Let’s talk about profits.
Thinking about profits or improving your profitability can make you feel uneasy.
Many new entrepreneurs, especially women, tend to avoid calculating their profits, when they launch their business.
Female entrepreneurs often have a clear reason why they launched their business in the first place: many of them wish to pursue their professional goals but still have a balanced family life, for example, or they have a certain cause in mind they want to advance through their talents and expertise.
However, they have a lot less clarity on how to grow their profits and take their business to the next level.
When profits don’t align with the effort
Why is that a problem, then?
In the beginning, maybe it isn’t. For a while, the excitement and exhilaration of launching your business will carry you through. Rome wasn’t built in a day, so your hard work can feel justified. But after a few months or years, many entrepreneurs realise that their business isn’t growing and evolving the way they would like it to.
Flexibility turns into non-stop working but the profits aren’t growing as much as your hours are.
You start to wonder if your hard work will ever pay off as your ‘business’ feels more like a demanding and low-paid job - or worse, an expensive hobby!
Does this sound familiar to you?
A woman with an expensive hobby
This is the way one of my clients, Sarah Renker used to feel about her business.
She is founder and CEO of Renker Works, a digital marketing agency supporting female entrepreneurs in setting up and managing their digital marketing strategy.
“I was busy and had a lot of work. I made enough money to pay my team, the rent and other fixed costs but at the end of the month, there was nothing left for me,” Sarah describes the state of her business a year ago when we started our collaboration. “I was a woman with an expensive hobby,” she concludes.
Feel you've created an 'Expensive Hobby'?
Here's the advice you need to turn it into a profitable business that you love...
There's no reason for embarrassment
Sarah felt embarrassed, overwhelmed and confused. Sentiments I hear echoed in the words of many of the women I speak with.
But there is no need to feel embarrassed for not having figured something out yet! All these entrepreneurial skills are something you can learn, if you’re ready to put in time and effort.
For Sarah, like for many others, the journey started by understanding her own values and passions. What really changed a lot in her business, was also understanding her client journey and the experience she wanted to create for them.
“Working with Melitta helped me create offers and packages that really add value to my clients. I realised not having clarity on all this had made it impossible for me to reach my goals.”
Sarah saw rapid changes - and her team saw them, too.
“It wasn’t very conscious at first but my team saw the change very quickly. I became more confident and started making decisions more quickly.”
There is no need to feel embarrassed for not having figured something out yet! But don't get stuck. Get the help and support you need to move forward and get your business back on track.
Are you uncomfortable with money?
After creating her packages, Sarah needed to look at the money and profitability as well - and this is another point where many women business owners struggle.
Your pricing needs to align with the value your service delivers to your clients - but also with your own income goals and the lifestyle that you want to create for yourself.
Business Coaching made Sarah realise she had a lot of limiting beliefs around money.
She had set her income goals too low, telling herself it would be difficult to make any more money, much less profits.But that changed for her:
“Now I have raised my prices and almost doubled my revenue, whilst still appealing to my target clients. I still have work to do, but I see a clear improvement and feel a lot more clarity around money, as well!”
The truth behind 'more profits'
As mentioned, many women feel uncomfortable with the idea of making more profit. Many of us have grown up around beliefs that money is bad.
But the truth is, money is not good or bad. It's compensation for the value you create. It's energy. Profits also mean freedom.
Once you have a profitable business, you have greater freedom to create the lifestyle you want and create opportunities for others in the process.
You can invest in your family and community, you can create jobs for others - freeing up your time and ability to create even more value for clients and the community. Far from being a selfish act, generating profits increases your ability to 'do good' in the world.
Think about all the good you will do with your profits and the time they free up for you. Use this vision to help you start charging for the full value you provide.
You don’t need to go it alone
While listening to Sarah’s story makes it sound simple, this kind of work isn’t always easy. Working through your mindset and limiting beliefs is hard, especially on your own.
This is where getting support becomes crucial, and this was one of the reasons why I created my signature business coaching programme the Dream Clients Blueprint, and keep the 'class' size small so that everyone gets my personal time, attention and coaching as they move through the programme.
As a certified mindset coach, I also help you build your mindset and transform the way you see the world, and the possibilities available to you. Replacing limiting beliefs with empowering truths is a life-changing process. Enabling you to finally start feeling like the business woman you actually are!
Could this be for you?
If you are looking to grow your business, and finally move from running an expensive hobby to a profitable business, schedule a complimentary Business Clarity call with me and we can speak about how Dream Clients Blueprint could help you reach your business goals, build your CEO mindset and create a lifestyle that you love, in less time and with less stress - guaranteed!
You owe it to yourself to get support so you can build a business you can be proud of!
Don't struggle with your business. You owe it to yourself to get the support you need to enjoy building your dream business.
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