You’re Giving Money Away
In a day when it’s easy to compare your “work in progress” to someone else’s curated posts, it’s easy to think that you should be doing what the other teachers and studios are doing. But, if you are making one of these choices below you are most likely giving money away.
6 Common Mistakes
- Using other studios rates to set yours: Do you know if they are being profitable? When was the last time they raised their rates? There is an equation for creating your average hourly rate and it’s much more strategic and puts you more in control of your business and how much you will make.
- Offering too many options: It’s easy to think that you need to have classes because everyone has classes or that you need to have memberships because a lot of people have memberships. But, the truth is you need to have options that make you excited to talk about them and only a couple pricing options to make it easier for clients to make a decision. Donald Miller, an expert marketer says, “You confuse you lose.”
- Pricing out services or workshops then seeing how much money you make. Start out with what you want to make and then figure out how many people you need to make that amount. Does it sound do-able? If not then what would? Much easier to know that all you need is 15 people to make your goal rather than blindly selling and hoping you make money.
- Not saying “No” enough. Scarcity is ok! It’s good to be in demand. And, it’s even healthier to put yourself and when you work the best first.
- Putting your marketing efforts off in exchange for other admin. Find time in each workday to “propel your business forward.” The admin will always be there.
- Creating one or two posts about your classes or workshops and thinking that is marketing. Social media is an extension of your business but it’s not going to replace the in-person and referral efforts you can make in your community.
If you are doing any of these and want to find a way to change that contact me here. Or, join my online community where asking questions, getting advice and support is happening 24/7. Tired of making guesses to build your business? You’ll love this space.