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Entrepreneur’s Taboo: Suffering in Silence Will Kill Your Business Faster Than Asking For Help Ever Will

I have a vulnerability problem.

This may shock you since I’m sending this article out to thousands of people around the world {who periodically send not nice comments}, but the thought of putting myself out there or of someone declaring me incompetent or untalented makes me quiver in my boots.

The only problem is that the fear of being vulnerable is a fatal flaw for an entrepreneur.

So let me burst your bubble. You don’t know everything. Neither do I.

And, when we reach a pivotal part in our companies where we no longer have the answer, we stand to destroy everything we’ve worked for if we don’t stand with courage and ask for help from someone’s who been there.

I am the epitome of technology for dummies. Ask me to install something on my website and I will be near tears in minutes.

This summer I was at a conference with James Wedmore, who runs a million dollar business teaching people how to use YouTube {in other words a very smart, technical fellow}. My progress was totally sidelined by a simple issue…I couldn’t install a plug in on my site.

Before I asked for help, I honestly thought to myself, “This should be simple. No one else is having this problem. Am I a total idiot, I mean I need some technology to run my company right?” It was followed by “I can’t believe this is what I am asking.”

To be honest, this is a little moment, but it’s representative of a bigger problem I {and a lot of entrepreneurs I work with have}. I had shamed myself into believing my inability to not be able to do everything, made me a failure, or worse, left me looking foolish.

Sometimes my everything is quite big…trolling through data for hours can leave me dumbstruck; I am perpetually growing as a leader and have made some whopper mistakes with my co-workers; and the recovering perfectionist in me still likes to rear it’s ugly head.

Do I tell myself I should be better? I shouldn’t let anyone know lest they think me not enough? Or do I tell myself the truth…no one can do it all on their own and open myself up to having someone stand alongside me?

This after all is what true courage does. It takes us outside of our comfort zone and says that regardless of the reaction, we are worthy of help no matter how big or small.

I don’t know where you are today. Maybe you are pushing gloriously through work. Maybe you are scared of the future and what it holds. Maybe the little details have paralyzed you. Maybe the idea of actually selling to someone has left you so terrified you’ve retreated into a shell.

Perhaps it’s as simple as letting yourself believe the lies that you should be enough. That as a leader, business owner, teacher, instructor or healer, you need to have all the answers.

Let me whisper the truth to you…you don’t stand alone.

Set yourself {and your business} free from these lies. Relish help and watch as your business grows.

Find a mentor, confide in a friend, share your fears and even more powerfully, what you’re ashamed to admit and watch the taboo slip away. I promise that the power that stands on the other side of this leap is extraordinary, life-changing, business transforming.

And, best of all, you’ll likely learn that you aren’t alone. This fear and vulnerability unites all entrepreneurs…when we harness it innovation is at our fingertips and change is ahead. I for one can’t wait to see where we’ll go.

Lise

PS. We’ve spent the last three months listening to your questions and we’ve pulled together some of our best ideas for How to Fill Your Studio to Waitlist Capacity. Truth be told, the client’s we’re working with are doing this in our goal of 90 days, but it takes some serious work. If you want to save your seat early, click here for Wednesday November 11th and HERE for Thursday, November 12th. The official invites head out next week, so you’ll be first in line!

The Studio {and Coach} Starter Kit: Profits

Does it ever seem like the profits you want are elusive? Almost like an ex-friend who’s avoiding you at every turn? Or your child just before bedtime? For some of people the profits are at break even. For others, the profits goals are to leap into the 6 or 7 figure range.

Frankly, my dear your profits don’t give a d***, if you’re going to be a millionaire or an average joe. They’re reliant on you having built a full system to run your business. Hate to burst your bubble, but fantastic sales, great retention, or perfect base operating expenses on their own just aren’t enough. You’ve got to get the whole package to maximize your profits.

You and I both know this takes more working parts, than I can write about today. And, to be frank, if you have your pricing and persuasion down, your profits have a very good chance of being better than average. But, to take this one more level down, let’s chat about metrics.

