3 Mistakes Women Entrepreneurs Make in their Business That Keep Them From Being Able To Quit Their 9 to 5
Let me ask you a couple of quick questions so you can determine if this article is for you (this information could still apply to you even if you don’t answer yes to all the questions, although I wrote this with a specific woman in mind).
Do you have a service-based online business, with a growing, engaged fan base, yet you can’t seem to generate enough income to leave your 9-to-5?
Do you receive inquiries and leads from potential clients regularly but find yourself attracting people who either can’t afford your services/offers, need to think about it, or delay signing up?
Is your online branding attractive and receives a lot of compliments and admirers but you aren’t turning those compliments into cash?
Have you invested in digital programs, courses, or products but hasn’t yet invested to work with a woman coach one on one?
If you answered yes, you are in the right place!
Hello! My name is Danielle Murrell, of Rich Girl Business, and I help women entrepreneurs become set up for online success so they can attract their ideal fans, followers and dream clients.
I am very excited to share with you because you my dear, are on the cusp of greatness in your business! You might know it deep down in your heart, it is coming, anxious, stressed, wondering when is it going to happen. The moment when everything falls into place. When you start finally making that full-time income to confidently walk away from your current job that is killing your soul.
I know, because I was where you are now and so were my clients. And if you answered yes to the questions above and discover the 3 mistakes women entrepreneurs make at this stage, like we did, I can assure you 5 figure months are just weeks away….
So without further ado, let’s jump in!
Mistake #1 – Not leveraging a high income business model. When I started online as entrepreneur over 2 years ago, I made this mistake right at the beginning and I slaved, struggled and suffered for it. I created $197 programs, $50/month memberships offers, $500 a month packages because that is what I saw everybody else doing and charging. What I had failed to do, which I know a lot of other women don’t do either, is the numbers. At the time, I needed to make at least $5K a month. But, I didn’t work the numbers backwards, which I now know is called reverse engineering. So my business model looked like this:
$5,000 / $500 package price = 10 clients enrolled per month or
$5,000/ $197 product price = 25 products per month or
$5000/$50 per membership = 100 membership sales per month
Now, at first glance, these numbers might not scare you, they even might seem doable. But there are hidden factors you must consider about offering inexpensive services and products such as, do you have a big enough audience to drive traffic to your offers to convert this amount of people every month? Do you have a proven automated sales funnel to do this for you where you still make a profit after advertising? Are you attracting 20-30 leads a month from potential clients who want to work with you one on one so you can convert 10?
The way you structure your business to get paid is crucial to how quickly you see success in your business. Too often, women in business, undercharge for their services. They have money mindset issues and blocks that tell them their customers can’t afford to spend a lot on their products and services. They try to undercut the marketplace so they are competitive just to discover that they can’t sell enough offers to be profitable.
To be honest, when I started online, I knew a lot about marketing but very little, to nothing, on business models, which is sad because I have a business degree from a 4 year accredited college. It wasn’t until I met my masterful coach that I learned this critical information, it is easier to make more money than it is less. Read that again, it is easier to make more money than it is less. Instead of focusing on $29 ebooks, individual coaching sessions, $500 digital courses, create premium offers that focus on transformational value. Once, you do that, you can start charging premium prices. This type of business model is called a high income business model because instead of selling your services and products for a few hundred dollars or less, you command thousands of dollars per client. So instead, your business model would look like this:
$5,000/$2,500 package price = 2 clients enrolled per month
$10,000/$2,500 package price = 4 clients enrolled per month
What does this allow you to have? Well first of all, you can see here, instead of attracting 10 clients per month to make $5K, we only have to enroll 2 people. Much more feasible and easier to hit your goal, besides the clients are better too! Yes you read that right, clients who invest more in themselves are more serious and committed because they have put skin a.k.a. money, real money, into the game. They are more respectful of your time because anyone who is going to make a 4-5 figure investment with you, trust you. And even if they do, indeed need more of you, you can give it because you aren’t running around trying to get another client or the next sell because they have invested enough for you to make just them and their needs a priority. Which allows you to do better work, get better results, happier customers and more referrals!
Working with fewer, more ideal clients who pay premium prices allows you to free up your calendar to focus your energy creating the systems and structures for other lower end, entry-level products revenue streams.
If you already have a digital product or course, don’t worry you won’t have to trash it. There is a good chance that your signature program can be created from the work you already produced like my VIP client, Gaynete. Gaynete came to me looking to make more income with more ease. She was selling a $600 home study course, that had sold and made her about $4K when it launched but after that she had no real steady income. Within the first 2 weeks of working together, we took her homestudy course and made it a 6 week one on one signature program and 4 weeks later she did $8,500 and within 5 weeks had exceed $12,000+ in income. More importantly, she learned a proven system to do it over and over again!
