Latest / The SmallBizChat with Melinda Emerson / How to Grow Your Revenue with Retreats with Sheri Rosenthal
Transcript
- 0:00Three, two, one, zero.
- 0:04Ignition.
- 0:06Lift off.
- 0:09Ending small business failure.
- 0:11Welcome to the Small Biz Chat podcast with the number one small business expert, Melinda
- 0:17Emerson.
- 0:18Melinda's goal is to end small business failure, and she'll give you the information
- 0:23you need to succeed and live the life you dream of.
- 0:26Now here's your host, the small biz chat lady herself, Melinda Emerson.
- 0:31Have
- 0:35you subscribed to the small biz chat podcast?
- 0:37Well, it's time.
- 0:38Every Wednesday, we offer listeners bite sized actionable tips to start and grow a successful
- 0:45small business.
- 0:46In just twenty minutes or so a week, you can get a ton of insight and resources to propel
- 0:51your business forward.
- 0:53Be sure to subscribe to the Small Biz Chat podcast today.
- 0:58Welcome to another episode of the Small Biz Chat podcast, the show that is on a mission to
- 1:04end small business failure.
- 1:06I'm Melinda Emerson, your host, small biz lady, and America's number one small business expert.
- 1:12Every week, we bring you powerful interviews, expert insights, and real world advice to help
- 1:18you grow and scale your small business.
- 1:21In today's episode, we're talking about one of the most exciting and impactful ways to expand
- 1:26your business while creating unforgettable experiences for your clients.
- 1:31How to grow your business with a retreat.
- 1:34My guest, Sherry Rosenthal is CEO and Chief Retreat Strategist at Wanderlust Entrepreneur.
- 1:40Sherri is a true veteran in the retreat industry.
- 1:44For over two decades, she's helped more than 20,000 heart centered entrepreneurs plan,
- 1:50price, promote and profit from transformational retreats around the globe.
- 1:56She's also the CEO of Journeys of the Heart, a boutique agency that manages over a thousand
- 2:02retreats worldwide.
- 2:03So if you've ever dreamed of mixing your business with travel, this episode is packed
- 2:11with insights you don't wanna miss.
- 2:14And so for more information, you can head over to wanderlisentrepreneur.com.
- 2:20Now, if you love the Small Biz Chat podcast, please take a moment and leave us a five star
- 2:26review on your favorite podcast listening platform.
- 2:30Your support helps us reach more small business owners and continue our mission to end small
- 2:37business failure.
- 2:38Now let me say this, if you don't like my podcast, please don't leave me a review.
- 2:42But if you do, please show me some love because I wanna make sure that so many people get this
- 2:48valuable advice that they otherwise would have to pay for it.
- 2:54So now let me welcome my guests to the stage, Ms.
- 2:59Rosenthal, so we can get this thing started.
- 3:03So Sherri, tell us your background.
- 3:06How did you get started in doing retreats?
- 3:11Thank you, Melinda for having me on first and foremost.
- 3:15So yes, I was a podiatrist before any of this, which is a foot doctor for those who don't
- 3:23know.
- 3:24And I had practiced for eighteen years and I was done.
- 3:27And so I didn't know what I was gonna do next, but I sold my practice and everything.
- 3:33And I went on a retreat with Damiguel Ruiz who wrote The Four Agreements, which Oprah made
- 3:40famous as we all know.
- 3:42So that was a life changing retreat for me, because I didn't know where I was going.
- 3:48And within that retreat, my whole life changed and I became a retreat junkie after that.
- 3:56It was, I could really see how powerful they were.
- 4:01So for many years, I actually taught the four agreements and wrote a few books.
- 4:06And then in 2014, started Wanderlust Entrepreneur where we train our heart based
- 4:12entrepreneurs to do profitable retreats.
- 4:17So that is how it all happened.
- 4:20So tell me, why do you think that retreats are such a powerful business tool right now?
- 4:28And what makes this the perfect time to host one?
- 4:32Well, a lot of people are thinking right now that this is not a good time because of all the
- 4:37turmoil and political divisiveness, but I feel that's exactly why we need to get our people on
- 4:45a retreat because we need to get them to unplug, to get away, to be in community,
- 4:51whoever their community is, and to be seen and heard and recognized and loved on.
