The nOMad Collective: Okay. Hi, everyone. So here we are. Milestone 2. We're budgeting and pricing for profit. Oh, goodness! You know you all might have enjoyed the 1st milestone, which was really exciting because you had got your vision. You were like starting to bring it to be tangible by finding a venue to host your retreat and getting the details. And
The nOMad Collective: you know, seeing your dream starting to come to fruition. Right? I say, personally, this is me nerding out. This is one of my favorite.
The nOMad Collective: my favorite modules. Milestones. Because this is when you're really, really, truly bringing it more into this this realm.
The nOMad Collective: Right? We're looking at numbers. And the reason why, like, I'm excited about that, because I always see lights going off with all of you when we we get the fret the spreadsheet out. It's like
The nOMad Collective: it's I see you all like getting really scared and like Icky, and it feels weird. And
The nOMad Collective: oh, my God, I don't want to ask for that. And then I see this mindset shift. And so that's what I'm really, really excited to see for you is the mindset shift, and to really see that this isn't just a hobby. This isn't just oh, I'd love to travel and get kind of paid for it. This is really you stepping into? Oh, my gosh, I'm holding space for transformation. I get to travel. But I also
The nOMad Collective: I'm getting paid for the magic that I bring
The nOMad Collective: to the experience. So yay, so that is what is in store for us today. I'm not personally right now going to dig into the lessons. You're there's another video here inside of this milestone for you to really dig in with the my spreadsheet that we have there. Because
The nOMad Collective: I had already recorded it, and I had Claire there, and she got to ask great questions, questions that you might most likely ask.
The nOMad Collective: So if it needed to be more interactive. So that's why you're going to go to this. This is just more of like what's out here today giving you the lay of the land. So in this lesson. We're going to look at your expenses right? Not just the property, and what you owe them, which you already know. But are there other excursions? Are there other offerings? Are you bringing a guest facilitator? We will talk a little bit about that in a moment.
The nOMad Collective: What do you want to make? So what is your fee? We're going to look at that and how to price a retreat. So all expenses are paid with the minimum amount of people.
The nOMad Collective: So
The nOMad Collective: this is going to be different from your goal, right? So we use the example the other day when we're looking at the minimums here, right? So the property might say, and you might also say, Okay, my minimum is 10 people. I have to have 10 people in order for the property to let me host there. So that's what I that's what my minimum is right. Your goal might be. I want to have
The nOMad Collective: 20 people right. But your minimum is 10. So hopefully, we're clear on that. So when we look at that spreadsheet later, that's the number that I would put into the minimum amount. It's not gonna make sense right now, but you'll see in the spreadsheet so that you can. You can look at the lump sum of
The nOMad Collective: of expenses and divided by that number 10. So it's distributed around that minimum. Now, I will say, if the property doesn't.
The nOMad Collective: if the property doesn't have a minimum, and you, you still want to set your minimum for yourself. Right? So let's say the property doesn't care. They like it's a big retreat center. They have plenty of rooms. They're not worried about like holding all of these rooms and still hosting the treat. They can release them as they go. If if you're not make making every, let's imagine that scenario. But you still have this image of like 20 people.
The nOMad Collective: But for some reason you're only like you're not quite sure that you're getting 20. But you know, you know that you have 5 people.
The nOMad Collective: you know right now, like, it's a done deal. I've got 5 people, or you know that it's going to be really easy for you to convert 5 people right? So that would be your minimum. You would be. You would want to cover all of your expenses with just 5 people. So that after. And you're going to see this in the spreadsheet, after all of that, all of your expenses are paid for. So you're not trying to.
The nOMad Collective: You're not trying to cover them over 20 people and then not hitting your goal. And then, all of a sudden, you're not making any money right? So you want to hit your minimum to cover all the expenses.
The nOMad Collective: And then you want to be able to know that everything on top of that is just going to be covering the per person rate, and also money in your pocket.
