Burn Out as a Business Owner

category: 

Business Advice, Features

August 4, 2022

What is Burn Out?

Burn out has a variety of definitions based on who you ask. While it’s not a medical condition, it is a situation that many business owners find themselves in their business. It can come from doing too much at once, working long hours, or a mixture of many things.

What Causes Burn out?

You’re overworking and undercharging and inevitably you are burning out and my heart hurts for you. The whole reason you started your biz was to AVOID these feelings.

This is not something that is easily solved by just taking more time off in your business. Sustainable change in your business and prices helps you work less and make more.

I know, you’re reading this and saying, “I want to raise my pricing but I don’t know if my ideal client will buy” 

Raising Prices to work less and make more

So let’s break it down for you: 

Let’s say you have 5 clients who pay you $200 each every month. So you are making $1000 a month. While 20 hours at $10/hour doesn’t sound so bad, let’s break down the math

If you are only doing 20 hours of client work, you are are not accounting for the other things such as: Admin, client communication (this adds up fast), taxes, and having saving.

That $10/hr for the 20 hours of client work is rapidly turning into 35 hours each month and making less each hour.

Imagine we take all your packages up to $500, and all of your clients say yes.  You would now make $2500 a month. 

most of my clients are charging minimum $1,000 a month but for the sake of this example – you would 2x your prices.

Further Reading: How to find your Ideal Client

So how do you do this?

Increase pricing as you sign clients because you are now in demand.  If you are worried about saying your prices on sales calls and hearing a pricing objection

AND 

Raise your prices on current clients when they cycle out of their contract to allow your revenue to grow. 

Further reading: What should you sell first as a business owner, How to Handle Objections in Sales Calls

Script for Raising your prices with your Existing Clients

Hey Name-

I’ve loved working with you over the past several months. As you know our contract is coming to an end on X date.

In the last X amount of Months – you have seen some RESULTS HERE

Based on the current demands of your business with X, Y, Z. Your package will be increased to NEW PRICE.

This would included

DELIVERABLES.

In addition – my current minimum commitment for all clients is 6 months.

I truly value our partnership and the growth and visibility you have achieved since we began working together. I can’t wait to see what happens in 2024 as we expand your reach.

If you are ready – I can send over your contract for the new services.

Best regards,

Try that script out and let me know what you think!

Business Advice, Features

CATEGORY

8/04/22

POSTED

Burn Out as a Business Owner

Hi hi,

Hi, I’m Meghan I took my last $200 and turned it into a $200k online business coaching practice … and then burned that business down I never planned to be in sales, but here I am after 9 years and probably won’t leave.

I didn’t come out of the womb selling but having three older brothers taught me a thing or two about how to get my way. When I graduated in 2017, I thought I would trade my Colorado casual for a pant suit and a growing career. That quickly turned into management and getting fired after 11 grueling months.

But I was on to something when my clients  started making more money.. So I ran head out into teaching more sales.

If you are a female entrepreneurs who is  sick and tired of being stuck in the same place, unsure how to scale your business, sign clients and enjoy .

I’m teaching you to ditch the sleaze, unaligned, and just flat out dumb sales advice. You in?

here

online business coach for female entrepreneurs