Welcome to the Bea Bold in Business podcast. My name is Samantha Hearn and I'm the host of this amazing channel. I wanted to bring you a place where you hear from myself and other amazing inspirational business people on their journey to the success they've created. I wanted to bring you the offline journeys to the online successes that you see on social media.
I want to create a place where you hear the struggles people have been through, the challenges, the lessons they've learned, the mistakes they've made, so that you know that ordinary people can create extraordinary things every single day and that it's totally possible for you to. The Bea Bold in Business podcast is a place where you are going to hear real, genuine, what's in all stories from some of the most exceptional people in business and how they've succeeded anyway. If you are ready to show up in your business, if you are ready to be bold, if you are ready to learn from your mistakes, if you are ready to bounce back and become more resilient, this is a podcast for you. And me, Samantha Hearn, I cannot wait to welcome you, support you, empower and inspire you and share with you the stories that sometimes don't get shared online and give you this real refreshing approach on how building a business sometimes can be hard, sometimes involves failing, sometimes involves struggle, but you can still succeed anyway.
So welcome to the Bea Bold in Business podcast and I cannot wait for you to take your invitation to be bold in your business too. We want to talk about one of the most basic success principles when it comes to creating a profitable business, because although this is a very simple principle that's been used in economics for forever, I feel like it gets overlooked, especially in the online market, when we are focusing on other areas like building a personal brand, no luck and trust factor, our conversion rates, launches, evergreen models, passive offers, etc. But behind all of that, and beneath so many of the things that you are consuming and learning about, which are important for your business, there is a basic success principle that can support your business growth and support the way you run your business, and that is called supply and demand. Now you would have heard about supply and demand.
Of course you've heard about supply and demand. Supply and demand is supplying to the demand for whatever that could be. But when it comes to your business, how in alignment are you and how mindful are you of the demand for your business and the services that you provide and therefore strategic in the way you supply them? Now, if I just read you this in terms of the definition around supply and demand, supply refers to the market's ability to produce a good or service.
So that would be you, your ability to produce the service. That's the supply. Whereas the demand refers to the market's desire to purchase the good or service. So your community having the desire to purchase from you.
Now here are a couple of things that need to be in place for you to have a successful supply and demand in your business. When you think about yourself as the supply, right? So remember, supply refers to the market's ability to produce the service. So you need to, especially, and I work with a lot of women that want to sell their businesses from six figures, so let's say $100,000 mark to a quarter of a million, half a million.
Now, this might be a revenue to begin with, but of course, we then look at how we can increase profit margins. But if we then think about those businesses, so we've got to that first initial 100,000. Now, to create 100,000 in your business, that's around, you know, you know the numbers for that. But if we think about, it's about a K month approximate.
Now, if we think about creating this 100,000-hand business and we want to then take that to 250,000 or 500,000, what are you doing as a basic principle? And this could be exactly the same. If you want to take your business from 10,000 for the year to, you're making around, let's just say, about 1,000 pounds a month. And you want to take that to 5K months, so you're making about 60K a year.
Now, I have supported, I ran a mastermind called the 5K Finance for four years, four times a year, so 12 cohorts, and around 10 women in each, 120 women in creating consistent 5K months. So I know what I'm doing, and I know how this can work. And for a lot of those businesses beneath the VAT threshold, they had great profit margins. So you can increase your profit as an online business, whatever your financial goal is.
It doesn't need to be to become a millionaire or have 100K or six for the launch, whatever that is. It has to work for you and your business and your life. The reason that I say this is down to this basic principle, supply. If you say, and let's use that method that I just gave you, we're at 100K, we want to get to 250, what is the basic principle that we know there?
We're over doubling our financial income for the year. We're doubling. So if we have doubling the money, what else might you need to double? Now, whether that is the number of clients you serve, whether it's the number of programs you've run, whether it's the elevation in one of your services, whether it's the price point, there is an element of increase, isn't there?
We can all agree on that. There is an element of increase needed to therefore increase our financial outcome. And when we look at increase, that means we need to increase our supply. Okay?
With me? So if we are increasing our supply, what are you going to be increasing in your business? The time and the capacity that you are delivering to clients or serving clients. Now, even if this is for a cause or for a massive ownership and you show up once a month or however that structure looks, there is going to be time needed to be put in to build that, to promote that, to make sure that it's run well, to audit your client journey, to fulfill the desire and the deliverables of that contract for your clients.
So as you think about the fact that you want to earn more money, and I talk about this with clients, like I said, daily, you want to earn more money, you also need to recognise that the basic principle of supply and demand, that a lot of the time initially, if we want to create that infusion of financial increase, there's going to be an increase in time, there's going to be an increase in your availability, your need to deliver a service. So the primary focus that you need to know is do you have the capacity to do that? Do you have the time available in your work schedule, in your work balance, in your boundaries, in the expectations you have for the life you want to build to make that happen? And that's when we focus on how can we do this properly?
