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Grab my Ultimate Scaling Guide (4 Strategies for Exponential Growth)

Ep 281 Transcript

00:01

Welcome to thriver Thursday live. This is the place to be to learn powerful scaling strategies and grow in your walk with the Lord Jesus Christ. Be sure to join me here each and every Thursday at 11am. Eastern for a business training absolutely free. And these trainings are always founded on timeless business principles fueled by faith in Jesus, and infused with simplicity and joy. Hey there if we haven’t met, I’m Judy Weber, women’s business strategist and scaling expert and I am setting the gold standard in business coaching for Christian women. And I’m absolutely thrilled and blessed to have you here, whether you’re here with me live, or watching or listening on the replay. Now listen, before we get started, I need to call out my client, Danielle, this month, June 2022. She has generated more revenue. Now mind you, we still have another week in the month. But she has already generated more revenue this month than she generated all of last year. Okay, so can I get some you know, joy and praise to the Lord for that and blow up the comments saying congrats Danielle. Right? How phenomenal is that brava to Danielle for that incredible achievement. And again, to Christ be all glory. I asked Danielle, what happened? Like what made the difference? Because it’s like a significant difference, right? This isn’t like, you know, a small step. This is like a quantum leap in her business. And she smiled. And she said, Judy, I applied the things you taught me love it, right? That is just makes you know that you’re doing the right thing, right that you were walking in God’s plan and purpose for your life. So

 

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hallelujah again for that. But you mentioned two things in particular. Okay, first, the belief triad. And if you follow this show, or you listen to my joyful scaling podcast, you’ve heard me talk about the belief triad, right? It’s believing to the depths of your soul in three things. First, belief in you as an expert. Second, belief in your best clients, does that mean that they exist, and that they’re looking for you? Exactly your combination of everything, right, your experience, the way you do things, all of it. And the third part of the belief triad is belief in your offer, that what you have is what your best clients need, in order to get them the results they want, right? It’s belief ladies more powerful than any tactic or strategy alone. Okay, so the belief Triad was one thing. And the second thing that made the difference for Danielle, as she told me was the faith fueled thought model. Now, these tools, these are both tools that I teach, and they go hand in hand, right. And this tool, the faith fueled thought model allows you to manage your mind and direct your thoughts to where you want them to go. Now, this is not just thinking positive. It’s about living your faith, and allowing your faith in the Lord to literally fuel your thoughts, which is the beginning of everything, right? Your thoughts, your feelings, your actions, and results all flow from your thoughts. Right? So with the faith fueled thought model, it’s knowing based on your faith, that you’re grounded in that in Christ, even the impossible is possible. And I’m so excited that can actually see comments today. Great to have you here, Marie. Thank you for joining me from France. And hey, George, how are ya? So listen, using and applying these two tools resulted in Danielle’s best month ever. Okay, the belief triad and the faith fueled thought model, her confidence is through the roof. And I need to emphasize that her success came as a direct result of her diligence in applying what I taught her. When you implement and take action on what I teach, you will grow in two big ways, right? You’re gonna grow as a CEO, and as a follower of the Lord Jesus Christ, like those two things are the focus there the goal. But to get there, you can’t simply listen, and then go back to the status quo. Right? Go back to your standard ways of doing things. You’ve got to listen and even from this podcast, if all you do in these forever Thursdays, if all you do is consumed this free content, your life will change, your mind will change. Right? And I hope I My goal is that your faith will grow. But again, you can’t just listen. You have to listen and apply. You’ve got to do new things, different things, even scary or uncomfortable things. And as far as clients that work with me and even what I’m teaching you here, you’ve got to believe in the process. And that the tools that I teach within the process All right, that they work, because let me tell you, everything I do. The process that has been proven time and time again, is a direct download from God Himself. Like, I didn’t make this stuff up he did. So you know, it works right, so long as you apply it in faith. Danielle’s confidence is grounded not in herself, but in the One who created her, okay. And the tools that I taught her. The tools that I teach all my clients empower you to think, like a faith fueled CEO so that you can handle anything, anything that comes your way and your business knowing whose you are right confident in Him in His timing in his equipping, and his anointing. So again, bravo to Danielle, and to the Lord God Almighty be all glory. Now, if you’re listening, and you would like to learn more about what it would look like to work with me, reach out, I’m at Judy Weber, CO probably where you’re watching or listening right now, okay, on all social platforms. And if you’d like to apply for a spot on my calendar in July, for a complimentary scaling strategy session with me, not a team member, but with me, where we’re going to map out how you can finish 2022 2022 stronger than ever, then go to bit.li/joyful scaling console, I’ll go back and pop that in the comments, but apply at bit.li/joyful scaling console. All right now, today’s topic is the boutique versus the Empire, which is for you. We’re gonna talk about that. As always, before we dive in, let’s praise the Lord for his many many blessings. All right, Heavenly Father, you are so good. Oh, thank you. Just praise you for how you work for free and just who you are in and how much you love us. You know us and you love us anyway. And the love you have for us is just so it’s like we can’t even comprehend it.

