Soulpreneur Scaling Stories Podcast: 31. Money Money Money

📢 Calling All the VAs and Online Service Providers ready to elevate their business! 📢

This episode focuses on debunking common myths around financial success in business and offers practical advice on preparing for a business pivot. 

Our host Andrea addresses the misconception that a fixed monthly income, like 10K or 20K, signifies success, emphasizing that success is subjective and varies from person to person. 

Andrea share insights from her experience as a certified Online Business Manager (OBM), revealing that high earnings often come with equally high expenses, leading to minimal profits. 

The discussion then shifts towards redefining financial success based on personal goals and the actual needs for one’s dream life, rather than arbitrary income figures. 

This episode will guides you on planning finances for a business transition, including the importance of stability, allocating time and money for the pivot, and the necessity of feeling supported during the process. 

Andrea shares insightful strategies for determining the financial needs of a new business offer, covering the basics of pricing and the balance needed to ensure one can dedicate sufficient time and quality service to clients. 

In this episode, Andrea shares:

✨ Debunking Money Myths and Redefining Success
✨ Preparing for a Business Pivot: Time, Money, and Mindset
✨ Navigating the Finances of Your New Offer Suite

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🎧 Podcast produced and edited with love by @FerAssists 🩵


[00:00:00] Andrea Elibero: [00:01:00] Hello, my friends. Welcome to our episode today. I want to dive into money today. So I want to talk about this a few different ways, and this is specifically when it comes to money and. In your pivot. So what are the finances like when you want to bring something new into the world, how do you prepare for it? 

[00:01:36] Some myths. And how do you actually plan the finances of the new offer suite? So let’s start off with some myths. The biggest, biggest myth that I want you to spell is that. The definition of successes is a certain amount of money per month. For instance. 10 K months, 15 K month, 20 K month. This means that you have made [00:02:00] it. This is unequivocally not true. 

[00:02:04] And let me tell you why. So a couple of examples, one is. According to who. You are successful with X number of dollars. Per month, according to who. Somebody is 10 K month, maybe life altering and somebody else’s 10 K months may mean absolutely nothing. And is the less than the minimum that they need to make. And when you see people talking about how much they made from their launch or this or that, let me let you in on a little secret. So as a certified OBM, I have been in the backend of. All the businesses, laws of six and seven figure businesses. And yes. A lot of times when they’re saying, oh, yes, I sold this amount. 

[00:02:51] That is true, but guess what they don’t share, they don’t share that the operating expense of their business is super high. They don’t [00:03:00] share that they also had an ad spend. That was huge. What they don’t share is that they have sold that much, but they barely made any profit at all. So I invite you to reframe how you consider success financially into this. 

[00:03:16] Let’s consider this. What is. Your dream life. What is what you actually need to achieve at financially. Money is the tool that gets you to this, to your dream life. Money is not the thing. It’s not the end goal. It’s the tool. So I invite you to stop focusing so much on the money. I invite you instead to focus on the goals on the mission. And make that the center of what you need. Because money needs a job, money needs to go somewhere. 

[00:03:49] And that is what helps it to flow. That’s what the universe sees in order for it to flow. So consider for yourself one, what is success? What is success for you [00:04:00] personally? No. And just ignore what everybody else has. Successes. And two. What is it that you need for your dream life? And just focus on that. And that release a lot of this weird pressure that other people put on on you, or that we see all online and all of these things. So those were the myths. 

[00:04:21] So now let’s get into some actual numbers. So let’s talk about. The pivot itself. So let’s say that you’re like, okay, I’m doing this thing. I don’t know. For instance. Uh, let’s say you’re a general VA. You want to move into becoming a. Uh, project based systems, person, something like this, right? So this is a big shift and what you need in order to, in order to make the shift is time. And what you need in addition to the time is money because you need to sustain yourself while you’re making the shift. 

[00:04:58] And let me tell you [00:05:00] why. I mean, obviously, right? You need to eat all of this, but bigger than that, It is the fact that when you are making business decisions, when you are making such a big overhaul in your business, you need to feel stable. Your nervous system needs to feel supported. Making business decisions from a place of scarcity and lock is never a good idea because the things that you’re going to decide to do are short-term solutions more, more likely than not. 

[00:05:31] It’s going to be influenced. By your immediate surroundings by the immediate situation in front of you. So. When you were doing this pivot, I really invite you to take a breath, take some time planned for it. Give yourself, honestly, six months in order to get everything up and running and going and comfortable and, and all of that. And plan for needing extra time to dedicate specifically to this and the money to [00:06:00] sustain yourself. 

[00:06:01] So how does that affect what you’re doing now? It’s a couple of things. So one is that you need time. So if you are working so much on all of your client work, And it’s taking up all of your time. You do not have the dedicated. Resources, you don’t have the brain space in order to, you need the creativity. 

[00:06:19] You need to let some feminine flow in there when you’re doing this. So you need that space and it’s so important to have dedicated time and space to the next evolution of your business. So if you’re spending all of your time on client work, we have to fix that. Right. We have to kind of come in and think about things in a new way. And how do we set up or restructure or do something with what you’re doing now to give you more time? And right alongside with that. 

[00:06:47] Hand-in-hand with that. It is. The fact that you also need. Right. You need the security. Of what you have now in order to shift into where you are going. So what does [00:07:00] this look like? It’s very dependent on you and the structure of your business, but perhaps it looks like fine tuning or changing or updating what your offer is. Perhaps your offer is something that’s really time. Like it takes a lot of time. And can we tweak it in some way where it doesn’t take up so much of your time? Maybe this looks like hiring some help. 

[00:07:24] Maybe it looks like getting somebody in your business to assist you in some of the tasks to free up some of your time. Maybe it looks like. The okay. I’m going to work super hard for the next two months, three months, save up some extra money. So I have some more breathing room and I can reduce my client load a bit to create the space for the pivot. And if all of this sounds a little bit scary it’s okay. 