- 4:58And these are very much the times to do that.
- 5:01And I feel like it's one more tool in our toolbox.
- 5:06Like for instance, you could do private coaching with people, group coaching with
- 5:10people, you could do live events from the stage Retreats are just a more intimate way of
- 5:17interacting with your people.
- 5:21Now I have been to many retreats.
- 5:24I also have many friends who have hosted retreats and a lot of them don't make money
- 5:30unless they sell their big ticket thing in the back of the room.
- 5:33So can you help me understand like all of the revenue streams that you can build from a
- 5:41retreat?
- 5:42Because when I first hear about it, I cringe.
- 5:45I mean, literally just sounds like an expensive way to lose your shirt.
- 5:49So can you help me get over my fear of retreats?
- 5:54Absolutely.
- 5:55And you are 100% correct.
- 5:58Most people make little to no money or lose money on retreats.
- 6:04The reason for this Melinda is because they are not structuring their pricing correctly.
- 6:11They're used to pricing a workshop or a live event from the stage.
- 6:15It's a different pricing structure when you do a retreat because there's less people.
- 6:23So the difference between one person not showing up in your pricing could mean the
- 6:28difference between profit and loss.
- 6:33So we have a specific way of pricing so that we know you're going to make money.
- 6:40Then on top of that, you should be offering something at the end of the retreat because
- 6:46think about it, Melinda, you just had this incredible experience with people they know,
- 6:51like and trust you.
- 6:53They probably love you by now.
- 6:54They've had some wonderful transformations and you're gonna send them home into their life
- 7:00with no help.
- 7:02To me, that's abandonment.
- 7:04You want to offer them something to continue the journey with you.
- 7:09And so you can further help them along the way.
- 7:12So you've got a price correctly and have that upsell at the end.
- 7:18Okay.
- 7:19So, all right.
- 7:20So you already said that the biggest mistake is not pricing this thing right.
- 7:25What are some of the other big mistakes that people make when planning a retreat,
- 7:31particularly their first retreat?
- 7:33Not just their first retreat.
- 7:36Okay, so here's the thing.
- 7:38One of the other bigger issues is around marketing, especially our heart based
- 7:44entrepreneurs do not love marketing.
- 7:48And so this is a big issue.
- 7:52We want to make sure we give twelve solid months if possible to get that retreat filled
- 8:00especially if it is international because people need to make time in their calendar.
- 8:06If you're gonna do a five day retreat that is in country yeah they might be able to fit that
- 8:13in but if you're gonna do a ten day trip, let's say to Bhutan or Thailand or you know,
- 8:20somewhere more remote, you need to let them have the time to plan that in their schedule.
- 8:27So this is very, very important.
- 8:30We want to make sure that we have that proper time.
- 8:34And in that time, do you actually have a marketing plan?
- 8:40Not a throw spaghetti on the wall plan, meaning, oh, I remember I have a trip coming up
- 8:46in six months.
- 8:47I better do a few posts.
- 8:49They really need to have a marketing plan.
- 8:53All right.
- 8:53So what, I mean, so what goes into the marketing plan?
- 8:57I mean, is it a webinar?
- 8:59Is it social?
- 9:00Is it email?
- 9:01Do you want new people?
- 9:02Do you want people already in your community?
- 9:06Give give me, I mean, you you saying, okay, I need a marketing plan.
- 9:10Alright.
- 9:11You know, they can go to chat right now and get one but talk, talk, talk to me about the the
- 9:17nitty gritty here.
- 9:18Like, what needs to go in this marketing plan?
- 9:22Is it about affiliates and referrals?
- 9:24Like like, what you know, how many channels do you have to use to fill this event?
- 9:31As many as possible, I always say.
- 9:33So if you've got affiliates, yes, by all means, because we all know that warm leads are better.
- 9:40In fact, for retreat, the warmer the better, because I know for myself, I'm not gonna go
- 9:46traveling with someone I don't know because
- 9:49I don't know what that trip is gonna be like, what that person is gonna be talking about, if
- 9:54they're aligned with my values, that is really important.
- 9:58So your number one client for your retreat are the people on your list.
- 10:03So they're your warmest leads and you wanna go for them.
