Podcast Show Notes - Episode 4
Episode title: EPS. 4 - Pricing & Income Strategies with RJ Connell
Episode summary introduction: On today’s show we meet with RJ Connell, an income strategist, who helps us look at ways to take our business from surviving to thriving. She breaks down for us the importance of having an emergency fund for our business, and how to plan for income fluctuations in the future. RJ also debunks that myth that you simply charge what you’re worth.
Resources mentioned in this episode:
- The Profit Scale Podcast: https://theprofitscale.simplecast.com/
- RJ on Instagram: https://www.instagram.com/rjcconsulting.global/
Episode transcript:
RJ:
When it comes to pricing, it is super important that you do not charge for the value that you are, you charge for the value that you add. And you as the entrepreneur have to be very clear on the value that you are adding to your client's lives, no matter what your business is. And so the first thing is having clarity around your value, the value of your service. Let me say, as well as the result you are offering and the experience.
Kamille:
Welcome to the Abundant Entrepreneur Podcast, I'm your host, Kamille Cawley, two time business owner, fitness expert, connection strategist, creator of the Abundant Entrepreneur Summit, wife, and fur mom. Each week, these episodes are field stories, strategies, and expertise given by guest entrepreneurs from all across the world, as well as bonus episodes, from me, that will energize, empower and support you in your journey through entrepreneurship. Get ready to elevate your vibe and captivate your tribe. It's time we connect to our message, step into who we are truly meant to be, and become more abundant in life and business. Who is with me? Let's get started. All right guys, we're back. I'm so excited. I have RJ Connell here, Hi RJ. How are you today?
RJ:
Hi.
Kamille:
I'm so excited to have you. RJ is an income strategist. She knows everything about money guys. So I know you guys want to listen to this, but RJ, tell my audience a little bit about you. I'd love for them to hear.
RJ:
Yes. Well, thank you so much for having me. I'm super excited to dive into the conversation today. So a little bit about myself, as you mentioned, Kamille, I'm an income strategist. And so what that means is I primarily work with coaches, consultants, and creatives, and I help them with strategy around their money. So we spend a lot of time as entrepreneurs focusing on marketing, focusing on lead magnets, focusing on building our social media, focusing on building our email list and all of this outward bound energy. But then when money actually comes into your account or when you are trying to manage your money so that you can grow your business, that's an area where we often drop the ball. And so that's where I come in and I help entrepreneurs specifically with pricing. And so that's one of my specialties is making sure that your pricing supports your business growth and not just sustenance. So not just maintaining where you are, but you actually have the ability, the financial stability to actually grow your business. And then I also help with profitability and help with cashflow different strategies around just managing, making sure money is available when you need it, paying yourself, how do you determine how you pay yourself? So all these strategies that I help with and then strategies around how you bring money into your business, using the money you already have. So it's a little different technique rather than focusing on marketing and focus on how do you optimize the money you have now, so you can allow your money to work for you. So that's a lot of what I do. And typically what I, the kind of work that I do with clients.
Kamille:
That is so amazing. And I'm sure like everyone just hearing that right now is like, I have 10 million questions. Let's go. It becomes such a crazy load. I'm like, let me hire someone. So today you guys, we're going to talk a little bit mainly, especially during this time of how to deal with your money, but this is going to help you obviously in the long run as well. I wanted RJ to go in and teach you guys. And I know a lot for me, I've been hearing a lot from people saying that they're afraid to offer their services because people don't have jobs or people aren't gonna think that they're necessary or essential. And they're afraid to sell right now, to be honest. And also they feel guilty for being too high price. And I know you work with a lot of consultants and entrepreneurs on this so tell them how can you help them with that? Because I know the feeling of guilt is real and it's scary, but you know, what, what is it that you do to help people get through that?