Now, it is important to note, that working in a high income business model requires that you be the type of client you want to attract meaning you can’t ask people to make significant investments in their life or business that you, yourself has never done. This is called is being in alignment and it affects on your mindset, authenticity and communication.
Mistake #2 – Not having an application process. Typically, the way that service based businesses convert prospects into clients in through some type of one on one conversation. A person comes to your website, fills out your contact form, you schedule a call with them and they decide to hire you. I have found that businesses who haven’t been shown the application funnel, tend to attract any and everybody and waste a lot of valuable time talking to people who are not ideal clients for them.
For example, if you have your services listed on your website and you then have a contact form for them to either enter just their name, email and message to talk about working together or you might even have a brief questionnaire that asks some basic questions, but if you are not leveraging a work with me (or us) page on your website that clearly speaks to your ideal clients pains and desires and leads through an intentional process for them to discover if they are a good fit for your services, you need a better way! (Whew! I swear, I am sure my grammar is all wrong here. That last sentence was a long one. So read it again. But I promise what I am sharing is valuable.)
You see, it takes more than a pretty website to make money online. You need proven systems! There are a lot of professional websites that generate little to no business. That is why so many of them fail in the first few years. Your website needs to be generating leads for you every single day! If it isn’t, it needs optimizing and often times many entrepreneurs simple don’t know, what they don’t know.
I really do love sharing this information because it has liberated me and I have had the pleasure of setting other women free from their 9 to 5 by teaching it to them. Like my VIP client Courtney, who had set a date to quit her 9 to 5, missed it, and immediately hired me to show her how to increase her income fast without slaving over her business! All she needed was to tweak her business model, create an application process and master her enrollment calls and within 6 weeks of working with me she made $32,000…and quit her 9 to 5!
Yup, she is a true star! She, like maybe you, had all the right ingredients but needed a better pre-qualification process so that she didn’t get on the phone with women who couldn’t step up and invest at the level for transformational results. This is what a good work with me page does! It helps people who resonate with what you do and offer determine if they are the ideal client BEFORE they fill out the form. Leveraging a proven compelling copy formula, this page on your website’s sole purpose is to help them quickly decide, “am I in the right place?”, then to connect with you and learn how you are uniquely suited to solve their problems, inviting them into a complimentary consultation, outlining who this call is best suited for, sharing with them the next steps, which is filling out an application. This begins to establish that you have structure, a process, boundaries. And most importantly, weeds out those who have self-selected that this isn’t for them. Reducing the amount the inquiries, increasing the amount of sales. More money for less work! Now, that is how I like to do business, what about you Rich Girl?
Mistake #3 – Not mastering the sales enrollment conversation. I hate selling. Well, actually, no I don’t, not anymore, actually, I love selling! I love it! I love it! I love it! Maybe that is because in 18 months, I did a quarter of million dollars online from mainly high end clients who found me on Facebook who I sold over the phone, usually on the first call! But it wasn’t always that way, nope, used to hate it because it never did anything but piss me off that I wasted an hour on the phone and nothing happen except, “let me think about”. Why couldn’t I just get a Yes! A HELL YES Danielle, I want to sign up?! It was because I never even knew there was a “right” way to host a consultation. I just thought you got on the phone, introduce yourself, ask what are they looking for, share my package and price and then they say yes or no. Well, usually I would hear something more like, “Ok, great! Love your work! I’m going to start getting my stuff together now and I will be ready in about 3 months to get started. Talk soon.” Click. Awesome, they love me! But, WHY OH WHY, weren’t they ready to move forward now? Here is the deal, they are probably more than ready to move forward now or they wouldn’t have made it this far to speak with you however, you did not lead the call in a way that got them to sign up today. It is more than likely how you are handling the call that is preventing you from getting the sale.
This part has a lot of little detail to make this a smooth, non-sleazy conversation. You need to focus on them, helping them uncover if they don’t solve this problem now, what it is costing them? Then, sharing with them what is possible if they take action today.
Again, prior to mastering my own coaching skills by investing in a coach, I didn’t know there was a flow to this, a particular formula to establish the know, like and trust fast, and the special techniques to get people to pay in full, upfront! Yes, I didn’t even mention that, and that really has been a game changer for me. Not only am I getting more yeses, my new clients are paying their premium investment with me on the spot. No longer I am breaking payments up into smaller tiny payments that still keep me strapped for cash (I do still offer payment plans but my business model is better which allows the payments to much more significant). And finally I feel good about asking for the sale because I’m not selling, I’m serving.
If you have never worked with a woman coach privately and are trying to get to the next level, I encourage you to apply for a complimentary consultation with me to see where you are now and how we can get you crushing your goals in 90 days or less!