The Creative Money Interview series exists to remind the passionate, DIY entrepreneur that she can navigate the confusing, messy world of business numbers with grace, ease, and humor. Today, I’m speaking with Lacey Craig, business mentor, success coach, and founder of the website A Lit Up Life. I love reading her blog as it always reminds me how much is possible as a business owner and sparks ideas about how to create new connections, build relationships, and be seen. Thanks for sharing your story, Lacey!
- What makes Lacey feel empowered when it comes to managing her money
- How she prices her services
- What made her decide to raise her rates
- Which mindset shift she had to make to get more results in her business
- What career she would choose if she couldn’t be a business mentor
- Which two businesspeople have impacted her the most
LET’S TALK ABOUT MONEY
What about money most confused you when you started your business?
I was most confused about everything tax-related when I started my business. I didn’t know what I should be tracking, what counted as a write-off, how often to be filing taxes, etc. I have my MBA so I had a clear view of how important this was in business, but I didn’t know what applied to ME specifically. I really wanted to do it right from the beginning.
How did you solve that problem?
I invested in accounting support IMMEDIATELY in my business. I made sure I knew what I needed to know, felt equipped to track and document what I needed to, and felt supported in having a tax professional on my side.
What challenges are you currently having with managing money in your business?
Right now, I feel really empowered around my business finances. I take “CEO time” each week to look at my books, the income coming in, the money being spent, and what I want to invest in. My biggest challenge as I grow is continuing to make this a TOP weekly priority in my business and not giving into the temptation to put it to the side in favor of doing something more immediately pressing. I KNOW how important this is overall.
I take “CEO time” each week to look at my books, the income coming in, the money being spent, and what I want to invest in.
How did you decide what to price your services?
I love to use a combination of market research and intuition. It’s important to me that my price feels good to me… to say, to sell, to receive. However, it’s also important to me that it makes sense within the market.
I want my clients to feel like they received AT LEAST 5 times the value, and I know most of my clients say they received ten times the value, which feels amazing to me and tells me I’m priced right but still have room to grow.
When is the last time you raised your prices / rates? What made you decide to do that?
About four months ago. I had been full in my practice and on a waiting list for quite some time. I also saw my clients getting results that far exceeded my prices, and I knew it was time to make a shift because it felt good to me, it made sense in the market, and it felt good to my clients.
LET’S TALK ABOUT BUSINESS
What’s your current business model? In other words, how do you make money?
I have a long-term coaching program, personalized intensives (both Skype and weekend), a group program, a mastermind, two retreats, and passive income products.
Why do you love what you do?
I love this work because I know it’s the place where ALL of the things I love and care about meet. I’m obsessed with business, leadership, and strategy (and have started another business as well since I have my MBA with a concentration in ethical leadership). I’m also obsessed with psychology, mindset, and confidence (and have my M.S. in mental health counseling).
I’m obsessed with business, leadership, and strategy.
Business coaching is the place where I’m able to bring those two driving interests and passions together, integrate them, and use them to help my clients create A Lit Up Life AND business!
I started this business because after leaving what was supposed to be my “dream job” (and was actually making me terribly unhappy) I found MY OWN lit up life in entrepreneurship and I knew I could use my skills, education, and experience to help other women do the same, which ultimately creates big impact and ripple effects in this world.
What’s one mindset shift you had to make to get to the next level of your business?
Detachment has been a HUGE mindset lesson for me.
I find the more detached I am to a SPECIFIC result, the more I tend to create results. I get attached to feelings, impact, process goals, etc. and I work very hard to remain excited BUT detached about specific results in my business.
It keeps me open to all of the fun, excitement, and possibility that’s present, rather than chasing one specific goal that “has to look a certain way”.
The more I grow and the more moving parts and opportunities present themselves, the more I find detachment infinitely valuable. It’s not because I don’t care what happens in my business. It’s because it keeps me open to all of the fun, excitement, and possibility that’s present, rather than chasing one specific goal that “has to look a certain way”.
AND LET’S HAVE SOME FUN
OH NO! Your creative juices are running low. What’s one thing you do to get them flowing again?
I get my booty outside. Whether it’s for a run, walk, time with my dogs, or just laying in the grass– time outdoors always moves me into a creative space!
If you weren’t running this business and you could do anything — no limits — what would you do for work?
I’d run an animal rescue sanctuary focused on utilizing pets to help people heal from anxiety and depression.
You have 30 seconds to choose the one meal to eat every day for a full month. What do you choose?
Haha! What I had for breakfast popped into my mind! Gluten free waffles with peanut butter, fruit, and a hard boiled egg.
WHOA, someone has just given you $10,000. You have to save 20% of it, but you can do whatever you want with the rest. What do you do?
I’d donate 40% and invest the other 40% in myself and my business because, to me, that is ALWAYS the best investment.
If you could say THANK YOU to two business mentors that you’ve never met, who would they be and why?
Yvon Chouinard: He is the founder and owner of the outdoor company, Patagonia. I am SO inspired by the leader he is, the integrity with which he runs his company, how EXPLICIT he is about his values, and how unrelenting he is about making sure his company and his actions express those. His book “Let My People Go Surfing” was really impactful to me, as is watching how he’s run and built his company.
Elon Musk: The risks he’s taken as an entrepreneur and his commitment to only being part of world-changing endeavors in the most massively innovative ways just endlessly inspires me. I’m impressed with how engaged he is in his organizations, how responsive he is to making changes, and how strong he appears as a leader.
Be Virtual Friends with Lacey
Lacey hangs out on her website, in her Facebook group Lit Up & Loaded Entrepreneur, and on the social channels below. If you join her email list, she’ll give you useful resources like 7 steps to get booked solid or the Captivating Content Challenge. Say hi to her!