RJ:
Okay. So the first thing is that, first of all, it's a great question, Kamille. And like you said, it's not, this is not something that, you know, maybe one or two people are feeling. Our collective entrepreneurial community as a whole is probably struggling with this. So if this is you right now know that you're not alone and that's okay, it's natural to be feeling that. So the first thing I want to do is just encourage you in yourself. You as the individual, you, as an entrepreneur, as the expert, as a person who is out there to serve, I want to encourage you first and let you know that what you have is valuable and the service you provide is truly impacting the lives of your clients. And I believe that if you didn't believe that you wouldn't have started your business and you wouldn't be offering something in exchange for money. So that's the first thing that I want you to remember. Secondly, it's so important that you realize for yourself that, and that you believe for yourself, that you are an essential service to your clients. And so if you don't believe that for yourself, it is going to be that much harder for you to sell during a time period like this, because you don't have the confidence, you don't have the conviction that you are necessary. So then how do you then communicate that confidence to your client and instill that confidence in them that it's a good choice to work with you right now when finances might be limited or where they might be trying to prioritize where their income is. That's the second thing that we have to realize as entrepreneurs is that we have to believe in our service more than we want our clients to. And so if we're not able to do that just yet, then that's some internal behind the scenes work, that first needs to take place before we go out there to sell. And if you truly, truly do not believe my clients do not need this right now, I do not want to sell anything right now because they don't need it. And I don't like it if it was me, I wouldn't buy it. If that's where you are right now, that's a personal choice. That's a conversation that you can have for yourself to kind of figure out why don't you believe that your service is necessary throughout. There are further questions essentially that I would ask in that time period. And I, and I truly believe that that's where you are right now. You need to have a coach, some kind of consultant, someone that's working with you. So you can bounce off these ideas and these thought processes off of someone else, other than yourself, because there could just be some internal, either limiting beliefs, some internal turmoil that's going on that's preventing you from being able to show up and serve your clients. So I definitely think that you should have someone or a community outside of yourself and you know, and what you offer Kamille is a great place for that to just kind of show up and say, Hey, this is what I'm struggling with. And just get those outside external perspectives so that you can realize and think beyond yourself and think more about your community and how you can serve them. Even if that means in a slightly different way than what you're used to doing right now.
Kamille:
And that's everything I've been talking about right now. Some things are not considered essential at the very moment. And that's why, you know, you have to kind of start to create and pivot and change and think, okay, I know I have something we have, we all have something we got, like you said, started for a reason, maneuver and figure out how we can serve in maybe a different way. I'm serving in a different way. My business has changed completely, even though everyone thinks oh your business coaching, you're still business coaching. Because every single one of my clients is coming to me with these problems and these issues, I don't know how to sell right out. I don't know what to do. My business was in person. How do I go online? Like, there's a lot that I'm having to completely scratch and start all over. And that's just how it goes right now.
RJ:
I completely agree with that. We need to be innovative. We need to be able to pivot, but not necessarily jump off the track of what we're offering. So, you know, as you were talking about pivoting, you are still and have always been offering guidance to your clients to help them with their business. And that's still what you're doing now. But like you said, you're doing it from a different perspective because the need has slightly changed. And so you're just meeting the need where it is, as opposed to where it was before. And so for all of us who are entrepreneurs, that's essentially what we're doing. We're not completely starting this whole new business, but we're saying, how can I just position my existing expertise to fill the current gap that exists right now? And so, you know, one of the things that I do want to say when we're talking about what's essential and what's not, is realize that essential is by definition, going to be what matters to you as to each person as an individual. And I'll give the example as I will not lie. I took my hairdresser for granted. I will not lie.
Kamille:
I took her for granted. The fact that I have no color on my nails. My husband even asked me the other day. He was like, have you ever not had your nails painted? I was like, no, we've been together for almost nine years and the man has never seen them. I'm totally with you.
RJ:
There are things I wouldn't have considered essential before, but now that I'm, without them, I'm like, I feel like that's essential to me. That's my essential. So you know, when we take that perspective, because I didn't realize I used to go to my hairdresser. And you know if I had listened, I had an appointment and I was supposed to go and it was right before everything shut down. And I was like, nah, I'll go later. Little did I know and now it's like, you know, even longer that things like my nails similar to you, I was like, I had not like literally picked up nail polish to paint my nails in years, years. I have not done that. And so, I mean, I could, but I refuse to right now. So they're just saying place until I can eventually go to the salon again. But the point being is that what I consider essential might not be with what you consider essential Kamille, and that's fine. Right? And so we, as entrepreneurs have to realize that the best way to find out what matters to your people is to communicate with them, ask what do you need during this time period, or listen, if they're already telling you even better, listen, you know what? I realized that right now, you guys are struggling with your payments. Or I realize right now that a lot of the people who are in your community or, you know, in my community are having a hard time with keeping up with just their finances for maybe it's stress. Maybe their finances are fine, but just the stress of everything else around them is causing them to view their finances through a particular perspective. And so every individual entrepreneur right now, the best way for us to serve our people is to find out what they need and to see how we can fill the gaps. And that doesn't always mean you as the individual have to become the expert in that area, it could be exactly what you're doing, Kamille, by bringing people together to say, you know what, let me provide people who have different expertise in different areas to serve the needs within my community. So exactly what you're doing. And you're setting such a great example for your community by doing that in the show and leading by example, to say, this is how you continue to serve. This is how you make yourself essential if you provide what they need in this moment. And I genuinely believe you're doing a fantastic job with that. So everyone who's listening, literally takes that example.
