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Speaker 1: It's going to stop you from creating a business that

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doesn't align with your goals, your vision, the kind of

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lifestyle that you want. It's going to help you to

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avoid burnout and overwhelm. It also ensures that you are

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building towards your long term success, your long term vision,

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rather than just chasing the short term goals. They are

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kind of taking a month to months upon welcome to

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a perfect action rather than thinking about, well how does

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this play to downloaded the picture? How it does this

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action that I'm taking now? But it was you start

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taking year five year plan business had Instead it becomes oh,

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how can I just bring in enough sales? Perfect action

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is about doing things. It's the spore You're ready, prioritizing

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consistent action over perfect action and moving forward even when

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you're not sure you're doing it right. On this show,

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you can expect mindset advice, actionable marketing tips and strategies

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to build a business that brings you more profit, more freedom,

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and even more joy. Do you want the list to

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get my daily businesses? Every day, I'll send you a

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bite sized prompt designed to help you grow your business

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in a more intentional way. Sign up at Steph Taylor

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dot co, forward slash DBB or at the link in

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the show notes. Hey, we welcome back to In Perfect Action.

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This is episode eight hundred and forty three. Today I'm

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talking about business models. The key ingredient that I feel

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is the one thing, the one thing you need to

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get right if you want to have a good balance

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of a business that generates profit and gives you the

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kind of lifestyle and the kind of freedom that you want. Now,

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most people go and they start their business, especially online

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business owners, because it is pretty easy to start an

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online business in that you don't have to go and

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get a space, a physical space, you don't have to

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order physical products like, it's a pretty low barrier to entry,

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I guess. So most people start, they put up a website,

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and they don't really think about the business model that

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underpins everything that they are doing. And I'll talk about

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business model over this episode and the next episode. Why

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does it actually matter? Though, before we jump into the

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elements that you need to get on top of. Why

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does it matter? Firstly, it's going to stop you from

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creating a business that doesn't align with your goals, your vision,

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the kind of lifestyle that you want. It's going to

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help you to avoid burnout and overwhelm. Take this from

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somebody who has previously built a business that was not

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aligned with what I wanted, and I will tell you

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it was very, very, very difficult, and it took a

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long time before I realized what actually needed to change

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because I was feeling so overwhelmed with all of the

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things I needed to do that I didn't have any

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energy to actually sit down and figure out what are

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my next steps. It also ensures that you are building

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towards your long term success, your long term vision, rather

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than just chasing the short term goals. I see this

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happen a lot with especially newer online business owners, where

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they are kind of taking a month to month's approach

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to business rather than thinking about, well, how does this

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play into the big picture? How does this action that

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I'm taking now fit into the one year the five

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year plan. Instead it becomes, oh, how can I just

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bring in enough sales to survive another month in business? Okay?

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So the very first part, the very first foundation of

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all of this is your long term vision. Okay. This

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is crucial for your business model design because it's going

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to become your north star when you are making any

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kind of business decision, whether to accept that client, whether

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to invest in that software, whether to do this, to

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do that, to launch a course, whatever it is. Okay,

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it's going to be your north star that every decision

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you make you can check whether it's moving you closer

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to that long term vision or away from it. It's

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going to help you to be able to prioritize your

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actions and your investments. So if you're feeling like you

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have so many different priorities and you're so overwhelmed with

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all of the different things you could do, chances are

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you are not clear enough on that long term vision

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you are working towards. It also prevents you from chasing

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shiny objects or looking sideways at what other people are doing,

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what their business models look like, what offers they're selling,

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that kind of thing, because you're so focused on your

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own vision, your own business that you are trying to build. Okay,

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So how you actually define this long term vision kind

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of boils down to two components, your life outside of

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work and your business. So I really want you to

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think about, like, what does that ideal lifestyle look like

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and what are those longer term business goals? Because yeah,

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one person might want to build a twenty million dollar

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a year empire, and another person might not want that,

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and that both of those are completely valid. But if

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you're not completely clear on what your vision is, then

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you're going to listen to a podcast with somebody who

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builds a twenty million dollar empire, and then you're going

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to feel like, oh, maybe I need to be doing

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that because you're not that grounded in your own vision.

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So consider those kinds of things. Consider how many hours

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you work, what days you work, where do you work,

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what do you do like, what does your daily routine

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and your business look like? How much money does your

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business make and how much money do you personally make?

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What kind of an impact do you have? So think

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about what that success looks like for you personally. And

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a great exercise to go through is to visualize your

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ideal day five years from now or even one year

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from now, because things don't have to take five years.

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Things can happen a lot quicker than you think they can.

