How to Find Your Financial Sweet Spot
Did you know that one of the major causes of stress in both personal and professional life is stemmed around money? The fear of not having enough income to pay expenses is real, especially when you add in the responsibility of supporting a family and the families of those who are working on your team.
Paying attention to the pricing of your coaching programs, products and services that you offer is one way to alleviate your money woes. A lot of entrepreneurs struggle with pricing their services and products. Instead of just randomly picking prices out of thin air, you must think strategically and figure out where your financial sweet spot lies.
If you've never heard of this term before, now is a great time to learn. 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. However, it will serve as your overall income goal.
To begin examining each of your coaching programs and products, you must first research how much your market is willing to pay for these products. Ask yourself, is there a way to bundle multiple products together for an even higher price? Poll your target audience directly and ask them what they would like and can afford? You can also beta test an offer with a new product or bundle with a higher price and see if it’s well-received.
Another way to create more income and bring in new prospects is with group coaching. This option is ideal for those who want your expertise but can’t afford private one-on-one sessions. Even though each individual would pay less than a client in private coaching, you can still make more per hour because you're servicing a group of clients as opposed to a single individual.
Do you have products that you could use as add-on's or upsells for those clients who purchase coaching packages or other products? An upsell is simply another product offered exclusively to those who purchase your products. While this can be a free bonus product, it’s perfectly acceptable to charge for your upsell product. The best way to use upsells to offer it as a bargain addition that can enhance the experience of the customer.
Lastly, one more way to achieve your financial sweet spot is to create a membership where your clients can get continual access to your coaching on a monthly basis. Membership packages can be billed on a monthly or annual basis and members have access to your original content and you. This is a simply way to stay connect with your clients, keep them up-to-date with the trends in the business field their in allowing them to learn from you and helping them to build their confidence to help others yet.