Earn Your Worth! Tips from the Institute

If you don't start, you won't fail....

2006-08-31T10:16:00.000-07:00

I gave a keynote talk this weekend at a conference that addressed the deeper reasons why women undersell themselves. I call it “The Seven Earning Challenges Women Must Embrace”. (It’s a fabulous talk, but I need a catchier title…) Afterwards, as I was talking informally with the audience about some of these deeper psychological reasons women underearn, a woman raised her hand to say, “I just realized that if I don’t start, I won’t fail. If I really get going with my business, I’m not sure what will happen.” I’ve heard versions of this from numerous women. We are so afraid of failure and what it must say about us personally. Coupled with our drive for perfectionism, it DOES feel intimidating to launch a business, or start offering a new service. What if it doesn’t work? What if no one wants it or no one signs up? It can feel like the time you threw a party and almost no one showed up. You wish you could take back all the invitations. The truth is that if you do launch something, it might not work. Gasp! Yes, it’s true. To make it easier to get going, I recommend we change our definition of success.

Stop measuring success by the results your new initiative achieves. Start defining success as the guts it takes to put out something new.

You are successful if you attempt to launch a new service. When you put yourself out there, that is a success. If it works, that is a SECOND success. Whenever we put ourselves and our businesses out there, we should clap ourselves on the back and say, “Yes! I’m doing it! I’m successful! I’ve put myself out there.” The results will be what they will be. It’s true that if you don’t start, you won’t fail. But you won’t move ahead either. And wonderful possibilities await.

Take time off to make more money

2006-08-21T11:43:00.000-07:00

It may sound paradoxical, but sometimes you have to take time off in order to make more money. What?! I find that people who struggle with earning issues never take a full day off. They are working a little bit, all the time. One of the keys to earning more money is to learn how to maximize your time. This means you work when you work and don’t work when you are off. I realize it sounds obvious, but it isn’t. Many self-employed people don’t take enough days off. They simply work too much and never rest. They never allow their batteries to re-charge. Of course they may not be working full days when they are working, which leads back to the pattern of working a little bit, all the time. Have you ever scheduled a day off and then found yourself returning phone calls, checking your work email and doing a little puttering around your office? Don’t! If you schedule a day off, don’t work! When you return, you will be rested, rejuvenated and ready to focus. Action item: Look at your calendar and decide on a "free day". Promise yourself you will do no business work on that day.

More psychology of pricing

2006-08-07T13:20:00.000-07:00

This weekend I read a fascinating article on Dale Chihuly, the famous Northwest glass artist, called Inside the Glass Empire. The article discussed how Chihuly, always colorful and controversial, has built his profitable business. The following section caught my eye:

...Elliott, who worked for Chihuly in the 1970s and ‘80s, remembers their conversation when an Arizona craft gallery couldn’t sell a batch of glass cylinders. Chihuly looked at the prices and came up with a startling solution: “I bet if I add a zero to that they will get some respect.” The higher prices helped push his work into the realm of fine art rather than craft—paying off brilliantly for Chihuly and eventually for others, too…. (Seattle Times, August 6, 2006)

Again, this goes back to price perception. Right or wrong, people value what they pay for. When you increase the price of your products or services, people believe they are worth more. We know this is not always true, but the PERCEPTION is that it must be a great service if it is expensive. So what does your price say about your service? Could you command more respect if you increased your price?

Fear of being seen as pushy

2006-08-03T13:18:00.000-07:00

Well, I just broke my rule. I try to send out only two emails a month (newsletter and general tip/info) but there are some interesting local events coming up, and thought people may want to know about them. I worry about sending people too much stuff, about being perceived as being too “pushy”. Interesting. Then I was reflected on an intro meditation class I just took. I am contemplating taking a follow-up three month meditation intensive, and had briefly read a short flyer about it. I was waiting for our instructor, at the last class, to mention this upcoming intensive. She never brought it up. So I finally asked her about it. When she told our class about it, many of my classmates were intrigued and downright excited about the possibility. I think she didn’t want to be perceived as “selling” or being pushy. But often times people WANT to know what we have to offer! What about you? Do you neglect to tell people about events or services for fear of being seen as pushy? Could people benefit from knowing about them?

