This episode of Silence Is Golden is chock-full of tips on how to make a profit. And, more importantly, how to stop letting fears keep you from running a profitable WordPress business. This isn’t just about putting money into your pocket. This is about getting paid well so that you can work at your best level and clients can reap the results.
Let’s dig into Episode 51:
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Feeling Guilty About Making a Profit? (1:45)
It’s difficult to bake profit into your business from Day 1 if the confidence isn’t there.
You certainly have the skills to build websites. That’s not the problem. It’s just that… well… you don’t want to talk about money with your client. Or ask for something that might be out of their price range. Or take advantage of their willingness to pay what seems like an outlandish price compared to the work you’ve done.
More Effort Does NOT Equal More Value (2:55)
You acknowledge that you feel guilty about charging “too much” when the raw materials to build a website costs you pennies. And you’re fearful of what will happen when you slap a price on your website product.
You have no need to fear though. Clients aren’t paying you because of the time you put into a website or to cover the cost of the tools you used to do so.
They want you to do this, so they don’t have to.
So, stop feeling guilty about the prices you charge.
You and Your Clients Need Your Business to Be Cash-Flow Positive (5:15)
When a business is new, you think, “I’ll run this ship as lean as I can, for as long as I can.”
The problem with this, however, is that bootstrapping isn’t sustainable. If you really want to boost profits, you have to be cash-flow positive.
Cutting overhead costs is just one-third of the equation.
You also have to sell more products.
And… you have to build profit margins into your pricing.
Put Aside Those Fears and Learn to Make a Profit from Day 1 (6:39)
The Mavericks Club is no stranger to all this profitability talk. That’s because one of the levers they’re taught to focus on is Profit. More specifically, they learn to use specific products and tools to ensure they make a profit in their business:
This knowledge isn’t just available to Mavericks either. Did you know that WP Elevation has a free webinar that will teach you how to charge better fees?
The Golden Nugget
If you’re still feeling nauseated at the thought of raising your rates, give the Mike Michalowicz podcast a listen. He’s the author of Profit First and explains perfectly why you, your team and your clients need you to run a highly profitable WordPress business.
Then, take a gander at these Mavericks’ stories where they talk about conquering their fears and finding a s***-ton of success in the end.
Jasmine Andrews Talks Impostor Syndrome (11:05)
Jasmine Andrews may be one of the most successful Mavericks to date, but it wasn’t always that easy.
Like many WordPress consultants, she asked herself:
“Why are people giving me money to come and listen to them talk?”
When you boil down a discovery session to those simple terms, yeah, it’s easy to feel like an impostor. But once you realise how much value you add to your clients’ lives by just listening, that will quickly change.
We actually wrote an entire post inspired by Jasmine’s journey from charging $500 a website to making multiple six figures as a WordPress consultant. Check it out if you want to hear her full story.
WP Elevation Reveals It’s… *gasp* Profitable! (13:30)
Simon and Troy take a couple of minutes to address WP Elevation’s profitability and why it matters so much. Namely:
WP Elevation wants its products and program to help WordPress professionals change their lives for the better.
It can’t do that without money to invest back into the business.
Kim Doyal Finds There’s Still Money to Be Made After Failure (18:30)
This Thursday at 10 a.m. AEDT (Melbourne time), WP Elevation is going to air a live broadcast of Troy’s interview with Kim Doyal from Santa Monica.
If you’re curious to learn about her personal story of success, failure and even more success, make sure you’re subscribed to the WP Elevation Facebook page so you don’t miss it.
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Tool of the Week
If you or your clients are in the business of producing live video content, get a load of this Tool of the Week.
Restream.io Is the Tool of the Week (20:55)
Restream.io is a video streaming platform that enables you to take live video from one platform and send it out to multiple services simultaneously and in real time.
For example, WP Elevation uses Restream.io to push out Silence Is Golden episodes from Livestream Studio software to both Facebook and YouTube.
This has been beneficial for a number of reasons. For starters, live video can be broadcast to multiple platforms at once. In addition, Restream.io helps WP Elevation bypass Facebook’s silly rules about schedules events and sharing links to them. And it also gives them a chance to test out new platforms they might not otherwise have considered using.
Let’s Get Unstuck
LaTasha Hussey brought some great questions to the Facebook group and they fit perfectly with this week’s theme:
How to Create Case Studies That Demonstrate Your Value (27:35)
The answer is “Yes”. Within the Portfolio module of the Blueprint, you’ll find tips on how to structure case studies using a Brief, Problem and Results.
How to Make a Greater Profit from Discovery Workshops (30:05)
The Blueprint is a great resource to help you make a higher profit from discovery workshops. With the white label workbook and scripts, you can cut down on the time spent preparing for and running one.
As far as charging goes, Simon says it depends on the type of workshop. For lead gen, it could be upwards of $1,500. For e-commerce, $2,000.
It’s time to get comfortable talking about money and profit. And, more specifically, how that money equates to value; not your time.
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