3 STEPS TO MERGING PURPOSE AND PROFIT
Step 1 – Sustainable, Scalable and Self- Expressive Revenue Model
It’s likely that you have been missing a revenue model that’s sustainable, scalable and actually self-expressive, that’s actually the number one thing that we are missing – a revenue model, right? This is a suite of products or services that are profitable, that solve a genuine problem of your soulmate client, and are delivered in a way which provide the value and results they will pay you for!
Step 2 – Create Your Unique Method
Without building the authority and influence of owning your unique method, you feel like a nobody. You ask, what’s different about me, compared to other people in my industry out there? When you really bring purpose and profit to co-exist in harmony, you get the support of a mentor like myself and I help you to extract the value of your 1, 2, 5, or 10+ years of experience into models. These are models, with names, steps, and processes, that deliver the transformation, results and value you have been giving your clients. Examples may be a 3-step process, or a blueprint. For many of my clients, the implementation of these first two steps may look like:
Before: Working 40 hours a week. No staff. Full calendar. Making ends meet. Back to back 1-1 sessions with clients. Almost burnt out.
After: Working 30 hours a week. 1–2 staff. Balanced calendar with time for their health, family and relationships, their business now aligns to their lifestyle needs. Profitable and purposeful high-ticket offer, now delivering their unique method of 1-1 in a group coaching model for one to two hours a week. Now spending their time in their genius zone, whilst being supported by a team to do the lower value tasks within the business.
Step 3 – Adopting the Psychology for Purpose and Profit to Co-exist
To value purpose and profit together, we will be invited to take a look at our money stories! If you are not valuing money, money won’t value you. It’s just like any other type of relationship. When you start to change your stories around money, you’ll see that money’s not a dirty word. Money is a fuel to create the life and the impact that you desire. And that money is just like any relationship when purpose and profit coexist in harmony, you’ll start to actually create a relationship and a vision with money. And whatever that purpose is that you’re standing for in the world – that bigger movement, where you want to be in 10 years, the results and transformations of your soulmate group – what will actually happen is you’ll see that you can’t get there. You can’t be successful with actually making that impact. If you are going to be burnt out in a year, or if you are going to have enough money to employ staff and teams and systems, to be able to make it scalable and sustainable, you’re not going to get there. You’ll start to see that money is a resource that you need to reach more people.
Before I’d integrated this in my business, I could only work with 10, 15 clients a week. Now with the implementation of these three steps, I can work with an unlimited amount of clients per week. I don’t even have a cap. I’ve got a revenue model now that’s sustainable and scalable. There’s no cap on my model. I mean, I could work with 10,000 people a week. If I wanted, based on my revenue model. How? Because I went from a full calendar of 1-1 sessions, to a group program that only requires a couple of hours of my time, that delivers even better results for my clients! That then enables me to scale it, and as more people come in, I can expand the support team to continue to deliver this at a larger reach.
If you really want to make that legacy of your empire actualised, can you see how money will help you get there? Remember, we can only increase prices to a small degree, and there’s only so many hours in the week. So we have to do something different.
Let’s measure where you’re at!
You will need:
Calculate your current hourly rate
Total monies earned the last week divided by total hours you worked this week = per hour rate you are being paid right now.
E.g., $900 divided by 40 = $22.50 p/hr.
What I often find is that people have worked 30, 40 hours and they’re selling their sessions out for $100 OR $200 an hour. However, what they haven’t considered is when they divide that across the entire cost of running, growing and scaling their business, they are getting paid less than before they started their business. They may even then be running at a loss because they aren’t valuing and putting a cost $$ towards their time.
Calculate how many tasks you could delegate
Now review the list of all of the tasks that you did over that week. And then go back through and highlight how many of these could be done by employing someone for less than the hourly rate you got from the first exercise.
If your hourly rate was $22.50. You may find that 10–15 hours was spent on content creation and admin. You can hire someone for $6 an hour. This is saving you already $16.50 an hour, and with the extra 10-15 hours you get back, you may earn an extra $10k-$50k using a high-ticket offer revenue model like I teach in my business school.
Can you see the light bulb moment?
So that in those 10 to 15 hours you got back, in 12 months’ time, that may be the difference between going from 6 to 7 figures +.
Calculate profitability of current product or service
The above numbers are often a shock for a number of people. Because it’s their business, they often don’t calculate their own time as a per hourly rate, and consider this in the business. This is how our passion can become more like a charity and hobby rather than a business. For my clients, we normally estimate their hourly rate at $500–$1000+, but it all varies depending on your industry, stage of business and who you are.
Remember, if you were employed for an employer, right, they would pay you per hour for that time, wouldn’t they? And if it was at McDonald’s, somewhere along the line of that value chain system, somebody would be paying for that time, wouldn’t they? They would. And yet, often as entrepreneurs, we give our time away for free. And especially as purpose-driven entrepreneurs, we give away our time for free. We don’t stand in the value of what it costs us as an entrepreneur to deliver and create that product and service for our clients. And this is where we don’t look at, what’s my hourly rate, and then price it accordingly for that. So when you are going then to pricing strategies for your group, you’re like, oh, I don’t know, maybe it’s $400 for a four-month container. Maybe it’s a thousand dollars. And I’m like, but we don’t even know if it’s profitable yet! And so you need to know what your hourly rate is, and you need to equate that accordingly. And when you start to see this, then you are going to have no problem standing in the value of the transformation of what it costs, and also selling in a new way too. And then with all that scattered energy of wanting to focus on small things, you’ll start to get that there’s just no point. And there’s no point doing a $20 event that is going to mean you’re actually two grand in the red, because you doing a $20 event that takes 10 hours of your time. It’s only going to make you $200. And then you are in the red of this much. There’s just no point.
When you start to increase your internal value, you’ll start to see that if you want to stand the test of time and you want your business to stay the test of time, then you need to value yourself more. You need to be able to package up your value, and implement this stuff here!
In Empress and Emperor business school, I introduce you to a CFO who can help you with all this, where you have visibility over your numbers, with monthly accountability meetings, and a financial dashboard to know it all!
Your confidence will skyrocket as a result. The imposter syndrome will lessen, and trust will increase! Because this purpose and profit piece is like knowing how much fuel you have in the tank of your car, where you are going, if the tyres are pumped up or not for the trip! Can you imagine if you don’t know how to fuel up the car, you don’t know how to change the tyre? You might feel a little less capable, right?
As you take back financial control over your business, you will deliver better results to your clients, and then you will feel more confident of the direction and health of your business. You’ll feel more capable to drive your business, and make effective decisions! Those feelings associated with... am I profitable? Will there be enough? What am I focusing on now? Can I ask this much for this product or service... will all dissolve. It is going to be the biggest change that will ever come inside of your business, if you don’t have this already.
I promise you, this is the number one reason why businesses around the world either fail or succeed in the first three years. And I’ve just given it to you. Let’s start implementing this!
WHO WOULD YOU BE? IF YOU NO LONGER CARED WHAT OTHERS THINK OF YOU. WHAT WOULD YOU DO? IF YOU KNEW YOU COULD NOT FAIL.
“Luxury business models provide the profitability for entrepreneurs, to have the time and freedom for their love and family life, so they are deeply fulfilled, as they leave the largest social impact on the planet”. - —Samantha J.Read More