Kamille:
Well, thank you. And I really like it for me. This is the time where I can learn to be a better entrepreneur myself, because I'm learning from all of you guys, like all these steps that you're talking about, all these things to think about, help me, help my clients and help me serve better. So it kind of goes full circle. Even though I am doing this for everyone else, I am still always learning from everyone that I bring on to this page. You know, I didn't even expect the story I got from the last girl that came on, where she'd been a registered nurse for 10 years in the six weeks. She decided I'm a life coach. Now I'm not going back. I've always wanted to do it. This made me change my whole thing finally. And I'm good. I'm never going back to nursing. And I'm like, wow, I was not expecting that story. And just see her here, how she was so fulfilled and so happy in this last six weeks. I was so happy to give that to other people. But at the same time, I was like, wow, like, look at how she feels, you know? And that, it's amazing. Like, I love that. And like it does, it really comes full circle. And when you talk about changing and having to kind of recreate or figure out what our, you know, what our clientele needs, I have clients that they've switched over. They did own nail salons, or they did. And then now they're doing care packages, nail care packages for people and sending those out. And I'm like, you know, how many women want that right now? So many women are so scared to do it ourselves. You know, we have to figure it out. And it's just about creating and pivoting and figuring out what the clientele wants and needs right now. And again, for me, that's essential and yet it's not, I'm not going to die without it, but I want it right now. And it helps me, you know, there's hairstylists that are giving, they're leaving, like just the color for their clients. Have you heard about leaving the color for their clients and just having their clients like Venmo them? And they have them all doing their own like greys and their hair and stuff. But I love that you said all that. So, you know, I do have a lot of people on here right now coming forward and saying, okay, well, I'm moving online and I'm, you know, I don't know how, and I know it's hard unless you know exactly what the business is, but any like advice to someone that maybe is moving online and they don't really, again know how to price themselves, they don't really know how to figure that out. And what would you say to them? And in order to like start going, okay. Cause I feel like some people move online and they feel like they have to be cheaper. It's surprising. They feel like they have to be cheaper, especially I deal with a lot of fitness and wellness coaches. They feel like because in-person is very personal and you're working in person than online needs to be cheaper, but that's not always the case. And I would love to hear what you would say to someone like that.
RJ:
Again, a great question. And so first thing, when it comes to pricing, first statements that I want to make, cause I know that we live in this Instagram society where everyone knows the coach, charge your worth or charge what you're worth and add tax and all of these statements. And you know, it's a great quotable, but it is not the world of business. And so it is like my life's duty to debunk this myth and to get you to understand pricing foundationally for what it's supposed to be. And also so that it serves your business and serves your clientele in the long run from a sustainable perspective. And not just from a perspective of, in the moment I want to be paid this much right now, type of thing. So first things first is when it comes to pricing, it is super important that you do not charge for the value that you are, you target for the value that you add. And you as the entrepreneur have to be very clear on the value that you were adding to your client's lives, no matter what your business is. And so the first thing is having clarity around your value, the value of your service. Let me say, as well as the result you are offering and the experience. So I'm going to say that again, in case there are people who are taking notes, which you should be clear around the value you add, clarity around your result, and clarity around the experience. Those are, those are three very key things. And that, let me put it into context now. So you talked about some of the health coaches who are now switching from or fitness coaches who are now switching from being in person to being online. Obviously we all have to adapt to that, right? So it's not just the health and fitness industry. It's any industry that works on that works in person. So what you want to do is look at what is the value add? What are the results and what is the experience that you curated in person when you're normally working with your clients? And then when you are now transitioning to online, can you keep those three things the same? Can you keep the experience, the level of the experience, the same, of course, it's going to be delivered in a different way, but can you still curate and experience at that same level? Can you keep your result the same? Is the value that you're adding the same? Cause if it is, there's no need for you to adjust your pricing, right? Your pricing should remain exactly the same because the only thing that's changing is your medium. And so if your medium is now part of the experience that you curate and the people who are coming to you as a personal trainer, for example, are coming to you because they, they specifically want to work with somebody in person. And that's part of your unique selling advantage as part of what makes you different or makes you unique. Then of course, then you're going to have to look at, you know, maybe making some adjustments to