Risking more means earning more

2006-07-31T11:42:00.000-07:00

Many women simply don't risk enough. Why? Risk is scary. And in truth, risk taking is about learning to tolerate anxiety. It is stressful to risk. Things might not work out. Being able to risk really means being able to deal with the possibility of defeat, and a lot of women tend to interpret defeat as rejection. Rejection always feels more personal than simple defeat. Game-playing, which boys tend to engage in far more than girls, teaches kids that sometimes you win and sometimes you lose. If boys interpreted all "losses" as "rejections," their game playing careers would be short-lived! I hope that as more and more girls play sports, this will translate into their future business skills. Sometimes you win, and sometimes you lose. It is not about rejection. Many women simply haven't had enough practice risking. Men tend to engage in risk-taking activities from a very young age. And while this may drive their mothers crazy, they are developing their risk muscles and learning to tolerate the anxiety that comes from risking, at a very young age. Good Girls have an especially hard time risking. If they risk, they might upset the boat. Better to keep things the way they are. Don't ruffle anyone's feathers. Unfortunately, without risking, it is hard to reach your full income potential. It is a risk to raise your rates. It's a risk to offer a new service. It's a risk to define a niche. What about you? What risks have you taken that resulted in more money? And how have you dealt with the anxiety that comes from risking?

Risking by not risking

2006-07-26T17:55:00.000-07:00

Robert Middleton, on his More Clients blog did a great post called Risking by Not Risking. He recommends creating a short list of things you are not doing or learning, because of the perceived risk, and then asking yourself these four questions:

1. Is this something that would truly benefit me if I learned it or put it into action? 2. What are some of the possible benefits I might gain if I learned or did this thing? 3. What could I potentially loose if I didn't learn this thing or do this thing? 4. What's the worst that could happen if I took a risk and learned this thing or did this thing?

For many of us, the greatest risk is not risking in the first place. Questions such as these help us put things in perspective. What is the worst thing that could happen? If we don't name it, anxiety and fears loom larger then reality. Naming your fears help tame your fears.

How to post comments on Mikelann's blog

2006-07-25T17:28:00.000-07:00

Want to post a comment? Click on the word " comment" under the posting. A window will pop up, asking you to "choose an identity". If you are not a blogger, click on “other” or “anonymous”. Then it asks you to put in your name and website, which you can skip if you want to. After you write your comment, it asks you to do the “word verification” which is where you have to type in the letters you see. (This is to prevent automated spammers. Computers can't "read" these strange letters.It proves you are a real person.) Then click “publish comment”. That’s it. It sends an email to me with your comment, which I will then publish on the blog under comments. I do this to avoid spammers. I promise to post what you write!

Using “the pause” instead of giving it away for free

2006-07-24T18:27:00.000-07:00

A lot of women in business struggle with being overly nice. When people ask us to do something, such as give away our time for free, we have a hard time saying no. This is part of the “Good Girl Syndrome”- we want everyone to like us and we don’t want to make anyone mad. Often times we say yes when we should say no, and then silently berate ourselves. The energy cost of saying yes too much is very great. In fact, giving our time and services away for free, or at a discount, is one of the number one ways that women underearn. (Underearning is the pattern of consistently earning less then you need.) Here is a tip to help with this. Use “the pause”. The next time someone asks you to do something for free or at a discount, refrain from answering. Simply say, “let me think about it. I’ll get back to you tomorrow.” It is ALWAYS okay to ask for time to think about something. Once you have some distance, and the person is not right in front of you, it is easier to think clearly. If saying yes is not in your best interest, you can plan your response. “Yes, I see the need, but all my extra time and energy is spoken for right now.” “Thanks for the opportunity, but it simply doesn’t work for my business to do that right now.” Using the pause helps the internal good girl gain perspective.

Do you want to be the Wal-Mart of your niche?

2006-07-18T11:03:00.000-07:00

I've been thinking a lot about what your price says about you. It's true that it can be very scary to occupy the high-end niche. Charging top dollar brings up a lot of issue for people. ("Who am I to charge that much?" "Am I really worth charging that much?") But no matter what you charge, you are conveying a message. If you are at the bottom of your niche, what does that say? A friend of mine who has heard me speak on pricing issues told me a fun story. She works for a puppet theatre that has many preschools and elementary schools as clients. One day, a woman who owned a local pre-school was sharing with my friend some of her financial frustrations. My friend advised her to start charging more money. The woman looked uncertain and said she was concerned people might not be able to afford her. My friend looked at her and said “You don’t want to be the Wal-Mart of preschools, do you?” The woman was aghast and raised her prices the following month. What about you? Do you want to be the Wal-Mart of your niche?

