Today, we’re talking about something super important called a Wealth Strategy. That’s right. Why is this so important? Because it’s the foundation of your entire business.
What ends up happening with a lot of us who are holistic entrepreneurs, yogis, and service
providers is that we get so caught up in inconsistent one-on-one services or an occasional group, but not really having a stack of offers that work together strategically. I do want you to think about how you can get more clients with your time, but also while working smart.
As a business coach, I love to talk about offers, also known as offerings, because they are the foundation of you being able to show up as credible expert, who gets paid well to do what they love to do all day every day.
The 2 steps to making more money as a wellness entrepreneur…
Step 1: Play to your strengths!
Ask yourself…
- Do you like to work one-on-one with people?
- Do you like to be in group settings?
- Do you like to speak in front of big crowds?
- How do you like to show up?
It’s important to determine how you like to work so that we can makes sure you are comfortable, that you are going to shine, and that it is going to be fun for you. That’s it!
So once we understand how you want to show up, now we can start creating your magical business layer cake!
Step 2: Examine different revenue streams
- Trade Time For Money
Although a lot of people say that you shouldn’t trade time for money, this is still a fabulous way to generate an income. And it’s an essential part of every offer ladder.
Plus, guess what? As wellness entrepreneurs, I am guessing that you love to work with your clients. You love to interact with them. You love to treat them. Are you acupuncturist, massage therapist, yoga teacher? There’s still such value in working one-on-one with clients or in a group setting. It’s okay to still trade time for money.
What’s not okay is relying on that being your wealth strategy. One-on-one, small group
classes, large classes, being a speaker. This is still trading time for money, and some are scalable, and some are not.
So let’s go over the ones that are limited, and also the ones that you can also charge premium
prices for.
So, for example, if I want to get fit, or I want to get flexible quickly. Instead of going to group
classes or going to the gym on my own, I might hire a private teacher that way we can address my needs, my concerns, and my body. That’s going to cost me money. If I hire a trainer, if I hire a private teacher, I’m going to pay premium because it’s 100% of their attention on me.
So when you are positioning yourself as a one-on-one teacher, please make sure you charge accordingly.
Now, this is going to vary on your town, your city, your state, your country. Every time I’ve gone to Peru to teach whether it was yoga or Acro Yoga, or even Thai massage. I had to lower my prices a little bit because the currency there is very different, and I wanted to be of service for the people.
What I would charge here in Miami, where prices are a little bit higher, we have premium rates I wouldn’t do down there. So be smart on where you are and how you create your prices.
Next, determine how much value you’re delivering to decide on your price. This makes sure that your one-on-one prices can become up-leveled, and make it easier to charge a premium because you’re delivering more value.
Maybe your one-on-one work comes with a membership to your online yoga studio, or essential oils, a beautiful treatment, a tote bag, something that is going to allow you to raise your prices a little bit without also feeling icky because I know we’re of service and I don’t want to ever make you not feel like you’re showing up fully as a holistic entrepreneur.
So that summarizes one-on-one work. Pros? You give 120% of your attention on your client. Cons? There’s only one of you, which makes it very limiting. Typically, you could only take five clients a day.
- Group Classes
I love group classes! I love people. I’m a group person. If you could just hug me. That’d be
great. Why? Because I feed off people’s energy. So for me, group classes is one of my favorite ways of working. Now, pro. Lots of people, lots and lots and lots of people can mean lots and lots and lots of
money.
But depending on the situation, for example, when I used to own my yoga studio, yes, there was be lots
and lots of people for my teachers, but their pay rate was not all the money. Why? Because the model of being an employee isn’t the most fruitful.
Now, if you’re going to do group classes, always get people onto your email list and always, always, always have an upsell.
Cons of group classes is that obviously, you’re not giving 100% of your attention to one person. So maybe people won’t feel that 100% focus on them. But if you’re a good instructor or you’re a good service provider, guess what? You can still have great outcome.
In my yoga conferences, the Global Yoga Conference, and my Yoga Expo, sometimes the
teacher teaches to a hundred people. Obviously, there’s no way to personalize that, but there’s still a great way to cue, message, give information that can serve somebody at each part of their experience, their practice, or their journey.
