On the day you decided to create a business, did you automatically know how to set up your business the right way? Did someone hand you an instruction manual for success? Probably not.
How about access to experienced mentors? What about the tools to build a profitable business and accelerate your journey to Financial Freedom? Probably not those either. If you’re ready to go from business concept to success, have a peek at the proven process that allows our Business Owner Only community members to thrive.
Phase #1: Get Crystal Clear
In the first phase of Cash Flow Cure, you take the time to separate yourself from your business and clarify your ultimate business goal.
First, you create a clear distinction between your business and personal finances. Turn over every financial rock to identify the places where you’re commingling your assets. Then create an action plan for fully separating the two.
Once you’ve established an undiluted picture of your finances, it’s time to crystallize precisely what you want to create with your business. You probably started your business because you had a vision for its impact on the world. But at the same time, your mission is likely constrained by the fact that you rely on your business profits to provide you with a steady income. So it’s only once you’ve accounted for your personal financial needs outside of your business’ cash flow that your business is truly free to pursue the full potential of your vision.
The way to untether your business mission is to calculate your Freedom Number, build your Freedom Generator and flip it on when you hit that number!
Phase #2: Customize What You Offer
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You’ve established a framework for your business in the Crystallize Phase. Now it’s time to dive into the Customize Phase. In Module Four of Cash Flow Cure, you determine your Magical Mix of Products and Services. You’ll offer a combination of . . .
- Physical or digital packaged products that deliver a complete solution to your customer;
- Continuity products like subscription services that are provided on a recurring basis;
- Partnered products that you produce or distribute with another business that shares in the profit;
- Commission-generating affiliate products developed and fulfilled by another business; or
- Learning services through coaching, consulting or training.
You may begin your business offering only one of these types of products. Later, you can expand until you’ve found your Magical Mixture. As you go, you’ll choose specific products and services within these categories. Perhaps you’ll offer certification programs, sell physical goods, host live events, manage mastermind groups, market new technologies or provide online services. The possibilities are endless.
Phase #3: Monetize Your Business
You have a mission for your business. You’ve selected the products and services you plan to sell in order to fulfill that mission. Now comes the scary part—creating and standing behind a price in the market.
In the Monetize Phase, you start by identifying who you’re trying to reach. Are you marketing to a few targeted customers? A high price point might be right for generating significant value from each sale. Or are you selling a commodity to the masses? In that case, a low price point might get you the volume you need to be successful.
There’s one important fact business owners often completely forget. You determine the pricing of products and services in your business. Not your competitor down the street . . . not the market as a whole . . . you. Don’t give your pricing power over to industry giants or engage in a race to the bottom.
The Perfect Price Calculator available in Module Five takes the fear of out rate-making by calculating both your Ideal Profit Number and your Minimum Profit Number. The calculator ensures your pricing aligns with your business financial goals.
And whenever your business changes, just revisit the calculator, and crunch the numbers. You’ll set your prices with confidence!
What’s the biggest difference you’ve seen in your business since starting Cash Flow Cure? Share with us in the Business Owner Only Community!
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Makaylah Rogers is the co-founder of MindShift.money. She is a Thought Leader for her generation, teaching people how to rewrite their “money rules.” With an extensive background in wealth building and personal development, Makaylah’s path has taken her into executive roles in various fields including launching startups, real estate sales and motivational keynote speaking.