[00:07:49] It’s meant to. It’s meant to, because this is your next evolution. And if you weren’t a little scared, if you weren’t a little nervous. It means that you’re not growing. It [00:08:00] always, always happens. All the thoughts, all of the fears and the doubts come in when you are on the verge of your next level. So just know that this was part of the course. And this is why it’s so important to know what your dream life vision is. What your magic is. W like to have that conviction because it’s a bit of a road here. 

[00:08:19] If you’re like, Hmm. Either I’m feeling really bored with what I’m doing. I’m feeling burnt out. You know, I’m feeling uninspired and I really want to shift it. You can stay where you are. It’s going to get worse. Or you can put this plan together and move to the next evolution, the next level of your business, where you’re going to jump into something. 

[00:08:39] That’s super exciting that you’re, you know, that you love that. That really, that will give you more purpose. It will give you more profit and all of this, all of this. So just know that’s par for the course. So we talked about the MIS, we talked about the finances to prep for this pivot. And so now let’s get into. How do you figure out the finances of this [00:09:00] new offer suite? 

[00:09:00] Like, what is it. What’s that going to look like and how do you plan for this? So when we’re are talking about finances, there’s two levels to it. So one is, do you know. At the actual numbers. Do you know the numbers that it actually takes to support your goals? And for you to achieve the things in your dream life. The one again, your dream life, not the dream life of somebody else that they sold to you or they influenced you to have. 

[00:09:28] So there’s two tiers to this number. The first is the base number. So what do you need to cover your expenses to ensure that your needs are met? So, again, baseline. What do I need to make my needs met? And the second number is the expansive number. And this covers your wants. So maybe. You want to travel so much more? 

[00:09:48] So you need a bigger travel fund. Maybe you’re saving for a house. Maybe you, I don’t know, want to give your kids horseback riding lessons, like things like this. So [00:10:00] knowing. Your actual numbers. Giving your money, a purpose along with knowing the actual numbers. I’m making this much because I want the travel fund because I want to travel four times a year. 

[00:10:13] I want to digital nomad, whatever. This sends a much clearer message to the universe. For money to flow. And in addition to that, when you know the number. And the reason for the numbers, you can’t, your brain and nervous system understands it as concrete. It comprehends it so much better. Versus this, oh, I just want to make 10 K months. 

[00:10:37] And that means nothing. So your brain doesn’t understand that. So when there’s actual things that you want to accomplish, Oh, now I get it. All right, so now it can happen. So now that you know, okay, this is how much money I need to take home, figure out. 

[00:10:56] What you need it to get there? So [00:11:00] that’s when you get into the nitty gritty of your actual running of your business. So right now, you know, what are your business expenses and what are your business expenses in the future? So for instance, What about the scaled version of your business? Or maybe you have a team member or two, maybe you’ve upgraded into a different email marketing platform or joined one, you know, period. Things like platforms, team coaching, business development. 

[00:11:28] Maybe you want to hire some, some mentorship, some coaching, highly recommend. In this process. Maybe there’s some sort of retreat or there’s a business, you know, like some course you want to take, so things like this. So of course the, this number can change, but again, giving yourself a general idea is going to help you to create the plan. So knowing your expenses and knowing what you need to achieve your goals. 

[00:11:53] Now, you know how much you need to bring into your business. And this really helps you to [00:12:00] price your offers and know exactly what your sales goals are to achieve them. And it helps to make it so much more concrete. So having actual numbers is so much easier to digest and it’s so much easier to see how you can achieve them versus some elusive random number. 

[00:12:17] That’s just like peer pressure from the, from the internet, you know? So another thing on pricing you might say, okay, that sounds. Interesting I guess, but how can I just make my pricing like that? That’s not how you price things. Well, actually, It is so. Consider this when you. Have a business. So when you have an offer, You need to. Be able to dedicate yourself fully and serve. At a high level. 

[00:12:48] And in order to do that, you need to have the brain space. You need to have the time you need to dedicate yourself to giving results, right? This is what we’re here for to be intentional. To really serve deeply to be [00:13:00] there for clients and to really be in integrity with what we’re doing. And there’s going to be, so let’s say you have this offer. Through the systems build offer, and let’s say, okay, I’m doing some click ups systems build. And what if this takes you two weeks? And it’s priced at $500. That. Potentially, it sounds like, oh, That’s like, I’m going to be maybe a little resentful of that or, you know, there’s, it’s not going to work out so well because I’m not going to. It’s not going to just like, hold me to be able to say, okay, I’m looking forward to what I want to make this building gonna make it as amazing as I can because the price isn’t there, something off with it. 

[00:13:40] And the same thing can happen when it’s priced way too high. Then you put all this pressure on yourself. So it’s really at this number and there’s no magic number. There’s no number of all this should cost. However much. Whatever your price. Is there always going to be people who will say no, that’s too much and there’ll be people who will happily pay it always. 

[00:13:56] So I really invite you to consider. [00:14:00] All of this, when you’re pricing something know that it is not a science, there’s a magic to it and just know. That having a number where you can really dedicate your space and time to and feel good for it is really the goal. So that is all for today. Also have money talk. 

[00:14:18] And so I really hope you got something from it. And if you listen to this and you were like, oh, this is great, but I don’t exactly know what I want to do. Good news is that I have a free soulful scaling roadmap for service providers for you to download. It goes through a bunch of different scaling path and more importantly, the questions to ask yourself to. Do some self examination to see what is the one that is aligned best aligned with you. 

[00:14:44] And you can find slash roadmap, that’ll be linked in the show notes. Of course. And that is all. I will see you guys next [00:15:00] time.