The Formula to turn Skills into Financial Freedom

hello welcome back to my Channel or welcome if you're new here happy to have you here this is a topic that has come up so many times over the years I have worked with so many people in creating businesses around their unique skill sets and expertise and we help them scale globally and become a global Authority through online education businesses so through online curriculums and online courses and packaging what they know into these highly scalable online programs and being able to serve people all over the world but the biggest sort of question mark that comes up and that people really want to know is how can you create freedom and fulfillment while also having a massive and deep impact on the people you want to serve and this was a huge question mark for myself for many years until I was able to crack the code and that's why I wanted to dig into really this five-step formula that I was able to really reverse engineer in creating the growth that I've had with my business and also really maintaining a really happy and peaceful life after going through a massive burnout and thinking that I had to hustle and stress myself to no end in order to actually be quote unquote successful so this is really the place to be to create a peaceful purposeful and profitable business it's what my mission is it's how I support other people and if that's something that you're interested in give this video a like so we can reach more people in the algorithm be sure to subscribe for new videos every week and let's dig in shall we now what I'm going to share with you and these five things may sound insane to be totally honest with you because they go against the grain of probably a lot of the financial advice or business advice that you've heard in the past but I really had to create my own method and way of doing this in order to create my own version of success because I think that's really important we have to start there what is your version of success for me it was not working all the time it was not burning myself out again and in doing that the business that I have has done just under 30 million dollars in Revenue in the span of five years so it's doable and it's doable in a way that is really really healthy and sustainable and that's what I want to talk about today so if you're looking for like get rich quick or some sort of quick tactic this ain't it this is definitely not it this is a long play and a long game but I have full faith in it and I've seen it work for myself I've seen work for the people that I serve I've grown from dancers to DJs to doctors to accountants to everything in between and if you're at a place where you really do want to be able to make a bigger impact in the world and to reach more people while detaching your time from your income and creating an online education business there's a link below to a free master class I created and I highly recommend that you check it out there's nothing to lose it's literally free so the links in the description below first we need to Define freedom and what that actually means and what it means to me and there's a book that I read many times over the years and I highly recommend it it's probably the best book on money I have ever read um and ever encountered and it's called the psychology of money and the quote goes like this use money to gain control over your time because not having control over your time is such a powerful and Universal drag on happiness the ability to do what you want when you want with who you want for as long as you want to pays the highest dividend end that exists in finance and that's from Morgan household the author of the psychology of money in a really quick story from that book and I hope you do read it is he shares right off the bat the story of a janitor and a really high level CEO executive and the janitor ends up dying with four million dollars in the bank the CEO executive not so much now how does that happen it really comes down to some very key habits and thought processes and strategies when it comes to how you manage your finances and how you look at money and the value of what that money actually means and can do so without further Ado let's get into the five steps of this formula the steps of the formula are know your unique Financial fulfillment number calculate the value of your skills create a scalable and impactful business model reverse engineer your Target and protection for Freedom number one know your numbers knowing your financial numbers is an act of self-care and self-compassion and I for so many years ran away from data I ran away from numbers I didn't want to look at the finances because I just didn't want to know and I was just hoping it'd be fine and that actually creates and causes more stress than being hyper aware of what is going on in terms of personal finances business finances Etc and it also allows you to create really predictable and consistent months quarters years because you know exactly what you need to achieve your Target by reverse engineering your results my accountant became my best friend uh I talked to them often and I also just really started digging into Financial books and podcasts and mentors out there to understand what is this secret why are there some people who are able to have this really healthy relationship to money and build really healthy healthy finances for themselves and peace and ease and some people regardless of how much money they have are never ending cases of stress so first and foremost the number one key is knowing your numbers and this comes down to very basic fundamentals so the first thing I want you to do is really look at what you need in terms of finances both in your business and in your personal life so an easy way to look at this in terms of a business is what are your key expenses and if you don't know your expenses you might be spending a lot of money on things you don't need which helps you right there create more Financial Freedom by reducing those expenses but in a personal level an easy way to do this is just to break it into a few simple categories so you just want to