How to price yourself into your market
I’ve been mentoring health practitioners, cafe owners and chefs for over five years professionally. One of the biggest issues they collectively face is how to price their product effectively. In particular, health practitioners are a shy mob when it comes to billing and they find it challenging to charge their true worth. So let’s take a look at what holds one person back and propels another forward with a clear strike.
Business Owner A – The Hourly Rater
- Charges the going hourly rate for their consult
- Spends 90% of time performing their modality
- Handles many administrative tasks him/herself
- Has no clear future or direction for the business
- Majors in minor things
- Days are filled with unplanned interruptions
- Lives under the tyranny of the urgent a.k.a. panic mode
- Prefers to ignore business issues
- Always covers for other staff
- Has a collegial relationship with staff
- Rarely takes holidays
Business Owner B – The Entrepreneur
- Spends 30% of time developing business
- Delegates 80% of administrative tasks
- Has a 5 year vision for his/her clinic/practice/PT business
- Has an exit strategy in place to franchise, expand or sell the brand
- Focuses on high payoff activities
- Develops high-end products with clear value to the client
- Rarely becomes distracted by small things
- Works thoughtfully and diligently, and with a sense of calm
- Keep a focus on the business
- Rarely covers for others when ill
- Acts as a leader of the staff
- Takes a week holiday every 3 months
On The Bob Pritchard Radio Show recently I talked about the rise of the “Wellpreneur”. This is a great interview with great information for all of you entrepreneurs on leading a healthy lifestyle to enable you to be as productive and successful as you can possibly be. You can tune into the interview on VoiceAmerica and gain a better understanding of what you need to go from survive to thrive here
What is the most important asset any business owner has?
Freedom. The biggest mistake most health practitioners make in business include is not to prioritize time for personal and business development. Working on the business, not just in the business (the E-Myth) will develop systems and strategies. Not doing so is the most prolific harness that holds any business owner from realising their goals.
3 critical elements of a successful practitioner mindset
1. Adopt an entrepreneur’s mentality
2. Categorise your ABC class clients
3. Reprogram your beliefs about money – and your right to be successful
Money is an accurate reflection of our beliefs
- If you were programmed to be rich, what would you be?
- Best place to be with money is not to need it.
- Your level of income and wealth is governed by your beliefs and your comfort zone.
- We will look for evidence to support our currently held beliefs Beliefs vs Truth.
- Low level skill compared to relationships.
To identify your beliefs, habits and “programming” about money, look at your recurrent patterns of behaviour and experiences.
1st Step in letting go of old beliefs is simply to identify and thus illuminate them (beliefs vs truth).
2nd Step: Decide whether you want to hang on to them or let them go.
3rd Step: Replace them with new ones.
Money beliefs exercise
Sit comfortably. Take deep breaths. Relax and complete this:
Q. What is your main self-limiting belief about money?
A. My main self-limiting belief about money is_____________________________
Q. Do you choose to hang on to this?
A. Yes/no – “I choose to let this belief go”_________________________________
Q. What would you like to replace it with?
A. I am replacing this old belief with ____________________________________
Q. What’s the best way for you to reinforce this belief over time?
A. I am reinforcing this old belief by ____________________________________
Love to join my tribe of successful Wellpreneurs? Book in your free 20 minute Skype session below and leap from survive into thrive.