Happy Monday!
I hope this finds you well.
I’m taking a break for the next four weeks.
I’ll be back on August 29th after doing some home improvements and having a week’s holiday in the New Forest.
I hope you also have something nice to look forward to this summer.
This week’s practice reflections has tips for how to raise your fees.
Scroll down if you are thinking about raising your fees for September. :-)
There’s also news about the Free Webinar to find out more about the 4-week Radiant Business School starting in September.
The links are carefully selected, as always. :-)
A special thank you to Chelsea Green who sent in the Just Trust Me for this week. 🐶
Radiant Business School 4-week course
Starts September 28th, 2020
Radiant Business School July 2020 has one more week and it’s been so much fun!
I have loved every course I’ve run, but on this one, the participants have been especially lovely to work with.
I asked them what they got from the course so far, and here’s what they told me:
learning to value me and my time
setting boundaries with clients
the power of organisation and reflection
valuable tips on the web, google, booking system etc.
permission to raise prices
streamlining prescribing
it’s not just a mission or a hobby!
more focused and positive
money wisdom was really valuable
If you have been wondering whether the September course is for you, sign up for a free webinar where you can find out more.
(the next one will be summer 2021)
Radiant Business School - webinar to find out more
Thursday, August 13th
9 am - 10 am
Note: if you can’t attend live, register now and receive a link to the replay.
The webinar isn’t a ‘hard sell’ or a PowerPoint.
It’s for you to meet me, hear what I have to say, and see if it resonates with you.
Registration details
The course is open for registration on Thursday, August 13th at 10 am, with a free mentoring session for the first 6 who sign up.
Limited availability
The current course has 53 participants (50% first-timers), and I realise that I need to limit numbers to no more than 50 for future courses.
If you know you want to join, please make a note of the registration date (Thursday 13th August) in your calendar so you don’t forget.
Or, reply to this email now, and I will remind you on the day.
Note: If you have done RBS prior to July this year, or you are part of the membership, you will receive a separate email from me about an option to join the September course free. Sadly, there will not be space for participants from this July to join free in September.
How to pay yourself more Part 2: the truth about increasing your fees
Last year I read a very inspiring book, Profit First by Mike Michalowitz.
This year I read another inspiring book, Chilpreneur by Denise Duffield Thomas.
Denise Duffield Thomas talks about the importance of money mindset.
She explains that most of us feel we have to work hard to earn our money.
Chapter 8 in her book is called ‘Big Pricing Mistakes’.
She starts with this quote:
“If you undervalue what you do, the world will undervalue who you are.”
When we are self-employed we have to decide what to charge, and it’s hard.
According to Denise, the worst pricing mistakes are:
‘Pricing by committee’ - we base our prices by comparing to others
Undercharging and overdelivering - we overgive and feel guilty
Working for free - if we are not a charity we need to charge, otherwise it’s a hobby, not a business
Taking ‘You’re too expensive!’ personally - you can’t please everyone
Most homeopaths are women, and many of us are naturally collaborative and inclusive.
This means we have a tendency to ask others for their opinion, including when we set our prices.
We ask others what they think about our prices and this means we are taking on other people’s beliefs around money.
Denise calls negative money beliefs ‘money blocks’.
I have done a lot of work on my money blocks, but they are still something I have to revisit regularly.
When my husband was studying for his PhD I was the sole earner for my family, and I had to increase my fees several times.
How to increase your fees
Review your overhead percentages and use that to help you fix your new fee.
(Your overheads should be no more than 30% and allowing 20% for saving towards tax and profit, you need to be paying yourself 50%.)Keep your fees very simple and easy to understand.
Have an hourly rate - charge less for shorter sessions.
Consider having a family rate - two family members.
Consider how many concessions you can accommodate in your practice. If you already have too many, increase your fees and close your books to concessions for now.
Decide on a date for your new fees and stick to it. e.g. September
Tell regular and valued clients in advance and keep them on the same fee until a fixed date. e.g. January
Start charging your new client fee to new clients immediately.
Change your fees everywhere on the internet, including website, listings websites, booking system, etc.
Charge separately for remedies and postage
If you move heaven and earth to pay your suppliers, book extra training and buy books but there isn’t enough money left for you, it’s time for a rethink.
If your fees are too low, it leads to burnout and resentment, and it undervalues your training and expertise.
We don’t need to feel guilty for charging well for what we do.
We are allowed to make a healthy profit.
Over to you
What do you need to charge so you take home 50%?
How can you simplify your fees?
When will you make the change?
Questions to ask yourself
What would you like to be taking home from your business this time next year?
Think about your target client. Where do they do their shopping? Do they have hair/beauty or other treatments? How often do they have holidays? Where do they go? What type of car do they drive? Are their kids at state or private school?
Now compare that to your fees and ask yourself if you could be charging more?
Pretend your fees have already increased and do the maths.
How does that feel?
Is there anything you need to change to make you feel good about your increased fees? eg. new posting bags, a regular newsletter?
Note: Keep an eye on those overheads after you put up your fees so your increased income goes into your pocket. Spend it on yourself. Treat yourself to something that isn’t training or a book. :-)
This week’s links
Quick Easy Habits to Create and Maintain Outer Order
This is from Grethen Rubin and it’s all really applicable to home and practice. I love her Power Hour suggestion. I try to have one of these a few mornings per week, first thing, while everyone is asleep.Time management for the person you want to be
This is from my friend Lulu Kitololo, co-founder of YRB. We are still on the same page, even though we no longer work together. Read this for tips on how to connect with your purpose and why you need to know your priorities.The three worst things about email and how to fix them
There’s another new email service (which you probably don’t need) but it helps to point out how we lost control of Gmail, outlook, yahoo and hotmail.Sound of colleagues
I can’t focus on email, invoicing or newsletter writing without my headphones on, and sometimes having some ambient background noise really helps.Ten tips for a stay at home summer
This is from my friend and business mentor Emily Quinton. She has four children, two of whom are neuro-diverse and her creative approach to the school holidays is well worth reading (and sharing).Just trust me – thanks Chelsea!
New! Effective Hayfever Prevention with Homeopathy (revisited)
Thursday 10th September
9.30 am - 2.30 pm
The early bird opens today.
£40 (early bird)
£50 (full price) from Monday 17th August
The Hayfever Programme is great to offer all your hayfever clients once you are back in clinic after the summer.
I recommend you invite them in for a session in September/October and again in December/January.
More than 100 homeopaths have taken part in this training and I’ve had very positive feedback.
I’m teaching this again as I know that some people like to watch live
Note: This webinar is 4 hours and is available to join live and watch on unlimited replay.
There is also a complete set of notes.
Note: If you have previously attended one of my Hayfever webinars, look out for an email this week inviting you to attend free of charge.
I will only send it once. :-)
Click on the link to find out more.
Thinking ahead…
Meaningful Marketing 2021
Meaningful Marketing is for the whole of 2021.
The content includes monthly videos and webinars with breaks for the holidays.
The content covers setting up newsletters and writing blogs, plus on-going support in a membership group.
To be invited to join Meaningful Marketing 2021, you must have taken part in the 4-week course in July or September.
Meaningful Marketing is like a ‘group mentoring’ programme, and so there will be a limited number of places available.
The membership pricing has yet to be decided but there will be a payment plan option.
Thanks so much for reading.
I’ll be back in a few weeks.
I hope you have a wonderful summer.
Tracy
P.S. Thank you to my four lovely paid supporters Claire, Janja, Priscille and Simone - you have a monthly ‘ask me anything’ webinar - the next one is Friday 4th August, 9am.
Care to join them?