Your "wealth thermostat"

2006-07-14T20:27:00.000-07:00

A while ago a colleague sent me a great link to Robert Middleton’s More Clients Blog, with a great piece on Knowing Your Value (5.22.06). I just found it (yes, I got behind when I bought my new computer...) and wanted to pass it on. It’s so true: Most professionals don’t feel they are being paid what they’re worth, and Robert says that this is part of their scarcity mindset. For most people, their “wealth thermostat” is set to the amount of money they are comfortable earning. If you can’t see yourself earning $100,000, for example, then as much as you may want to earn that, you won’t do what you need to do to cross that threshold, including charging your clients enough money. (This is where our money messages come in—“Just who do I think I am to make that much money”, “It would be greedy to ask that much”, “Good people don’t make a lot of money”….) We are often unconscious about where our thermostat is set, but we always end up in the same range, financially. Look at your social security statement of earnings to get a sense of your thermostat. Middleton lists a wonderful five step process to help you change your mindset about the value of your services. Check it out!

Money vs. Relationships?

2006-07-14T09:24:00.000-07:00

I have to pass on this fabulous article called Friends with Money from the Elements of Feminine Power ezine. Read this excerpt:

Well, for one thing, you KNOW they don’t happen among men, do they?!? Don’t get us wrong – we’re not guy-bashing when we say it. But the truth is, women have a lot more energy wrapped up in worrying about how money affects (or might affect) our relationships than men do. We want to get paid what we’re worth – and we know we’re worth a lot! And we want to be able to buy nice things for ourselves and others. But if you’re like us and our clients and friends, you’ll probably admit: you NEVER want money to come between you and the people you care about...and we women frequently suffer big-time when money and relationships get mixed together.

It is all so true! Women are intensely relational by nature. And we have to balance our desire for relationship with our need to be paid what we're worth. Good food for thought.

Sometimes people need us to sell to them

2006-07-13T17:46:00.000-07:00

A lot of women I work with don't like to sell. They fear being seen as pushy and would rather wait for someone to come up to them and say "Hello there, can I buy from you, please?" But sometimes people need and want us to sell to them, especially if we have something they could really use. I was reminded of this when I was reading Seth Godin's Marketing Blog. At the farmer's market, a man was really pushing eggplants, which Seth decided to buy. And he was glad he did!

In our permission marketing world, sometimes it's easy to forget how important selling is. Not because people are so stupid that they need to be sold something. Not because selling is obsolete because you can just search for what you want and then buy it. No, because selling overcomes fear. Fear of closing, fear of commitment, fear of blanching or sauteeing or just plain fear of buying something. (Posted by Seth July 8th)

A lot of people are afraid of eggplants and need help overcoming their fears. So remember, if you have a valuable service, you owe it to people to tell them about it. Our customers are not mind readers. They don't know how much we can help them and make their lives better if we don't tell them. Seth was really glad he bought that eggplant, and he wouldn't have bought it if someone hadn't sold it to him.

Rate-Setting: One Sign it's Time to Raise Your Rates

2006-07-10T10:08:00.000-07:00

Rate-setting issues are in the air! I am getting many emails asking about how to set and raise your rates. Fortunately, I’m in the middle of writing an eBook called A Woman’s Guide to Setting and Raising Your Rates. Unfortunately, I can’t write fast enough. (I’m struggling a bit with balancing seeing clients, running groups, and writing. I need a few more hours in my day….) But I want to share some excerpts from my section called “Seven Signs it’s Time to Raise Your Rates”.

1. You have very little price-resistance As Harry Beckwith, author of Selling the Invisible says: If everyone can afford you, you aren’t charging enough money. If no one can afford you, you are charging too much. So how much should you charge? Beckwith suggests that you should set your price so that about 20% of your prospects don’t hire you because your price is too high for them. This is “price resistance.” Remember, not everyone should be able to afford you!!! If everyone can afford you, you definitely can raise your rates, perhaps significantly. Now if you are losing about half your prospects because you are too expensive for them, that’s too much. Aim for about 20%. Beckwith also reminds us that abut 10% of all people balk and walk away when it comes to price. Perhaps they weren’t serious buyers of your service, it is out of their budget, or they don’t trust you. Who knows! But you simply can’t expect to close every sale. So if you don’t even have 10% price resistance, then it’s definitely time to raise your rates.