Metrics are the numbers we can glean from the actions of your business. That wasn’t very layman like, so let me dig in a little deeper. Nearly everything your business does can be tracked in number form. For studios and coaches, this might include your gross sales, your client retention, your Average Cost Per Client, even your newest Facebook ad conversion average.

For most people, metrics are the Fire Swamp and these individual numbers are our Rodents of Unusual Size {Princess Bride, y’all}. In other words, we view these numbers as something that’s attacking us. We run from them rather than learn from them.

But, if we’re going to learn anything from companies that are growing in leaps and bounds like Amazon or Zappos, these metrics need to be the foundation of our business.

I have two must-have metrics that directly impact your profits:

1. Your Average Client Monthly Value: If you’ve been on a webinar with me chances are this metric has come up. It’s my best friend in my business.

The metric is simple. Amount of Monthly Revenue/Amount of Active Clients That Month=Average Client Monthly Value.

What you get from this metric is the exact amount each client is worth you to your business every month. A few things affect this: your pricing, your sales, your products, your retention, how frequently a client attends.

The single best way to change your profits is to change this number. The higher each individual client value grows, the more profitable you will grow.

Action Plan: Find this metric out today and set where you want it to grow to!

2. Your Average Session ROI: Whether you or an instructor is teaching, each session you have has a return on investment. We tend to view what we earned as an hourly wage. This isn’t exactly true. Some products will innately be more profitable than others.

Generally, this comes down to your marketing dollars, your time value and your energy spent.

Your Marketing dollars require one question. How much does it cost you to bring each new client in?

Your Time Value that’s a different story, especially if you’re the boss. When you consider the value of your time in your best products, how much are you worth? This is the value you should place on your time across all of your products.

*Just to clarify, since I often get asked about what does it look like when you startup…when you startup a business, it’s a lot of work and a lot of testing to see what is and is not going to be profitable for you. Don’t just judge. Really dig in and see what works in your business.

Your Energy Spent…oh my, if only had 1/10th of the energy I’ve put out into the world. By energy I don’t necessarily mean some cosmic force. I mean the time, the frustration, the passion, the creativity that goes into each session.

When you pour your heart into growing your client, you expend energy that could be used in many other ways. What’s that worth do you? Some of us have seemingly endless supplies, while others are depleted easily. For me it’s very product oriented. I can teach unlimited yoga classes and be off the charts energized, but a few tough private Pilates clients and I want to run for cover.

If you’re wanting to dive into Profits just a little deeper, be sure to join me for our BRAND NEW {I get excited} Free Workshop on November 11th @ 12pm Eastern Time, “How to Fill Your Business to Wait List Capacity in 90 Days {With Your Dream Clients}}. It’s going to be fantastic!

 

>> Click here to register! <<

The Studio {and Coaches} Starter Kit: Persuasion

My grandmother, Mawsey, was magical. I swear it’s as if Tinkerbell had flown from Neverland and transformed herself into a 5’2” New York bundle of energy that had been displaced in Southern Louisiana. When she opened up her arms as we ran into her kitchen {or on her porch or to her car—hugs were anywhere}, my whole world was complete.

She was also a rather spunky woman. When voters were being disenfranchised, guess who started monitoring the polls. When her favorite politicians were on TV, watch out…she was sure to let you know. If her grandchild was due to give a speech on 18th century Near Eastern studies, guess who was front row and proclaiming the genius they were {totally embarrassing, but she gave me strength}.

She could persuade anyone around her that what she had to say was innate truth. Valuable. Worth listening to. Yes, she was brilliant, but it was more than that…she was a natural teacher.

Persuasion, sales, motivating…they’re really just education with a different name and what this requires of you is no different than what my Mawsey did naturally—you need to teach.

Just as reminder the building blocks of our starter kit, in order, are:

1. Pricing
2. Persuasion
3. Profits

Persuasion comes before profits. If you can’t persuade or convince someone to leave behind their habits {the dark side} and join your program that will bring positive change {the light}, profits won’t be there.

This is a personal experience between your client and you. It’s where their transformation starts.

Last year, I went to a class for teachers on teaching children how to read. This has been one of the most terrifying things of being a parent. I was a naturally precocious reader. My mother, who has a master’s in curriculum, used her teacher’s prowess to encourage and watch us grow into virulent readers. She knew the steps it took to get us there. And, one by one she walked us through each stage of the process.