your pricing based on that, because that was part of what they were specifically looking for with you. But if they were coming to work with you, because that's what everybody does, but they were never opposed. For example, to work online, if that's what you had offered before then that's different, right? Because now it's less about that. It's less tied to why they're specifically coming to you and you're still able to keep those three things, the results, the value and the experience the same. And so then, like I mentioned, you don't need to adjust your pricing. Now, if you're in a position where you are working with clientele and because of everything that's happened right now, you're now realizing that your clients cannot can no longer afford to maybe pay you at the same rate that you had charged before or invoices aren't being paid, or people are reaching out and saying, Hey, I got to cancel or whatever that might be. You're just, you're noticing some financial changes in your client's ability to continue working with you. The absolute first thing you must do is communicate. Now we've already been in this for a couple of weeks. So if you have not done this already, literally do this today. Literally you can literally pause this as you were listening to it and then send out an email to your community or make phone calls, or at least schedule the time to do that. And just reach out to them and say, Hey, I just want to check in, are you okay? What's going on? I want to find out how I can support you. That is the absolute first thing, because the changes you make in your business should reflect the value of service that you're giving to your clients. And if you don't know where they are, if you don't know what they need, if you don't know what the challenges are, you should not be making any changes just yet, because how do you know it's actually going to serve them, you know, in regards to pricing.
RJ:
So that's the first thing next. What I would have you do is figure out after, you know, take that information that they've given you and now see, can you adjust the payment schedule? So I never recommend decreasing your prices. Please do not do it. It devalues what you are offering, and it tells them that you're only charging this because you think it's worth it in a particular context. And so if you believed as an example that a consulting session with you was $500 an hour, and that the value you provide and the result you deliver is for $500 that shouldn't change, whether that's March 2020, or you know, or December, 2020. And that shouldn't change, whether you are delivering that result online or whether you're delivering that result in person, the result remains the same. And so that's why I had to start off with removing the personal value and what we personally feel we are worth because it's not about us as entrepreneurs. It's about our clients. It's about the results that we've delivered to them. So that being said, do not decrease your prices, but offer different payment schedules, offer restructure your payments, please do this. And don't feel, don't feel like it in any way, takes away from what you have to offer from your business. Of course, you need to make sure that it still can serve you. If you have bills to pay, if you pay yourself already, you know, as part of a salary, then of course you need to make sure it's, it's still compatible with what the business needs and with what you need, but offer that, offer that to your clients and say, you know, when they reach out to you and say, Hey, gotta cancel, things have changed. I'm no longer able to afford this, get on the phone and say, you know what? I totally understand so much has changed, but I want to make sure that I can still support you to achieve your goals. So here's what we can do. Let's break down these payments. And instead of doing one payment a month, do two payments a month or, and spread it out, or say, you know, what, what can you do? Like literally ask them, what is, what can you afford to do right now? If they say, listen, I can only pay $200 a month right now. And maybe you normally charge 250 and then say, okay, you know what? I want to make sure you're able to still continue, because I know how important this is to you. Let's do $200 a month for right now that one 50, we'll add it at the end of year. And when it comes to the end of the year, we'll talk about how you can break down those payments later on. But for now let's keep the $200 a month. And that one 50 you'll still be charged until you're making, you're making it clear. It's not necessarily a discount, but you're just, you're exactly. You're restructuring it in a way that can still support them. So you're saying, okay, that extra one 50, we're going to revisit it in six months. So it's still accumulating and you want to make sure you're very transparent. You're not trying to position it like, Oh, I'm pretending to give you a discount when I'm not, we're not trying to be deceptive here, but you do want to let them know. Let's leave that one 50. We'll have it accumulate over six months and that's going to end up being what, $750 or so. And we're going to come to that $750 in six months. And we're going to break that down into smaller payments that way for the next six months, you don't have to worry. We'll continue as is. It makes sure that you as a business owner is still able to keep income coming through your business, even if that's slightly reduced. And it's also making sure that you're not devaluing the service that you're offering and telling them, well, now I'm going to give you a discount, but six months later, and everything goes back to normal, hopefully I'm going to raise the price again. It's like that. You know, if you go down to $200, I'm not going to go back up to three 50 as a client. Like I'm not going to want to do that.
