Overcome MONEY MINDSET to Create a Profitable and Sustainable Calligraphy Business! ft Jacent Wamala

Introduction

In this section, Rosie introduces herself and her guest, Descent Jones. Descent is a licensed marriage and family therapist who focuses on helping women build wealth without burning themselves out.

Introducing Descent Jones

• Descent Jones is a licensed marriage and family therapist who helps women build wealth.

• She believes that wealth starts with wellness and helps women transform their money mindset.

• In the interview, she shares tips on how to charge what your full value is and how to not be burnt out while building a sustainable business.

Wealth Starts with Wellness

In this section, Descent talks about how wellness is an important part of building wealth. She explains that it's possible to create a financially free life in a way that's sustainable and prioritizes health.

Building Wealth Sustainably

• Wealth starts with wellness.

• It's important to prioritize health in the wealth-building journey.

• Psychology can be used to help transform one's money mindset.

Charging Your Full Value

In this section, Rosie discusses some commonly asked questions from their coaching program related to charging more for services. They talk about why people often undercharge for their services and how to overcome this mindset.

Overcoming Undercharging Mindset

• People often undercharge for their services because they don't believe in themselves.

• It's important to charge your full value, even if the task is easy for you.

• You don't have to believe in yourself ahead of time to make progress.

Understanding Your Money Mindset

In this section, the speaker discusses how our mindset affects our relationship with money and how we can develop a healthy money mindset.

Developing a Money Mindset

• Our money mindset is shaped by our experiences growing up, including overt and covert messages about money.

• We have a tendency to upgrade and update things in our lives except for our mindset towards money.

• Developing a healthy money mindset is crucial for building a profitable business that can be sustained long-term.

Separating Self-Worth from Product/Service Value

• We tend to wrap up our identity into the service or product we create, which affects how we value ourselves.

• Personal development work can help us separate self-worth from what we do and remind us of our intrinsic value.

• Products and services have value that can be calculated based on profitability, but it's important not to associate it with personal worth.

Charging Based on Value

• Charging based on what we think is easier or what we would pay is not effective. Instead, charge based on the value of the product/service for the consumer and the return they will get.

• Businesses are about solving problems for people and providing them with transformational experiences. It's not about us as individuals.

Pricing Strategies

In this section, the speaker discusses pricing strategies for businesses and how to determine the right price for your services.

Starting at Market Price

• Start at market price and adjust as you gain more experience.

• Continuously work on your "pricing muscle" by flexing it and charging more over time.

• The level of investment someone makes in your services often correlates with their level of satisfaction.

Avoiding Low-Paying Clients

• Clients who pay less may complain more, have poor boundaries, and not value your work.

• Racking up low-paying clients can lead to a Black Book of clients who don't align with your mission or value your work.

• It's better to start at the top and see where it goes rather than starting with low-paying clients.

Value of Creative Services

• People will pay for creative services that they cannot do themselves, such as calligraphy or art.

• The amount of time and talent that goes into creating a product is what determines its value, not just the cost of supplies.

Charging More for Your Services

In this section, the speaker talks about how charging more for your services can help you identify the right clients and improve your business sustainability.

The Mindset Shift

• As a business owner, it's important to shift from feeling like someone is doing you a favor by working with you to realizing that there are plenty of people in the world who want what you offer.

• It's okay if someone doesn't have the budget for your services. Stick to your price and focus on finding clients who align with your mission and values.

• Charging appropriately is important for business sustainability. Even if it means booking fewer clients, charging more will even itself out in the long run.

Overcoming Fear and Friction

• Psychological factors such as fear of abandonment or failure can get in the way of charging appropriately. Identify these bottlenecks and work through them.

• Use data to determine how many calls you need to make based on your conversion rate. If you don't have data, use industry standards as a starting point.

• Think about past successes and where you've found clients before. Consider physically going to places where potential clients may be.

Pricing Strategies

In this section, the speaker discusses different pricing strategies that businesses can use.

Value-Based Pricing

• Value-based pricing involves setting prices based on the value that customers perceive they are receiving from a product or service.

• This strategy requires understanding customer needs and being able to communicate how your product or service meets those needs better than competitors.

Cost-Plus Pricing

• Cost-plus pricing involves setting prices based on the cost of producing a product or service plus a markup for profit.

• This strategy is simpler than value-based pricing but may not take into account customer needs and market demand.

Hourly Billing

• Hourly billing involves charging clients based on the number of hours worked.

• This strategy can be useful for services that require a lot of time and effort, but it may not accurately reflect the value provided to the client.

Conclusion

In this section, the speaker summarizes the importance of charging appropriately and finding the right pricing strategy for your business.

• Charging appropriately is important for business sustainability and finding clients who align with your mission and values.

• Different pricing strategies have their own advantages and disadvantages. Consider factors such as customer needs, market demand, and production costs when choosing a strategy.

Positioning Yourself to Find Ideal Clients

In this section, the speaker talks about how to position yourself to find ideal clients and overcome psychological barriers.

Finding Your Ideal Client

• Identify who your ideal client is.

• Put yourself in front of them as much as you can through various channels such as email, Instagram, LinkedIn, or in-person meetings.

Overcoming Psychological Barriers

• The mindset is what gets in the way of finding potential clients.

• Fear of bothering people or rejection can be a barrier.

• Personal development and self-awareness are key to overcoming these barriers.

• Being part of a community like Craft Academy can help with accountability and support.

Embracing Failure

• Getting through failure quickly is essential for learning and growth.

• People who are successful are able to go from failure to failure without losing enthusiasm.

