There is a reason that people use analogies to communicate. Sometimes we can see something more clearly from a distance than we can in our own lives. If you have ever seen a sports legend get a group of business people all hyped to go sell some more stuff, you know what I am talking about.
When I talk about building your practice with PURPOSE and on PURPOSE, I often get blank stares from advisors. They recognize that financial services isn't operating the most inspiring business model, but they just can't see how it would apply to what they do.
I want to break down the elements of a purpose-driven, profitable business for you using a case study way outside of our realm. I think the analogy will help you see more clearly what I mean when I say build your practice with PURPOSE and on PURPOSE.
The business in question is Let's Make Art. LMA is a 100% online art school that teaches water coloring, lettering and art journaling. LMA couldn't be further from the financial services industry, but I think you will come to see that these concepts are universal and can be applied to any business successfully.
Let's start with how they have built a business with PURPOSE.
-First they have their gift to the world.
LMA sells art tutorials and supplies via little kits and monthly memberships. Each kit comes with a full length tutorial walking the fledgling artist through each step of the project. It would make sense that LMA would create a membership site to protect this intellectual property and only make it accessible to paying students. But they don't…
Let's Make Art publishes all of their full length training videos on their site and YouTube for anyone to watch. For free. No strings attached. Their tutorials are a gift to the world giving everyone the chance to get re-energize about art. Sure, some people will find there way to the site and buy supplies, but it's absolutely not required.
-Next they have the integration of a meaningful cause.
For Let's Make Art, you could say that the work is the cause. They believe the world needs more art, but they don't stop there. They have created a program to send hand painted postcards to people and communities in need of encouragement.
The program is called Let's Make Art Matter. They coordinate a mass mailing of postcards to retirement homes, homeless shelters and even a woman who just turned 105! This work costs them next to nothing, they include a small postcard inside the subscription boxes. Yet, it spreads love and encouragement throughout the world.
-And they build community.
LMA encourages members to share their art in a safe place where they will not be judged, but will encouraged and celebrated. They also choose their monthly Let's Make Art Matter mailing based on community submissions.
Let's Make Art has infused their business with tons of PURPOSE. They do work that inherently matters. They give a huge gift to the world asking nothing in return. They leverage their unique platform to spread joy in the world through their cause and they build a community for people to come together as artists.
But you may be thinking, but have they built their business on PURPOSE? I am so glad you asked!
-First they offer a meaningful EXPERIENCE.
Let's Make Art doesn't invite your into their office for a meeting, they invite you into their virtual studios. Their artists create a safe space for exploration by making art feel low risk. They have a process that they take the client through, but do it with in a fun an approachable way.
If you look at anything LMA does, it feels cohesive. Check out their website and you get the same feel as their Facebook, Instagram and YouTube. They show up in the world in a way that is attractive to their Ideal Client and connect with them through authentic branding.
-Then they have defined client service models.
When you head over to the Let's Make Art website you will see a clear path forward. Want to dabble, they have low cost kits. Ready to get a little more serious buy a single art box. And if you are ready to get serious, join our subscription program and save a ton in the process. They have a compelling and easy to understand offering at every price point.
-And they have built a base of recurring revenue.
The LMA monthly subscription program provides them with a level of predictable income that they can count on. At this point they have a large staff, though I am not privy to their finances, I would assume that recurring revenue helps them meet their monthly obligations without constantly having to hustle for sales.
Let's Make Art has definitely built their business on PURPOSE. They have a sleek, relatively low overhead business that provides a cohesive experience, client service models at every level and a base of recurring revenue. As a business owner, what isn't to love?
We often think of artists as bohemian creatures with lots of talent and not much business sense. I don't know the masterminds behind Let's Make Art, but I respect how they have built a profitable, purpose-driven business doing what they love.
I hope that you can see that the components that make LMA an exceptional purpose-driven business are applicable to what we do.
-> Is my initial meeting a true gift to the world?
-> Have I integrated a meaningful cause into my practice?
-> What have I done to foster community within my practice?
-> Have I created a cohesive experience at ever client touchpoint?
-> Do I have defined client services models that are easy to understand?
-> Have I built a base of recurring revenue that will get me out of the sales grind?
The modern consumer expects well thought out business models and is eager to spend money with businesses making a positive impact in the world. Building a practice with PURPOSE and on PURPOSE is not just good for business, it is good for the soul.
I challenge you to find ways to integrate more purpose into your practice today!
I have to admit that I geek out over compelling business models. Am I the only one!? I love the way that we can all integrate who we are into our practices and make them an expression of our best selves.
If you are serious about building a purpose-driven, profitable practice for yourself, you should consider joining us in the IMPLEMENTATION Monthly Mastermind.
Each month we get together live on Zoom and I share something new with the IMM community. I teach for about half of the call and then we open up for live Q&A to help advisors overcome the specific challenges they are facing in their practices. All the calls are recorded for those months when you can't make it live.
Here is the great news. If you want to come check us out, you can do it absolutely risk free. If you sign-up via the link below, you will get the first month on me! And if you don't love it, you can leave the group before you ever get charged.
I'd love to see you on our next call!
IMPLEMENTATION Monthly Mastermind