- 10:08So there's many ways of doing that.
- 10:10And in your marketing plan, you can set aside time to do each thing in rotation.
- 10:17So you might do, for example, an email blast with three to five emails.
- 10:24Then you might say the next month that you're going to do a
- 10:27webinar for your audience, telling them about the trip.
- 10:32Who is it for?
- 10:34What are they gonna get out of it?
- 10:36Show them beautiful pictures, give them a chance to ask questions and book a call with
- 10:41you so you can close them.
- 10:43So that would be, let's say another thing you can do.
- 10:46You might wanna do a challenge or something that has to do with that retreat.
- 10:54So at the end of the challenge, they realize the retreat would be a good thing for them to
- 10:59do.
- 11:00Or Thanks
- 11:01for listening to the Small Biz Chat podcast with Melinda Emerson.
- 11:05Subscribe to this podcast wherever you listen to podcasts, and join us next Wednesday for
- 11:10more fantastic information and
- 11:12interviews.
- 11:12Really fun.
- 11:13You can find more sources and small business success strategies by visiting Melinda's
- 11:18website.
- 11:18Seeasyourownboss.com.
- 11:21Thanks again for listening and we'll see you next week.
- 11:24Social media posts.
- 11:25Obviously, you're going to do that.
- 11:27And you're going to try to stick with education based marketing as far as your posts, not like,
- 11:33hey, I have a trip.
- 11:34This is where I'm going because a lot of people don't understand that that retreat is a
- 11:40solution for them.
- 11:41They need to have more education on what is going on with them and how that retreat can be
- 11:47the solution.
- 11:49So it has to make sense.
- 11:51Otherwise, they're gonna look at it and go whatever.
- 11:54And you have to have a really scintillating retreat sales page.
- 12:02And on that sales page, you really have to pull people in to the experience.
- 12:07And one of the mistakes I see is that people build their sales page like a product or a
- 12:12program.
- 12:13No.
- 12:14On a retreat page, you need to talk about the food and the venue and the activities and the
- 12:21promise of the retreat.
- 12:22Like what are they gonna walk away with?
- 12:25So all of that needs to be on the page along with answering any objections that they might
- 12:32have.
- 12:33So if they're not familiar with the location, you have to educate them on the page like why
- 12:40Morocco?
- 12:41Well, here's why I'm doing the retreat here.
- 12:43And I always recommend that the location align with what you are teaching, because then it
- 12:54makes more sense.
- 12:55I'll- I was about to say, I'm like, what?
- 12:58Let me give you an example.
- 12:59Okay.
- 13:01So let's say you teach people how to speak from the stage.
- 13:05You certainly can do that.
- 13:07Like my nearest airports, Atlanta.
- 13:09I can certainly have a retreat like a workshop in Atlanta for my people to teach them to speak
- 13:17from the stage, but I could also bring them to Europe and rent an amphitheater and let them
- 13:23speak in the energy of the ancient people, like really make it more experiential.
- 13:30Or if you were doing a knitting retreat, I would consider taking them to New Zealand
- 13:36during the time that they shear the sheep and do the natural dyes and clean it and put it on
- 13:45the skeins and all of that.
- 13:47So it becomes not just like, I've seen people do like a knitting retreat on a cruise and
- 13:53that's okay.
- 13:54But like to me, that's meh as we say in New York like, it's not to me creating value.
- 14:04And you wanna create value because that is what's going to allow you to charge the correct
- 14:11amount of money that you should be charging because you're building value on your retreat
- 14:16sales page.
- 14:17If you don't do that people will look at it and go well, I could do this myself and I don't
- 14:23have the money or it doesn't seem worth it to me.
- 14:27And that's the first thing they'll say is your trip looks too expensive.
- 14:32But if they're telling you that you have a shitty, excuse me, sales page.
- 14:38That's just telling it like it is.
- 14:39You're able to taste the food, right?
- 14:41So how can you, I'm get back to cruise ships in a minute, but how can you use a retreat to
- 14:49really deepen your relationships and really retain your coaching clients and consulting
- 14:56clients?
- 14:56Isn't that one of the key things that you'll be doing?
- 14:59Well, yes, because think of this, any other environment is not as intimate and delicious as
- 15:08spending five days with you or seven or ten days or two weeks or whatever you're doing.