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So thinking about, like, what does that day look like,

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what time do you wake up? Where are you? Are

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you exactly the same place you are now? Are you

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living somewhere else? What time do you wake up? What

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do you do when you wake up. What's the first

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task that you do when you sit down at your

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desk to work? What tasks are you working on? Do

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you have a team or is it just you like

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thinking about all of those different things. What does that

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look like? Because once you're clear on that, then you

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can start to make other decisions that are going to

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move you closer to that. Then the second step, or

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the second I guess foundation, is to map out your

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different offers. If you were just starting out, you might

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only have one offer and that is okay, but at

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some point you're probably going to want to offer more

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than just one thing, so that you know, if I

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think about some of the most common offers that online

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business owners, solo experts, you know, coaches, those kinds of people,

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because I know most of you who listen to the

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show are in one of those categories. The most common

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offers that you that I see these kinds of people

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selling are one on one coaching or consulting, which is

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great if you want to do the high touch. It

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can be quite high profit, but it is a lot

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less scalable. Okay, you kind of hit that one point

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where you can't take on any more clients, and you

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can't earn anymore unless you put your prices up. It

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is great for deeper client relationships. It's great for if

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you want to actually see the tangible effect of your work,

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but it can also lead to burnout if you don't

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manage it properly. The next most common one is group programs.

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There's a great balance of personalization and like that human touch,

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but it is a bit more scalable than one on one.

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It does allow for community building, It allows for peer support,

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so everybody in the program can support each other, and

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it can be more profitable than one on one if

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you structure it well. Online courses are another really common one.

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I love them. Most of my business has been built

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around online courses. They are highly scalable. They are not

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totally passive, but you know, i'd say, like you can

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build them up to be about ninety percent passive income,

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or actually a better way to describe it as leveraged

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income where you are still having to do work. It's

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not like you just put a course on your website

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and it sells and that's your passive income. Like that

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is a huge miss. And if that's why you're thinking

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of creating a course, I would urge you to think again,

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but it's a leveraged income where if you sell ten

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or if you sell one hundred, it's the same amount

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of work. Okay, with courses, yes, there is generally going

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to be a bit of an upfront investment of time

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to create it, but you can also sell it first,

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or launch it first and then create it afterwards, or

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create it with your students. That is possible as well.

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It's a great way for reaching a wider audience. It's

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a great way to serve people who maybe can't afford

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to work with you in a one on one or

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a small group format. And then we also have memberships,

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which up until recently I didn't love them very much.

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I've recently, only a couple of months ago, launched my

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membership conversion campaigns and it has been a huge learning curve.

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This is not even the first time I've had a membership.

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I had one back in twenty seventeen or twenty eighteen

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around then, and every time both times now that I've

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had a membership, I'm like, oh, there is a lot

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of work that goes into it, but it is great

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for building a community and it can be great for

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providing a much more stable, predictable cash flow than if

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you are selling one off offers or standalone offers like

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coaching or courses. It does require ongoing work, you know,

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it depends obviously on your type of membership. There are

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different types. There can be memberships with content in them.

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They can be memberships where it's purely just they're paying

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for access to you once a month, whatever that is.

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So it does require a bit of ongoing work, and

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it does require a little bit of community management to

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ensure that everybody is engaged and on board. And of

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course you can you don't have to build your business

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around just one of these offers. You can combine them,

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or you can pick and choose aspects of each of

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these offers to build some kind of hybrid offer. But

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you could also build out your entire office suite, which

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I'll talk about in a minute. But you can build

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out your entire office suite so that it's got a

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little combination, a little blend of these different things. So maybe,

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for example, your main offer is a course where you've

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got some group calls or Q and A calls, and

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you've got a little community, and then once they finish

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that course, they've got a membership that they can graduate into.

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For example, Okay, number three, aligning your offers with your vision.

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So your office suite is such is such an important

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part of your business model, and it's the most overlooked part,

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I think. So what we really want to aim to

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do is create an office suite that can serve your

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ideal client at different stages, so that you've got the

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same person coming back to work with you again and again,

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rather than constantly having to try and find lots of

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different people because each of your offers is for a

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different ideal client. Okay, so the goal is we think about, like,

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we'll pick that one ideal client and then where are

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the different what are the different pain points that they

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might have over the broader transformation that you are taking

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them through. So, for example, the broader transformation I take

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my ideal client through is I help them to build

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an online business that's profitable when they're offline, and part

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of that involves designing their office suite. So that's where

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my first offer comes in, offer less sell More, which

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is only a three hour course. Then once they finished

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off a less sell more, well, they probably want to

