How To Make More Money Working Less: Raise Your Prices #FreedomFastLane

You are not busy, Wende. You are frustrated.

You are frustrated because you're doing too many things that aren't leading you to the life and results that you want.

Yeah.

And you are frustrated because you're doing all this buffer work to eventually do the work you want, but you're not doing more of the work you want. You're doing a lot of the work you don't want.

Yeah.

That's why you're busy.

Yeah.

But you're not really busy.

Yeah.

Because you're doing a lot of things that don't matter to you. Stop doing those and go heavier on the things that you do want, which is serving the clients that you've got.

Yeah, you're right.

Build a business, invest the profits. I'm Ryan Daniel Moran and this is Freedom Fast Lane.

Hey, what's up, fastlaners? Ryan here I am really enjoying a new experiment we're doing here on the show where I am working with listeners and fans one on one and you are bringing your challenges and questions to me and I help you with them. So today I am bringing you a one on one that I recorded in person when we set up an advice Booth over at FlynnCon, which was an event held by my buddy Pat Flynn. And a gal named Wendy Kim came over to the booth and she is, she works with executives and she works with entrepreneurs, but she wasn't getting quite the results that she wanted personally. Her clients were happy, her clients were sticking with her, but there was something really missing in terms of her fulfillment and the amount of money that she wanted to make. And, and this was one of my favorite one on ones because she kind of stood up looking a little bit dazed and confused and was like, do you want a testimonial or something? You just changed my life. That meant so much to me. So I'm really excited to bring this to you. So in this clip we talk about raising her prices, how she can do it delicately, and ultimately how she can serve her clients in a way that, that get them the results that they want while giving her the life that she wants. Hey, if you want to apply for one of these one on ones, they're free. You just need to apply over@capitalism.com fflpodcast.

All right, Wendy, tell me a little bit about your business.

Okay.

And what you're trying to accomplish and how I can help.

Yeah. So I am an international best selling author, speaker and business empowerment coach. I work a lot with people on mindset.

What's the book called?

It's called Beyond Blending In An Immigrant Daughter's Guide to Overcoming Cultural Bonds for a Life of Authenticity and Abundance. And I talk about how I left my corporate job four years ago and come. So my focus is really on empowering Asian American women to grow in their confidence and leadership and to step from beyond the shadows.

Okay, got it.

So sorry, what was your question again?

Tell me about the business, what you're trying to accomplish and how it can help.

Yeah, so I am pivoting a little bit. I've been working a lot with entrepreneurs, helping them to increase their sales, helping them to niche down, helping them to overcome a lot of maybe mindset blockages that are holding them back from putting themselves out there. And now I'm starting to focus and target more Asian American women because I see there's a need there. I see that in our culture.

We weren't really encouraged to step out. We weren't really encouraged to speak up and really show off our gifts and talents. And so what I'm looking to accomplish is can I. So I make my bread and butter is one on one coaching. And that's how I bring in revenue. And it's great. I love it. And at the same time, I want to have more passive income.

Okay.

So I'm looking at. I don't have a large list, and it's been a little bit challenging because I felt like I've needed to focus on coaching. One on one coaching because that brings me in short term revenue.

I understand.

And so when the idea of building a list comes into mind, it seems like a great idea. But then I look at it as like, oh, well, that's gonna take a while before I can monetize that. It's gonna take a while before I can build a list.

What do you want to happen?

What do I want to happen? I want to be able to continue to do coaching.

Okay.

But not as, not, not as often. I would like to work less and I would like to have more recurring revenue.

Okay.

So I'm looking at how.

Full is your coaching calendar right now?

I would say.

It'S probably at 80%. I could probably take in about 20% more clients.

But you want to work less.

Correct.

So you raise your prices.

That's what I'm in the process of doing, yes.

Well, it's not much of a process.

That's what I'm doing pretty much.

One email.

What do you mean?

It's one email to your current client saying you're raising your prices.

Okay. I think I feel stuck on that because I feel like I can Charge a higher price to new clients. But with my existing clients, that's where I feel a little challenged.

What's your rate right now for new people?

For new people? I charge $8,000 for a six month coaching program.

Okay.

Yeah.

Okay.

You're too low.

Okay.

And I, and I meet with my clients via Zoom once a week.

