Booked Out Burnout: The Truth Around Scaling Your Business
Episode 771: Show Notes
Chances are, you started your business because you want to make a real impact. Like the badass you are, you wanted to do this independently and quickly took on clients and catered to their needs, often at your own expense. This, unfortunately, can only lead to burnout. There comes a point where you need to fix the situation or you’ll seriously consider quitting. I know, because I’ve been there, and I’m here to assure you that there are some very tangible ways to get out of this dreaded cycle that keeps people feeling trapped in the business they built that is supposed to be this opportunity for freedom.
It’s time to address the underpricing epidemic plaguing the industry and in this episode, that’s precisely what we’re doing. So, buckle up and prepare to discover the power of proper pricing and building a strong financial foundation. Find out about the pricing calculator that takes all aspects of your business into account, helping you find the appropriate price points for your services. Here at Boss Project, it’s our goal to help you design a business and life that align with your goals! Don’t miss out on our upcoming LIVE webinar event for tangible steps to reclaim your freedom, reduce stress, and elevate your business to new heights!
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The Underpricing Epidemic
The phenomenon of underpricing is quite simply running rampant in the industry. Whether you've been in business for two, five, or ten years, you most likely started out charging hourly because it feels less daunting to present yourself as a project finisher rather than a value provider. Hourly rates are common when you’re starting out because you still have no idea how long projects will take.
Over time, you might have transitioned to package pricing, but early pricing decisions can still affect you in the long run! It might seem like pricing isn't the main issue, but addressing it is crucial. You might think the problem lies in setting boundaries around your time or hiring more help and, while these are important, underlying pricing concerns can't be ignored.
Breaking the Cycle of Doom and Pricing Properly
You might be stuck in a cycle of needing more clients for more money and support, but your time is already maxed out. It's a frustrating loop, and it's time to break free. Let's face it, dealing with cash flow problems is challenging. Wanting to make more money and grow your business is valid, but being constantly stressed isn't sustainable.
The hourly approach has limitations, as it's built on backward math. We've all done it – setting an income goal, dividing by 12, and spreading it over a certain number of clients. But it's not comprehensive. True pricing should consider your business costs, team, time, capacity, and earnings. This holistic approach reveals a more accurate pricing strategy.
Transitioning from Growth to Scale
Scaling isn't just about growth; it's about building a sustainable business architecture. While hiring and systems are important, focusing on proper pricing and financial stability is a game-changer. Cash flow is the lifeline of your business. Without a strong financial foundation, growth efforts can backfire.
Profit Margins: The Hidden Key
Don't overlook your profit margins. The type of business model you choose significantly impacts how much money you keep from each sale. It's not just about top-line revenue; it's about how much you get to retain after all expenses. Understanding your profit margins helps you align your pricing with your financial goals.
Crafting Your Unique Path Forward
In a world where everyone seems to offer cookie-cutter success formulas, I'm here to empower you to build your path. By analyzing your business's unique factors – your services, costs, capacity, and more – we can create a pricing strategy that suits your circumstances. No more guesswork. No more arbitrary numbers. This is about crafting a roadmap tailored to your vision and aspirations.
Imagine a future where your business finances are secure, and you're no longer burdened by money-related stress. Visualize a life where you're present for your family, have time for yourself, and make decisions without financial worry. This isn't just about money; it's about designing a life and business that align with your goals. Take a step forward now and register for our free webinar (and if you can’t make it live— no worries— you can watch the replay).
Quote This
There is a clear way to know the answer and it's not complicated. You just need to know how to analyze it.
Highlights
The Underpricing Epidemic. [0:02:54]
Breaking the Cycle of Doom and Pricing Properly. [0:06:21]
Transitioning from Growth to Scale. [0:16:40]
Profit Margins: The Hidden Key. [0:27:25]
Crafting Your Unique Path Forward. [0:31:34]
OUR HOST:
Abagail Pumphrey
Boss Project on Instagram | Facebook
Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.
Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.
Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.
Key Topics:
Profit margins, Pricing properly, Underpricing, Financial freedom, Strong financial foundation, Overcoming entrepreneurial burnout, Breaking the burnout cycle, Stress management, Business sustainability strategies