 

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And May everyone listening or watching right now, whether it’s live or on the replay. Like can begin to feel your presence like penetrate this atmosphere. We need you here. When you are present, fear dissipates. When when we know and feel your love. There’s nothing better perfect love casts out all fear hallelujah. So Lord, speak through me today. And me the words that I speak, be pleasing to you, and edifying to everyone that is hearing the sound of that voice Lord, speak through me. We pray. In the mighty name of Jesus. Amen. Amen. All right. Hey, Katie. Good to see you. All right. Well, I’m curious tell me in the chat, are you currently building the Empire

 

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or a boutique? Okay, the Empire or the boutique popping in now as service based entrepreneurs. Generally speaking, these are the only two ways to build a business, the Empire or the boutique. Now, this applies across all industries, law firms, accounting firms and other professional services, right? Real estate, both at the brokerage level and the team level, marketing and other digital agencies, coaches and consultants, right, all of it. There are variations of these two models. But these are the options. Empire boutique, Katie says boutique awesome. I’m going to define each of these in a moment. But I want to start with this. I need you to know that both the Empire model and the boutique model, they are both potentially profitable. Like neither is more right than the other. It’s purely what you want. And of course, ultimately, what God has revealed to you as his plan and purpose for your business, right. But I wanted to do this training, I really felt like I wanted to make sure you knew the truth about this, because there’s a misconception out there that the only way to get a massively profitable business that has big impact is the Empire. And that’s simply not true. Now, let me tell you, by Empire, I mean a business that has lots and lots of employees, many departments, and lots of hierarchy, within each write tons of offers, also in the empire, typically at varying price points. Generally, in the empire, we’ve got lots of moving parts. But the fact is the Empire is not the only profitable business model. And in fact, in my experience, the boutique business model can often be more profitable, and at the same time simpler, right, meaning easier for you to manage and lead, giving you more time to live your life and spend time with your family and friends. Right? Experienced real time freedom. Now, at the end of last year, I did a masterclass called the million dollar year mapping out your best year yet. And I’m gonna drop the link in the comments after I’m gonna be able to come back and in the show notes when I turn this into a podcast. Actually, if you go to The podcast page of my website, scroll down, you’ll see it. So I’ll give you that right now somebody might be able to pop this in, you can find the million dollar year link to that free training at Judy weber.co/podcast just have to scroll down, okay. And if you haven’t watched that million dollar your training, I encourage you to put that on your calendar to watch in the next week. Because in that masterclass, I walk you through goal setting in a unique and powerful way. And you can reverse engineer your best year yet, and let’s face it, half the year may almost be gone. But you’ve got six months. So no matter where you are in your business, you can reach that goal. Right? Nothing’s impossible with Christ, right. So where the Empire has dozens and dozens of employees and lots of overhead costs, right, requiring 1000s, and perhaps 10s of 1000s of dollars to come into the business each and every month just to pay expenses. The boutique model is very different. It has a lean and mean team I like I like that, I don’t mean lean in a nasty way. I mean, lean and mean, everybody knows their role, everybody’s responsible. And you don’t need dozens and dozens because there’s less moving parts. But every team member knows their role. And they’re very, very good at it, right. And overhead, of course, would be significantly less. Perhaps the most surprising thing of all is that this simpler business model of a boutique can actually be just as profitable, if not more so than the Empire. And all with less people, less offers less moving parts, right? Again, simplicity, okay. But again, if your dream is to build an empire, brava go for it, we all need to be obedient to God’s calling, today is all about making sure you know that the Empire model is not the only way to make big impact on generating lots of dollars, okay, and I want to be really, really real with you about this boutique business model, what I call a sophisticatedly, simple business model. This is what I’ve done in my business. And this is my go to model that that I teach my clients because because of its simplicity, in combination with the opportunity for high impact, and of course, high profitability. So this model allows me to work at a more personal level with my clients, because I don’t have hundreds and hundreds and hundreds of clients at any one time. Right? I personally don’t want that. It’s important to me, that I know my clients. And I do know, each and every single one of my clients and I know their business, you are not just a number when you work with me, I know you by name. And that personal touch that level of personal interaction is important to me. And so the boutique business model gives me that opportunity.