Kamille:
And I've talked about this before. And I, and many of you know, you've worked with me before, you know that I've done the same thing. Even in the past, before all of this happened, I was always willing to work with people, never put down my prices. When I was in personal training to now, I never lowered my prices, but I always allowed people, like if they got paid every other week, I would do biweekly payments, you know, to allow them to get paid. And I would do it on the Friday that they got paid so that it would make it easier on them. And they weren't getting hit in the middle of the week when they're about to pay bills, you know? That is just, but I would never change my price, always charging the amount that I felt I was giving. And I knew that I was giving, cause I always come from passion and I don't sell to sell. I sell because I'm trying to sell a service that I love. And I adore. And I want to give you guys an I know has value. And I love that you said that because that experience alone, isn't changing. Cause you're not changing. So if you're still being the person that you were before and you're coming into this with that same passion, that same love for the things that you're doing and you're just changing it around it, shouldn't devalue it at all, unless you're coming into it. Like you said, to do it monetary and do it quickly. And it's like, you're just selling it. First of all, people are going to notice because know when people are being desperate and people are just looking to make that quick buck, you know, most times you can tell when someone is being that way, but if you're bringing that same passion, that same love you did from that in person business online, there's no reason to lower your prices. And like you said, it's just about working with people. It's exactly what I've been doing. And I'm sure you've been doing in your business as well as that I've extended payment plans. And I don't know if you've heard this from any of your clients. And I did hear this and I told someone the same thing, you know, let's have you extend the payment plans with your clients. Let's have you that she's like what? The program is only three months and I'm going to push it out to four or five months. I said, but they're still going to get the results that they want. As long as you're doing the things that you said you were going to do. So even though you're pushing it out past maybe the time now they're going to be happy. They're going to get the results that they want. So pushing it out is not going to hurt you in any way. They're not going to come at you and have to make that fourth payment and go, well, I hated everything about it, unless you didn't put everything you were supposed to and give them the value and the experience and all of that stuff that you said you were going to do. That's the only time you need to be scared about pushing out payment plans is that if you're not actually bringing that, so I completely, I love everything you said that is, Oh my gosh, you are just killing it. You're like, man, I feel like I'm going to get so many messages of like, thank you. I mean, so I think also one of the last things I really wanted to, I'm sure I could, I'm going to have to bring you back on so you can talk about other things that I know my clients might financially really need help with. Obviously we're trying to stick with the time right now, what's going on. So I know you and I were kind of talking about how important it is to kind of, you know, prep and be smart about what we're doing with our finances now. Especially since some people are just getting online or they're just building online businesses or maybe they got laid off, like what, what advice are you giving to people or tips for people that are maybe just even stressed about the situation. It is a difficult time. It is scary. We don't know when this is going to end and where it is a little unknown. So I know a lot of people are a bit fearful. What, what would you say in preparation for that?
