Making the Maven Episode 108:
How can you break into an industry when you know nobody?
Michael Roderick went from high school English teacher to a Broadway producer in under two years. How did he do it so darn quick? Michael says it’s due to the connections he’s built. Michael explains that going to networking events is so cringe-worthy because you often get bombarded by people trying to promote their stuff and who, frankly, have the whole ‘building meaningful relationships’ thing all wrong. How can you avoid being like one of those people and how can you break into an industry where you know no one? Michael shares his tips!
Key Insights & Aha Moments
You want to grab a pen and paper for this podcast episode and listen to it twice!
How did Michael Roderick go from an English teacher to a Broadway producer in under two years?
The first year of teaching completely destroyed Michael. He had to break up a ton of fights and got things thrown at him.
How can you make a good connection with someone at a networking event without being too ‘networky’ about it?
So, why did Michael leave his career as a Broadway producer and how did he get to ‘here’?
Where does Michael’s very strategic thinking come from? How does he have so much wisdom?!
How do you break into an industry when you know nobody?
Michael has 4 networking archetypes: The sharks, the dolphins, those who are drowning, and the lifeguards.
How can you approach and build a relationship with a stranger? Let’s do a quick recap.
Michael explains his GATE strategy, which stands for Give, Ask, Thank, and Experiment.
Very, very rarely does someone say a proper ‘thank you’ to someone.
Formulas are great for marketing but awful for real-life implementation. It’s easy to consume 3 tips, but following those 3 tips to the letter will not give them the same results.
If you’re not being you, people will see it and they will not be able to build trust with you.
Making money, the money that you desire and deserve for the level of success that you want in your wellness business is a good thing! It’s not just a good thing for you, it’s a good thing for your clients and for our industry. You’ll be able to reach and touch more people and this is why I’m so passionate about showing you how to make money in your wellness business! That’s why it’s so important to Avoid This Costly Mistake with One Simple Step.
A costly mistake many business owners make? Waiting to hire experts until the moment they need them and than they are desperate.
What’s the simple step you can do to avoid this costly mistake? Identify trusted advisors early on, develop relationships with them and when the need arises, you’ll already have a strong relationship in place to go to them for counsel.
Examples? Tax advisors, legal advisors, financial advisors, or even just simple business advisors to help you through different scenarios in your business!
When I first got started with my clinic right out of school, I was looking all over for the perfect place. I wanted to sublease but really struggled finding that one perfect location. First, I didn’t want a long commute, I wanted to respect the business owner and wanted to be able to do business my own way. I longed for an environment that reflected how I wanted to represent myself.
A lot of things I saw I didn’t like, which helped me understand more clearly what I did want. Than I found the perfect place. The problem? It was all the way across town, but I was ready to sign a contract.
That’s right, a contract! Now don’t get me wrong, contracts are a good thing. But here’s what a lot of practitioners do. They get a contract, don’t read most of it, don’t understand most of it and sign it. That’s the wrong thing to do!
What I did was I had my trusted advisor, my attorney, read it for me. I didn’t want to get into any relationships that would harm me long-term. Which is interesting, because it turned out to be a pretty hefty contract and I needed to know what kind of restrictions I was going to have placed on me down the road!
What I learned? My attorney saved me time and money in the long run, because that contract was extremely restrictive. Nothing in it was in my favor. Remember above, though, where I said I was really excited about this place?
I went to the owner with requested edits and they said no. So now I was so torn about this, because I had struggled for so long to find a place I loved, but I knew this contract was going to restrict me in the long run. It really squashed my excitement and I wasn’t sure what to do.
I talked to my attorney about it at length, when he planted something in my head that I had already heard a million times from my husband, “Why aren’t you just starting your own thing? It’s what you want anyways and you’re more than capable of doing it.”
Best. Advice. Ever.
Initially, I felt like I needed to go out and get more experience before I opened my own business. But this new plan put me on a completely different trajectory and made me do a complete 360.
As you may have guessed, I turned that contract down, never looked back and found my own clinic space to open.
All that being said, my goal is to really have you think about the power of having trusted advisors in your business. They will save you time and money!
Which takes me back to the power of contracts. I’ve had them with all of my relationships in my business, whether it’s an employee relationship, contractor relationship, sublease relationship, etc. I want to talk about this in more detail, as I’ve recently had a conversation with a client who was looking to sublease space at another clinic.
Contracts clearly define the relationship for you. It’s like a tool that makes sure and allows you to talk about all of the things up-front in the relationship and how they’ll work. What is expected on both sides? How will you handle it if things don’t go well? It’s a good thing to know up front, because you want to have open communication, which a contract will facilitate.