 

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Which while that brings me joy in my work, like Yay, I get to do this. I think more importantly, that personal touch is a is a priceless value add for my clients as they work with me, not just someone on my team. Okay, so I’m going to share real data about what’s required in the way of dollars and leads for both the boutique model and the Empire model. Okay, because the Empire is touted by so many as like, you know, you’ve seen the the stickers and the bumper stickers and whatever else is out there, building my empire. I’m a hustler, Hustler, whatever, you know, and boss, babe. Like, if that’s you, great, do you. But it’s not me. Okay. So my goal in bringing this training is to enlighten you to the realities of what’s involved to build and scale, a business that affords you the financial and time freedom that drew you into entrepreneurship in the first place. Okay, now, depending on where you are right now, the thought of scaling to a million a year can feel impossible, right? I mean, if you haven’t done it, it could feel so out of reach, like, Is that even possible for me. And I’m here to tell you that if you want it, it is possible. That’s my life mantra, all things are possible with Christ pursue the impossible. That’s the title of my book that’s going to be released by the end of the year, right by God’s grace. But But getting there to the impossible, quote, unquote, requires faith, living your faith, which is really believing before seeing. Remember, the reason Danielle gave for her massive crazy great June month. It’s because she believed and she did the work, the belief work, to deepen her faith and her belief, okay. So, if your dream is to impact clients at a transformational level with your work, and helping the number of people required to generate a million dollars serving them to the outermost if that is your dream, sister, I want to reassure you that that dream of that big number in that big business that is not sinful. It is Not wrong, it is not immoral, it is not unethical. So, so long as you keep your eyes fixed on Jesus, can I get an amen on that? We have got to always put Him first no matter what. Okay, but today I’m going to show you how an empire bringing in a million bucks produces a net profit that is similar to a boutique business, bringing in a fraction of that. Okay, so you might want to go get a piece of paper to write these numbers down so you can visualize what I’m saying. Okay. And again, I lay all this out in the million dollar year masterclass, which I encourage you to look at, okay, because these, what you’ll find there and what I have here, these are real numbers, they’re not made up. Okay, so let’s talk about the Empire. Now, in this scenario, which again, is a real life example, the Empire has five offers, and we don’t need to know what they’re called, or even what, what they do, but I want to give you price points. Okay, so five offers, the first offer is a $27 offer. Then the next one is 997. Then the next in this ladder of offers for the Empire is $5,000. And then $30,000, just quite a jump there. Okay. But in this particular model, that is what we have. So the five offers $27 997 2000 5030 1000. Now, keep writing and stay with me. Okay. Let’s say this empire business has 500 clients in a year who bought the $27. So 500 clients at $27 is $13,500. That’s what I want you to write on your paper. Then for the $997 offer, there was 180 clients in this example 180 clients at 997. That’s about $180,000. Right? Next, the $2,000 offer, there were 75 clients at $2,000. That’s $150,000. Then for the $5,000 offer, there were 40 clients at $5,000. That’s $200,000. And finally, for the $30,000 mastermind, there were 15 clients in there. So 15 times 30k is 450k. So in this example, the total revenue of all five offers was just under a million bucks. 995. Okay. Now, the number of clients total for that year with those five offers was 810 clients.