- 15:15So it creates that kind of intimacy that you have with your people that they love, they
- 15:22love.
- 15:23Where can they get you alone?
- 15:26And this is why you need to be making a good profit because you only have a small number of
- 15:30people.
- 15:31So you need to be paid properly for what you're doing.
- 15:36So yes, this is gonna change everything.
- 15:38And when they have those transformations, they're going to want to continue working with
- 15:44you and they're gonna be your biggest fans.
- 15:46I've been doing retreats on my own through my travel agency since 02/2003.
- 15:52I am still friends with so many of the people that came on my retreats and many have become
- 15:59your friends too.
- 16:01So it's a special, special environment.
- 16:05All right.
- 16:06So not all retreats are made equal.
- 16:09Right?
- 16:09You know?
- 16:10No.
- 16:10Shearing the sheep in New Zealand sounds amazing.
- 16:13But like, what are some ways that you could get your toe in this without bearing the full
- 16:20financial brunt of it?
- 16:22Are cruise ships a a way to go?
- 16:25You know?
- 16:26Instead of yeah.
- 16:27I mean, obviously, you're not gonna necessarily sell out the cruise ship like Tom Joyner's
- 16:32cruise, but I'm saying like, is there ways to piggyback on other things and still make it be
- 16:40special for your people and what you're teaching or whatever?
- 16:44You don't need to.
- 16:46First of all, there are ways of dealing with putting a deposit down where you can start
- 16:54selling your trip ahead of time basically before you have to put a deposit down, but you
- 17:00have to have faith that you can fill the room.
- 17:03Okay.
- 17:03And that's just it.
- 17:05I don't like the idea of big cruise ships because there's too much distraction from what
- 17:13I wanna share with my people now.
- 17:16I might do a barge and have my people take up the whole barge.
- 17:20Or for example, this August, I'm doing a mastermind retreat in Croatia and I got 161
- 17:29foot yacht that I, yeah.
- 17:32Okay.
- 17:33That's fabulous, Ms.
- 17:34Sherry.
- 17:35Oh
- 17:35my gosh.
- 17:38What's
- 17:38gonna another speaker for that?
- 17:40Just saying.
- 17:41You could come along honey.
- 17:43It's great really.
- 17:45And, you know, it's just a matter of knowing that you can get the people that you need and
- 17:53create a beautiful experience.
- 17:55And if you're brand spanking new, would I go and rent a yacht that is not refundable?
- 18:01No, I wouldn't do that.
- 18:02But there's other things that you could do as a newbie, maybe you wanna do an Airbnb or
- 18:09something that you could cancel, maybe a hotel that you can, you know, cancel.
- 18:16You don't do a group booking.
- 18:18You just take some individual bookings just so you have some rooms.
- 18:22Let's say in a boutique hotel, something really cute and beautiful somewhere.
- 18:28So there's lots of ways of getting around that so that you don't have to feel like you have to
- 18:34sell your first and oldest child.
- 18:39Alright, so what is the biggest difference between doing a domestic retreat let's say in
- 18:45Florida or Arizona because I hear about those all the time, or, you know, taking people to
- 18:51Jamaica, The Bahamas, Turks And Caicos, whatever, Mexico.
- 18:54What is the key difference that you really have to understand about international versus
- 19:01domestic retreats?
- 19:02First of all, I always say when you take people out of the country, especially you are
- 19:08responsible for them physically and mentally and spiritually, and it becomes a legal issue.
- 19:15So one of the things we lean very heavy on is educating our clients on retreat legalities.
- 19:23So for example, you have to have I call them death forms.
- 19:28I know some people use waivers.
- 19:31I'm not fond of little waivers.
- 19:34Our international legal forms are six pages long and part of that's from being a physician
- 19:40before you know.
- 19:41So I know what it means that you have to protect yourself legally.
- 19:46So there's things you could do.
- 19:47You could be incorporated.
- 19:48You can have your legal forms and you should have insurance for your retreat and the proper
- 19:55insurance for that is actually tour operators insurance.
- 19:59So this is something important, especially if you're going out of the country, because in the
- 20:05country you might have your normal coaching insurance, which has professional and general
- 20:11liability.