And when I say properly, I'm talking about making sure you're doing this steadily, that you can audit, you can reflect, you can refine. You can create a baseline, it's not creating a peak in the trophy of business, it's creating another financial baseline. So what that means is, it almost creates more of a consistency in your monthly reoccurring revenue, it creates some forecasting and stability, it's not just these huge highs and these huge lows. And even if you have a huge high, and then you have no sales, you're then having to manage that money more, aren't you?
And you aren't getting in cash each month, you're having to almost budget yourself. And for some people, that works, but for others, it can create a bit of a lack of mindset every time you're not launching or having this peak. So I will really try to create a financial position with my clients where it's more about longevity and consistency, and that sexy, safe feeling in your business. So supplies the first area that you need to look at, if you want to create a successful supply and demand business and a successful profitable business where you have a consistent pipeline of leads and you can consistently sell, this is the other thing, you don't want to come to the bottom in your business.
So if you do have capacity, of course you can then continue to sell, you can continue to build on that momentum to provide that offer, provide that service, you can continue to make that focus. But what you then need to really make sure that you're doing is you are able to sustain that, because otherwise what can sometimes happen is you meet your capacity and you're full. And I see this a lot, you know, your footy books, you've got no time left and it's just the workload is wild. And you're like, I just have no time, I can't sell anything.
So you don't sell anything for three months, not problem. But of course then what happens when you then want to sell again and you've got the supply to produce it, have you got the demand? So there is an element of balance between even if you are full and therefore you cannot, you don't have the ability to produce a service, it doesn't mean that the demand will deplete. So what are you doing to service the demand?
What are you doing to make sure that you are staying on top and on track of the demands? What are you doing in your business from a marketing, from a value based, from content, from visibility to continue to harness the demand? And then you can think about, and this is where so many people talk about stackable offers increasing your service week, low mid and high tier offers. Now you've had it all one to many, one to one ever green, all of these things.
The ultimate principle for that is demand. You must have the demand, which is your markets desire to purchase the service. Do you have a community? Do you have a market that has a desire to purchase the service?
If you have a market that desires to purchase the service, you can then supply the service. So this is a great principle for you to start thinking about how can this work better for you as a business owner? How can you start to really focus on this as a business principle? How are you creating and increasing the demand?
How are you creating an opportunity for your audience to always want to work with you and to want your services? And there are a few things that you can do to increase the demand. One of those is showcasing your offers, even when you're not selling. Another is to showcase your client results, their journey, their transformation, their before and afters, their case studies.
Another one is to showcase behind the scenes of the service so people get an insight before they invest. There are three ways that you can be working on increasing the demand in your business and bridging the gap between the buyer and the consumer and the knowledge they have before they buy. That's like a completely separate podcast. But the principle behind that is you want to make sure that your consumer, your follower, has the knowledge that they need around what they're investing in before they invest so that you can actually start to eradicate some of their buying questions, some of their hesitations, and you can do that in your content, in your visibility, in the way that you showcase your offers, even without having to have sales calls.
Now the other reason this is important is supply and demand are both very keen understanding the economy of your business, understanding how your business works. What am I supplying and what is the demand for my audience? And if you feel like there isn't the demand for whatever it is, whether it's your high ticket, whether it's your membership and your mastermind, if you're looking at one's many and you haven't got a high conversion rate, whatever that looks like, how are you creating that solid demand? And some examples of that for you.
If I think about my own business, I didn't want to run a membership of a low cost offer anymore. I've done two of them since 2016 and both of them had between 50 and 75 people in and they both run for at least 18 months each. So I really got attention rate, really good numbers, really good monthly review, however, I wanted to change and scale that. So I built the shift.
So the shift is my close membership. It opens once a year for 12 months and that cohort go through the year together. They're in differentiated pods for their strategy calls and that's been running for three years now and that is all about shifting your business to the next level. And we have two pods focusing on where their business is, whether they are looking to create 10 to 15 k-months and how we create this consistency for them in their business.
Now I've created a high demand for that for a few reasons. One, space is unlimited every year and two, it only runs once a year. Now from a profit perspective and a scalable perspective, that service is not what I'm scaling because I only run it once a year, right? I only sell that once a year.
So if the demand is there now, people can't buy it. But what does that do for me? What do I need to make sure I'm doing? I need to make sure I'm constantly serving the demand of my community with something else and also reminding them of when that opens and when they are available to come inside that membership in that program.