 

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Okay, you see the picture, everything’s big, we’re talking about an empire, there’s lots of people lots of offers lots of moving parts, okay. And I mentioned, there’s a lot of overhead there in the empire, because they have a long a large team. In this example, they had about 20 employees. And so when you add up their compensation, and the expenses, with ads, and marketing and taxes and all the rest, right, it adds up to a total of about 650k. Leaving them with a 30% profit of just under 300,000. So in this scenario, it made 995 $995,000 And the net profit was $298,000. Okay, so just about 300. Are you with me? Okay. So again, in this example, an empire business generating around a million bucks nets a profit of almost 300. Now let’s look at a real life scenario of a boutique model business simpler model less offers. In this example, the boutique has not five but two offers a 10k offer and a 30k offer. Okay, in this scenario, in the year, there were 20 clients and each of the two six month cohorts so there was a total of 40 clients for the year at 10k. Okay, so that that 10k offer was a six month round, if you will, and there were two rounds, making a total of 40 clients for the year at the 10k which is $400,000. Now, the 30k mastermind had five clients, five times the 30 is 150,000 for a total of in the boutique business $550,000. So it’s about half the revenue of the empire. And the total number of clients here was 45. But in the boutique because the expenses are lower the profit is a higher percentage close to closer to 50% or around $275,000 profit. So with all of that if your eyes are glazed over stay with me okay, I want to summarize that. I want to compare the empire with the boutique Okay, the Empire write these numbers down if Haven’t been writing since up to now. Okay, Empire 810 clients generating about a million bucks with five offers and a profit of just about $300,000 versus the boutique 45 clients generating about $550,000.02 offers and a profit of about the same very close to 300,000 to 75, in this instance. So what do we make of this very similar profit, right? To 75 versus 298. But with the sophisticatedly, simple boutique model, you get there with a fraction of the number of clients, right? Empire was like over 800, and you’re at 45. And only two offers and a lean team. So we’re talking about much less in the way of moving parts, it’s a simpler model, and yet, highly profitable, right? Ladies numbers don’t lie, kind of do the math. And again, these scenarios are real life examples of ladies businesses, businesses that I’ve either been a part of, or I’ve seen the accounting for because they were my clients. This scenario, underscores the importance. And this exercise rather underscores the importance of looking not just at revenue, but at profit. Because profit at the end of the day is what’s left for you, the business owner, who’s putting in all the work and effort and time, right. So when we hear someone on social say, I’m a seven figure entrepreneur, we think, man, they gotta be rolling in it. And this exercise shows that after expenses, there may not be any more left in profit for them, than it would be in someone that has a much simpler model of a business. So please do not allow yourself to get caught up in chasing revenue. Bigger is not always better. More, does not always mean more profit. And more debt more definitely does not always serve the client. Think about that. If I have 800 clients in a year, we don’t even know all their names, like how could you? I’m pretty smart. God blessed me with a brain and great memory. But come on, right?

 

