As a woman business coach working with my ideal clients – women entrepreneurs, coaches, healers and women in business, I’m blessed to see women being, doing and creating at their best levels.
I’m also privy to some of the top challenges facing even the most successful female entrepreneurs of our time.
What makes a successful woman entrepreneur?
It’s not her race, or where she went to school or how many degrees and certifications she has. Even with all the top certifications, years of working with the top female business coaches and gurus, and investing in the best tools and strategies, success in business is not guaranteed.
Why? Because apart from Business tools and strategies, Money Mindset and Money Blocks play a huge role in what we create in business. Money Mindset Coaching is essential to creating a successful, profitable business.
Important Note: While I reference life coaches in this blog post, it is not limited to just coaching tips for life coaches or business coaches. It contains valuable coaching and tools and tips for any online service-based business. It’s easier to write about and refer to life coaching businesses since many women in my business are coaches and consultants.
You can be the best life coach for women and have one of the best life coaching websites, but if you’re not owning your worth, believing in yourself and shifting those limiting beliefs and negative money stories that tell you that you’re not enough, your bag of tools will be useless. I’ve been there and so have many of my clients and colleagues.
In this Money Mindset Coaching Blog Post, I’ll go through each of the 5 Core 10X Money Mindset Business steps I use with actual clients as we their shift Money Blocks, ditch the limiting beliefs and support them to get to their next best level in their business, life and relationships.
I’m not going to dive deep into what money mindset is or what money blocks are.
There are many posts on this blog, including How to Shift Money Blocks and Upgrade Your Money Mindset in Your Business (Part 1), 3 Ways Your Money Mindset May Be Sabotaging Your Business and Keeping You Broke (Part 2) and How to Get More Coaching Clients in Your Business and Transform Your Relationship with Money (Part 3). They all provide tools and coaching for women on Money Mindset and Money Blocks.
Let’s go to the first 10X Money Mindset Business step of creating a successful online coaching business, consulting business, training or other service-based business.
1. Create Your Ideal Client and Profitable Niche
It doesn’t matter how good you are at your craft, or how talented you are at supporting people to change their lives. No one will know, benefit or be impacted if no one is working with you. Forget asking how to get coaching clients or where to find clients online? For now, you first need to identify who you want to work with.
Who needs your services and where do you connect with them? But I’m getting ahead of myself here. The immediate action is to identify what you do.
What do you do? In clear, concise language, what problem do you solve? What service do you offer? Focus on the problem you solve and not on how you do the thing or your process. Be very specific.
Next, identify who you serve. Who needs your services and why? This is where you apply a 10X Money Mindset and put less focus on creating a client avatar. and put extra emphasis on the clear and specific problem you solve; your Niche.
Yes, I know. Few things scare life coaches more than thinking about profitable niche ideas or the different types of life coaching niches out there. And I get it, trust me. It’s scary to think that you are limiting all those amazing skills you’ve acquired to just a tiny segment of the world population, but I have a secret for you.
Narrowing your Niche or Niching deep is the most expansive way work with a diverse group of people. Let me explain. The narrower you go and the more specific you get, the less you need to focus on demographics or a group of people. You’re no longer visioning a woman in her 30s to 40s who makes $100,000, lives in Orange County, CA with her four dogs, husband and two kids, and loves to swim, hike and travel.
From a Money Mindset perspective, you ditch the limiting beliefs and money blocks that tell you you’re leaving money on the table or you are too talented to be too narrow and go for a specific problem – Like weight loss for executives who want to lose the last 20 pounds instead of health coaching, or women who want to get promoted instead of career coaching. You get to work with people from all works of life. Not just women in their 30s to 40s who make $100,000.
With women business coaching, this is the point where I notice the limiting beliefs and money blocks really thriving. Where you start feeling like you’re not an expert on the area of your niche or you need more training or another degree or maybe you have to work harder now to prove yourself if you want to make money in this area. These are lies. Negative money stories and old thought patterns that hold you back from being your best.
Being general and catering to everyone doesn’t serve you or your gifts. The potential clients who need you and can’t wait to work with you will land on your website, but they will be confused. Without specificity, they won’t understand what you do and who you support, let alone how you can help them.
It is important to be crystal clear on the No. 1 problem you solve, AND who you serve, so you’re easily and effortlessly connecting with your high-level clients who are happy to pay the investment in your services.
For more in depth coaching tools on how to find a profitable niche and the Money Mindset tips to shift the Money Blocks that threaten to hold women hostage, feel free to read my other business and money mindset coaching blog posts including, 3 Biggest Blunders Most Entrepreneurs Make That Keep Them Overwhelmed, Overworked and Underpaid (Part 2) and The No. 1 Mistake Even Smart Coaches Make That Keeps Them Overwhelmed and Unconsciously Repelling Clients (And How to Avoid It).
Now on to step 2.
