What if you could change the way you price your services and double your revenue without bringing on any new clients or changing anything about HOW you work with your clients?
Oh, yes, it’s possible!
Sometimes, just switching up how you're pricing your services can have a dramatic effect on your overall profitability—and I don't just mean raising your prices—but reimagining how those prices are structured in the first place.
We've been talking this month about creative strategies around pricing or packaging your services. And as part of that exploration, I wanted to re-air an interview that I did with Lacey Sites from a Lit Up Life in 2019.
Lacey is a business mentor and success coach for high-performing women entrepreneurs and she created a unique revenue sharing pricing structure that allowed her to scale her one-on-one coaching business and dramatically grow her profits without bringing on a single new client.
This unique model allowed Lacey to double down on her investment in each client, reap the rewards when their work with her pays off—and it also creates a pricing structure that builds trust and represents the true long-term partnership she wants to build with each client.
This episode originally aired in December of 2019. It's been one of the most listened-to episodes ever and I think that's because it creates a model that allows you to genuinely grow and scale a service business without having to give up the close 1-1 client relationship.
Listen to the full episode to hear:
- Increasing revenue without increasing work by using a revenue or profit sharing model
- The logistics of actually creating a revenue-sharing model
- How a revenue-sharing model requires Lacey to filter her clients more carefully
- The impact that shifting to this pricing model had on Lacey’s business