Clearly, I’m not an attorney and I’m not giving you legal advice. It’s just something I feel strongly that I want you to think about. And this is where a trusted advisor you already have a strong relationship with will be priceless.
What do I coach my clients to be looking for?
Everything is negotiable
Just because something is worded a certain way in a contract, doesn’t mean you can’t negotiate for something else. It’s just a starting point for you to have a conversation. Don’t be afraid to ask for what you want and what will work best for you.
For example, if you’re just starting your practice and are looking to sublease from another clinician, is it important to negotiate a lower rental rate for the first few months? It may help to alleviate some of that financial pressure. It may be possible, but you’ll need to find a way to make it a win/win for both parties. Bring a solution to the table!
Make sure you know what is included and what is not included.
These are the types of things you want to make sure are documented in a contract. There are so many elements that you’ll want to know where you stand with, such as:
Linen services for message or acupuncture
Access to their front desk support
Furnished or unfurnished
Who is doing what, in regards to the above items? Make sure you clearly understand what is included and what is not included and that it is documented in a contract.
Does the business owner you are subleasing from have approval from the landlord to sublease space?
If they do not even have the proper approval to begin with, it may become a big problem if the landlord finds out. Can you imagine spending time to develop a practice and now you’re going to get booted out? This is a real possibility, so find out what the answer is so you can cover yourself. Simply ask, “You’re subleasing this room to me, do you have approval in your contract with the landlord to do that?”
Find out what type of business insurance you’ll need to match what the landlord requires of their tenant
You may need to have a larger policy than normal to cover things. You’ll need to understand what the added expense could be for you.
Ask about Exclusivity
If you’re investing your time, particularly if you’re just getting started, ask for exclusivity. That means that they aren’t going to hire or add any additional wellness practitioners into their space, because obviously, you’re working on building your own business there.
Don’t forget… it doesn’t hurt to ask and everything is negotiable!
Trust advisors absolutely will save you time and money. They are the first people I call when I’m starting something new in my business adventure. These people will give you the guidance and advice needed, so make sure you identify who these people are!
Making the Maven Episode 107:
Are you really struggling with what to stay and how to say it? Here’s a coaching call you don’t want to miss.
Nicole Barsic has been working her butt off with her new health business. She and I sit down to talk about how she can approach new clients and prospects without it being weird or awkward. In this coaching call, I offer some tips on how she can feel more comfortable in front of someone at a networking event or even in a group setting. It’s okay if you don’t click with everyone, but there are still ways you can build a relationship without being a weirdo!
Key Insights & Aha Moments
Want to know how to launch and grow your wellness business? Join the Facebook community!
Where is Nicole currently stuck in her business?
What was Nicole doing before she became a health coach?
Nicole started taking her business seriously in March of this year.
It’s difficult getting things done with a new daughter in the mix.
Nicole desperately needs a structure or some sort of outline for her business.
How can Nicole make a true connection with potential clients or even just build more meaningful relationships?
If you simply don’t ‘click’ with a fellow business person, then don’t try and force the relationship.
Nicole recently scheduled a coffee meeting with a potential client. What’s the best ‘non-awkward’ way to pay for the coffee (since she invited) without it being weird?
Are you struggling with what to say to a potential client and how to say it? Here’s my take on why you are.
I’m here for you today to once again work on helping you make money in your wellness business. Money is important, right?! But Creating Value is More Important Than Discounts! Being able to grow and make the money you desire and deserve is critical in order for you to be able to reach and touch more people. I want you to be the beautiful healer that you want to be, which in turn, will help you create a greater impact in this world!
Let’s dig in. I want you to know that you need to stop discounting your services and start selling your value! Big words! Here are some of the most common myths that I hear over and over:
Myth #1 – You believe that if you lower your price, you will get more clients.
When you drop your price by $5 or $10, you magically believe clients will be pounding down the door! But if you are struggling to get leads and are having a hard time getting people to come in for return visits, I promise you it has nothing to do with a $5 discount.
Myth #2 – The average price in your area is lower than what you are charging.
Let’s say the average price is $5, $10, $15 less than you. You’ve took a look around town and you know you to lower your price to reach the level of success others are seeing. AKA… you need to make more money in your business! Nope. Same issue. Don’t cave!
Myth #3 – Because you’re a new practitioner, you need to discount your services.
Wrong! You may think you don’t have the ability to charge full price for services you offer because you’re new. Somehow, you now are charging less than other practitioners in the area, meaning you’re giving yourself less value. Nuh-uh… doesn’t work that way!
Myth #4 – If you increase your price, your current clients are going to leave.