create a really simple spreadsheet it says monthly expenses and the amount you can do this for like I said both business and personal for personal you want to include things like rent or mortgage so housing costs food so groceries meal delivery whatever that looks like for you entertainment so what do you need to do on a monthly basis what are like non-negotiables you to be a healthy happy person in terms of entertainment so going out with friends um restaurants you know concerts Etc Insurance any insurance that you have any Fitness costs that you might have gym Etc your phone costs an emergency fund so any sort of like backup fund that you have any loans or debt that you might be in and those really account for most of the things that you're gonna have to worry about um you can include in there also things like bills on a monthly basis so you have that set aside so this gives you a really good clear accurate picture of what you need that's really important because in order to get what you want you have to know what you need and the biggest key here is that when you know what you need you then know how to plan and create a buffer for yourself because that is probably what I've learned from talking to a lot of people and a lot of people that are very stupidly wealthy the number one thing that seems to come up is that they have a lot of wiggle room and they've created that wiggle room and that's what a buffer buffer really is it is knowing what you need and then allotting that number and saving that number in your business and in your personal life so if everything broke tomorrow you'd be A-Okay and you know what that allows you to do make decisions proactively you're no longer scrambling you're not being reactive you're not on a hamster wheel chasing the next client to make money because you feel like you have to you actually have that freedom and you've created it for yourself doesn't mean you need millions of dollars in the bank or even tens of thousands it's a very specific number to you so you have to know that number to create that freedom and the really amazing thing about this is it allows you to then also invest into things that aren't just financial investments and your money working for you they're also things that just bring you Joy and that's brings me back to what I just mentioned about having that freedom of time and choice which is really to me Financial Freedom and also knowing this number doesn't put you in a position where you're going for Everest and you're going for I need to make a million dollars this year it allows you to know okay I need to make twenty thousand dollars a month in order to have that freedom for example one of my clients just bought a horse you know that's her definition of Happiness she just bought a horse one of my clients is taking his family two kids and his wife to Costa Rica for the entire winter that's Freedom of Choice okay you don't need all of the money in the world to be able to have freedom of choice and freedom of time but if you don't know your numbers you're never gonna get there the second step to turn your skills or your expertise into Financial Freedom is you have to know the value of what you have and the value of your skills and so we have something we use with our clients when they're creating their programs called value based pricing this is not you know completely unique to us this is something that a lot of businesses use in the world and really what it means is that you're not charging based on time you're not charging hourly you're not trading time for money you're charging based on the value of what you're providing but more importantly you're charging based on the cost of what costs your client to not have what you provide so the simple equation that we created to support our clients in really identifying this is okay first and foremost what is the cost to your client of not having what you provide and again this is actually a perfect science but just start listing out financially mentally emotionally spiritually physically what is it costing them to not have the result that you provide is it costing them time is it costing them happiness is it costing them their relationship is it costing them going to the therapist and without any sort of results is it costing them medication prescriptions uh what is it costing them are they miserable which is then costing them their joy and positivity in their life and gratitude in their life and therefore it's costing them really key relationships with family and friends what is the cost first and foremost you got to just brain dump everything that's costing them the next step of that is based on now what you know you need what your Baseline number is on a monthly basis what do you need to be generating on a monthly basis so what is your income goal and what is going to allow you to achieve that income goal and then the final piece of this is barrier to entry so when I say that it means you now know the cost of not having what you provide you know your own income goal of where you're trying to get to on a monthly basis and what you need and then you know your barrier to entry and your barrier to entry means that whatever's out on the market so you want to do your research what are Freelancers charging for what you do what are coaches or mentors or therapists or uh experts in the field or books or resources or conferences what are they charging what do prescriptions cost what do anything related to what you are providing and what somebody who would need the solution you provide would be investing into and not getting results from what's the average cost and that's going to indicate to you you want to be above average because that allows you to not undervalue what you do it's so easy to pick the lowest possible price for something but one it positions you with someone who doesn't know their worth and it's not going to allow you to achieve what you need to achieve and make decisions in your business where you are able to actually invest time into your clients because you're not scrambling to get your next one or doing this big launch or push to get all the people you can in the door