RJ:
Well, okay. So the first thing that I would say is that the changes we're experiencing right now, we may not have anticipated them happening right now, or to this extent, but as entrepreneurs, we always knew that there were going to be ups and downs. So, you know, again, putting it into context, you were prepared for this, you were ready for this mentally. You might not have known what it looks like, but just again, want to encourage you. You're not necessarily caught off guard. You're just trying to figure out how to pivot and you have everything you need. So that's the first thing. I don't want anybody to panic because you don't make good business decisions for yourself, for your clients and for the long term of what you want to accomplish when you are coming from a state of panic. So that's the first thing. Next thing that I would say is you right now, my first priority would be for you to make sure you have an emergency fund for your business. Now, typically what I would instruct my clients to do is to create an emergency fund of at least three months of all of their business expenses. Right now we're in a time period where you might be just experiencing a flux in how much your business is making. Maybe you're still working a nine to five, and even that has changed. So depending on what your personal experiences, how I would adjust that is at minimum to create a three month reserve of your necessary expenses. Now there's a difference between your nice but not necessary expenses. So let's talk about that for a second. So, essential, again, by definition, it varies between people. However, when we're talking, when I'm talking specifically about the emergency fund for your business, I'm talking about the things that are directly income generating and that you absolutely must continue to pay in order for your business to run. So, as an example, if you do your consultations with your clients, either via zoom, for example, or via a video conferencing software, and that is necessary because you provide them with the recording. And it's also one of the ways that we can increase the value for them, as opposed to just a phone call, then that is a necessary experience in order for you to continue generating money. For example, if your clients are finding you online through your website, as an example, that is a necessary part, a necessary expense. If you pay yourself, and that is your only source of income is directly through your business. And now you're, you're a full time entrepreneur and you don't currently have a side hustle that is a necessary experience because if you do not get paid and cannot pay your light bill, cannot pay your phone bill, your rent, all that kind of stuff, you are not able to continue serving your clients. And so when I'm talking about the things that are necessary in this moment, it's the things that will allow you to continue to generate income for your business. Now, as an example, I use a proposal software with my clients, it's called Better Proposals. And I'm not sure if you're familiar with it, or if anybody else is familiar with it. But, you know, it's like it's strictly a proposal software that allows you to put together really nice proposals with all this fancy stuff. It is nice, but it is not necessary.
RJ:
So if my business was at a place where, you know, my income was reduced and I had only a certain amount of funds to work with, I would for sure cut that off or pause it, I should say. I would pause my subscription and let them know, Hey, this is what's happening right now. I'm going to have to pause this for the next couple of months. And I would just go down to the things that are absolutely income generating for me because my proposals are not necessarily income generating all that information. I can do that in another context. Yes, it might be more labor intensive to make sure it shows up in this, you know, still presentable and still matches the level of experience that my brand delivers, but it is definitely something that I could find another way to do on my own as an example. My team works with me, so I have a phenomenal team of ladies that work with me within my business, they are absolutely income generating. They are my absolute first priority. I will let everything go before I let those ladies go, because I cannot do the work that I do by myself. And to have that support alongside me makes such a huge difference. And so for me, that's one of the things that is absolutely necessary. And it's actually the top of my priority list even before myself. And so like, you know, for you as the individual, you as the entrepreneur as well, you have to decide what is, what are the things that are necessary to your business, generating income right now and prioritize those things. So if you're trying to prepare, that's the first thing, create at least three months and get as close to it as you can, don't be discouraged if you're not hitting that number exactly. Don't be discouraged if it's taking you, you know, a longer time than you would like. Realize that, although you're building up to three months of expenses, it doesn't mean you have to do that in three months. It could take you six months to build up that three month of expenses, right. Cause you still have to pay for things in the meantime. So, you know, that's the timeline of that is going to vary, but then that's okay. But that's what you're at least hitting because you realize that the effects of COVID-19 are not only during COVID-19, they are going to last long after this ends. And so the better prepared you are, the, you know, the better positioned your business is to not only survive during this time period, but also thrive during it. And so that's, you know, definitely the first thing I would say, the next thing that I would say is just to evaluate, you know, create a list, prioritize, see what's important to you and create some, some different scenarios, some income scenarios as well. So what that means is let's say right now you're making about $5,000 a month through your business. And that income has been pretty steady. You know, it of course has its ups and downs and some months you make more some months you make less, but you're typically around that on average. So that's good to know and have as your baseline, but create another scenario. If you, if your income dropped to $2,000 a month, what would that look like? What would you have to let go of, what would you have to change around? What would the effects of that be on your business and how could you still make sure your business is running? Even if it drops down to $2,000 a month and then do another scenario where it's now $7,000 a month is your average. And then how could, you know, what does that change? What's that now allows you to create some different income scenarios where it's not just focusing on the positive, but just also changes that might not be optimal as well and prepare for those. So that if that does happen, you're not caught off guard like, Oh my gosh, my income plummeted $3,000 this month. Well, you prepared for that a month ago, you created some scenarios, just go back to what you had written out and see, how can I apply this right now? So this is now my current situation. I said, if this was to happen, I was going to pause these next subscriptions. I was going to decrease my hours here. I was going to adjust my personal pay, just for the, you know, temporarily so that I could make sure the business could still run and generate income. I'm going to do this for about three months and see how that works so that I can bring in that extra money and get the income back up to that $5,000. So creating those different income scenarios is also what's going to be helpful to prepare you so that you do not panic. Cause let me assure you that you have everything you need, where I see my clients not necessarily going wrong, but I think the bigger impact is that they're panicking. And so they're not able to make the best decisions or even think of the best solutions because they're in a state of panic. And so when you are preparing ahead of time, there's no need to panic because you're ready and you know what to do. And you're just executing a plan at that point.