This concept was very helpful to me personally. When I raised my rates in January, I had a lot self-doubt. (“Just who did I think I was, anyways?!”) But when I realized I didn’t have much price resistance- most people could afford me- it made it easier to raise my rates and know I wouldn’t lose tons of clients.

What do your rates say about you?

2006-06-19T17:39:00.000-07:00

I always tell my audiences that their rates say things about them. Many people hope their rate says they are a “good deal”. But is this really what your rate says? Is it making you look second-rate? Remember that pricing is about perceived value. I thought about this when a friend recently told me about her quest to find a good therapist. My friend decided she wanted to do some therapy on a particular issue, and set about finding a good therapist. She was committed to do the work, and really wanted a good therapist who specialized in a particular area. After talking with about four therapists over a week, she grew frustrated finding the right one. Rate-wise, she discovered that they charged in the $115 to $125 range. She heard about a potential therapist from her doctor, and called her. This therapist seemed like a great counselor, and my friend began to wonder if this was the woman. When my friend asked, “What are your rates?” The therapist paused for a while, and then said “$90 an hour. And of course I have a sliding scale.” She offered hurriedly. My friend thanked her and hung up. She didn’t pick the therapist. I asked her why. She said it seemed like the therapist was a newer therapist, or wasn’t confident in her skills, or had few clients and was trying to attract new ones. None of which appealed to her. So what about you? What do your rates say?

Being the "good girl" holds me back

2006-05-22T09:54:00.000-07:00

“The Good Girl Syndrome”, which I write so much about, is alive and well in me. I’m a good girl! Good girls want everyone to like them and they don’t want to make anyone mad. They don’t want to rock the boat. Good girls have a hard time negotiating for themselves and asking for what they want and need. It seems to crop up everywhere for women, and if you are self-employed, it is a huge issue! I notice, for me, how it crops up in my hesitation about self-promotion. For example, I send out an electronic newsletter once a month with, I think, a great article. Then I send out a second email about upcoming events. That’s it. Two emails a month. (And now that I’ve tamed my database, only Puget Sound subscribers will even get this second email! I know I’m annoying my subscribers who live far away when they get local notices. And “Good Girls” hate to annoy people!) But I still agonize. Am I sending out too much email? Am I annoying people? What is the “right” amount? It does pain me that I could be annoying people with too much mail, and yet I know that you have to put yourself out there, even when not everyone welcomes you. So perhaps the answer is not to banish the good girl. I’m not sure that is possible. Beside, I like being a “nice person”. But I’ve got to challenge my internal "good girl". If I always worry about inconveniencing everyone around me, I won’t get very far….

Balancing Masculine and Feminine Energy

2006-05-08T11:05:00.000-07:00

I’ve been thinking a lot about masculine and feminine energy, since I wrote my last newsletter on how women can balance these energies. In my latest newsletter (email mikelann@womenearning for an article copy) I said that obviously society is out of balance and favors the masculine too much.

“However, in your personal life, many of you may need to tap into more of your masculine energy. This energy will help you work “on” your business, while feminine energy is wonderful for working “in” your business. When you work on your business, you can rationally strategize for the future and then take action. You are able to go out into the world and tell others what you do, even though this feels risky. You assert yourself and feel strong in your marketing and focused in your planning.”

Recently, I met Michele Lisenbury Christensen, of www.elementsoffemininepower.com. They talk a lot about masculine vs. feminine energy, and are concerned that many women are hurting themselves in the workplace by subjugating their feminine energy. When women live in an overly masculine world, eventually they burn out. I agree. But what I am wondering about is the difference between self-employed women and salaried women. My hunch is that some women leave the workplace because there is too much masculine energy. (They usually don’t say it that way!) But when women enter the world of self-employment, where everything is up to them, they often shun masculine energy and hence have a hard time promoting their businesses. In the end, it’s all about balance. No surprise there. Now if we can only achieve this balance!