The nOMad Collective: Ding. Yay, it's exciting to see that. And then we also are looking at what are the benefits and the expenses of Co. Having a host, a co-host, an assistant versus a guest teacher. So I'll talk a little bit about this here, because I don't think we talked about it in that lesson. And it's always good to hear things twice, anyways. So differences here. A co-host, a co-host, is
The nOMad Collective: somebody who's in it with you. Okay? So they're in it with you. They're taking the journey with you. They're handling the logistics. They're bringing their guests right. They're hand helping you with the marketing. They're helping you with the onboarding. They're helping you with facilitating the actual retreat. Right? You're in it 50 50. So when you look at the the spreadsheet, there's going to be an area with your fee, and then underneath it it might have the co-hosts fee.
The nOMad Collective: And you'll see that in the spreadsheet that's below, too, because you're gonna get a template that you can. You can make a copy of
The nOMad Collective: Actually, I might share it with you, because I think that. Yeah, I'll share it with you before we go off, because I think I did some some adjustments before before the the recording of that one. So
The nOMad Collective: that's somebody that is going to share the load with you, so you'll cover all of your expenses, and then you and the co-host would be having your own fee, and that way you're you know you're putting $500 in your pocket, and that person's putting $500, or whatever their fee is in their pocket. Right? So that's a co-host you're you're covering all the expenses together, and then you're paying. You're distributing the money evenly. Or whatever your fees are. Okay per person.
The nOMad Collective: An assistant, an assistant is most likely not going to do any of the facilitation. There might be an opportunity. Maybe this is an apprentice of yours. Who's been studying underneath you. Maybe that they'll do like a morning like 1 1 of your sessions for you, but most likely they're not. Most likely they're going to be supporting you
The nOMad Collective: as the retreat leader. So this means that they're helping handle more of the logistical side so that you can be the energetic space holder once you're on. This is on site, I should say so
The nOMad Collective: this might be. Who could this be? This might be? A dear friend, it might be like somebody who's just so excited for you to host a retreat, and is like.
The nOMad Collective: I cannot wait for this retreat. They've been your cheerleader for so long, and you know they want to support you and make sure everything's taken care of. They might pay for their their retreat because they're so supportive of you, but they're just like, what can I do right? What can I help you with? And you can just kind of lean into them as a friend. That's 1 way. So there's not really any money situation there. Another one is is.
The nOMad Collective: it might be somebody that is
The nOMad Collective: has been studying with you for a long time, but they just can't afford this right. And they're very dedicated student. They've been like
The nOMad Collective: hoping that you host this retreat for so long, but they just can't believe it that you know. XY. And Z. Came up, and they can't afford this, and you can say, Listen, I'll cover your expenses
The nOMad Collective: if it's a flight, you know they might have to cover their own flight. But I'll cover your expenses, and I'll just ask you to support me logistically on the retreat. Does that sound good? Right? So you can do like a barter right? You wouldn't pay them necessarily, you would just cover their their retreat expenses, and I don't usually cover their transportation expenses
The nOMad Collective: just because that gets a little weird. You could, you could definitely do that. Another version of an assistant is somebody that actually does work for you like for me having Leah
The nOMad Collective: has, you know, who has actually working in handling some of the logistics before the retreat, and then she came on the retreat to Costa Rica. She ended up, facilitating one of the sessions. I kind of threw her into it right, but and then she, her and her partner, basically got covered. I covered their expenses as much as I could. So
The nOMad Collective: that's an option. Right? So you have somebody that's actually doing some of the work on the background, and you might even cover their expenses like, I think I paid for her flight, too. So it's like I gave her a little bit more of a fee because she was actually working right for Nomad already. And then there's so there's a different number of different ways of looking at an assistant. And then there's the Guest
The nOMad Collective: teacher. So the guest teacher is someone who it might be local to that area right? Who might just be popping in for the day and just holding their one session. That's 1 way, and you're just giving them a lump fee right like
The nOMad Collective: 400 an hour, or whatever it is they go, they come, they leave. It might be that this guest teacher is coming along the whole journey right? So this is an example of Kelly. It's not hollow. She came, and she was providing her soul portrait journey, but she was also a participant. Right? So then we paid her for her services. But I didn't split the like. I didn't. I didn't
The nOMad Collective: we? We got her, your her payments covered in the retreat, right? But we we factored that into the expenses. Okay, so and then we paid their her that lump sum. So that's something that you want to look at is
The nOMad Collective: is that if you're if you're in that collaborative space, what is it that you're looking for? Is it somebody that you want to carry the load with you. That's a co-host that's going to be split 50, 50, more or less an assistant. Maybe you just need some energetic support. Right? So somebody to handle the logistics, making sure everyone has towels in their rooms, making sure. You know, if they're having any digestive issues they've got, you know.