Kamille:
Yeah I love that. Honestly, you guys, this is something that you should be doing at all times. So if you're just not in the entrepreneurial world, then, okay, I get, if you don't have this kind of set up, but I've spoken about this before on my page about having two obviously different bank accounts and people have asked me, should I have a business bank account? And I was like, even when I knew absolutely nothing and I started my first business and I was like 26 years old, I still got a business bank account right away because I knew that if I just kept taking money out of one account, I wasn't going to keep track of what I'm paying myself. What is actually going towards the business. And I knew at some point my taxes would be a mess too. So even though I wasn't totally suited up for it and I knew exactly what I needed to do, I've talked about the first thing I always adjust for me on my side is just get a business bank account. The same bank you want. You can see both of them when you're on there, pay yourself, do not just go and get a card. I used to leave that card at home. So that only when I was buying things for business or paying the rent for my business and I would use that card. I wouldn't even have it on me so that when I would go out and spend, it was on my personal account and I wasn't using it going, Oh, well, my business got more money. And that's the thought process, you know, unfortunately you're getting paid through that account. It looks nicer and you're up saving it. So, I mean, I'm no financial guru, but I definitely know. And I've talked about this before, is that you should be ready no matter what, this is not the only situation you're ever going to be in. Like you said, it goes up and down, you will get to a point where there will be more stable months, but it's always, there's always going to be an influx. You might lose the client. You might gain two. You might lose three. You might have, you know, there's always going to be up and down moments. And yeah, that is such great advice because no matter what, like you said, even if all of this kind of subsides in the next six months, it's going to hit us probably for the next two years, you know, the markets are down. Things are going to go down. We're going to be in pretty much a recession. Like there's going to be a lot. So having some sort of just buffer to feel good and to know that, okay, you know, what, if things get tough next month, I'm okay. I won't be ballin ', but I'm okay. And I think that that advice is good as you move along in this business, no matter what, if you decide to stay in the online world and that's where you started here, you decide to keep being an entrepreneur, that, to have that set up and have all of that because it's hard, this is not a business that you, you can always say that everything's going to be a hundred percent okay. Then Covid happened. No one saw that coming. I mean, we kind of did, but we were hoping they got to stay safe, all of us were all. And by the way RJ is from Canada, us here in the United States that we were impervious to the situation for a while.
RJ:
Just to add to what you were saying, Kamille. So that's not, that response that I gave about having the emergency fund and creating some different income scenarios. You mentioned the point that I just want to stress that this is not only if your business is currently in crisis. If your business is thriving, this is an even better time for you to take the time to do this. Because again, entrepreneurship, it's always going to be up and down. We don't know how down it's going to be. And hopefully the ups are super high, but still it's a journey, right? We're always going to have those up and down fluctuations. And so if your business is right now in a place where you're doing well, and you're like, Oh, well, you know, I'm okay. All my clients are good. I don't like that nothing has changed for me. Fantastic. That's amazing. But still prepare because these are financial principles that you should have for your business, no matter what, they're not just crisis management principles. These are things that will prevent you ever getting to a crisis in the first place.
Kamille:
Yeah and it is the best time. I mean, because if you are doing well and you are able to kind of keep some of that money, invest some of that money, do some of that money right now, the best time to do that. And because you, you may not be this way. When we, when he thinks go back to normal, you actually might drop. You don't know, you don't know what it's going to be. You get a buffer right now. And this is the perfect time to do it. If you are, for me personally, my business has been thriving, you know? So I've finally got some stocks, I finally did some stuff I normally wouldn't do. I'm not say I put thousands and thousands of dollars, then, you know, I'm like, okay, well, this is, you know, I actually am doing during a crisis. My business is going in the right direction. I'm okay. My husband, he's still working. So, you know, we're, we're pretty normal, I guess you can say. And I, and I'm grateful for that beyond grateful that I'm still in a good place, but it's time to be smart. I'm not, I'm not going online, shopping every day. I'm actually staying away from all of that. You know, I could be on my time, but I'm not because I'm like, okay, well, this is, this has told me, like, like you said, even though it sucks not to have my nails done, it sucks not to be able to get our hair done. We're actually saving in places that, I mean, I would have spent three, 400 bucks alone on some stuff to get dinners. And I'm not spending that kind of money so it's the perfect time for me to like, be smart with my money and save it if you are doing well, like you said, this is the perfect time to start. You can't go anywhere anyways. If it wants to be natural, let it be natural.
