Question for you: Are you confident that your existing business model can provide the kind of business and lifestyle you really want?
If you’re not entirely sure, don’t panic. Let’s gain perspective here with a reality check.
A sad-but-true recurring story …
It’s the top of the hour and I’ve dialled in to my conference line to meet with an enthusiastic entrepreneur for a strategy session.
She immediately declares that she would looooove to make six figures this year. And I agree – this is a wonderful goal.
(Enter reality check)
But, when I had taken a peekaboo at their website before our call, I had discovered only one way prospective clients can invest in her expertise – a one-hour strategy session priced at $197. No mention of packages or bundling. No products. No programs.
So, for the sake of clarity I proceed to ask them… “Have you done the math to see how many one hour strategy sessions you will need to do this year to make six figures?”
99% of them cannot answer the question (they’ve never considered it).
Curious? The answer is somewhere around 500 one-hour sessions. Holy guacamole right! It’s a shock and awe moment for sure!
“If you have built castles in the sky let not your dreams go to waste; just build the foundations under them.” – Henry David Thoreau
So, here’s a quick and dirty 5-point overview of what you need to know about the numbers in your business (write down your answers! This is important!)
- How much money do you want to make this year?
- What products and services do you currently offer? (Not what you “could” offer or “plan to” offer, but what is actually available for sale on your site right now?)
- What prices do you charge for each?
- Based on previous sales and marketing plans what revenue projections can you realistically make for each?
- Does this revenue forecast support your income goal?
Now, if the forecast doesn’t match your goal… don’t panic. You’d be astonished by how many entrepreneurs don’t look at the #’s in their business – at all.
Here’s are a few “fixes” that can help get you started with aligning your income goal with your offerings…
- increase your prices
- sell to more people
- restructure your offering to serve more in the same (or less) amount of time.
There are many ways you can reclaim the freedom and flexibility you started your business for in the first place. Look at the numbers and structure your offerings accordingly.
And before you go… Are there other things you’ve done to maximize your income while working less hours? Do tell. I’ll meet you in the comments below. xo