Welcome back to The Millionaire Maker Show! Today, I’m thrilled to have Carla Titus, Founder and CEO of Wealth and Worth Within, joining us.
Meet Carla Titus, the financial genius and Founder of Wealth and Worth Within. With a focus on goal execution, financial direction, and profitability, Carla specializes in providing fractional CFO services tailored for online coaches and consulting businesses.
High Margins in Coaching / Consulting Businesses:
- Coaches and consultants should target high margins (50-70%) for optimal profitability.
- Scrutinizing expenses and setting appropriate pricing for transformational coaching is key.
Expense Audit for Profitability:
- Complete an expense audit, utilizing tools like QuickBooks.
- Example: Evaluate marketing expenses strategically to balance upfront costs with long-term revenue growth.
Strategies for Profitable Marketing:
- The need for tracking customer sources in the realm of online coaching and consulting is huge.
- Map customer acquisition back to marketing strategies, emphasizing consistency and discipline.
- Use a data-driven approach for understanding marketing ROI in the online industry.
- Create a systematic approach to track prospects from inquiry to conversion, essential for business scaling.
Timing and Intimacy in Coaching Sales:
- It is very important to track the timing of the sales process for effective sales.
- There is a necessity for trust and intimacy, especially in high-ticket coaching sales.
Client Expectations for Higher Priced Services:
- There is additional effort required to sell higher-priced transformational coaching and consulting services.
- Attracting higher-paying clients comes with elevated expectations.
- “Just because you have people paying attention to what you’re doing doesn’t mean they’re going to be paying you money for your transformational coaching services.”
- “You need to clearly deliver that value. Can you have a transformation that is worth more than $3,000 that people are willing to pay for?”
- “The client needs to see the value of your $3,000 offer versus your $300 offer.”
- Follow Carla on Instagram: @wealthworthwithin
- Connect with Carla on Facebook: https://m.facebook.com/wealthworthwithin
- Sign up for Carla’s free monthly newsletter: www.wealthworthwithin.com
Thanks to Carla for sharing invaluable insights on financial strategies tailored for online business owners. As you implement data-driven approaches, consider the transformative value you provide in your pricing structure.