RJ:
At least, you know, you're not alone. That's good.
Kamille:
But thank you so much, honestly, I definitely want to bring you back at a later time so we can talk more about everyone when they need to budget and how to spend their money and how to use it wisely in their business. I'd love for you to tell people where they can find you, if you have anything that you could offer them right now, that would be great. Cause I know everyone is kind of looking for some resources.
RJ:
Yes, for sure. So a couple of resources that I'd love to share with everybody, the first of which I will say is the pillars of pricing workshop. So actually I have a workshop that's coming up this weekend. So it's actually just in time and essentially what we're going over. So this is a workshop that's designed to help equip entrepreneurs with the knowledge and the resources around how to properly price their services in a way that is geared towards sustainability and not just getting money through the door right now, not just that charge what you're worth mentality, but it's really, what do you need to consider every time you set your prices so that you are serving your clients optimally, but also positioning your business for long term sustainability. And so right now, this has been a really popular workshop that I've always offered it, but it's been a really popular workshop now because people are like, you mentioned, they're coming online. Like, I don't know how to transition. I don't know if I need to change my pricing or I like, you know, people around me are offering discounts and I feel like I'm not going to get any clients right now because you know, my competitors are now 50% off and just all that kind of stuff. So all of these changes that you're seeing, or maybe just questions that you had from before around how to price yourself, this is going to be a great workshop for that. And we're also going to talk about coins and confidence. And so how do you communicate your pricing confidently? How do you make sure that you have the sales techniques behind you so that you're communicating not only with confidence, but with conviction, like I mentioned at the beginning and you believe that your service is valuable and you're communicating that to your clientele. So that's the first thing that I would love to offer. And you can either visit the link in my bio to register for that. Or you can visit my website, rjconnell.ca/ppw for the pillars of pricing workshop. And again, it's happening this Saturday. So I'd love it if you can join. It's honestly genuinely one of my favorite ways to work people. It's because it's interactive and it's not a webinar. And we get to like actually talk and I get to find out about your business. I absolutely love it. And it's one of the places where I see the most transformation in a short period of time. So I genuinely would love to be able to support people there. And then I also have a podcast that's called The Profit Scale. And so this is a great resource as well for entrepreneurs, again, geared towards coaches, consultants, and creatives, and just providing you with strategy, with information, with resources, to help your business thrive and not just survive. So that's really important to me. And we focus a lot on that podcast with strategies around your money and not necessarily your marketing. There are so many really great, phenomenal resources out there that deal with marketing your business and how to grow and how to get people in. And so what I look at is taking a different approach and just helping you do that from a money perspective. So it's called the profit scale and that's available on all platforms as with most podcasts it's completely free. So I would love for you to check that out as well, and just listen to a couple of episodes, especially episode one, because it talks about the top three pricing mistakes. And that's been the most popular episode so far, and it's just a great free resource for you to get some knowledge on how to help you grow your business.
Kamille:
Thank you so much. And of course, I'll have all her information down below you guys that you can contact her if you need to. And of course, feel free to reach out to RJ for any questions. I'm sure she would help you.
RJ:
Please do. I would love to.
Kamille:
I love the workshop. I'm probably going to go attend the workshop as well. I can always learn more about my finances, believe me, but thank you again so much, RJ. I really, really appreciate it. Thank you so much.
RJ:
Thank you for having me, Kamille.
Kamille:
Thank you guys so much for listening to the Abundant Entrepreneur Podcast. I am so happy you tuned in today. You can take a moment to share this episode with someone that needs to hear it. That would be amazing. Also, if you could head over to iTunes and give me an honest review that will help me in making this podcast even better for those on their entrepreneurial journey. I want a completely honest review from everything you like to what you want to hear more, because that will only help me make this podcast even better. Again, thank you for tuning in and I'll see you next week.