The Key to Successs is Failure

2006-04-24T09:50:00.000-07:00

Well, I seem to have fallen off the blog-o-sphere. Since my grandmother died, I’ve felt scattered with my work. Time to pick up the pieces! Actually, things are going quite well. Last month I announced the creation of my “Earn Your Worth—Business Support Groups for Self-Employed Women”. The first group filled within three weeks, maxed with ten participants. A second group is now building. How exciting! The process of figuring out what works and doesn’t work in business is endlessly fascinating for me. Last year I announced a different program (it was a teleseminar coaching program) that launched and then promptly crashed. Actually, I don’t think it ever even made it off the ground, so I cancelled it. Painful and frustrating. But I think that one of my strengths in business is that I simply keep trying. I keep looking for what works. When one thing doesn’t work, I try something different. Easy to say, but hard to do. I’ve had seminars I was very excited about and knew where quite powerful, that I had to cancel. I’ve learned to give myself time to “grieve” over the cancelled program. Then I try something new. As they say, if you keep throwing things at the wall, eventually something will stick! I think as business women, we need to be more proud of our failures. It shows we are out there trying! You have to have a certain number of “failures” on the path to success. It’s a rare person who simply “gets it right” the first time around. As Buckminster Fuller said (the famous mathematician and philosopher) “The reason I know so much is because I have made so many mistakes.”

Archetypes and Branding

2006-04-03T10:18:00.000-07:00

Recently, I attended a branding seminar with Chuck Pettis of Brand Solutions, Inc. It was a day devoted to “archetypal branding”- understanding archetypes and how to use them effectively in your branding. Here is the classic definition of a universal archetype, right from Chuck Pettis’ website:

An inherited pattern of thought or symbolic imagery derived from the past collective experience and present in the individual unconscious. An original model or type after which other similar things are patterned; a prototype. For example, the archetypes of the Hero and the Outlaw (e.g., Luke Skywalker and Darth Vader from the Star Wars movies) are found in many myths, stories and movies.

I enjoyed the day a great deal and thought a lot about archetypes, Jung and business. Chuck presented twelve archetypes, based on Carol Pearson’s work, and how different companies use the archetype to help them maintain consistency in their branding. The “Explorer” archetype, for example, is the archetype for REI, while the “Outlaw” archetype helps define Harley-Davidson. I seem to resonate with the “Sage” archetype. I think understanding their business archetypes would help a lot of women rejuvenate their business and help bring into alignment their dedication to service with their need for profit.

Death Lends Perspective

2006-03-28T12:05:00.000-08:00

Perhaps no one noticed, but I’m a day late posting this blog. My grandmother, LuCylle Davis, passed away last week, and I’ve spent the last days at family gatherings, wakes, her funeral etc. What perspective this lends me! In the midst of such loss, updating blogs and returning emails seems so trivial. Usually, business is at the top of my mind. Perhaps it is too important. My grandparents were self-employed for most of their lives. They owned a saloon at one point. At another point they owned a little company that stocked greeting cards and small toys in drug stores across the state. They worked hard. But they knew how to have fun! From family poker parties to many travels, they enjoyed their life and the lives of their five children and 16 grandchildren. My grandmother loved people and loved a crowd. Yes, she worked hard, but she never lost sight of that which mattered most to her: friends and family. I cry as I write these words, for they are so simple and so important. May we all heed her example. LuCylle Davis 1913-2006. Rest deeply in peace. I will miss you.

Earning Tip: Push vs. Pull Marketing

2006-03-20T13:59:00.000-08:00

I’m in a great teleclass with Lynn Grodzki, who wrote Building Your Ideal Private Practice. (See www.privatepracticesuccess.com.) She is a therapist turned coach, who specializes in working with therapists and other “healing professionals” on their businesses. As I often work with a similar group, I was excited about learning from her. One of the things she discusses is the concept of “push vs. pull marketing”. In “push marketing”, you are pushing yourself on other people. This includes aggressive forms of marketing (cold calls etc) as well as advertisements, where you are selling yourself. This type of marketing doesn’t work well for those in the healing professions. It tends to rub against the grain, especially if you have a hard time with the notion of “selling yourself” in the first place. “Pull marketing” is when you put something of value out there that naturally pulls people towards you. I would argue that my newsletter is an example of “pull marketing”. I put out the content and if it resonates, people contact me. A classic example of “pull marketing” is teaching a class. You focus on delivering a great class or seminar, and you naturally pull people towards you. Interested people seek you out. Of course there are many tricks to doing this effectively, but many business owners would feel better, and do better, by focusing on pull marketing.

Building Your Mailing List: Make Yourself Ask!

