How to Find Your Financial Sweet Spot
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.[maxbutton id=”1″ url=”https://reneemlamb.com/business-stress-ruining-your-life” text=”Related Reading – Is Business Stress Ruining Your Life?” ]
One way to alleviate your money woes is to pay attention to your pricing, for programs, courses and 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.
6 Ways to Bring In More Money
Now examine each of your programs, courses and/or products and research how much your market is willing to pay for these.
Is there a way to bundle multiple products together for an even higher price?
Ask your audience directly what they want and can afford.
Make a beta offer on a new product.
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.
Hey jane-of-all-trades! Are you focused on ALL of these admin and marketing tasks, how much time are you really dedicating to your clients?
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.
Tip 6. Up-sell
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.
Let me know in the comment section below which tip will you use?