Anybody running a business knows it is not a walk in the park. It’s a roller coaster of highs and lows. When it’s low, which will keep you going? Understanding the difference between each one and when to apply them will help you overcome challenges and improve your relationship with your business.
Inspiration: The spark of creativity
Inspiration comes from within and is aligned with your values and aspirations. It leads to actions that have a long-term impact. It generates the highest level of energy and while happening spontaneously. Inspiration is associated with:
- Clarity of thoughts
- Innovation
- Excitement
- Unpredictability
However, by having a daily and conscious connection with their “why”, a business owner can tame inspiration and call upon it when needed the most.
Motivation: The long-term driver
Motivation arises from a connection made between an action plan and a positive outcome. It enables sustained activity with a moderate cost of energy. Motivation often arises when:
- The actions are perceived as easy, enjoyable or low-energy
- The connection with a positive outcome is obvious or instant
- Evidence of progress is experienced
- Positive feedback, external rewards, or recognition is received
Motivation is the engine for consistent behaviours that deliver results. It can be nurtured by developing a supportive environment by balancing out the energy cost of execution with the energy input from progress and positive outcomes.
Willpower: The mental strength
Willpower is a rational decision in the face of temptation or adversity. It has the highest energy costs and, as such, cannot be sustained over a long period. When over-used, it leads to poor decision-making.
Willpower is characterized by:
- Self-discipline
- Delayed gratification
- Rational response to unexpected setbacks
- Short-lived superpower
Willpower should be called upon for a sprint, not a marathon. It will get you out of trouble but cannot be relied upon as a strategy for success.
The recipe for long-term achievement is a careful mixture of all three.
- Inspiration provides the vision and innovative ideas
- Motivation is the source of sustained activity for predictable results
- Willpower is called upon when the going gets tough
To thrive, a business owner must cultivate each one by:
- Regularly reconnect with their "why" to boost inspiration
- Break large goals into milestones
- Create a supportive environment that minimizes willpower drains
- Celebrate small wins to maintain motivation
- Develop strategies to replenish each element when it’s depleted
Understanding and nurturing inspiration, motivation, and willpower can provide you with a powerful toolkit for navigating the challenges of entrepreneurship. By leveraging these distinct yet complementary forces, you'll be better equipped to turn your business vision into reality and sustain success over the long term.
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If you have any questions contact Helene HERE
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When it comes to pricing your services, the approach you take depends largely on the type of business you're running. Are you a solo entrepreneur running a lifestyle business? Or are you building a service business with ambitions to scale? The pricing strategies for each scenario can differ significantly. The Lifestyle Business Approach If you're a one-person operation providing services as your sole income stream, your pricing can be a fairly straightforward calculation.
Determine the annual income you want to earn, factor in the number of billable hours you plan to work, and there's your desired hourly rate. Of course, it's not quite as simple as income divided by hours. You'll need to account for non-billable time like marketing, admin, professional development, etc. And most importantly, your rate must be justifiable based on the perceived value you deliver to clients. But in essence, for a lifestyle business with no plans for rapid growth, pricing comes down to: What rate do I need to charge to earn my desired income for the hours I'm willing to work? As long as clients see the value in that rate, you're in business.
The Scale-Up Business Approach When your goal is to build a service business that can grow beyond your personal capacity, your pricing considerations are quite different. Now you have to ensure your pricing supports the financial health and growth potential of the company itself. Even before you start employing staff, the general rule of thumb is to price your services at a minimum of twice your service delivery costs (including market labour costs). So if it would cost your company £50/hour in combined expenses to deliver a particular service, you would need to charge at least £100/hour for that service.
Anything less, and you'll struggle to cover overhead and profit goals. However, smart pricing isn't about a simplistic cost-plus model. The market rate and perceived value must still be evaluated. Perhaps you can justify a £150 or £200/hour based on your expertise, client results, premium positioning and what competitors are charging. Scaling a business demands this type of value-based pricing. Furthermore, as you scale, you'll likely package services instead of sell ad-hoc hours. This provides opportunities to bundle offerings at set price points designed to boost profits. You may keep some simpler services at lower margins to attract new clients.
The underlying principle is the same: ensure you're capturing enough revenue above costs to sustain business operations, pay your team, and fund growth initiatives like marketing and new hires. At the end of the day, whether you run a lifestyle business or a growth-oriented one, the price you set for your services is a crucial factor in your success or failure. For the former, it determines your income level. For the latter, it impacts your company's profitability and ability to scale. Careful planning, market research, and a keen understanding of the value you provide are all critical to pricing your services properly.
Did this blog help you? If it did, please share it with your business connections.
If you have any questions contact Helene HERE
Are you tired of putting off important tasks and feeling overwhelmed by procrastination?
You're not alone!
But fear not! We have the ultimate solution for you.
Introducing "3 Easy Steps to Banish Procrastination" - a downloadable guide that will transform your productivity and help you achieve your goals faster than ever before. Say goodbye to endless frustration and hello to a focused and motivated you. Don't wait any longer, click the link below to unlock the secrets to defeating procrastination once and for all!