2. Create Your Unique Marketing Message and Brand
The beauty of identifying your ideal clients in a profitable niche is that you now have what you need to truly craft a marketing message that resonates with your clients and allows them to connect with you.
You also have a powerful sense of who you are and what you bring to the table to build a brand that spotlights your talents and differentiates you and your services from others, so that your ideal clients get a true sense of why YOU are the one they should hire NOW.
And most importantly, together with your concurrent Money Mindset work, you finally understand your money stories and are releasing your money blocks so that your content, marketing message, sales and pricing attract ONLY your premium ideal clients.
This is not about throwing spaghetti at the wall on social media, hoping you’ll get enough likes to get a client.
It focuses on having a strong core message that highlights your WHY in a way that positions you to create your own community.
If you’re interested in learning how to let your WHY flag shine high, then I invite you to read How to Create Anything You Want (A Simple Money Mindset Tip to Reach Your Goals), The Simple Money Mindset Shift That Helps Women Entrepreneurs Use Fear to Their Advantage in Business and The Money Mindset Secret Hiding Out in Plain Sight – What Women Entrepreneurs Need to Know to Create a Successful Business.
A strong marketing message and brand make it easier to move to the Step 3.
3. Create Irresistible Premium Packages or Offers and Charge Your Worth
Being a business and money mindset coach for women entrepreneurs is not just about working with talented women to build a profitable business. You already know what you need to do. You already have the basics, the foundation and the tools.
There’s also the mindset behind Step 3.
Knowing your worth, owning your worth, and operating with a 10X Money Mindset plays a critical role in leveraging your skills and tools in a powerful way to serve your ideal clients.
As a business coach for women entrepreneurs, I know that three of the biggest issues that female entrepreneurs deal with every day are underpricing, over-delivering and burn-out.
I don’t know any business woman who goes into business with the goal of losing money. Out of all the problems I help women solve, undercharging for their services is most painful. Money blocks and limiting beliefs have driven many women in business to compete on pricing; charging clients as little as possible to attract new clients.
Sounds like a great strategy, but it’s complete bulls$%@. The main problem with this is that you’re trading time for money, and repelling ideal clients in your profitable niche who are searching online for someone who can solve their top of mind, specific problem.
Once you know and own your worth, you also realize how valuable your time is.
Unless you want to work around the clock, there is no need to stay vague.
The Best Antidote to burnout, frustration, overwhelm, undercharging, overdelivering and working harder with low profits?
Consider offering a premium package that solves a specific problem for your ideal clients.
Your package is a fusion of services built into a solution to a specific problem. Your ideal client sees it and immediately knows exactly why she needs it.
It will increase the know, trust and like factor they already get from your unique marketing message and brand. You don’t even have to say one word. As soon as your ideal client sees it, that potential client will immediately recognize that you are the solution to their problem. They’ll even think you are in their head. They will assume that if you know their problem this well, you MUST be the one who knows the way out.
Premium packages empower you to charge your worth or the value of the work you do. It’s not just about raising your pricing. It’s about offering a transformation. My clients don’t pay me for the hour or so they spend working with me per week.
What they value MOST is the transformation/results they get from our work together, not how many hours they spend with me or how many hours I invest in them. Everything I am is what I bring to my clients. You can’t charge by the hour for this.
With premium packages you end up radically increasing your income while working a lot less. You go from working 60 hours a week to 35 hours a week, if you choose. That’s the difference between billing @150 per hour versus creating a premium, beneficial package, offer or program for which your ideal client will happily invest $5,000 over a set time period.
Creating packages take a lot more than looking at what you’re an expert in. You’ve got to invest in a strong marketing foundation in the earlier steps. Doing the market research. I don’t recommend skipping this step, no matter how tempted you are. It is a core foundation for all your marketing.
If you’re interested in diving even deeper into this issue, I invite you to read 3 Biggest Blunders Most Entrepreneurs Make That Keep Them Overwhelmed, Overworked and Underpaid (Part 3) and How to Uncover and Release the Money Blocks Keeping You from Earning or Charging What You’re Worth in Your Business.
Once you have all these steps in place, you’re more than ready to dive into Step 4.
4. Marketing and Sales
Next to identifying and narrowing your niche, nothing causes more angst among business women like marketing and sales. This is when coaching women entrepreneurs sounds more like feeding a toddler broccoli soup, than coaching powerful women who make tons of money doing what they love.
You hear words like yucky, and icky. You see facial expressions you normally see with babies who want to spit out their food. You get real intimate with words like sleazy, complicated or phrases like “used car salesmen.”
It’s comical, really.
And it’s real + crucial.
Without marketing, you don’t get ideal clients. Without sales, you don’t create income.
Any business coach for women entrepreneurs will tell you that many clients will gladly skip the marketing and sales part and just go straight to working with clients.
Here’s the good news – Building a profitable online business is simple if you have the core foundations in place.
Here’s the bad news – Because it is the cheapest way to start a global business, it has the lowest bar to entry, and you need to stand out in your market.
