What money myths are you running your business by? Your views and beliefs about money can really help propel your business forward or hold it back. I hear it all the time with clients, certain money myths that are said over and over again. But it’s often coupled with a desire to grow the business and reach bigger financial goals. However, if you don’t pick up on those money myths you’re telling yourself, you will not reach the goals you set. So how can you change that?
It starts with picking up on those myths you’re telling yourself and busting them! So here are five of the most common ones that are constantly shared with me - along with simple ways to move past them.
Budgeting is so important, and that’s a word that can scare many. But you don’t have to call it budgeting - you might just call it planning instead. That helps you get past the initial wording. And actually, you might...
Do you want to hit 2023 with a bang? Do you know where you’re headed in the next 12 months? Planning is so important for your business, because without a plan you will not hit those goals, won’t know what content to create and will not understand where your business is going.
And with no way of being able to plan or make decisions to grow your business, you’ll just end up sort of bumbling along with no actual way of making the money you want or getting your business where you want it to go.
Now we’re getting towards the end of 2022 you need to start planning for 2023. It's really important to get a plan in place so you can look at everything from pricing to through to outsourcing. Do you want to outsource some client work or hire a Virtual Assistant? How will you know if you can afford to grow your business and how will that look? For example, what do you want to do more or less of, in your business?
How do you go about pricing in a recession? It’s going to be a difficult time for many people, especially as prices are going up and inflation is at a record high. So how can you effectively grow your business when things are so tough right now?
You have to remember that, although it’s a difficult time for some people, it’s not awful for everybody. And the recession won’t heavily affect some business owners. And a recession doesn't mean that businesses aren’t investing in your services - people are still spending.
But I know what it’s like. You want to continue helping people during a recession, but you don’t want it to adversely affect your business. So here are some tips to help you continue helping your clients, without neglecting your bottom line.
Not every market is created equal. Start by thinking about your market. Are your products or services classed as a luxury service or is it...
Do you take your customer on a pricing journey? It’s a question you need to ask yourself, both when thinking about product creation and also with your marketing. The pricing journey is something that can make the difference between turning a browser into a customer, a new customer into a repeat one, or risking losing the sale altogether.
So what is the pricing journey you can take your customer on? Well, when a customer comes into your world, do you offer them a £27 pound thing or a £3,000 pound thing? There are always going to be people that want that premium top package or solution straight away, whilst others want to start low. But no matter where they start, you need to make sure your customers can see how they might work with you more.
And this always starts with you getting clear on your pricing and knowing what you should charge for your services.So rather than just charging whatever you like, think about...
Have you ever wondered how to set pricing for charities and non-profits? Maybe you want to give back more but don’t know where to start and how to price accordingly. It can be difficult finding that balance between earning enough to cover your business expenses and own salary, and also helping a wider range of people. But it is possible to give away your time for free, in a more structured way in your business.
It’s a subject I had the recent pleasure of speaking about with Rosie Gilderthorp. Rosie is a clinical psychologist and splits her time between her social enterprise business, a perinatal mental health practice, and her Psychology Business School, where she teaches psychologists and therapists about setting up and ethically and effectively marketing yourself in the business world.
As a business owner, you often find yourself in a situation where you want to give back more. But if your business model isn’t correctly...
Business growth is something we all want for our businesses. But often, there are three key problems you’ll face, when it comes to trying to grow - pricing, scaleable offers, and outsourcing. These tend to be the big issues in your business and will often hold you back and help you play small in your business.
So if you’re currently frustrated with your lack of growth, are struggling with pricing and stressing over outsourcing, you’re not alone! Here’s what you need to know to solve those problems and get your business back on track for the growth you want to achieve.
Getting your pricing right can be the quickest way to make more money in your business. It's such an easy way to make more money too. But it’s an easy way in practice and not always quite so easy to implement! But pricing is a good way to make more money and grow your business.
One of the quickest pricing...
Are you guilty of people pleasing, perfectionism or overthinking? And how does that come across in your business and your pricing? You may not immediately think the two are connected, but the emotional baggage that causes your people-pleasing or perfectionist habits impacts on what you’re willing to settle for in business, especially with boundaries and pricing.
It’s an important topic and one I recently had the pleasure of chatting with Natalie Lue about for a recent podcast episode. Natalie is a recovering people pleaser and her website www.baggagereclaim.co.uk centres around helping other people pleasers, perfectionists and overthinkers to take a closer look at those habits and learn how to get rid of the emotional baggage so they can stop settling for less. Because when you settle for less than your worth, it affects your creativity, sense of self, business and pricing.
Lockdown has created both issues and opportunities for many. I’ve recently been speaking to Fleur Emery about how she pivoted her business during lockdown. Fleur is the founder of Real Work, the online co-working space for women - an online coworking community I’ve been a member of for the last 4 months or so. I love how she runs it, and her energy is really impressive, so we’ve been talking on my recent podcast about how she got started and how she decided on her pricing structure for Real Work.
Lockdown happened, and I was at home with a five-year-old. All my work was suddenly cancelled overnight. The runway of income I had lined up was wiped off the table. I was sat at home with no income runway and a kid. This idea that had been fizzing around in my head become an ‘OK let’s do this’ moment.
I come from a background in industry and have 15 years of experience in starting food and drinks companies of my own....
Passive income is something that many business owners aspire to have. The idea of earning money whilst not doing any extra work is incredibly appealing. The term ‘passive’ suggests that you could be sitting on a beach and permanently not doing anything to generate that income.
But passive income isn’t entirely passive. It’s true that once you create the content, you might not have to do anything to recreate that content, but you do still have to market and promote it.
A book is a classic example. You can spend a year to write a book, but then once it’s written, you can sell it over and over again, with no extra work. However, it takes you a year before you make any money, and you still have to promote it - because people can only buy things if you promote them!
Passive income products are generally lower cost. Things like an ebook for £10 or a prerecorded workshop that you initially...
When it comes to pricing strategies, there are so many options to choose from. But as with many things, it isn’t always down to the number of choices available to you - it’s more about picking the right one for you. That’s why it’s so crucial that you think about your business and opt for the strategies that work for you, especially when it comes to pricing.
So how can you make it easier for yourself so you’re not bumbling around trying to find pricing for your clients? You can use so many different ones, but instead of overwhelming you, I’m just going to cover the five main ones in this blog.
Lots of freelancers and consultants use this. But if you’ve spent any time following me, you’ll know I’m not a big fan of this style of pricing. You should not be pricing by the hour as it punishes efficiency and always puts a ceiling on what you earn.
It is, however, often a good...