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A boutique business can generate, as you see in these examples, right? The same profit as an empire with about half the revenue, because of the expenses and overhead that goes along with the Empire. That’s not there for the boutique. So I want you to understand the takeaway here is you don’t need to build an empire to make massive impact and have a very lucrative business. Now, that’s the dollars. Now I want to look at the leads, this is really important. This is going to put it even more in perspective for you. Okay, so the Empire, let’s just talk about their $997 offer. They had 180 clients at that 997 offer. That’s 180k. That’s some nice revenue, right? How many leads do you need to convert 180 leads into clients? Well, the average conversion rate at that price point, and at that type of offer is about 2%. So when you do the math, this is where math becomes so valuable. It tells us that you’ll need about 5000 leads. And I’m talking about qualified leads, not just bodies. Okay, I’m talking about qualified quality leads. So 5k leads, or 400 of those qualified leads each and every month. Now, that’s just for the one offer. Remember, there were five in the empire. So if you need 400 leads every month, that’s about 100 leads every week, it’s pretty big number right? Now, just imagine if the 180 clients, you need five kit, you need 5000 leads, imagine the number of leads, you need to hit the 500 clients who bought the $27 offer. So are you with me? How are we going to get all the leads for all the different offers? Right? If if we need 5000 leads for 180 clients? How many leads do we need for 500 clients? How are we going to get them? The answer has to be ADS has to be or another way to tap into another person’s audience. But often it’s pay to play right? Because let’s face it unless you have 50,000 100,000 or hundreds of 1000s of followers on your various social channels who are really engaged and Quality qualified leads, you will need to get in front of a lot of new people each and every week to generate 100 leads for this offer and 300 leads for that offer and right. And again, remember that I’m talking about talking about 100 leads a week for the one offer. So in the empire, yes, we have impressive numbers, lots of clients, lots of money coming in. But by necessity, you have lots of money going out, in order to generate those impressive numbers of, hey, this is my revenue and hey, right. But like I said, big and more, is not always better. Alright, so let’s look at the leads in the boutique model. We said the boutique business owner had 40 clients in their 10k offer. Now, with the average conversion of leads to clients in that particular scenario, you would need a total of about 250 leads a year or five qualified leads per week, much different than 105 100. Very different. So when you need only five quality, qualified leads every week to hit your revenue, ads are not required. You can choose to use them. But that’s your choice. Okay, I want you to let all this sink in, you might want to go to listen to the podcast, it’s going to come out later today to really let this just seeking. Because when you look at the reality of the Empire versus the boutique, I don’t know, which is more appealing to you. Again, neither is better than the other one, is it right and the other one’s wrong. It’s entirely up to you. But I’ll say this, when a one on one client came to me recently, I asked which business model she was pursuing. And she was very quick to say Empire all the way. And then I asked her why. She said, Well, because I want to make more of an impact. And I want to make more money. See, that are random numbers with her much like I’ve gone with you today, right that she realized, hmm,

 

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I want to have the ability to know my clients. And that simply wasn’t possible in the empire model. That’s one of the downsides of that model, among others, right? Imagine in a year knowing 800 clients personally. And then year after year after year. The Empire model may sound good, but it’s not without its downside. And when it comes to high impact and great profit with the freedom that drew us all into entrepreneurship in the first place, I choose I personally choose the boutique business model all the way. And again, that’s what I call the sophisticatedly simple business model. It’s the best of all worlds. And I say simple, simple is not anything we should run from ladies, I think it’s something we should run towards. Why don’t we want to work harder than we need to. And as a lawyer and a high level thinker, I want to do everything at a sophisticated level, way above average. That’s why I call it sophisticated ly simple. But like I said, it’s your choice. So which do you want? Think about that. And did your answer change from the beginning of today’s training to the to the end where we are right now. So as we close, if you would like to spend one on one time with me to strategize together about how to incorporate the boutique model in your business, I need to apply for a spot on my calendar in July. I know they’re gonna feel fast, my calendar fills quickly these days. But visit bit.li/joyful scaling konsult, capital J, capital S capital, see, I’ll come back and pop it in. And I pray that this trading opens your eyes to even more possibility for you in your business. If you have questions, as always reach out to me at Judy Weber Co. And oh, I also want to remind you that I have like I’m reading my notes on like, what does that mean? If I would love to more than even just sending me a DM send me a voice note. If you go to Judy weber.co/podcast and you scroll down a bit, you’re gonna see where you can just hit it and leave me a voice note. You could ask me a question. leave a review. You can you know, tell me about an amazing person you’d like to see on the podcast, those kinds of those kinds of things. Okay. So before we go to quick things first, I am proclaiming the month of July as Joy month. Who’s up for that? Joy month. So every thriver Thursday in July, it’s going to focus on inserting joy in your business on the daily so be sure to mark your calendar to join me here every Thursday in July at 11. Eastern second. I will not be bringing a thriver Thursday next week. I’m going to be Hanging with two of my three boys. But I will see you back here on July 7 at 11am. Celebrating the month of joy. So thank you so much for watching, love you I really appreciate that you watch each and every time and if you haven’t yet listen to the podcast. You have nearly 300 Binge worthy episodes. So head over there you can find all the links to your favorite platform at Judy weber.co/podcast Thanks again for joining me ladies laugh love you so much. Have a beautiful blessed rest of your week.

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