Patty: Welcome to Her Legacy Podcast here we celebrate women in business doing more than just climbing the corporate ladder. This is about holding a space where we celebrate what it means to be a Female Entrepreneur. We share the good the bad the ugly of being in business ourselves. Our vision is way bigger than just the fancy titles. It’s about amplifying the vision. Each one of us has to leave our own dent in the world. And in doing so we’re inspiring other women to do the same.
My name is Patty Domínguez and welcome to Her Legacy Podcast for legacy leaders like you hey thank you so much for being here on this episode of Her Legacy Podcast on this episode.
We’re going to be talking about this concept called the Business Trinity. We’re going to go super macro level. I’m going to give you a little bit of a story. So one of the things that I see as a business coach and I work with many many clients many different types of businesses a lot of service providers.
A lot of people who are looking to transition from maybe a corporate career into something more their own or somebody is looking just to revamp their brand altogether. And I came up with this concept called the Business Trinity and it just kind of dawned on me right through trial and error because here’s a thing I have been self-employed now since 2013 January I think I worked one day in my corporate job. So I wanted to get my bonus when I got my fat check when I get the bonus.
By the way they are taking a ridiculous amount of money out in taxes but nonetheless I worked I think it was literally one day in January. Then I ventured out on my own and I started you know investing heavily in myself. I literally am such a believer in investing in yourself. I invest in books and programs and different masterminds and whatnot.
I think they’re so essential and they help really shortcut the learning process. Now the big caveat there is that it is so easy to get set like sideline into different things and you have like massive red shiny object syndrome. So buyers beware by the way.
But one of the things that I started to do as I saw this whole game of online marketing and business and how do I marry what it is that I know that I bring from my corporate career. How do I piece it together into this puzzle that makes sense?
And I started to just see this blueprint because different people would approach with different things and I would explain things in a way that I thought made a lot of sense and for the most part I have a pretty good rapport with my prospective clients were like Okay are we are we understanding this. Yeah yeah sure I understand.
But when I came up with this framework called the Business Trinity it’s like boom. The lights went on and I get super excited when I see them get excited so the Business Trinity is in essence comprised of three distinct pieces of your business and this works really great if you’re a service provider.
The first one is that trading time for money bucket. Now one of the things that I see quite often is when I ask a service provider what it is that they’re charging they say well this is basically what the market will bear. And I can go so many different places here. But one of the things that’s really distinctive as I am very much against the price war game and one of my mentors said also this concept of you want to be a category of one.
I’ll be talking about different concepts as we go along here in the podcast but this one is the crucial piece says because you don’t want to play the price per game especially if you’re a service provider.
Now one of the ways that you can set yourself apart very distinctly is by creating a specific method to what it is that you do. I also call it when everybody Zigging you one is Zag definitely a be doing what everybody else is doing.
And so you want to position yourself in that category of one because we know that there is absolutely no competitive advantage to being the second cheapest. There is one if you want to be the very cheapest but for a service provider is probably not where you want to be.
So that training time for money bucket is optimize. Once you have that specific method where you’re standing out like what is the art and the science behind what it is that you do. And how do you create it. So they’re only going to get it from you in a way that people are like oh that sounds really interesting. Let me find out more about what it is that you do. Why.
Because you made it look like an art in a science. And again when a Zigger where everyone else is zagging or when you do that in a very effective way what happens is you creates this concept of a category of one is really cool right.
So that’s the first bucket. The second bucket is your leverage bucket. Now I am guilty of this myself. I when I first quit my job I started just grinding grinding grinding and I thought which again I can talk about these concepts ever. I didn’t have enough leverage in my business.
So I basically just bought myself a job. And one of the key things that you can do to create a more sustainable foundation for your work is to have leveraged income and leverage income can be one to many approaches instead of working with clients one on one.
You can have a group coaching program which is a really great idea. You can also start a membership program which is phenomenal. And these are for example two ways where you’re really optimizing your time your energy that the the exchange of energy for your time and higher being compensated is a great way to leverage your business.
So you’re not talking to 20 different clients at one or excuse me 20 different clients individually let’s say you have 20 clients and it’s one hour a week that’s 20 hours versus having a group coaching program where you can really leverage your time and energy right by speaking one too many. It’s really great to do that with events. There’s different ways to model them. Etcetera.
That is the second bucket. So accept leverage income bucket. Now the third bucket is called your passive income and the passive income is extremely cool because if you ever. Have these different types of experiences I met through a chamber. I met one individual who had had a floral shop for many many years and was incredibly talented his said one of the most prominent flower shops in my area. And they had been in business for 40 years and you know you start to have different conversations and you open up their awareness.
We’re like holy cow you can literally take what you know and create an online program out of this you know by the way. And so here we had this discussion. Long story short I had an opportunity to work with this particular couple to really put their intellectual property really give me that download of what it is that they knew it even though you take it for granted you’re like really people would pay me for this. It turns out that the dead who’s really powerful we created an online program out of it.
So this is an example of passive income because that program was developed. You know gosh it’s now been two years and they still continue to get sales out of it which is really powerful just sitting there passively and I can tell you personally having been on the receiving end. When you get that dings with a ding in strive for a sale of something that you sold it’s really really cool so that your passive income other forms of that is some kind of an affiliate.
So the products and the tools that you’re using in your business you can have some kind of an affiliate arrangement. I have affiliate in arrangements with the different tools that I personally use I would never recommend something that I don’t use. So things like that create passive income and there’s many different versions of that.
So that Business Trinity again these different components of the trading time for money bucket right where you’re really creating that category of one. The second bucket being your leverage income where you’re really leveraging your energy I really see that as a one to many model and then the passive income is that income where you’re basically making money while you sleep.
So these are the three critical components to creating at a very macro level what it is that any service provider “Solopreneur” entrepreneurs if they have these elements and again you don’t have to be a service provider obviously but when if you are these three elements are absolutely critical to create a nice sustainable healthy business that is setting you up so that you can leave your legacy.
So on the show that concept with you I do want to let you know that I do have a webinar absolutely free that I am offering to you all my dear leaders. If you’re interested. Head on over to businesstrinity.com and pick up that webinar were deep dives a little bit more into will how it how do you create a category 1 for yourself right. And what are some other examples.
What are the things I need to know to create that leveraged income? Or tell me more about this passive income. So in essence I’ve kind of synthesized it all together for you into this what. Well it’s like a webinars three part series thing just explaining each one of these elements so that you can walk away with that solid plan so that your understanding like these are the elements that I need so that I have that healthy business and I hope that serves her well again head on over to her business trinity be known or not.
Now her business trinity just businesstrinity.com and pick that up for yourself. Thank you for being here as always. Definitely let me know if you think about what you heard here and we will catch you on the next episode See you next time.
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