- 20:12So if someone falls, you would be covered.
- 20:15But once you go out of the country, your liability insurance no longer covers you, which
- 20:21is why you need tour operator insurance.
- 20:23And there's also seller of travel law in The United States.
- 20:28There are four states that have that, which is Florida, California, Washington state and
- 20:33Hawaii, which means when you package a retreat together and make it all inclusive, you could
- 20:41be seen as a seller of travel without a license.
- 20:45That's why I got my seller of travel license, my corporations in Florida back in 02/2003,
- 20:52when I started doing retreats for that reason.
- 20:55In Canada, there's three provinces, Ontario, Quebec and BC that have seller of travel law.
- 21:02And in Europe, they have seller of travel law also.
- 21:05So one of the ways we get away with seller travel is what people do when they have live
- 21:11events.
- 21:12They have a room block and the people have to buy their own room and their own food.
- 21:18They pay for the event.
- 21:20But in retreats, we like to make them all inclusive.
- 21:23Well, once you start putting together food and room and activities transport from the airport,
- 21:33this now becomes under seller of travel law.
- 21:37So it's all of these little things that are very, very important to understand and to make
- 21:42sure you have the legal forms to protect yourself.
- 21:47Wow, that's something I really had no idea this seller of travel law.
- 21:54And the four states that have it are Hawaii, Florida, California.
- 21:58What was the fourth one?
- 21:58Washington state.
- 22:00Okay.
- 22:02Interesting.
- 22:03Yeah.
- 22:04Well, big destinations that people go to.
- 22:06I guess that's why everybody's starting to go to Scottsdale for stuff, but anyhow.
- 22:11Well,
- 22:12it's not just where your corporation is located.
- 22:16It's if you're selling to anyone in those states.
- 22:19Oh, wow.
- 22:22Okay.
- 22:23So it's not Wow.
- 22:26Wow.
- 22:26Okay.
- 22:27So let's talk about logistics.
- 22:32What is like the logistical details that are most critical that people, newbies especially
- 22:39overlook?
- 22:41Well, you wanna make sure obviously that your pricing is correct, that your legal forms are
- 22:47there.
- 22:47You wanna make sure you're marketing twelve months in advance.
- 22:52You wanna make sure you've got a great venue that's supporting you And you have someone you
- 22:58have access to for any questions or issues.
- 23:02So you just want to make sure all your I's are dotted and your T's are crossed with everything
- 23:07having to do with your retreat.
- 23:09I always double check everything because you just never know.
- 23:13It's crazy.
- 23:14Once I had a retreat going to Egypt and I got to one of my hotels and they said, didn't have
- 23:20a reservation there.
- 23:22I had paid them in full.
- 23:24What?
- 23:25Yes.
- 23:26And I had to pull everything out of my file.
- 23:29So I make sure I have everything in paper just in case the internet is not working somewhere
- 23:35remote.
- 23:36And they had to do somehow or another, they lost a reservation and they had to give my
- 23:42people all suites and top rooms.
- 23:47Wow.
- 23:48Wow.
- 23:48Wow.
- 23:49Wow.
- 23:49That's crazy.
- 23:51One of the things I know from just I have done two and three day conferences, never outside of
- 23:56the country, but I have absolutely done them here.
- 23:59Mhmm.
- 23:59And what advice would you have for a retreat leader to stay energized and present and avoid
- 24:08burnout during the multi day event?
- 24:10Because I mean by day three, you're ready for people to get away from you at a retreat event.
- 24:18I hear you Melinda, because I'm an introvert, believe it or not.
- 24:22So for me, I have to have help.
- 24:26You know, you always wanna make sure you have help, but some of the things I do is, for
- 24:32example, if I'm doing a multi day event, whether it's like, for example, we just did, we
- 24:39have over 5,000 people to our online retreat training event.
- 24:45We just had in May.
- 24:46I order all of my food ahead of time and have it delivered.
- 24:50So I don't have to cook.
- 24:53I don't do any of that.
- 24:55I make sure I have support.
- 24:57Most importantly, I think you're less exhausted when you're teaching what you love.
- 25:03Always make sure that what you're doing is what you have in your heart and soul.
- 25:08So that I think is first and foremost.
