If you tuned in to either of our “Pitch Me Your Retreat” calls this week where I laser-coached people live on their retreat ideas, then you may have noticed something interesting.
Next to fine-tuning the inner alignment around their retreat ideas, the second most important coaching insights I offered were around MONEY.
The money theme is not surprising to me at all.
It is so common for money fears to come up when smart, talented, heart-centered women think about putting money down on a venue or coming up with a price for the work that’s most close to their heart.
If you’ve ever felt the same, you are not alone.
The good news is, your retreat doesn’t have to trigger fear around money.
Making your retreat profitable is a really easy fix when you understand why retreats lose money in the first place.
My first retreat made an 1100% profit! (My second retreat just barely broke even… Let’s just say I’ve made some of the mistakes too…)
So let me give you a quick overview of the top 7 reasons retreats lose money.
Too Many Inclusions
Many retreat leaders don’t make enough money on retreat because they choose to include everything and the kitchen sink – for free! By the time they pay the yoga instructor, the transportation company, the massage therapist, and then some, there is nothing left to pay themselves! I know the temptation to surprise and delight in all kinds of ways… but I also know the real reason retreat leaders include all these extras – and where to stop. (I’ll be sharing this when I go #Live!)
They Go To Bali (or other faraway land)
OK, so I’ve never personally been to Bali, but unless Spirit is giving you an absolutely clear signal to take people out of the country, consider making your first retreat a bit simpler. When leaving the country it is very helpful to your travelers to make your retreat all-inclusive. However, see #7. It’s so easy to miss small expenses that really add up. And there’s another reason too to ‘stay local’ – which I’ll be sharing in my upcoming live. It has to do with a hidden confidence blocker.
They Don’t Negotiate the Venue Terms
Picture it – the passionate and heart-centered entrepreneur finds an ideal place to host her retreat. She reaches out, so excited for her dream retreat to come true. She’s just so grateful and excited to host there, she doesn’t think to ask questions or negotiate on the terms. This will end up costing her thousands of dollars.
They Don’t Warm Up Their Audience
It is awesome to be super excited about your recently developed retreat and share it on social media! Announce the name, the location the vision for the transformation. Ask people to comment below or PM you if they are interested. Great! But many people stop there. If the five people that comment don’t say yes, they are stopped in their tracks. It’s so important to warm up your audience by giving them a taste of the transformation that helps them get a clear sense of what they are investing in. (More on this on Tuesday as well!)
They Over or Under Charge or Overthink Pricing
Pricing is an interesting thing when it comes to retreats. There is no one answer to the question of how to price your retreat, it completely depends on your overall business model and the role this retreat is playing in your business, and in the lives of your clients. Until we know this, it’s simply a random guess, or a price benchmarked to other retreats you’ve seen on the market, or what you ‘think’ your audience will pay. Neither of these are aligned approaches to pricing. There are two strategic ways to use an individual retreat in your business. Most people pick a middle of the ground ‘safe’ price, which is not appropriate for either type. They are charging too much for a retreat that they want people to say an easy “yes” to, and way too little for them to actually make good money on the retreat. (See #2 for a hint – more on pricing on Tuesday).
They Host Their Retreat in a Vacuum
The key a financially successful retreat is having a business model/ offering strategy that addresses the naturally occurring increase in awareness/ transformation your clients will have as they experience your offerings. Offering one-off retreats is a challenging business model. For your STAR Clients, the retreat with you will not be their only experience with your company. In fact, to follow the way transformation occurs, and sticks, in your client’s lives, you will want a progression of offerings that totally “fit” for you and them. (This is the crux of Retreat and Grow Rich, authentically serving your STAR Clients with the most aligned offerings).
They’re Thinking Transactionally, Not Transformationally
It’s amazing how we go to offer a transformational retreat, but forget to approach it from a place of holding space for transformation. This shows up like earning enough to cover your costs + a little bit vs. earning in proportion the magnitude of the transformation you are a stand for. It also shows up in marketing the process you use, or the location you’re in, rather than marketing the outcomes available through the transformation. (There are really specific reasons people hesitate to think this way – I’ll cover those in our upcoming Livestream as well!)
I hope I’ve piqued your interest here today and you’re ready to join my new training on Tuesday (CLICK TO REQUEST A REMINDER).
RICH Retreat, RICH Planet: 5 Simple Steps To Change The World and PROFIT From Your Transformational Retreat
It’s happening Tuesday, August 28th, 2018 9 am PST/ Noon EST “See” you there!
AND OUR PITCH ME YOUR RETREAT WINNERS…
I admit it was super tough… choosing the two retreats I most want to support this year. There were so many great ideas! The retreat, and person, winning the free registration into my Retreat and Grow Rich VIP Level Coaching Package is… Nadine Mullings with the Leading Ladies in Business Retreat retreat.
The retreat, and person, winning my promotional support for their next retreat, including being interviewed on my Retreat and Grow Rich Podcast, and featured in my newsletter, is …Hollis Gray with the Afro-disiac: Falling in love with Afro-Latin Culture retreat.
My team will be in contact with you about your prizes, and CONGRATULATIONS! I am so excited to work with you.
And, if you weren’t selected, you can still be supported by me over the next few months to launch, fill and profit as a Retreat Leader in Retreat and Grow Rich!
Retreat and Grow Rich is the course I created to teach you the entire “RICH Retreat” system I’ve used to help hundreds of retreat leaders create MILLIONS of dollars in revenue and invaluable transformation.
This time around there are very special bonuses available when you register AND, for the first time ever, there’s a very unique VIP bundle that allows you to retreat LIVE with me!
On live retreat with me, clients move through money blocks, claim their value, own their messaging and discover HOW TO TALK ABOUT their retreat (and all of their work) in a compelling way, with real-time feedback from the right people.
If you’ve ever shared your retreat with someone who didn’t get it, OR you’ve gone to raise the investment of your retreat and worried that people wouldn’t understand the value, let’s get to the heart of that together!
We will have to limit our VIP registrations to just 20 spots because there’s a live retreat included SO if you’re curious about working with me in a deeper way to get your retreat out into the world, go check out the program and all the details right away so you can claim your spot if this feels aligned right now before they fill up.