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think about selling their offers. So that's where launch Magic

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comes in. Right. Once they've done launch Magic, once they've

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launched once, now they're like, okay, great, I need to

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grow my audience so I can launch more and make

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more sales in my next launch. That's where Booster Brands

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Superfans comes in, right. So each of the different offers,

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and then I've got Freedom fast Track, which is getting

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those systems and that structure and the foundations in place

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so that they can start to free up their time

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and remove themselves from their business. And converging campaigns is

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monthly cash injections so that you can actually start to

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reinvest in your business, whether that's into software, into hiring

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a VA, so you can free up your time. And

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it's a really easy way to generate more sales so

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that you can invest in those things. So see how

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all of my different offers are serving the same ideal client,

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but just at different stages in their business. Rather than

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having one offer for let's say, people who sell one

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on one coaching, and then one offer for people who

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are course creators, and then one offer for membership creators,

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like those would be three different people and it would

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just be a much more broad scattered approach. Okay, so

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you can think about different ways. There's so many different

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ways to structure your office suite. So I won't go

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into huge detail here, but I would be thinking about, like,

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what are your first what's the first step that somebody

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is taking with you. It's probably going to be a

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slightly lower risk way for them to work with you.

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You know. For example, like conversion campaigns is fifty dollars

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a month, offer less sell more as two hundred versus

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say Launch Magic, which is two and a half thousand dollars.

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But yet most of the people who have come into

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Launch Magic, especially in the last couple of launches, have

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already worked with me in some other format because they've

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built that trust. They've worked with me once they're like, okay, great,

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I want to work with you again. Then you can

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also think about your core offers. So if you do

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one on one coaching, this is probably going to be

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your core offer. It might be a signature program or

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a signature course that you have. It's the thing that's

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going to be the twenty percent that generates the eighty

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percent of your revenue. Really like for us that's Launch Magic.

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This is probably going to be something that's very closely

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aligned with your expertise and your passion, Like it's the

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one thing that if you weren't going to sell anything

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else in your business, this would be the one thing

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you would keep. And then think about your ascension offers.

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So these might be higher ticket offers or ways that

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clients can work more deeply with you or they can

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get more access to you. These are probably going to

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be your highest profit margin offers, and they're probably going

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to be your highest price point offers, and we really

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want to balance. We want to create a bit of

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a balance between high touch and low touch offers. So

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high touch offers are the ones where they're getting more

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access to you. But as a result, you want to

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make sure these are priced accordingly because they are getting

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more of your time and that is costing you your freedom, okay,

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And if you are under charging for it, it just

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means that you are putting a lower price on your freedom. Essentially,

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lower touch offers are going to be a lot more

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scalable and they're typically going to be lower price, but

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that doesn't mean that they are low tickets. So for example,

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launch Magic is fairly low touch for me in that

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I'm on the calls once a week, and I'm in

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the Facebook group replying to questions as they come in, right,

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and my team actually manages the group and then they

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just pop the questions over to me for the ones

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that they can't answer. So it's pretty low touch for me,

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and it's quite scalable, and that gives me a lot

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more freedom than if I were coaching, say ten people

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through their individual launches. Yes, I might be able to

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charge more for the ten people individually, but that would

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be a huge sacrifice of my time. So when you

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think about that longer term growth in your business, you

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do need to think about how are your offers going

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to scale? They need to be somewhat scalable because when

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you have scalable offers, then you can increase your revenue

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without also proportionally increasing the time that goes into it.

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And that you know that is a huge takeaway for you,

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because if you're working one on one, there's only one

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way to scale, and that's with your time. And at

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some point you hit a limit. There's only so many

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hours in the week, so you need to think about

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how else are you going to scale. Then the force

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foundation is you're pricing pricing that you know that's going

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to affect profitability. It's gonna affect your perceived value. It's

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gonna affect how much freedom you create in your business,

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because when you are underpricing your offers, that leads to overworking,

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it leads to resentment towards your business, potentially towards your clients,

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because you know that what you're doing, what you're delivering,

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is worth so much more than what they are paying.

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And if you have the right pricing, then you can

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deliver a really good quality service without burning out. You know,

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if you have to work with, say ten clients at

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one thousand dollars a month, or five clients at two

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thousand dollars a month, those five clients who are paying

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two thousand dollars a month would receive a much much

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better experience than the ten who are paying a thousand,

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because you are not spread as thinly and you are

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not as likely to burn out. So there are a

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couple of little strategies for pricing your offers. I mean,

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I really struggle with pricing as well. And this is

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one of the most common questions that comes up in

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any of my programs in the Q and AS is

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how much should I price this at? And I always say, look,

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it's as long as a piece of string, really, right,

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But there are a couple of strategies you can look at.