The nOMad Collective: Pepto, or whatever right. And then you don't have to worry about that right? That's an assistant or a guest teacher who's on the journey with you, or popping in and just holding their facilitation and then leaving. And you're giving them that lump sum. So those are the 3 ideas that you want to look at when you're building out that spreadsheet.
The nOMad Collective: Okay?
The nOMad Collective: Some challenges. Okay? So
The nOMad Collective: if things shift, you want to learn how to cover them without freaking out. So when you watch the video with the spreadsheet, you want to see again covering with the minimum, this is going to help you from freaking out, so that you know all I need is 5 people, and this is why I like to set it on the lower side of things right, even if I think, Oh, yeah, I could have 10 people. I usually go a little bit lower.
The nOMad Collective: just so that I know, okay, that I know my expenses are all covered within that X amount of people. Right? So you wanna make sure you have that then it because if things might might have to shift. What I want to say is
The nOMad Collective: the more that you can budget things so that. And you're making sure you're promising things right is in alignment. But sometimes. What is nice is that if you have an abundance of offerings in the
The nOMad Collective: in the, in your budget, right, you might not announce all of those things right. You might just do a couple like the top the top 3 offerings like a massage, a temple tour, and you know, a ritual a sound bath ritual, or something with like a guest facilitator, right?
The nOMad Collective: Just throwing things out there. But you might have other 2 other things that you know that you're going to offer, but you might not announce that to the world. And this is why one of the reasons is, if
The nOMad Collective: money needs to shift a little bit. You know that those could go away, and nobody knows. The other thing is, if you're working from a place of abundance is that you have it, you're able to do it. And then it's like a surprise. You're over right. You're under promising and over delivering. It's like surprise. We have these other 2 amazing excursions that are just a surprise for you, right? A gift for you. So that's why it's also nice to make sure that you have some sort of buffer. So if you do need to shift things around.
The nOMad Collective: you're not going back on your promise to what you put out there on the sales page into your into your audience. Okay?
The nOMad Collective: If enrollment is low, we want to offer vip upgrades, affiliate promos extended early bird pricing. So we'll go over this, too, in the the spreadsheet. What you want to make sure of is that if enrollment is low,
The nOMad Collective: you wanna first, st if you're not hitting your minimum at all. You want to probably do some sort of flash sale. Now, what I want to make sure of is that you never go below what that blue bar is right. That's that shows you your expenses. You're gonna see it?
The nOMad Collective: because if you go below the if you go that value, then you're cutting into expenses right? So you want to make sure that if you're if you need to do any sort of flash sale, I usually say that that base is those expenses, plus your fee is what your early bird special is, and then on top of that is your regular price, you add $700, or whatever it is, is your top price. This way.