which spreads you completely thin so you can't have the impact you truly want to have on the people you want to serve so really do your research see what is out on the marketplace in all facets ask people who are in the place where they need your help what have you actually invested in to this point to get this outcome you would be shocked people spend years and thousands of thousands of dollars trying to find certain Solutions and the whole time they could have just put that investment into you and what you do and your skills to achieve what they needed it's going to give you a lot of validation and a lot of confidence in charging the for the accuracy of your value and what you and your skill set and your experience is worth number three create a scalable and impactful business model so how do you go from where you are now to really expanding your reach and expanding your earning potential because there's only so many hours in the day there's only so many hours in the week so how do you do that first and foremost you have to understand that it requires you going from working on a one-to-one level to being able to work on a one-to-many level and this is very specific because you cannot serve on a one-to-many level unless you're very specific on who you're serving and the outcome you're providing to them and know and accept and embrace that you're not able to actually serve everyone one-to-one work is very customizable but it requires you it doesn't require a method it requires you and your time and your energy whereas a one-to-many business model which allows you to have a very specific method for a very specific person at a very specific place on their Journey seeking a very specific outcome allows you to package your experience and your expertise and that method to get them from that zero state that they're in right now and the challenge state they're in to the ultimate transformation net outcome that they're seeking in a way where they're getting all the information and transformation they need from your curriculum your pre-recorded curriculum you're able to then free up your time and energy to really help them and support them in a setting that is still scalable by speaking to them on calls but they're doing the work you are setting themselves up to be totally self-reliant and accountable so they don't have to rely on your time energy but you are there and you have an abundance of time and energy to be able to serve them at the highest level for any outside questions outside of your curriculum and your program so you can do that through calls and you can do that through a private support Community which is what we have so it's really the three factors of you have a curriculum with a duplicatable method to create a duplicatable result you then have private support calls and you have a private community of like-minded folks who are on that program to celebrate each other learn with each other and grow with each other and it really creates this sort of incubator and we call it an accelerator to accelerate progress and success and if you want more details on this business model and structure I break down in this video so you definitely want to check that out next and I'll put it in the description below step four of the formula is reverse engineer your Target in terms of creating that Financial Freedom so knowing what you want to a half on a monthly basis in terms of the income coming in and then being able to actually create it on a duplicatable level month over month and this comes down to an equation that we've been able to implement for our clients for myself and my business to be really really consistent month to month to be able to achieve that level of freedom and fulfillment while also having a big impact so like I said you're not serving everybody when you have a business model where you're able to package it into a curriculum you're serving a very specific client and I talked a lot about this in my last video so you definitely want to check that out I dig deep into attracting the ideal client so here's where this gets really interesting I'm going to share the equation in just a second but what I found as I've grown is that limitations lead to growth sounds completely strange right but when you know your target number of how many humans you want to support and work with and what that equates to in terms of Revenue and how it helps you achieve your Financial Freedom numbers you then just set that as a limit and that's what you're working towards and it completely shifts things from more more create more content have more clients work with everybody to nope I'm only going to work with the right people and I know exactly how many people I need to work with and it's really not as many as I used to think so we actually in the business have a number and we're very specific on our number of how many humans we want to serve on a yearly basis and we just break that down into quarterly monthly weekly daily targets and we're able to hit it consistently because we know exactly how to get there using our operations our marketing our systems in the business so it starts by knowing what's the limit what do you want to achieve instead of chasing some massive goal what's the realistic and predictable goal that's going to give you Financial Freedom and how many human beings is that and then that dictates what kind of marketing you do how much effort you need to put into it how intentional you are with your marketing so you're not just creating all that all this content for no reason and screaming to avoid and then from there you want to know your expenses like I said earlier you have to know what your costs are in your business or in your life so that you know what you need to achieve to actually be profitable so you're not just breaking even but you're profitable and then you have your price of your program so knowing the price of your program allows you to know how many humans you need to enroll into your program or into your business to achieve that number and the reason this is so important too is that we have found in my business and the reason we have this very specific number