But again, be sure to always have an upsell and always show up as inclusive as possible.
- Small Group Private
Why do I love this one? Because it has a blend. You can still charge a high amount, and provide your clients the attention they need, but the difference is that it is scalable.
For example, I run two types of consulting and coaching. I do one-on-one work, and I do group work.
Now, when you’re doing group work, this means you have scalability. You are you to many. It’s going to give you a lot of potential, not only to connect but to also make great change. You can have a deep impact on people because you’re solving lots of problems, and there’s also a sense of comradery and union that gets formed for your members
- Info Products
This is where your knowledge is shared to many people. So now this becomes a product consumed by groups of people. This is where the most scalability and leverage lies.
I get this done through my online courses where people are consuming the material in a way that doesn’t take any additional time. When you create an online course, you complete it once and don’t have to add more work as more people join. There’s so much maximization potential.
So think about you positioning yourself out there in these four different ways so that you have a variety. You want to be able to help people in different ways so that you’re also supporting yourself, your self-care, connection to others, and your bottom line, which is your revenue.
Pick the one that’s going to give you the most money right away. Why? Because if you’re looking to grow your financial side of your business, then pick the one that gives you the highest revenue. That might not be your one-on-one. That might be a group. Now, this doesn’t necessarily mean teaching classes for low amounts of money. It could be a program. It could be a retreat. It could be a training. Now, this is what I love to teach! The potential to have scalable business through a group setting with also a nice price point. Teacher trainings, retreats, transformative programs, or group plus one-on-one. These all can have price points of a thousand and up. And it’s the best way to change your financial outcome without needing a ton of people.
If we look at the concept of pricing, we’ve got to see that if you’re like a Ferrari, or you’re a Louboutin, Louis Vuitton. You don’t need to sell a lot. You might only need five clients a month to double your income.
Now, if you need a ton of people to meet your baseline. It might take longer. When you’re creating your products, have a variety and think of it like a menu. When you go
to a restaurant, there are lots of things for you to choose from. And in the middle part of the menu is going to be chefs’ choices. So I want you to make your chefs’ choices for the day and see what product you want to promote. What do you want to create that makes sense for you? And you probably want to start at a higher price point.
So what can you put out there that’s worth $200 to $1,000? Is it a certification that’s specific?
For example, chair yoga or Reiki attunement. Maybe it’s a modality of massage. Again, this is where you also start showing up as an expert. So your confidence level, your credibility, your professionalism gets to shine through even more.
The last thing that’s really important is that I want you to do a goal. How much money do you want to make a month? So let’s say it’s about $5,000. Maybe it’s $10,000. If you are
trying to fill your calendar with 40, $50 an hour average, you’re going to need a lot of those hours. But if you can do a few that are $30, $40, $50 an hour, and a few that are $200 an hour.
Now you also want to make sure that when you’re creating your menu of services, that as you figure out what your monthly revenue goal is that we create the price points accordingly.
And then all we have to do is fill in the amount of students that we need per thing.
So let’s say you’re leading a certification. You are an amazing massage therapist, like my husband, and specialize in lower back. And you’re going to lead a certification training or give educational credits. Now, perhaps you do a one-day seminar. You charged $85 per person, and you get 10 people. That’s an $850 a day. Pretty cool, right?
Or let’s say that you are a yoga teacher and you have your E-RYT 500. You can give [inaudible
00:11:56], and you do a weekend that is for yoga teachers, all about adjustments, cueing, how to
become a better teacher. And you charge $250 for this because it’s only a couple hours a day. 20 people, you’ve got a $4,000 weekend.
So start looking at the possibilities of growing your offerings in a way that feels good to you, to where you’re at in your career. So when you’re doing your menu of services, see where you show up. Are you showing up as a credible professional that can give more value? Are you using your knowledge and turning it into a product?
Are you creating opportunities for people to really get an immersive learning experience from you, maybe through a retreat?
So this is your opportunity to shine in the way that you create your offers that match your goals, that provide the results. At the end of the day, we want everyone to look good, to feel good,
and to be good. I’m so excited to see what you put out there!
Deop a comment below if you have any questions, and please share if you think somebody can benefit from this blog.