Here’s the even better news. Because you’ve gone through all the Money Mindset Business Steps we’ve already discussed above,
You know the No.1 problem you solve and who you serve;
You’ve created a unique marketing message that your ideal clients resonate with and a brand that spotlights who you are;
You’ve created premium packages that serve them and you’re charging your worth;
Now, all you have to do, is to Communicate this information to your ideal clients so that they know you are the one who can solve their problem better than anyone else. That’s it.
That’s what your marketing is all about.
Not some complicated funnel or expensive Facebook Ad. Those are great too. But you don’t have to start there.
All you need is a marketing plan in your zone of genius. A marketing plan with a 10X Money Mindset that empowers you to shift any fear or resistance around promoting your business so you can create a sustainable income or bust through any income plateaus.
For deeper coaching around your marketing, I invite you to read The Massive Marketing Mistake Most Women Entrepreneurs make that Costs them Clients, Time and Money Freedom (And the Money Mindset Tip to Shift It).
What about Sales? I think the best way to support you is Share my 5 Step Sales Process I use in my Programs with you. Reading these Sales Coaching blog posts will give you some insight into How to Sell with Ease. It’s the difference between truly serving your clients and dying with all your good intentions for impact and making a difference still in your heart.
It’s not the sexy part of your business. There are no pretty pictures to pin to Pinterest or post to Instagram. This is basic marketing and sales that will take your business to the Next Level.
I don’t do magic potions, so this is NOT about making 7 figures in 7 days. You can definitely use everything you’ve read so far to create the top tier premium packages that get you those results, but I’m focused on laying the core foundation for a sustainable successful business.
You already have all the tools, so it’s time for step 5.
5. Create and implement a Strategic Action Plan with a 10X Money Mindset
With a 10X Money Mindset firmly in place, it’s now time to outline a strategic action plan that works for you so that you know which income generating steps to focus on and implement over the next 90 days, 6 months and 1 year.
One of the issues that come up for clients and even for me is putting all our focus on the plan and failing to incorporate what the we love, the things and people that bring us joy into our journey, so that we’re not working on our business in a way that adversely affects our self-care, our relationships, our hobbies and all the people, places and things we enjoy.
I always remind clients, especially those who are already super successful in their businesses of this one Money Mindset tip my own business and money coach consistently shares with me.
No matter how successful you already are in your business, there is always a next level to the get to, as well as an opportunity to create a money breakthrough at that new level.
It is important to consider that the thing that got you to your current success level will NOT get you to the next level. The money breakthroughs that got you to six figures will not support you at the seven figure level.
Even when you think you’ve got it all figured out, each new level brings back old limiting beliefs in their more sophisticated form. As Joyce Meyer says, new level, new devil, or something like that. However, the great news is that you can create an awareness around the things holding you hostage or holding you back.
Once you identify your money blocks and core limiting beliefs, you can shift them very easily. No messy focus on the past or swimming in stories of blame and guilt. Forging forward with 10X Money Mindset tips to ditch those crappy old stories.
I’ve learned the hard way that sometimes we women entrepreneurs don’t even realize the real s&*^ we’re dealing with. What we usually think is the issue is not the real issue. Sometimes it’s the thing you thought you’d already figured out.
There’s an important icing on the cake to the five steps we’ve talked about.
The Centerpiece of A Profitable Business is Powerful Support
Not sharing your dreams with people who don’t understand your vision, and who lack the 10X Mindset You need for where you are going and who you are BEING on your journey.
I work with a lot of women who self-sabotage themselves by looking for approval and seeking permission from others. There’s nothing wrong with seeking support from people you know. The key is to make sure these “others” share your sense of purpose. Your vision. Your desire for impact. Your drive.
You want supporters who will stand in the gap for you and cheer you on because they are bolder and crazier than you are and have faith to know that You can create anything you want (even when everything seems to be falling apart)!
Not everyone in your life has earned the right to know your dreams.
Your goal and desire to BE your own boss, to cultivate a CEO mindset has earned you the right to not wear anyone’s dirty underwear; that is to not buy into their limiting beliefs about who you can or cannot be and what you can or cannot do. No matter how much they have your best interest at heart.
Get rid of the dirty underwear once and for all. Here’s another Money Mindset blog post to support you. How to Uncover Limiting Beliefs and Money Blocks Holding You Back From Creating A Successful Business (Whose Dirty Panties Are You Wearing?)
Cheers to your fabulous success!
I’m MiMi Dabo and I help women entrepreneurs and coaches raise their prices and create premium packages so that they make more money, and have more free time, energy, impact, profits, and life.
I help them release money blocks, easily identify their ideal clients and nail their profitable niche, package their services into irresistible high ticket offers, raise their prices or charge their worth, and effortlessly market and sell so that they can Make More Money, Work Less, Have More Energy, Enjoy More Free Time, Create More Impact, Be Healthier and Live Better. Visit www.lifecoachforwomen.com.