Many of the clients I work with have businesses that could be financially successful but who are not making the money they deserve because of mistakes in how they structure their business. These are the top financial mistakes I see clients make.
- Not thinking big enough. Starting your business with the idea of making a modest sum, wanting to heal the world but creating your business in a way that wasn’t scalable to a bigger business. For example, thinking about just being a local hypnotherapist without thinking about how you could work with clients out of state remotely (very easy to do, by the way).
- Thinking too big but having no clear plan. I see this one ALL THE TIME. Clients who come in with a plan of creating a 6-figure business, “I want to create an online forum, I want to be on the radio, I want to create an online lesson program” all the while when I ask them for details they say “to help people” or they have no clear plan. If you don’t have a clear specific vision start small first but create something that can scale up.
- Not pricing your product/service correctly: This one is tough for everyone and it’s the #1 question I get from other healers: “How much should I charge?” You can’t always base it on what others are charging if there is no one else but you in the area. Consider looking at what a local massage therapist charges and add at least 20% then go up from there.
- Not offering something free or entry level. This can be hard for some people but you need to come up with something nice for free on your website so prospects can get to know you before they become clients. Free meditation, free “tips and tools,” something that you make once and share over and over again. No free services (see #5)
- Offering too much for free: No crazy coupon deals! No, no, never! Things like groupon are not a good a way to get long-term clients. Everyone I know who has done this has regretted it later. Usually major discount buyers are only looking for something that’s a deal and are not going to be interested in paying full price later. In the meantime, you have all the $15 sessions clogging up your schedule while your $100 clients have to wait to book. Just say “No”; it’s not worth it! Trust me.
- Quitting their day job too early: I have seen many healers put too much pressure on themselves by leaving their bill payer before their business is really going. Don’t be that person. You will know when it’s time to “quit your day job,” so don’t rush it.
- Creating a product they want to sell rather than something people want to buy: This is hard but sometimes that thing you want to do may not have a market. This is another reason why it’s good to start off small if you are uncertain of the market.
It’s hard when you first start a business or when things are slow but if you can avoid these common mistakes you can create a successful thriving business that you will love.
Start today working on that healing and you will find yourself ahead of the game.
Love yourself enough to do that work.
Jill K Thomas CHT
Soul Connect Hypnotherapy
Author of the books “Tales from the Trance” & “Feed your Real Hunger”
Appointments available Globally by Video Chat