2006-03-13T10:57:00.000-08:00

Last week I wrote about the power of newsletters. I’ve received emails from people who wonder how to get people on their mailing lists. Now-a-days, all electronic mailing lists need to be “opt-in”- that is, you can’t put people on your list who don’t want to be on your list. So what do you do? You ask! I know this can feel uncomfortable, because it involves putting yourself out there. We fear being pushy and we dislike selling ourselves too hard. But that is the beauty of a good mailing list. It is made of people who want to be on it! At the end of every talk or class you do, simply say something like this: “If you would like to receive my e-newsletter and stay in touch with my company, please give me your card and I will place you on my mailing list.” Not very pushy! But get in the habit of asking people if they would like to be on your list. A more effective way to go about this is a raffle of some sort. I usually send a basket around at the end of a talk and ask people to put their card in it. I tell them I will pull a card and give away a book (or anything of value) and that by putting their card in the basket, I will also put them on my mailing list. “Please don’t put your card in if you don’t want to be on my mailing list.” This is very effective and increases the number of names you receive dramatically. And remember, it is very easy for people to unsubscribe to most mailing lists! Make yourself ask.

The Power of Databases, Mailing Lists and Newsletters

2006-03-06T14:14:00.000-08:00

One of the most powerful assets of The Women’s Earning Institute is my database. This is the pool of names that receives my monthly newsletter. I love writing, so for me, writing a newsletter is an enjoyable way to market. I make sure each newsletter is meaty and content heavy. Any “marketing” is generally saved for the end. Now I’m not under the illusion that recipients open up and eagerly read every newsletter they receive. Sometimes a particular topic strikes a cord and sometimes it doesn’t. But given how many times people have to be exposed to you before they consider buying your product or service (6-7 times!), a newsletter is a great way to create exposure. I’m most fascinated by how people use the newsletter. I find that professionals who receive it often forward it to other professionals. It has generated speaking engagements, as well as clients. If I could do one thing differently, I would have started gathering people’s contact information sooner then I did. When I think of all the talks I did in the early years of my business, talks where I didn’t ask attendees if they wanted to be on my mailing list, I cringe. At the time, I had no newsletter, so I figured I didn’t need a mailing list. I think I was overwhelmed with creating and managing a database as well. But I know there were people in those years who would have liked to hear from me again. So whatever you do, ask people if they want to be on your mailing list. If nothing else, throw their names in a shoebox, in preparation for when you do have a mailing list.

Holding on to a "niche" is even scarier

2006-02-27T10:26:00.000-08:00

Last week I wrote about declaring your niche. “Better to be known for one thing strongly than many things weakly”. I’ve declared my “niche” of working with self-employed women in various client-based businesses. But this past week has been challenging. It feels like when you declare your niche, the universe steps in and tests you, to see if you are really serious about this. I launched The Women’s Earning Institute in January, to coincide with my niche. But I’ve been in practice for many years, working with many people on money issues. This week it felt like the world was trying to pull me back into being a generalist. One friend told me she wanted to refer in her neighbor- who is not self-employed. Another colleague wanted to refer in a couple for me to work with- neither of whom is self-employed. In each case I decided I might see these people, but I spent serious time explaining my new niche to these wonderful referral sources. I think they really got it. Instead of saying, “oh, think of all the people you won’t be able to help”, they immediately started thinking of self-employed women who need my help! It feels like declaring a niche is like steering a boat. It helps guide you and give your business direction, so you don’t get pulled by the currents. But if you don’t know your direction, and believe strongly in it, your boat will be carried wherever the currents are going.

Earning Tip: Declaring a "niche" is scary

2006-02-20T12:52:00.000-08:00

One of the most common issues I see when working with women is they have too wide a niche. Whether they are coaches, running a therapy business or law practice, they like doing a lot of different things for a lot of different people. Besides enjoying many kinds of people, women are also afraid they will lose clients if they cast too narrow a net. But as paradoxical as it sounds, you will make better money by refining your niche. I used to work with everyone on their money issues—individuals, couples, salaried people, self-employed, you name it. It has been both exciting and uncomfortable to narrow my focus. Now, I work with women in client-based businesses. Some call me a “private-practice business coach”. Hire me to start/ tune-up your practice and get you more profitable. I have found that it is easier to “sell” myself with this refined niche, and the money is better. It’s better to be known for one thing strongly than many things weakly. Of course in the normal process of working with people, many issues come up. So in reality, I still work with many different people on many issues. But publicly focusing my niche has helped set me apart. Is it scary? Yes. But I’ve made myself do it and I’ve seen wonderful results.

Earning Tip: How many times do people need to hear about me?!