This just means you’re frozen in fear. You know you’re not keeping up with the average cost of living increases in your area, but you’re afraid of raising those rates. You think that if you even raise it $5 or $10, everyone is going to leave.
I absolutely know that this isn’t true because over and over, I’ve worked with my clients to increase their prices and guess what? Now they’re making the money they want! Maybe one of two clients left, but that just means it wasn’t their ideal client! And their increase made up for the ones that left and they were able to bring on even more quality clients who were fine with the prices!
All of these myths above are totally misguided!
These excuses may even make you feel better to say that pricing is the issue. You can attach this “fact” that you’re not getting the results you want because of money. It’s the easy out! But it’s not serving you well.
It has more to do with the fact that you don’t see your own value!
It’s one of two things. People aren’t coming to you because there is a $5 or $10 difference. They come to you because you deliver. If they see value, price doesn’t matter! Or, you are hearing objections around pricing from clients. That may be because they don’t understand the value that you bring to the table!
Either you aren’t seeing your value or they’re not receiving it. Which is it?
Now, it’s a communication issue. If you have one client in your business that is complaining all of the time, they may just be really price sensitive and they may not be the ideal client for you. The majority of people in your business more than likely don’t feel this way.
Discounting doesn’t solve the problem!
A client who pays more is more invested in the outcome. So, if you’re trying to woo people in by giving them half off, they may not be fully invested, which will make it easy for them to walk away after that first try.
But I know that you want to get people the outcomes they are looking for! You want to create and facilitate that transformation for them! Therefore, you’re actually doing them a disservice by giving them a discount!
Own the value. Communicate the value. Charge for your value.
You may remember my story about my embarrassing ice skating story, where I hit wet ice, slipped and got a spiral fracture of the tibia? Well, it was a monstrous recovery, to say the least. I have a lot of fear around Western medicine and didn’t like having all of the chemicals and medications in my body.
I remember breaking down.
I was doing everything right, and was also starting to go into an acupuncturist. I was going to school for it, right?! But when I got into the clinic, I remember totally breaking down. I totally lost it.
And my professor told me, “You know, Michelle? This is a gift! This is a gift that you’re going to bring to your patients.”
Years later I look back on this, I know exactly what he meant. Now that I am experiencing other people’s struggles and their pain, it was such an invaluable lesson for me to go through. It is now one of the hundreds of things I can bring to the table because my personal experience as a patient makes me a better practitioner!
You have these things, too. You want to help people! You have a big heart!
I have a client who knows her stuff and is confident about helping her niche. She has the ability between her acupuncture and her herbal medicine to solve a client’s problem quickly and get amazing results. But she didn’t initially see the value in this!
You need to stop and think about what your value is and own it. Uncover the different aspects of what makes you special, unique and different. Communicate that out to the marketplace! When you are able to do that, price doesn’t matter!
This is when discounting has no place in your practice!
Take action now and think about five really unique aspects to who you are or what you can do. Things beyond your credentials! That’s what is going to get you to stop discounting and start selling your value!
Making the Maven Episode 106:
Do you feel like you’re just pushing tedious sand? Here’s how you can fix that.
This week’s episode just has yours truly, Michelle McGlade, talking one-on-one with you! Do you feel like you’re just pushing sand in your business right now? How do you go from sand to moving full-on boulders? Well, today, I dive in and discuss some of the ways you can get out of the ‘hustle’ and be more strategic in your business, so you can get the results you so, so desperately want.
Key Insights & Aha Moments
This week’s episode consists of just yours truly, Michelle McGlade!
As we reach into the fourth quarter, do you feel like you’re just pushing sand around and you’re not getting much progress done on your business?
How do you move those big boulders forward?
I worked with a lovely woman named Alicia at the start of the year. When she arrived at my doorstep, she was overwhelmed and doing ‘all the things.’
She was feeling defeated, her confidence was low, and she was feeling scared because she wasn’t getting the results she wanted.
What was her goal with her business? This is what we had to first get clear on before moving forward.
After she finished working with me, she was ecstatic. She learned a new skillset on how she could go from idea to production to making money.
Focus on only one or two things instead of ‘all the things.’
So, how do you flip the switch?
Let me give you a couple of tips on how to begin a process like this.
Look at the numbers first. You’re making decisions from the heart, but not the numbers.
Where are things today and where do you need to go to next?
Next step: Set a goal! Once you have a goal, you can create an effective plan.
When you have the plan, then you can begin outsourcing it to a team member! Also, be sure to add it to your calendar, so you know what needs to be done and when.
I do a quick recap towards the end, just in case you need a quick reminder of what to do next.
Okay! Now it’s time for listener questions. I answer a Question from Melissa who is trying to put all of her financial information into QuickBooks, going all the way back to January.