Don't fall victim to money woes. Instead, aim to boost your profits and reach your financial sweet spot so that you can live your life of freedom comfortably.
Did you know that money is the number one cause of stress, both in personal life and in business life? That fear of not having enough income to pay monthly 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.
One way to alleviate your money woes is to pay attention to your pricing for service based online businesses, digital products, or eCommerce products. Instead of just randomly picking prices out of thin air, think strategically and figure out your financial sweet spot.
| What Does Financial Sweet Spot Mean In Business?
Never heard of this term before? Your financial sweet spot meaning is that monetary figure where you can live comfortably, pay your bills, and still invest back into your online business.
This figure will depend on many factors, including the cost of living where you’re located, but will serve as your overall income goal.
| 6 Indispensable Benefits Of Determining Your Hourly Worth
Aside from the given fact that knowing your hourly worth is a step in the right professional direction, calculating this figure will help you determine:
How much to charge for products
How much to charge clients
How much to charge for services
How much vacation time you can take
Income Goal - If you aren't making this figure yet, at least you'll have your goal in sight
Freedom to say how much you want to make in a year, how many weeks you want to work, the number of days you want to work per week, along with the number of hours per day you want to work!
| How To Calculate Your Hourly Worth To Determine Your Financial Sweet Spot
My girl Melissa over at Time Freedom Business has a FREE Time Calculator you can use to determine your financial sweet spot!
It's simple. Key in...
Income goal for the year
Number of weeks you want to work
Number of days you want to work each week
Number of hours you want to work each day
| 5 Ways You Can Boost Your Profits To Reach Your Financial Sweet Spot
1. Outsource some low income level tasks to a Virtual Assistant. This will free up non direct money making time so you can work on creating more streams of income.
2. Examine each of your programs and/or products and research how much your market is willing to pay for these products. Is there a way to bundle multiple products together for an even higher price.
3. Ask your audience directly what they want and can afford or make a beta offer on a new product or bundle with a higher price and see if it’s well-received.
4. Are you selling courses? Another way to bring in more income as well as new prospects is with group coaching. This option is ideal for those who want your expertise but who can’t afford private one-on-one sessions.Even though each individual would pay less than a client in private coaching, you’ll still make more per hour because you’ll have more than a single person in your group.
5. Do you have upsells for those clients who purchase coaching packages or other products? An upsell is simply another product offered exclusively to those who make another purchase.
While this can be a free bonus product, it’s perfectly acceptable to charge for your upsell product. Upsells work best when the price is considered a bargain and when the offer is relevant to the customer.
6. Creating a membership or mastermind group is one of my favorite ways to achieve your financial sweet spot. These are the perfect high ticket/Up-sell option that your audience can graduate to when they are done taking your courses or private coaching sessions. Membership groups are generally billed on a monthly basis and members have access to your original content and you.
Memberships work for an array of niches. If you have something to teach that can be broken down into small steps and categories, you can sell weekly or monthly training's/workshops in your membership program.
a. Knitting/Crocheting/Quilting - You could create 2 or 3 different memberships such as Beginner, Intermediate, and Expert memberships to sell your expertise to all levels.
b. Coaching - Record or live stream your monthly coaching topic. Include a printable such as a planner to use along with your weekly/monthly training, checklist pertaining to the material you covered, PDF, and even a copy of slides if you are using them.
c. Blogging - Choose a monthly topic and break it down into 4 weekly instructional live streams with printable worksheets that your members can use to work through your videos and add value.
d. Cooking - Do a weekly live demonstration of how to prep and cook one of your famous recipes with an accompanying grocery list printable.
==>> The Difference Between Masterminds and Memberships
*Masterminds are generally more high-end than memberships and cost more per month. The big difference, however, is the mastermind members are all experts in their own right and you all gain knowledge from each other.
*Membership members simply want to learn from you and may not feel they have enough success to help others yet.
Remember, use the free Time Calculator to determine your sweet spot results and implement as many of the 5 Ways You Can Boost Your Profits To Reach Your Financial Sweet Spot as you can so you can charge what you're worth and run your business with less stress and in less time.
Need More Stress Relief in Your Life?
Watch my FREE Workshop “5 Steps to a Stress-Free Business” and we’ll talk more about this financial sweet spot.
Implement that financial thinking with the other four steps and you’ll be on a path to a more relaxed way of doing business.
I want you to find the joy in your business again so follow the link to register to watch the FREE Workshop.
When you sign up to watch the workshop, I'll send you a free workbook to fill in as you watch the workshop...NO STRINGS ATTACHED :)
==>> If you want, you can head straight to see if my new course Online Business Planning Reset is a good fit for where you are in your online blogging biz, today!