- 25:12And I treat myself afterwards with lots of spa treatments and clothes shopping.
- 25:21I'm here for the spa treatments, I do that too.
- 25:25One of the things I do is I always stay an extra day in the hotel when everybody's gone
- 25:31and just be like a guest in the hotel.
- 25:34I do that too.
- 25:35I don't leave when everyone else is leaving, I try to make sure that I give myself, you know,
- 25:42just just the opportunity to relax in the room without the hair and makeup people with that,
- 25:48you know, just like I just I just need a day.
- 25:53Of nobody asking me for anything.
- 25:56Exactly.
- 25:58Perfect.
- 25:59Call and order my favorite food in that city and have it delivered and just be like, leave
- 26:04me.
- 26:04I don't even don't wanna leave this room, I just wanna be in this room and I just
- 26:08wanna Yes.
- 26:09Because it's a lot.
- 26:10It's a lot to spend that much time with people pouring into people.
- 26:16Can you talk a little bit about the programming of an event?
- 26:20Like what, how much content should you be teaching?
- 26:24How many hours should you be teaching at a retreat versus people having time on their own
- 26:32or people doing, know, everybody going on a tour or whatever.
- 26:36You know what I mean?
- 26:37Like how much content should you really be teaching during a retreat?
- 26:42That's the one question I wanted to ask you.
- 26:44Okay, as little as possible.
- 26:47So yes, this is why if you've aligned your location to what you're teaching, I would say
- 26:56you could do something in the morning, but the afternoon activities align with what you're
- 27:03teaching.
- 27:04So you're taking people out for an experience.
- 27:08Remember retreats are experiential.
- 27:11This is more than a workshop.
- 27:14This is a balls to bones experience.
- 27:20So you really want to have them.
- 27:24That's why I say like, if you're teaching how to speak from the stage, they will never forget
- 27:29that they were at that amphitheater.
- 27:33Or if you're teaching about essential oils, be there when they're harvesting tons of material
- 27:41to turn into an ounce of oil, like really have an experience.
- 27:47You don't have to even be doing the teaching wherever you're going.
- 27:50They could be an expert there sharing also.
- 27:53So you wanna make sure that there's a balance between learning and lounging.
- 28:00That is very important and sharing.
- 28:05So you might gather after dinner and have like a sharing circle and in the afternoon have some
- 28:12fun things, but maybe have two afternoons that are totally free.
- 28:16So people might work on whatever it is they're working on that week or just time for a spa
- 28:25treatment or something.
- 28:26So you wanna make sure there's a balance because what happens is if you overfeed people
- 28:35and then you make an offer at the end, they won't feel like taking it because they're
- 28:40stuffed already.
- 28:43So you wanna lead them to what's next after the retreat and you want room for that.
- 28:52Like they see how all of this happened.
- 28:56I completed while I was here and now I wanna continue.
- 29:00If you throw too much at them, it's like a fire hose, not a retreat.
- 29:09Now see, I've always had a very different philosophy on that.
- 29:13I've always been like, they paid their money, they're here, I'm gonna teach these people,
- 29:19right?
- 29:20Like that's always been
- 29:21But that's a workshop.
- 29:23That's a
- 29:24This is what we wanna distinguish because that's how most people think.
- 29:30This is not a workshop in a pretty place.
- 29:33This is a retreat.
- 29:35The word retreat means to go inward, to go within.
- 29:40So the model needs to be different.
- 29:43That's why we've got live events where people are on a stage.
- 29:47We got workshops where they're diving into like juicy content and they're gonna get shit done.
- 29:53Or we're gonna go on a retreat where we're gonna have a full out life changing, turn your
- 30:00head around experience.
- 30:03And each should be its own thing.
- 30:07So, all right, what is the minimum number people should try to recruit in order for their
- 30:15retreat to be profitable and manageable?
- 30:19Well, it really depends on what you're teaching and you personally, like for example, some
- 30:25people do very deep transformational, you know, personal growth work.
- 30:31If that's what I was doing, I'd max out at about 12.
- 30:35If I was doing like a business mastermind, if I had an assistant, I could do 20 people easily.
- 30:44However, if I wanted to work with a small number of clients very intimately, I might pick
- 30:49five.
