Stop trading time for money!
If you’ve been a service-based entrepreneur for longer than oh say 10 minutes you’ve probably heard this command at least once.
I’ve always thought it was a little silly to make that the focus of growing a service based business – I mean if you love to be of service to people and you came to change the world with your gifts your biggest issue probably isn’t that you are trading time for money. Your biggest issue is likely that you are NOT trading time for money. And by that I mean you keep giving all your time away for free (or close to it).
So the good news is that I have a simple process that fixes both issues – trading time for money and not charging enough for what you do.
I have found that most of my clients are able to exit the “time for money” limitations if they first learn how to package their brilliance so they can connect the value they offer with the income they are receiving.
Packaging your by-the-hour service provides many gifts to your business, which include:
- Connecting greater value to what you are charging
- Growing your income without feeling sleezy
- Reducing the number of sales conversations you need to have
- Increasing your success
- And much, much more!
Packaging your services does not have to be hard or complicated.
1. Determine how many hours or sessions a client needs to work with you to create your initial transformation. Let’s say you are a massage therapist. You allow clients to pop in and invest in a single massage. They get some benefits from the massage but you know that if they returned monthly for at least three months they would really see a difference in their well being. Three monthly sessions would create an initial transformation.
2. Build a package around that number of sessions. In the case of the massage therapist that would simply mean a package = 3 monthly sessions purchased together.
3. Add bonus material or items to the package to increase the value to your clients. Continuing with the massage therapist example, you might include the use of essential oils or recommendations for self-massage techniques your client can use at home to continue to feel the relaxation and health benefits at home.
4. Raise the price of your per/hour sessions. You know a client will get much more benefit if they work with you over the course of multiple sessions but its often hard to instantly stop offering single sessions. That’s ok. Its all about baby steps! So initially raise the investment level for a single session to the point that it feels good and also encourages your clients to invest in your package price.
5. Communicate transformation not hours. As you are discussing your packages with clients discuss the transformation (i.e. value) your clients will get from the package not the hours they’ll work with you. Clients may say they care about how much time they spend with you but the truth is that what they really care about are the results. Focus on results and selling packages will be a breeze!
If you love the idea of designing packages and communicating value over hours, but may need a bit of support doing this in your own business – good news! I’m releasing a new LIVE program in March where you can work with me to do this and much more!
Watch for the announcement of the Soul Infused Profit Plan coming in March!