There are very few coaches in my industry that I would go to for business expertise. Mostly because I see mindset and strategy as equal parts in the success equation, and they don’t. I met Bill Baren a few years ago and he gets that. He thinks big, he’s spiritual, he’s smart and he always expands my mindset. I’m betting his article below will do the same for you. ;-) ~ Jeanna
Double Your Revenue in a Year
By Bill Baren
I find in talking with many business owners, the biggest challenge they face is this: they are “under-earning”.
What if you could 2x or 3x your income without working more hours?
And with that, exponentially increase the impact and results you deliver to every single client that worked with you?
It’s possible. We’re going to explore that together today.
You’ve probably heard about high-ticket programs or offerings.
I like to call them “Premium Packages.”
I feel Premium Packages are the best solution for your undercharging and under-earning.
Here’s why: Premium Packages are designed to help your clients get premium results and a deep level of transformation.
Here’s the basic idea behind premium packages:
You design and offer packages in the $2,000 to $10,000 range or even more. And they are designed to deliver a HUGE transformation. You are designing packages that are not just a band-aid, but the big result a client really wants when they come to you.
My story: The $20 an hour coach
I didn’t start premium. I discovered the hard way it’s not easy to do your best work, or serve your client’s highest interest if you’re broke.
In my early days, I was desperate. I didn’t even blink before agreeing to work with a client who offered to pay me only $20 an hour!
And, she was one of the most difficult and least committed clients I have ever had! Missing sessions, not doing what she said she would do, and she expected her sessions to happen at 6 a.m. on Monday mornings.
I learned big lessons from this horrendous experience and I made sure I would never take on a $20-an-hour client again. Here is one of the big lessons I learned:
When you create a compelling package that truly articulates the value of your service, people will pay top dollar for it.
I was calling myself a coach, and charging by the hour. And I stopped this — pronto. Here’s why: If you describe yourself as a massage therapist, yoga instructor, or coach, you are talking about a very general thing. It’s an occupation. It doesn’t speak to who you serve or what transformation you provide.
To get out of this dollars-for-time rut, you have to position yourself differently and offer services that are packaged to create high-value transformation. Transformation takes more than one session, or two. And when you offer services that can deliver deeper transformation you can also start to charge more.
Here’s an example:
My client Gretchen just wrote to me – she’s a tutor for high school kids aspiring for academic excellence. She is incredible at her craft. She loves her kids and loves to decode what is the best and most individualized way for each of her students to learn. Her passion is infectious.
When she first started to work with us, she was charging her students $85 per hour. Gretchen was definitely under-earning and undercharging. But because lots of tutors charge less than $85 per hour, Gretchen initially resisted creating packages and raising her fees.
Since then she has stopped trading time for dollars and has created an awesome “Have your best semester ever” package. The price? $2,000.
That’s a whole different ball-game.
She’s now on track to make a 6-figure business in a field full of undercharging and underpaid tutors, and even has a 3-person team supporting her!
The moral of the story…
Whether you are starting out or you are more established, you can create premium packages. You’re probably just a premium package away from having the biggest month (and year!) in your business.
If you’d like to learn more about how to create premium packages for your business, I’d love to offer you my complimentary Premium Package Blueprint, which lays out my map for creating premium packages for your business. Grab it here.
Please take this information and use it to create your own premium offers. I would love for you to be the next person that writes to me with your own success story!