In a podcast episode from a while back the host answered a question about what to do if your customer, the people you’re selling to, aren’t allowing you to make enough money. The answer was something along the lines of ‘change your customer’.
If you know how much you want to make a month as a minimum and you know how many clients you can comfortably take on at once, it’ll give you an indication of how much to charge. It’ll also offer a good idea of who your customer is and who your customer isn’t.
So, often people get caught up in keeping prices low to try and attract more people. Or the tell themselves that helping others requires them to sacrifice their own wants and needs. In this case it means providing affordable services but barely scraping by financially. The reality is that low prices means you need to make a lot more sales.
Instead it is worth thinking about who you can provide services to so that you won’t need 101 sales each month or 101 clients. That might mean increasing your prices and changing your customer. Helping people shouldn’t be at your own expense. You have to Many people want to help others but that shouldn’t be at your own expense. You have to find a way to do it in a way that works for you.
That could mean providing services to a select few customers/clients that enable you to make enough money to live comfortably. Then use your spare time to provide something for free that will he helpful for those that can’t afford to pay for what you offer.
Some of the businesses that have suffered the most are the ones built on bringing people together and having person to person interactions.
On the other hand for the people that have created online businesses they can run from anywhere, it’s pretty much business as usual. They may even be seeing an increase in customers/clients as people look for something to turn to in these uncertain times.
And so now these people that used to run businesses based on people being together are having to re-think their plans.
Asking themselves questions like ‘How can I transform the in person experience to an online experience without a loss of value?’. That could be as a plan to totally move their business to the online world or to be a supplement to their usual income.
An example could be in person one on one coaching, moving to online one on one coaching or group coaching sessions.
A group cooking class moving a to live online cooking class that can also be purchased afterwards.
A baked goods store moving to click and collect or home delivery.
I think the current situation has made a lot of people realise that their are different (and in some cases better) ways of doing things.
If the service you offer doesn’t require you to be there in person then there’s a chance you can get more for doing less.
Take a coaching service for example.
Say you have 8 clients who all have a total of 4 one hour sessions a month costing £55.
That’s 32 hours a month earning £1760
But what if you batch your sessions and make them online with 2 groups of 4 but each session now lasts 1.5 hours and now costs £50
That’s 12 hours a month earning £1600
But now lets see one group of 8 with a weekly 2 hour session at £55.
That’s 8 hours a month earning £1760.
Imagine working a quarter of the time but earning the same amount, if not more.
It’s not about being money hungry but simply having an awareness that the amount you earn isn’t dependent on how much time you spend working.