The nOMad Collective: If you do need to run another flash sale, you know you're not going backwards right and go cutting into your expenses. So you always have, like a base of like what your early bird special is, you might extend it. You might do a flash sale, you might do like an affiliate this. We also have a section in that spreadsheet for affiliates. So if people are sharing the good word. This might be past clients that might be
The nOMad Collective: colleagues of yours who know your work and support your work. You can give them, you know. Kick them a couple of $100 for promoting it if they get people to book right? So you want to factor that in so that might be really helpful to do. You might do the people that who are in, who are going along, you might say, Hey, we have some single rooms where you're doing like a little vip upgrade. Would you like to do that? Just to like.
The nOMad Collective: you know? Throw in some things that don't cover a lot, but you can bump up the price a little bit so that that'll help you cover your expenses if you're not hitting your numbers. So those are some ideas, and we're gonna look at this again. It'll all make sense inside of the spreadsheet.
The nOMad Collective: So what are your action steps? You're going to get into that that spreadsheet. You're going to watch the video
The nOMad Collective: that's below this or in the inside of this milestone. You'll get clear on that on how to navigate the the spreadsheet. You're going to map out all of your expenses, the venue, the food, the travel, the support team, your materials, etc. Right. All of the things, the gifts, everything. Then you're going to decide on what your compensation is. How much do you want to earn per person? And there's an exciting little surprise in there of on top of that fee. You get
The nOMad Collective: your expenses right that if you hit your minimum you get that money on top of it as well as the early bird special. So that's some something that to think about when you have to do a little bit of wiggle room, too. But you want to look at. How much are you gonna earn? Set your goals, and really see and hold that vision? But then see the numbers like, what is it that you need to hit that goal.
The nOMad Collective: Then you're gonna build in a buffer of unexpected costs. You'll have that in the there, too. It's usually between 10 and 20%. If you're not quite sure how to figure that out right? You can just say, like I usually do like 500 for super local retreats, and then about a thousand for anything that requires a flight right? Because flights might have fluctuated in terms of pricing. So I go up to a thousand dollars in miscellaneous costs.
The nOMad Collective: You'll want to choose any sort of pricing model if you are doing like tiered like single rooms, double rooms. If you're doing triples or quads. Is there an early bird pricing? Are you offering payment plans? This is something, too, with the payment plans. Is that remember, when we looked at the properties. Payment schedule right? If they're they want you to pay 60 days out
The nOMad Collective: 30 days out.
The nOMad Collective: whatever it might be. Make sure that your payment schedule with your guests are lined up too, so that I like to say I receive their payment about a week before the payment to the property is due, so I can receive it. It can clear, and then I can send it and hit that. So it's a 1 to 2 weeks before would be ideal to set your payment schedule up so that you always have that money
The nOMad Collective: to send to the property. Yeah.
The nOMad Collective: alright. And then what we talked about before is setting a minimum number of attendees to break even and have your ideal profit number. Once you do all of that, you're gonna go into the community and share your. So we can see you right? What's your minimum of people? What's your goal? Right? In terms of how many people you want?
The nOMad Collective: What is your fee? What did you give yourself? What's your early bird pricing number? And what's the regular pricing number? Okay, so you're gonna just go through those 5 things, and then you are going to let us cheer you on because you completed your second milestone.
The nOMad Collective: All right, my dear friends, that is that what I do want to do.
The nOMad Collective: I think that's that. Yeah. I was going to show you the spreadsheet, but I think you're going to have a lot of fun with myself and Claire, so go ahead, and I will see you in there and enjoy. And if you ever have any questions. If you watch the video and you're like, Oh, my gosh! Make sure you comment. That's what I wanted to say. Comment. I don't know where it is in the portal. But comment there, ask a question. Go into the community, ask a question there.
The nOMad Collective: Somebody might know the answer to it already, because they've already asked the question. We have some other replays, too, with the spreadsheet as well, that I'll probably put in here. Now that I'm saying this because the intensive.
The nOMad Collective: Yeah, I'm probably going to try to snap that down so that you can get that from the intensive, because that was really helpful, too. All right, that's that. You'll have lots of opportunities to look at that spreadsheet with me and and other people. All right. Have a beautiful one. See? You soon.