Do they pay up front or is it.

Well, if they pay up front, it's 8000. If they pay month to month, it's 1500.

Okay. That's actually fair price. That's fine. For six months. So $1500 a month for six months.

That's good. At that rate.

If you.

If you lost all of your existing clients, how many clients at that rate would you need in order to make the money and work the amount that you want?

I'm not sure. I probably should map that out.

Probably.

So I would say.

Probably.

About.

10. About eight to 10 clients.

Okay.

Yeah.

Cool.

So at 10, you're making 15 grand a month, working 10 hours a week.

More to prepare. Probably like 20 or 20, which gives you half the time to build something else. How many clients do you have at that rate right now?

So that's my new rate.

Okay. So zero.

Yes.

Okay, good.

Yeah.

So what I would.

How many total clients do you have currently?

I have about seven or eight.

Okay, got it. Yeah. Right. So I'm noticing some conflicting things in what you're saying.

Okay.

Which is you want to work less, but the number that you told me you want to work is the same as the number that you have.

Right.

So. So you're not being honest with yourself on something there.

Okay.

You have your new rate, but there's nobody in there yet. Correct?

Yes.

So you're in kind of a stuck pattern and you gotta get comfortable taking a few risks.

Yeah.

Those risks are cutting off other interests until you've got the numbers that you want on the coaching side or it is raising the prices on your current month to month clients. You honor the ones that paid up front, but you go to your month to month or you simply say after their six months is up, it goes up.

Yeah.

And you give them a heads up there. And so there's a transition period.

Yeah.

But you're not. You need to make more and faster decisions. That's the thing that's holding you back right now.

Okay.

So one of the things that's confusing to me is you're not nearly as busy as you say you are. You've got seven clients. You say you can handle 10 at a higher price. Point. But you want to work less.

Well, I'm spending a lot of time doing. Getting clients.

I see.

Yeah. So spending a lot of time networking and having conversations with people to lead to, like a discovery call.

What would happen if you just stopped doing that for a while and you just served the clients that you had?

This is a thought experiment, Wendy. So what would happen if you just stopped doing that?

That has come up and I. I have been actually shifting my focus to do more of that because.

And that. And what does that do for you? Or would that do for you? It.

I think it would. It improves my coaching, for one. And it also means more referrals from existing clients.

Yes, I would.

That's true.

It probably means you wouldn't have to work as hard to get more clients.

Yeah, that's true.

It sounds to me like you're doing a lot of things that aren't moving the needle.

Yeah.

That you just need to give yourself permission not to do.

Okay. So I. At this conference, I've been really inspired to do a podcast to do like an online membership subscription type thing. But what I'm hearing you saying is get. Forget that for now. Get the eight to 10 clients at the price point that I want.

Yep.

Focus in on my existing clients instead of spending so much time doing networking, speaking, and things like that to attract new clients.

Yes. You are not busy, Wendy. You are frustrated.

You are frustrated because you're doing too many things that aren't leading you to the life and results that you want.

Yeah.

And you are frustrated because you're doing all this buffer work to eventually do the work you want. But you're not doing more of the work you want. You're doing a lot of the work you don't want. That's why you're big busy.

Yeah.

But you're not really busy.

Yeah.

Because you're doing a lot of things that don't matter to you.

Yeah.

Stop doing those.

Okay.

And go heavier on the things that you do want, which is serving the clients that you've got.

Yeah, you're right.

Thank you.

No, I love it.

And your only content, your only content that you need to produce. I would recommend that when you feel inspired, enthusiastic, and jazzed to share a transformation that you had with a client, write about it or record a video about it and post it somewhere.

Okay.

And just talk about. This is what this person was struggling with. This is what I told them. Here's the result they got on the other side. When you feel inspired to do it.

Okay.

Mention them by name.

Yeah.

Just talk about the transformation that will get you more clients.

Yeah. And I think doing that.

Yeah. Because you're frustrated doing all the things that you don't want to do. So what energy would you have to do the things you do want to do?

Yeah, that makes sense. Thank you for the truth Bomb. That was amazing.

You're welcome.

Welcome.

I think we just made you 15 grand a month.

Okay.

Congratulations.

Thank you.

Wow. That's coaching on steroids.

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