2006-02-13T10:04:00.000-08:00

One of the most frustrating things I’ve learned about marketing a service-based business (though this applies to many businesses) is how often people have to be exposed to you before it occurs to them to hire you. I’ve heard the number “seven” many times in connection to this- people have to be exposed to you at least seven times before they hire you. Good grief! This can make it difficult to measure the effectiveness of your marketing.

But remember- marketing is the cumulative effort of putting yourself out there. And there are many ways to put yourself and your business out there in the world.

I think my newsletter works well in this regard. Every month, people are exposed to me yet again. (Though I know many subscribers don’t avidly read my words of wisdom every month!) And at this point in my business, I’ve noticed that people don’t always even remember where they first heard about me. I have many new clients report a series of “synchronicities” that brought them in- in the space of a few months several different friends mention me, they see an article I wrote in a local paper, someone forwards them my newsletter etc. “Ah-ha! This must be a woman I should see!” They say. These synchronicities are actually a result of all my marketing work. If you want your business to grow, you must continue to put yourself out there. And remember, increased visibility helps your referral sources remember you as well!

Earning Tip: How do you get on a magazine cover, anyway?!

2006-02-06T10:53:00.000-08:00

Truth be told, I’m in mourning over the Seahawks loss yesterday in the Super bowl to the Steelers. But you are probably reading this to get some insights into running a more profitable business, so I will try to not digress into my opinions on how the refs called the game…. So the question has come up: How did I get lucky enough to get the feature article in Seattle Woman Magazine, which led to being on the cover? The answer: networking! For years (yes, that’s right- years!) I’ve networked with Women Business Owners (WBO) here in Seattle. I’ve spent the last two years serving on the Board. Through my relationships with other board members, many of whom have followed my work over the years, I was asked to give the keynote talk at one of our luncheons several months back. (Let’s clarify this- when the topic of speakers came up, I verbally threw my name into the hat- don’t just wait to be asked!) I diligently prepared for this opportunity and gave a wonderful talk. (It was on the psychology and how-to of rate-setting.) The publisher of Seattle Woman was in the audience and heard me, and after the talk came up to me and asked if I was interested in writing the feature article. I gave her an enthusiastic yes!

Remember what Seneca, the 1st century Roman philosopher said: Luck is what happens when preparation meets opportunity.

Now here is what is interesting. I had been submitting article ideas to this magazine for six months, and had received no response! (I didn’t mention this to her when she offered me the feature article. I just graciously accepted.) This is the power of networking. I think some people believe networking is just about trying to get clients. This is very short sided. To me, the real power of networking is all the marketing opportunities that come out of it. Yes, I have clients that I’ve met through networking. But far more powerful are all the opportunities that have come to me by diligently creating relationships overtime with a group I like. Mikelann

Earning Tip: How my gracing a magazine cover translates into business

2006-01-30T12:57:00.000-08:00

As many of you know, this month I was on the cover of Seattle Woman Magazine in January. (If you want to see the cover and the related article, it is under the PR link on my website.) It was quite an honor, and I was very excited! I wrote a feature article entitled Make More Money! Why women undersell themselves and what to do about it. Since then, many business owners have asked me, “Did you get a lot of clients from that?” Yes and no. I certainly have had some phone calls (and many congratulatory emails from my colleagues and clients!) but the real value lies in how I leverage it in the future. Nancy Juetten, a fabulous PR women and “corporate story teller” tries to teach this to all her clients. She says that the true value lies in what you do with an article after it is published. How can you re-use it? For example, this magazine will be the corner-stone of my PR packets for this year. I’ve already sent some out to various schools where I would like to be invited to speak. (I guess you could say that I am inviting them to invite me to speak!) And I have already booked other speaking gigs as a result of being on the cover. That is the real power. Once people hear me present in person, they are far more likely to book me as their business coach or trainer, then merely reading an article I wrote. Everything works together. I’ll keep you posted as things pan out! Mikelann

Earning Tip: Informal support group creates space to be honest

2006-01-23T12:26:00.000-08:00

January 23, 2006 Well, I cleaned the house, hid the toys and make a huge pork-roast for the informal networking dinner I hosted on Thursday- the Seven Fabulous Women. I was deeply struck by how honest we all were. I belong to formal networking groups as well (the monthly luncheon and keynote speaker type of event) but having an informal group is different. In formal networking, it feels like I have to wear a certain “face”- I project confidence and success, even if I don’t feel it. But in an informal group we can all let our hair down. One of our group shared how much more money she made this year than last. Yeah! And then someone shared how frustrated she was with not making enough money. In the course of the evening there were genuine tears of joy and tears of sadness and frustration. Women feel deeply, and being in business for yourself doesn’t change that. It is important to have a place where you can share what is really happening in your business and get honest support and feedback. Business has ups and downs, and to pretend otherwise is a set-up. We all supported what was going on for each other (which is not all business-related!) and swapped ideas and resources. By the end of the evening I felt full and was excited to move forward. Mikelann Valterra http://www.womenearning.com

Earning Tip: Charging more and feeling worth it!

