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.
What is 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.
Tip 1
Is there a way to bundle multiple products together for an even higher price?
Tip 2
Ask your audience directly what they want and can afford.
Tip 3
Make a beta offer on a new product.
Tip 4
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.
Renee Lamb Job Exit Strategist Tip 5
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.
Next Step
Let me know in the comment section below which tip will you use?
Your blog is simply beautiful. And your posts are to the point. I am subscribing to you.
Thank you Monidipa for the compliment. And I look forward to having you on my blog tribe.
These are all great idea! Love them all. Thank you sharing and you’re right money is a great stress trigger.
I am glad you liked the idea. Yes money can either have you on cloud nine or in the valley.
These are some great tips and ideas!
Hi Amanda,
I am gad you enjoyed the blog post.
This is a great post since money is a concern for everyone. A business owner must keep in mind how customers feel about money and to maximize their benefits.
That is a great point Debby.
Thanks for all of these ideas! I’ll have to think about doing some of these.
Hi Marysa, just pick one that will lead you to your goal.
how informative is this! very useful especially this days when holidays are around!
Partricia great point about the holidays. Money does come into play since there is pretty much back to back holidays.
Renee, I’m so happy that I found your blog. It came in the right moment. I worlk by myself and I do need to destress myself and my business too. Thank you so much.
Enriqueta – I am glad you found my blog as well. It can be a lot when everything is all on us all the time. I am glad you got something out of it. Let me know of any other topics that interest you, that I can shed some light on. I am thinking about putting together a workshop on meditation for entrepreneurs.
Great tips! There is so much that goes into entrepreneurship. It’s not easy. Thanks for sharing!
Vanessa – I am glad you got some tips out of the blog. Yes entrepreneurship is not for the faint of hearts. But I can not see myself going back to a traditional 9-5. LOL Thanks for commenting, truly appreciate it.
This was so informative! Thank you for sharing, always happy to learn new ways to save $! 🙂
I am happy you found some gems to increase your income. That is a good day.
Yes, I have heard of the term financial sweet spot. These are helpful since I am in the beginning stages of a photography business. And these things can apply to my personal finances as well, especially the first one about bundling. We bundle internet and TV together in our personal budget.
I do have some friends who have a more successful business than I do and I will pass these tips to then.
Hi Jessica
You are so correct about us already bundling in our personal life, so it should transfer to our bizness. Thank you for sharing with your other biz besties, truly appreciate that.
This information is very helpful and encouraging! Finding financial peace and balance is important.
Yes K.A. I agree with you. If we do not find peace with our finances it can wreak havoc in our lives.
This seminar will be super helpful for business owners. GOod luck!
Thank your Devyani for the well wishes. Yes it will be helpful to those who are stressed out with their business and need relief now. Not 30 days from now.
Reminds me of courses in economics and the laugher curve. You do have to have some idea of that point where you make the most money from your work and can handle the workload.
That is very true. there comes a point where there is diminished returns and that is not where you want to be. Thanks for that perspective.
I love all of these ideas especially running a beta for a product beforehand. It is such a simple idea, but one I never thought of before.
Jessica, I am glad that you got that gem out of the blog post. Do a search in Facebook for Beta groups. That will help you in how to structure your beta. Or I could write a post in the future about how to do that. HA HA
[…] Related Reading – How to Find Your Financial Sweet Spot […]
Well, I like the term. But yeah. I need to find that sweet spot. Too bad though that I am not in that spot yet and needs keep piling plus the rate of inflation is really getting crazy 🙁 Been working my butt off but that’s just reality.
Mommy Sigrid, I hear you. Take it one step at a time. First step might be looking at your personal and business expenses. Then looking at what you need at minimum to cover those expenses. From that point, what can you do in your business to generate that profit from what you have already. For instance, if you have a 1:1 program, turn it into a group coaching program, that frees up your time, plus you sell to many people. You can do it. Thanks for your honesty and comment.
This is what i was looking for long time. You have shared great tips i think its always helpful thank you.
I am glad you enjoyed the post.
Like the styling and dark theme on your blog firstly and secondly some sound financial advice and tips there. Thanks for the post!
Thank you for the styling feedback. I was wondering how people thought about it. I know it is not what you normally see. I am also glad you like the content as well.