- 30:51The thing is you have to take what you wanna net Melinda.
- 30:57Let's just use 10,000 because it's an even number.
- 31:00Okay.
- 31:00If you wanna net that 10,000 and you have five people coming, the price of the retreat is
- 31:07going to be a lot higher, right?
- 31:10Because we're gonna take that $10,000 We're gonna divide it by five.
- 31:15We're gonna put in $2,000 profit per person.
- 31:21Now, I had 10 people and I wanted to still net $10,000 then I would put in a thousand.
- 31:35So if you wanna make 50,000, then you have to divide it by the lowest number of people you
- 31:45think will come, not on your expected number of people.
- 31:50And that way you will always make the net you expect.
- 31:55So if you want 10 on the trip, but you would do five as a minimum, would price on five, not on
- 32:0310.
- 32:04And I would divide that 10,000 by five.
- 32:07And that way, every person above five, I'm making extra money.
- 32:13Got it.
- 32:14So you do your budget on five, but the stretch goal is 10.
- 32:19That's what you're telling me.
- 32:21Yes.
- 32:23And that will always get you making money.
- 32:26And that's what everyone does wrong.
- 32:28They price on the number of people they want.
- 32:31Yeah, it's normal.
- 32:33Yeah, I've done it.
- 32:34I've done it.
- 32:34I've done it too, but it's not, it won't work.
- 32:37No, it will not.
- 32:38No, it will not.
- 32:39Well, listen, Sherry, you have been so amazing.
- 32:41I'm gonna ask you one last question and then we're gonna wrap this up.
- 32:45Sherri, what is the best business advice anyone has ever given you?
- 32:52The best business advice I ever got was from my teacher, Damego Ruiz.
- 32:58He says, don't take anything personally.
- 33:01That means don't even take your business personally.
- 33:06Really?
- 33:07Really.
- 33:08And that way you always stay strong instead of weeping over every up and down in your
- 33:15business, because a business is a roller coaster.
- 33:19It's always going to be the economy changes, things change, employees come and go, you know,
- 33:27you evolve, it's never the same.
- 33:31And as an entrepreneur, we make decisions that don't always turn out the way we wish or hope
- 33:39they would be.
- 33:40I don't take that personally.
- 33:42I don't beat myself up.
- 33:43I made a choice the best one I could at that moment.
- 33:46I don't take it personally.
- 33:48I learn from it.
- 33:49I move on.
- 33:50That keeps my emotional state as constant as possible and stops me from beating myself up
- 33:57because I have no desire to do that to myself anymore.
- 34:03Wow.
- 34:04Well, think that and is really good advice.
- 34:08And I just wanna thank you again, Sherry Rosenthal, the Wanderlust Entrepreneur for
- 34:15being here with us today.
- 34:18For those of you who want to get her advice on how to plan, price, promote and profit from a
- 34:25transformational retreat, please head over to wanderlustentrepreneur.com.
- 34:32And thank you all so much for listening to this episode of the Small Biz Chat podcast.
- 34:37I'm Melinda Emerson, Small Biz Lady, your host.
- 34:40And I wanna let you know if you are struggling with sales, if you are tired of getting ghosted
- 34:48by your leads, well, I have a resource for you.
- 34:53It's our Sales Accelerator Bootcamp.
- 34:56It is six weeks of training that is gonna stop all the sales craziness in your business.
- 35:03No more feast or famine.
- 35:05I promise you, I am the last person that is gonna have to teach you how to sell.
- 35:09So if you're interested, I invite you to head over to smallbizladyuniversity.com/bootcamp and
- 35:18learn about our six week training on how to get your sales act together because I'm the small
- 35:24biz lady and I'm serious about everybody making money.
- 35:27Alright.
- 35:28Thank you so much for being here for another episode of the Small Biz Chat podcast and I
- 35:33will leave you with this.
- 35:35You never lose in business.
- 35:37Either you win or you learn.
- 35:39God bless everybody.
- 35:52Wherever you listen to podcasts, and join us next Wednesday for more fantastic information
- 35:57and interviews.
- 35:59You can find more sources and small business success strategies by visiting Melinda's
- 36:03website, succeedasyourownboss.com.
- 36:07Thanks again for listening, and we'll see you next week.