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Let’s talk about VIP days. They are very popular in the industry right now for freelancers and service based professionals. But are VIP days a good fit for your business? I mean, just because there’s a lot of people that are doing really well with them does not always mean that it’s a good fit for you. You want to create a business model that feels good to you, right? Let’s dive in a little deeper and see if VIP days are a good fit for you.
Things to consider…
1-What can you offer without creating overwhelm for yourself in a day? You need to look at ALL of your services that you offer and decide what you can get done in a day. You have to be very specific on what you can get done in a day. People have certain expectations of what they think can be done in a day. But you are the expert. You are the one that knows how quickly you work and what can realistically be accomplished. You get to set that standard so you need to be very honest with yourself about what you can accomplish without creating overwhelm in your life.
2- Can you physically do it? This business model is NOT for everybody. Some people do not physically want to be behind their desk for that amount of time. So is it physically possible for you to get done in a day? Do you enjoy that or would it drive you absolutely crazy to be tied to your computer for a day? You need to just be mindful of if you can physically handle the demands of a VIP day.
3- What is the client’s involvement that day? There’s actually 2 models of VIP days, done-with-you and done-for-you. Done-with-you means the client is actively involved. You’re on the phone with them going through the process WITH THEM. But most people offer it in a done-for-you model. This means you get on the phone with the client, you talk about what you’re going to get done, and then you take it and you run with it. You get the work done and the only involvement they have as if you have a question. You need to think about what the process will look like and how involved you need the client to be.
4-How many VIP days can you take on per month? If you’re moving completely to this day rate model, that probably could free up your schedule and you can take on more. But if you still offer more retainer style client work and you take on some larger projects, it could put you in a tight spot. You’re going to have to really manage your time well. So looking at the workload you have now, how many VIP days can you physically and potentially do per month? I mean if you only have two spots, you need to make sure people are aware of that when you are marketing. That could mean that you get booked out several months in advance if you’re only taking a very limited number of them every month.
Advantages of VIP days…
1- People pay for speed. We live in a world of instant gratification and people pay for speed. They want it DONE. If you are on the consumer side booking the VIP day, if you have either a launch that you want to get done or something along those lines, there’s really a huge bonus to know that on XYZ date it will be done. It’s not a 6 week long project. This allows the consumer to really plan. From your standpoint, you can plan for the fact that people pay for speed. It’s a huge advantage.
2- You can plan your income more efficiently. You know that if you have 4 VIP days available and they’re $1497 a piece, that’s $6,000 a month. Well, if you’re trying to hit $10k, what can you fill in with to achieve the other $4000? You can really plan your time efficiently as well. This would be especially helpful if you have kids with crazy schedules. You can really forecast your income very efficiently because you’re only trying to fill a certain number of spots. There’s a huge advantage to that versus the up and down with the income.
Disadvantages of VIP days…
It keeps you in a constant mode of client acquisition. I personally prefer a business model to be more on a retainer style based. I don’t like one and done projects. I prefer to work with clients long term on retainer and build a solid foundational income in that way. There is none of that really with VIP days. You might get somebody that books an additional VIP day, but that’s probably few and far between.
So it’s a constant state of promotion. You’re constantly trying to fill those spots. Now granted, the more you do them, the more referrals come in and it really gets to a point where a lot of times the referrals start to outweigh the promotional part of it. So you do get out of client acquisition mode. But there’s no next step. So you have to decide if you enjoy that one and done style of work, or if you enjoy that longer term strategy and relationship. Those are the biggest disadvantages.
Overall, it’s a very intriguing business model for service based professionals. Think about the considerations I gave you. Then, if you want to pivot to that business model, what does that look like from a pivot standpoint in your business? This is something I can help you with if you want to make that pivot. I have several clients right now that have made that pivot very successfully.
So if you’ve been thinking about it, go through and answer the consideration questions and send them off to me. You can send me a DM or shoot me an email. Let’s talk about it and see how we can make this pivot to that business model for you. It is extremely lucrative for a lot of people and it’s very enticing. So if you’re thinking about it…I say go for it.
Connect with Michelle-
Website – https://michelledenioconsulting.com
Facebook Profile – https://www.facebook.com/MichelleDeNioBizStrategist/
Linkedin Profile – https://www.linkedin.com/in/michelledenio/
Have Questions? Let’s have a Cup of Virtual Coffee!
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