,000. That’s my goal for myself, I want to double my income.
And I want you to double your income.
I think $300,000 is doable, but not if I’m charging $300 an hour. Not if I’m trying to constantly generate that many leads to keep myself going.
So what that means is we have to completely change how we conceptualize our time and our value.
And this is what I want to say: Your value actually has nothing to do with your time.
If I told you that my seminar was five hours, and it’s a $10,000 seminar, you would maybe in the beginning say, That’s way too much money $10,000 for five hours, you know, who’s gonna pay that?
But what if this seminar was the one seminar which eliminated your blocks to money growth forever? What if this seminar helped you to earn a million dollars as a result of this seminar?
Or what if this seminar was the one seminar that was going to help you find true love, I mean, you know, depends on what you need and what you want.
If a $10,000 seminar helps you earn a million dollars, that’s like nothing, your ROI on that is incredible, right?
And no one is gonna be like, five hours, $10,000 divided by five hours, that means she wants $2,000 an hour, no way, I’m never gonna pay 2000 an hour. Because if I know that I’m going to make a million dollars, that $10K is nothing to me, right?
What is important is the value your clients get.
What you want to do is you want to teach people to stop thinking about you in terms of hours and start thinking about what you do in terms of the results you get them.
Because someone will easily pay $10,000 for a seminar or for three months of coaching, if it’s going to get them the results that they truly, truly want. And that they’ve been striving for for years, months, you know, they’re coming to you because they’re stuck somewhere, they’re coming to you because they need something from you.
If you can deliver results to them, you are worth your weight in gold, you are worth anything, right.
So if you can believe that, and you can start to shift how you see your value, you understand that people will pay lots more money than what you’re currently charging.
You will create a business model that’s sustainable for you.
You will create some sort of structure some sort of system that doesn’t require you to think hourly, 300 an hour 20 clients a week 80 clients a month 300,000?
No, you’re going to create something else that delivers value to more people.
Because when you change the way you think about this, you start thinking okay, if the one on one isn’t sustainable, what else can I do?
Groups, obviously, we know in this digital age, right? There’s groups that you can teach.
There’s digital courses you can sell. There’s one on one private coaching you can do.
There’s so many different ways for you to put your business model together.
That really has nothing to do with how much you say you charge hourly.
I’m going to pause here and let you ask questions. Before I continue on this topic. We’re going to stick with setting the hourly rate. But I want to just kind of give you a chance to digest and ask any questions about it. If you have any. I’ll read some of the comments.
Carmen says you’ve given a new perspective to income hourly rates are maybe not the most functional and a healthy money system.
Yeah, totally. Carmen, I mean, for us to think of our value as hourly and if we try to think of what we want to earn on an hourly basis, we’re just capped at such a low income salary, you know, a low income ceiling, and it’s not the energy of wealth. It’s not going to get you to that thriving business that you desire.
You’re still always going to be in survival mode, how do I get enough clients?
How do I get enough leads, you know, and it’s, it’s not gonna feel good and like you said it you will burn out, and you will exit the business you’re in eventually, most small businesses 80% of small businesses fail.
And for women entrepreneurs, only 2% of our break the $1 million mark. So if we want to scale our businesses and $1 million may or may not be a gold for you, but let’s say 150,000 as a goal, or 300,000, as a goal, we’re not going to get there this way.
So we have to change how we think about it. No more hourly, no more hourly thinking!
Instead, we think about value, we think about the value, we think about the results.
We train our clients to think that way as well, when they want to bring the conversation to hourly,
Oh, that sounds high. That sounds hourly, we, as the leaders, as the coaches, as the teachers, we bring the conversation to value to results. And there, this is a whole framework for how to have a sales conversation, I’m not going to go into it here.
But it’s something that I teach my private clients, it’s something maybe for a more in depth workshop sometime, but there’s a whole way that you can structure the conversation around value and results, rather than around the dollars per hour. And this is how we establish ourselves as leaders in our field around what we do.
this is how we command the rates, or the payment that is going to get us to the income targets that we have. And something that I do in my one on one. Like, for example, I have a half day or a full day VIP session with my clients, we create the business model, and we do the math around what different streams revenue streams do, you need to reach your goals, because I’m not saying never leave never work, quote unquote, hourly, I have packages with people where we meet, you know, once once a week or for 90 minutes a week, and I give them a package, for example, it’s $10,000, to work with me for six months one on one.
And sometimes I give people discounts or different types of versions of that. And there is an hourly component, but the focus is not on the price per hour, the focus is on the results. And in addition to the one on one work you we can create for you a whole suite of ways that you can deliver your services, some of which would be you know, courses, workshops, ebooks, you know, all these different things that can give you income.
A lot of entrepreneurs don’t necessarily, first of all think or our income in this way in terms of not having an hourly.
We also don’t think of the potential of multiple income streams of how if you can set up some foundations for yourself with multiple income streams, you don’t have to be so concerned about the hourly you build up this foundation.
Does that make sense?
So that’s something I help my clients do, what are the building blocks of your business to generate multiple income streams so that you are no longer caught in this dollar per hour amount?
Because once you have funnel setup for your business, e commerce group courses, things like that, well, you know, once that set up, I mean, you’re still gonna have to work you’re gonna have to sell it, you’re gonna have to run, you know, communications and content. But you could have a night where in one hour, you sell $15,000 worth of product and you didn’t do anything in that one hour.
You know, you did all the work before. So this is something that I really strongly believe in.
And I think it’s something I really want you to just sit with like okay, if I’m no longer going to think of my value in terms of hours, how else am I going to quantify it? What other ways am I going to communicate my value to people so that the conversation is not about the money?
The conversation is about the value and the results.”
Read the blog post here.