Today’s podcast coaching client is Kristen.
She boards dogs in her home and has three sons who keep her busy. She is going through a divorce and her soon-to-be ex-husband supported most her financial needs and now she needs to make more money in her dog boarding business.
What becomes apparent as we begin this coaching session is that she needs to get clear how much she needs to make each month. We discuss the gifts that can happen when she does financial tracking and also the best way to track business and personal numbers.
We also explore the goal setting process and why it’s important for Kristen to do and how her financial goals may positively impact her net profit.
We also discuss the glass ceiling and what can help her move beyond current financial blocks.
On a personal level, one of Kristen’s barriers that has affected her self-esteem (and earning) is that her prior partner didn’t support her and in fact, put her down a lot. She experienced a lot of belittling from him, and it really wore down her self-esteem. Now that she’s out of that relationship and can see clearly, she needs to strengthen herself internally, cultivate confidence and self-esteem both while living her life and running her dog boarding business.
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“Here’s some of what has transpired since the podcast coaching session I did with you: I sent out two separate price increase letters. Of my 70 clients at that time, the first increase letter went to 18 clients who were still on the $30 boarding rate. Their rate increased to $36 per night of boarding effective in one month. While a few of those clients have been with me for 1-2 years the rest haven’t had an increase in 3-5 years which is how I justified the $6 jump. One client even texted me that she completely understood.
The second letter went to clients currently at the $40 per night boarding rate who all have been with me for one year or less. These clients had an increase in holiday rate from $8 to $10 effective in one month, effective before Christmas. In the new year, I plan to separate those clients by the duration of time w/ me and figure out when I can implement the next $2 per night boarding increase.
I revised my current info and after doing your recommended detailed market analysis of at least 10 competitors, my current rates for boarding w/ new clients is $60 per night per dog, $10 extra for each specified holiday night, and $10 extra for puppies each boarding night. I also detail the level of care included at this base rate. I detail specific care that will be assessed at their meet & greet that will cost extra.
This past Saturday night I booked 3 new clients at the $60 rate over the Christmas holiday. One of these new clients is a puppy and he will bring in $80 per night, $480 for 6 nights, compared to between $258 & $318 for a puppy at the previous holiday rates. These bookings are all the current validation I need to hold onto the elevated confidence that this rate reflects my experience and my professional worth.
My overall conclusion is that at my current rate, considering the number of bookings I’ve had in previous years, I will be able to continue supporting myself and my kids while living in Fort Mill, SC. I also have action steps written out to launch the website I purchased over a month ago. I recognize I may have to advertise a bit more to attract the ideal clients.
The podcast episode #117 gave me a better understanding of appropriate pay rates and hiring procedures when booking and paying my adult son for his work, as well as when I am ready to hire other employees.”