• Being part of Craft Academy can help reduce mistakes and failures.

Charging Appropriately for Premium Value

In this section, the speaker discusses charging appropriately for premium value and how it attracts clients who understand how to use money as a resource.

Charging Appropriately

• Charge appropriately for premium value.

• Trade time for money or money for time depending on the client's needs.

Attracting Clients Who Understand Money as a Resource

• Clients who pay higher prices understand how to use money as a resource to fast-track solutions.

• They want their events or experiences to be luxurious and personalized.

Importance of Providing Great Experience

In this section, the speaker emphasizes the importance of providing a great experience to high premium value spenders and how it can lead to long-term sustainability in business.

Providing a Great Experience

• High premium value spenders like luxurious things and are willing to pay for them.

• Working with a brand and providing a great experience can lead to repeat business.

• It's important to think about what they would pay instead of what you would pay.

• Long-term sustainability is key in creating a successful business.

The Power of Saying No

In this section, the speaker shares an anecdote about a student who increased her hourly rate and was initially turned down by a high-end brand. However, she was later hired at her full rate because she said no, which highlights the power of setting boundaries and thinking long-term.

Setting Boundaries

• A student increased her hourly rate but was turned down by a high-end brand during Christmas time.

• The student shared on Facebook that the same brand later hired her at her full rate because she said no initially.

• It's important to think long-term in business and create sustainability within the back end of the business.

• Saying no is not always negative; it can be an opportunity for future work.

Elevating as an Industry

In this section, the speaker emphasizes the importance of communication within an industry and elevating together as one community.

Communication Within Industry

• Sharing pricing information within an industry can help elevate everyone together.

• Holding oneself back also holds back the entire industry.

• Having open communication within an industry can help everyone grow together.

Getting Comfortable with Pricing

In this section, the speaker discusses how getting comfortable with pricing is not the goal and why it's important to increase rates as you grow.

Increasing Rates

• You should never feel too comfortable with your pricing.

• If you're closing 100% of your leads, it's time to increase your rate.

• Increasing rates allows for scalability and passive income.

• The speaker learned the hard way that low pricing leads to burnout and no profitability.

Facing Fear of Increasing Rates

• The speaker started at the bottom and made mistakes along the way.

• Going viral on TikTok led to an increase in demand and a need for higher rates.

• Physical check-ins help keep the speaker in check when it's time to increase rates.

• Reevaluating rates annually or every six months is important as skills improve.

Mindset Shift

• Inflation means that increasing rates by at least 7% annually is necessary to avoid decreasing pay.

• Having a CEO mindset helps in owning a business and making decisions about pricing.

Physical Cost and Pricing

In this section, the speakers discuss the physical cost of their work and how it should be factored into pricing.

Physical Cost

• The physical toll of the work should be considered when setting prices.

• Charging appropriately allows for self-care such as massages or acupuncture.

• The hourly rate does not reflect all the time spent on a project, including preparation and travel time.

• It's important to revisit pricing regularly and adjust accordingly.

Pricing

• The community can help set industry standards by sharing pricing information.

• There is no limit to what someone can charge if they find the right market.

• It's important not to cap oneself based on personal preferences but rather consider what someone would pay in the market.

• Working with lower-paying clients may result in missed opportunities for higher-paying ones.

Working with Clients and Following a Clear Plan

In this section, the speaker discusses how she charges clients based on the time of day and her availability. She also emphasizes the importance of following a clear plan to achieve success in business.

Charging Clients

• The speaker charges additional fees or retainers for working during holidays or outside of regular hours.

• Fees vary depending on the time of day, with daytime hours being less expensive than evening hours.

• Fees may also depend on the speaker's personal schedule, such as if she is spending time with her kids.

Following a Clear Plan

• Rush fees and last-minute additions can cause issues with contracts and supplies.

• The Craft Academy provides a tested roadmap for success in business.

• Trusting the process and executing the plan is key to seeing growth and change in one's business.

• Mindset plays a role in success, so it's important to ask questions, connect with others, and take care of oneself holistically.

Conclusion

• Success doesn't have to be achieved alone; investing in a clear plan and getting support can lead to growth and new adventures.

Becoming a Thriving Calligrapher

In this section, the speaker talks about the challenges of charging fees and how to overcome them. She also emphasizes the importance of having a vision and community support.

Charging Fees

• Comfort is wired in everyone, so it's never going to be comfortable to charge your fee.

• If you have envisioned being a business owner or a full-time thriving calligrapher, then you are already capable and worthy.

• If someone has paid you before or complimented your talent, then it's already written. You just need to execute and enjoy yourself.

• Community support helps in overcoming the challenge of charging fees.

Giving Back

• Charge what's necessary not just because you want to feed yourself and grow your business.

• Use financial freedom to give back to the community by teaching at-risk youth how to channel their pain into art or helping older people do art in assisted living places.

• Everyone has something they want to do in the world and have a way of giving back.

Starting Your Business

• Start now, start ugly. Don't procrastinate on starting because things don't have to be perfect.

Starting Ugly and Buckling Up

In this section, the speaker talks about how things don't always start out perfect and that it's important to embrace imperfection and start anyway.

Embracing Imperfection

• The speaker emphasizes that things don't always start out perfect.

• She encourages listeners to "start ugly" and embrace imperfection.

• The speaker thanks the interviewer for having her on the show.

Final Thoughts

• The speaker greets someone off-camera before ending the interview.

Setting Up for the Interview

In this section, the speaker prepares for the interview by adjusting her camera angle.

Adjusting Camera Angle

• The speaker asks if she is in frame and adjusts her camera angle accordingly.