and we don't accept everyone into our program we really do vet people and work with people to ensure that they are the right fits we can support them is that there is really a Tipping Point in any business where you might see that your fulfillment and customer service um and and client success might take a hit if you try and grow too fast too soon too much so slow and steady wins the raise being really clear on numbers allows you to grow in a really sustainable healthy way where you don't sacrifice your service or your success for your clients and that allows us to be really really conscious of who we invite into our program and we're not just scrambling to get any client in the door and that's just a really fulfilling and freeing feeling and that's what this is all about so the equation let's get to it so how do you reverse engineer your target so let's say you want to make 120 000 in the next year in your business and let's say your price point that you've decided on for your program is five thousand dollars so what you do is you start with the target per month so the target per month would be ten thousand dollars so ten thousand dollars means two clients at five thousand dollars how do you generate two clients well we've discovered and we've found that the average conversion rate to get two clients in the door get any amount of clients in the door is that it's twenty percent so the people that you speak to the leads that you get for your business you're gonna convert about twenty percent some people are higher some people are lower so this may shift slightly but based it on 20 which means however many clients you want to get in the door times that by five and that means that you need to have 10 conversations in order to convert two clients per month at five thousand dollars which generates ten thousand dollars in income that allows you to reverse your Target and Achieve that 120 000 per year which if for you that's your Financial Freedom number that's all you need to know so two clients a month times twelve is 24 clients for the year that means you're not doing all the marketing in the world you are doing so much less to get exactly what you're looking for which is why this is doable and in terms of leads okay so you need to let's say potentially have 10 leads a month 10 times 12 is 120 leads for the year okay so it helps you simplify and know what you need to do instead of scrambling I hope that's really helpful now the fifth step of this formula is protection for Freedom so this kind of goes back to what I was saying earlier but creating that buffer creating runway in your business meaning that you have your needs your financial needs and your expenses saved up for at least three months so that if something's stopped today you wouldn't need to change anything about your business and you could float it and support it financially for the next three months the more you have obviously the better but this is really personal preference what makes you feel safe and protected probably the best piece of financial advice that I can share in that I've been given by a lot of people is live below your means I know that's not the sexiest thing to hear and it really depends on you as a human but for me what makes me feel financially fulfilled and like I can make choices from a place of abundance and impact and proactively is that I know that I'm not needing to stress or I feel strapped or I feel like my back is against the wall that for me is freedom so living very much so below my means both in my business and in my life has been a massive key to being able to generate the amount of Revenue that we have in the last five years so key little things you can do is save more than you spent so put away into a certain account more than you're spending create that runway for your security blanket in your business in your life which gives you a huge sense of Independence and freedom and use any access that you have once you have a few months of Runway use any excess you have to invest into assets that are going to create a return for you and somewhat passive income I actually made a whole video on the only things that I invest into you for passive income you can check that out right here and again that's a long-term play but you then know your money is also working for you so that just adds another layer of that Financial Independence and that Financial Freedom because you're not trading your time for money to have that money multiply and create that compound so let me know if this resonated with you this is a topic that I have become increasingly passionate about over the years because I have seen too many times people grow so fast spend their money on the wrong things have shiny object syndrome not be aware their finances and their businesses crumble and if your business crumbles you aren't able to make the impact that you're meant to make in the world and you can't live in a way that is peaceful and if you're peaceful you're constantly stressed and that leads to burnout and a whole bunch of other things that just create a ripple effect of crap I am really really hopeful that this hit home this resonated and that you can start applying this formula and this to your life and if that's the case let me know in the comments what your big takeaways were and how you're going to really monetize your skill set and your unique expertise to be able to create a bigger impact and smash that income and impact ceiling and like I said this is what we do this is what I do for a living I've helped thousands of people in so many different niches do this and if this is something that you're really interested in like I said click that link below to watch the free masterclass on exactly how we're able to support you through that process and I have a whole playlist on monetizing your skills so make sure that you check that out next and like I said I hope you enjoyed this be sure to subscribe hit that like button and share this with anybody who you think it'll resonate with thank you so so much for watching and I will see you in the next one bye

2022-10-28 20:50

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