My literature degree didn’t teach me how to show my child how to read. And, I was floundering in wondering what I as a parent needed to do next….would my child read by the age of 10; would he hate books in the process; or would I have a nervous breakdown over this. All seemed highly likely.

Until I sat before a very wise professor {and mom to five} who broke down a simple and innate process.

Persuasion works the same. This is not just an innate gift. It’s a system that can be replicated over and over again. For your business this is nothing short of miraculous. It means prospects become clients become long-term customers. Each of these customers becomes the foundation for profits. And, these profits…they become the foundation for the lifestyle you started this business for.

I started to write steps, but to be honest; this is far to deep of a topic to cover in a simple blog post.

So instead, why don’t you join me in a few weeks? I’m hosting a new training at the end of October called “How to Fill Your Business to Waitlist Capacity in 90 Days {with your Dream Clients}”.

This hour long training will dive into the exact systems we use to stay full in our businesses all year long. It has more than little information on the art of persuasion…and it will be far better than this lil ole blog post could be!

Stay tuned for more info on the training!

The Studio {and Coaches} Starter Kit: Pricing

{Light bulb moment} Life is going to change. You are going to open a business. Or you did open a business, one, two, ten years ago. And, that light bulb moment, it’s starting to dim.

Why do we open companies to start with? Probably because we think they are going to support the lifestyle we want. This was me. I was a mom, a military wife, someone who moved {much more than I liked}, and I wanted to enjoy my life and follow my “Why”, which is without a doubt changing people’s lives.

Being an entrepreneur made sense—I could work from anywhere, travel to my studios, and build a great team. And, I was lucky to have made enough mistakes early on to learn what I had to have to create a successful business. I’ve started businesses from scratch and taking failing businesses to some of the best around. In every circumstance I apply the same systems.

In reality {or if you looked at my studio opening checklist} there are literally hundreds of pieces to the profitability puzzle that have to be fitted together just right for a studio to burst to success. *Since I’m not writing a book {yet} this means I can’t tell you everything, but I’m going to hit some biggies.

In the end there are four things that you must have to start {or re-start successfully}.

1. Pricing
2. Persuasion
3. Profit

When I started to write this and got to one page on pricing, I realized it was time to break this down just a bit. So stay tuned for Persuasion and Profits.

Pricing:
And, by pricing I mean the right pricing. If you’ve ever been on a webinar when I’ve chatted about this, you know I am the biggest nerd when it comes to pricing and the behavioral economics behind them.

Why? Well, your client is irrational when it comes to price. We’ve been told follow your market, price yourself in line with your competitors, maybe just a little less. Raise your hand if this is exactly how you set your prices {Me…seven years ago}.

Turns out that strategy doesn’t matter to your client. {Let me stress here, that pricing strategy is only as good as the sales system that can educate your client to see value}. Your clients needs comparison. They need to see value, not just in what you’ve taught them, but in what you’re asking them to buy.

First, of all your pricing needs to be based on YOUR value. If you are the best {let’s define this—best results, best customer service, best personality} you can charge far beyond what anyone around you can. You’re worth it.

Second, your individual session price should be extremely expensive. Cost prohibitive. Make your clients cringe outrageous. Why? Because, everything else looks like a value in comparison.

Third, your pricing needs to factor in your profit margins. When’s the last time you analyzed the profit margins on what you sell? I mean deep down dig in. You need to be highly profitable and if the profit margins aren’t there, either your price or your product is incorrect.

Finally, {and this is crucial} you actually have to believe that you are worth it. Have you ever had someone offer you something they clearly don’t believe in. I was in Whole Food’s recently and watched this phenomenon. A young woman handing out samples, just wasn’t too sure. The product may have been great…maybe she just didn’t like coffee, or vanilla. But, even her faint discomfort or uncertainty on the product shone through like a beacon in the night. Your customers see you. Let them believe as much as you do!

Stay tuned…persuasion coming next!

 Do you want to stop sabotaging your business and starting adding to your bottom line? Download the 4 Profit Killing Mistakes cheat sheet now!

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