2006-01-16T12:54:00.000-08:00

January 16, 2006 Am I worth charging more money? In the course of coaching, I teach women how to set and raise their rates. I know the theories, the exercises, the philosophy etc behind how to raise your fees, and have done a lot of speaking on this very topic. So it was time to put it to the test. It was time again to raise my own rates! I did the research on what other coaches charged and thought deeply about what I would need to charge to continue enjoying my work and living my life. I went through all the exercises. It was difficult. There was fear. What if I raised my rates and some of my clients left? What if the new fee kept new clients from hiring me? Was I WORTH charging that much money? These questions kept me up a few nights, and I went back and forth. I talked to my husband and close friends about it. (Of course they think I am priceless, which is nice to hear, but not necessarily helpful.) The research I had done helped me considerably, since I knew logically that the fees I charged where not out-of-line, and could even be considered a good deal. It also helped that I was willing to lose some clients in the rate adjustment. (You need to create room for higher-paying clients on top.) But it still came down to worth. Luckily, I’ve sent a lot of time this past year collecting testimonials, and re-reading these helped me tremendously. Hearing the wonderful things that happened in my clients lives helped me believe I was worth the money. And so in January, I raised my rates. I’ll keep you posted on what happens. In the mean time, I have to cook a huge pork roast for my “seven fabulous women” dinner that I am hosting this Thursday! It will help to talk about this with other business women who go through this as well.

Earning Tip: Start a Dinner Group

2006-01-09T12:18:00.000-08:00

The Seven Fabulous Women If you want to build a successful business, it’s imperative to surround yourself with great role models. While I belong to some great networking organizations filled with powerful women, one of my favorite groups is completely informal. We call ourselves “The Seven Fabulous Women”. The only thing we have in common is that we are all self-employed, enjoy what we do, and are successful. Once a quarter, we get together for a big potluck dinner at one of our houses. We share what’s going on in our business, laugh a lot, drink a little, and enjoy the company of women who really “get it”. One of us is a successful psychotherapist with a thriving practice One is an interior designer who utilizes “feng shui”. The variety is great. We share marketing ideas, successes, frustrations, and our lives. We end each dinner by picking the next date and location. Would having a group like that help you? Think about it. Women thrive in community, and business is no different. Start your own dinner group!

Earning Tip: Know your "measurables"

2005-12-29T15:37:00.000-08:00

Well, it’s that time to start setting goals for the year. But before you start thinking about your business goals, I want you to think about the following question: how many ways can you measure your business? Before you set goals, it helps to know what the different goals are! Do you want to make more money per hour or increase your number of clients? What are your “meaurables”? How many ways can you measure your business? Here are some of mine:

My hourly rate
The average number of hours I bill each week
The number of clients I have
The number of people subscribed to my electronic mailing list
The average number of people who attend my monthly classes
Etc.

What about you? What are your measurables? Thinking about this automatically puts you in the frame of mind to consider changing these numbers. Hot Tip: Make sure you write down your current measurables, to track your progress!

Mikelann Valterra

The Women's Earning Institute

http://www.womenearning.com

Welcome to the Institute!

2005-12-29T15:35:00.000-08:00

Welcome to the Women's Earning Institute! I'm Mikelann Valterra, and the Institute is my baby. I've worked for years with people on their money issues. And while debt is obviously a huge issue for many, I've also come to realize that many women are simply not making enough money. This contributes to leading a depressed lifestyle and not having enough for the future. The good news is that I believe it is possible to "earn your worth". My passion is working with self-employed women who desire to earn their worth. Each week I will post a personal tip on how to do this, from marketing ideas to how to feel you are truly worthy of more money. As always, I balance the psychological along with the practical. I hope you enjoy these weekly tips. Here is to earning what you are truly worth! Mikelann http://www.womenearning.com