So if I have created in my business three offers that I know there are always a demand for and three ways of selling them so that no matter what in my business, these three core offers create that financial stability for my business every year with cash received that I can forecast my profit on, that I can look at my pension, I can look at my team, I can look at my software, I can look at my salary, I can look at my holidays and those three offers create the life that I want and create the profit and the sales that I want in my business as a baseline. And then every year I then look at what can I now do to increase my profit and serve the demand, supply to my consumer who has a desire for a service to therefore financially increase my business. So this could be different elements, for example, I have now launched the profitable business hub, which is a 12 month membership to support business owners with really focusing on profit as a priority in their business. So this is different to any other experience that you will have.
You get a CPD accredited program with me on the mastery of sales, which has modules around launching, pricing, launch models, profit planning, selling, conversion rates. So that CPD program is part of the profitable business hub for free and that CPD program is £1,500 on its own. So everyone that comes into the hub gets access to the CPD module material to work through, but also have my support every single month on the modules they're working on, on their questions, on their submissions, on their homework, on their learnings to make sure that they not only become accredited in this and have a formal education and that formal tool of recognition, but they also have my direct mentorship during the hub as well as a monthly Q&A support mentor in hot seat coaching session with me every month where you get to have hot seat coaching directly with me one to one to look at your sales, your pricing, your business model, and really paying profit as a priority. You also get access to my sales forecasting, templates and trainings.
You get access to my selling on social media master classes. You get access to a private Facebook group. So I have now created a supply, a service that I know there is a demand for my audience because every single person I speak to wants to make money, wants to make more profit, and there is not a space on the internet or a service that focuses on just that. So this is not the hub, it's not a place where you get mindset support, energetic support, you know, one to one access to me, close proximity, no, it's a place where you come to focus on the profit in your business.
You come to focus on the sales, the profit margins, the launches in your business, and that is the focus for that space. So if you think about this as an example then versus my baseline products, my baseline services that have a demand, the three offers, my one to one like spam, my other shift membership, I'm then creating a service, a supply based on the demand that I know my market need. They need support with financial literacy, they need support with profitability, they need support with how to invest in the best ways, they need support focusing on long-term well-building and financial support around that. And not from an accountant, I'm not an accountant, but from someone doing this every single day in their business and supporting their clients doing this every single day.
So that is a great way and a really good example for me to showcase to you how supply and demand can work in your business when you have a real policy handle on demand, which refers to the markets desire to purchase the service. And if you think about that on another level, I was doing some research for you for this podcast episode, and I found this statement, which I think is so important, supply and demand are both keys to understanding the economy because they reflect the price and the quantity of consumer goods and services within an economy. If you scale that down to your business, and we look at this on a micro level, then you can see this supply and demand are both keys to understanding your business because they reflect the prices and the quantities that people are buying your service from you. I've just translated that so it works for your business.
So according to the market economy theory, the relationship between supply and demand then balances out to create something called equilibrium price. So you will then when you look at your own supply and demand be able to recognize that they will come a point that every time you sell it creates that profit in your business because you've created an offer that you know it's selling that you know there is a demand for. So that can become your baseline expectation for your business, for your financial forecasts. So the basic principle around supply and demand has so much to offer for you to start looking at how you are executing planning and providing a service to the demand of your community.
So I really hope this gives you a level of exposure to how you can start to reframe the way that you are showing up in your business, planning your offers, planning your sales and your services to also take into consideration do I have the desire to purchase the service from my audience. If I do how much is there a desire to purchase from my audience? And how can I increase that and cultivate that with the supply that I want to offer with the service that I have available? So I hope this has been helpful for you.
And if you do want to come and join us inside the profitable business hub, please do. You are absolutely welcome and I would love to support you in making profit and priority your business as well as get CPD accredited for this work and you really master the art of selling, pricing, launching, you know, for your business. So I'll see you on another episode very soon and I'll see you inside the hub. So pubs, what's next?
In the show notes you will see that you have access to three magical next steps. Number one, download my free sales and cash track of your business. Number two, join my free broadcast channel where you get direct access to me and hands on support your questions as well as challenges, invitations and a constant in real life time chance to keep things moving forward for your business. Number three, join the profitable business hub.
The 12 month membership that combines my CPD sales mastery program with what's C coaching, accountability and profit-focused mentoring as well as becoming formally accredited and recognised for this work by the end of our year together. Personally, they are all in no-brain investment of your time, energy and money. The hub is the only place where you will receive direct support from the Azure Mentor, weekly modules from my CPD accredited program at no extra charge and specific time every month dedicated to supporting you and your business in creating more profit from questions and support around pricing, selling, stacking your offers, your service suite, the works. So pubs, what will it be?
Click the links and let's keep creating magic together. See you for another episode of very soon.