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The first one is value based pricing. This is most common,

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This is how I've most commonly priced my offers, where

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the pricing is based on the transformation that it provides

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rather than the amount of time or the amount of

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content within the course. Okay, so I think about what

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is the longer term value to the person who is

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buying this, rather than how many lessons and modules are

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there or how long did it take me to create

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this thing. Then there's also tiered pricing, so maybe you've

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got one offer, but you want to be able to

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offer it at different levels of access or at different

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levels of support. So that allows clients then to choose

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whether they want to say do it themselves or whether

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they want you to support them through the DIY process.

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And then you've also got premium pricing, which is where

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you are positioning yourself as the high end expert. This

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one requires quite a bit of confidence and it requires

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a good track record of results, and there are a

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lot of people, especially in the online business space, who

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are charging premium pricing when they have no results to

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actually back it up, and it's a little bit ikey.

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It feels really ikey when you are charging premium pricing.

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The big benefit here is that you still can work

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one on one if you want to, or you can

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do it in a group format, whatever you want to

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structure it as. But it means that you are working

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with fewer people who are probably going to be a

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higher quality. They're probably going to be more committed, they're

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going to take action, they're going to get results, and

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you can give them a lot more attention and a

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lot more personalization and a lot more support because you

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are working with fewer clients. Okay, now those are a

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couple of the pricing models. But where are where are

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the biggest mistakes that I see with pricing the mistakes

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that completely wreck your business model? Firstly, underpricing, Okay, underpricing

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because you are lacking confidence is probably the biggest one.

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I work with a lot of women, and I don't

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want to generalize, but typically the women I work with

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have a little bit less confidence in how much they

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want to price themselves at compared with the men that

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I have worked with. Okay, and that's fine, it's you know,

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it's years and years of conditioning and all of that.

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But the thing that the solution to that is, I

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really would encourage you to focus on the value you provide,

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not on how you perceive your worth as a person,

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or how you perceive your knowledge or your expertise, or

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how you look at everybody else around you in your

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industry and you're like, oh, well, I can't charge more

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than them. That none of those things factor into your price, right.

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The value that you can provide is what is in

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the price, and value is not in the amount of content.

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It's not in the amount of things that you know.

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It's not the amount of information you can give them.

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It's how you can help them to get that result

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that they are paying you for. Another big pricing mistake

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is not factoring in all of the costs, including your time.

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So you know, if it's just you and you don't

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have a team, the costs to deliver an offer might

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be pretty much just your time. But if you have

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a team and it's taking your team x hours per

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week to manage the Facebook group or do whatever tasks

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are involved in it, you need to factor that into

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the price. So make sure that you are breaking that down.

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You're creating a bit of a breakdown with taking team

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member a five hours to do this each week. So

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include all of those in. Include any overheads if you

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have them. I mean, the great thing about online business

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is we have pretty low overheads. It's usually going to

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be like your software and that's it. But include them

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if you have them. And include your time. So give

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yourself an hourly rate. Work out how much time it

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takes you and break that down into your pricing. The

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third big mistake is failing to increase your prices as

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you become more experienced or as you start getting better

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or more proven results. So make sure you are once

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every six or twelve months, you are reviewing the results

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that you've got, and you're reviewing your prices, and you're asking,

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is this still reflective of the value that I offer?

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Do I need to put this up? Okay? So those

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are a couple of things, the first couple of things

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so far, and in the next episode, I'm going to

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look at systems, delegation and evolving your business model. So

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the other important side to your business model that is

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going to create a lot more freedom in your business,

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that is coming up in two days time. So subscribe

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to the show if you're not already subscribed, But in

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the meantime, I would really encourage you to have us

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think about your current offers and your current pricing. What

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kind of business are they serving. Are they serving the

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business that you want to have, or are they serving

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the kind of business that you currently have. And if

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you want to build out your office suite in a

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way that's really intentional and aligned with this business that's

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going to create freedom, head on over to Steftaylor dot co,

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00:22:13,000 --> 00:22:15,640
slash o l SM or send me a DM on Instagram.

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I'm it's Defftaylor dot co. Send me O LSM and

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00:22:18,519 --> 00:22:20,880
I'll send you the link and you can go over

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there and it's a three hour course. You'll design your

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office suite from scratch so that you're making more sales

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at it more consistently as well in a way that's

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aligned with the kind of business you want to build.

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All Right, that is it for two days episode. Thanks

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so much for listening. Catch you next time.