4 ways to increase your income in your business {The Profit Series #1}
Welcome to the Profit Series #1 of 4.
This is a 4 part free email course on creating more money + more profit in your business. Learn how to not only allow more money into your business but also create more profit, pay yourself a lot more, and feel really freaking good about money.
I’ll address the 4 part process I took to taking empowered control of my finances which lead me to:
creating more money in my business (without having to increase my audience size)
finally creating a mapped out plan of how much money my business and my personal life needed to survive
break the client payment to client payment cycle
raise my rates by $8,000 and book more clients
create over $12,000 in profit in my business
pay off $18,000 in debt
Want all 4 parts delivered free to your inbox with extra bonuses like videos + PDF’s not on the blog?
We all want more income in our business right?
More money can lead you to hiring more team members, paying yourself a bigger salary or finally paying yourself!, investing in things that excite you like that dream coach, that business retreat, or the big one: getting out of debt!
You’re not here for me to tell you why you want to make more money, you’re here because duhhh you want to make more money and you’re not sure how.
You get to increase your income, at any point in your business. You get to decide and have that choice to change what isn’t working in your business.
Now before we dive in I want you to look at 3 things in your business that might change your mind about making more money. (this article is for online businesses only)
Making more money is always the easiest solution, it’s the go to solution for a lot of businesses and a lot of people, but before we can step into more wealth and more income, there’s a couple things we need to switch up first.
Let’s dive into what those 3 things are:
3 things to do before thinking your problem is more income:
1) Define your true expenses: Focus on profit not revenue
Quick way to know if expenses are your problem: most businesses and people can pay themselves and run an online business with $5,000 monthly.
Now I’ve live in NJ and I’ve lived in NYC, obviously different places have different standards, but for most people, having a business that brings in $5,000 a month with managed expenses can pay you, pay your taxes, and have you live semi-comfortable.
That means you need to revisit and re-manage your expenses.
Let’s break down how $5K a month can be completely do-able without having to create more income:
$5,000 a month:
Taxes: (30% of revenue): $1500
Tools to run your online business: $300
Education/ Contractors/ Assistant: $300
Business Savings: $100
You pay yourself: $2800
This is a total theoretical scenario, you can cut expenses in tools or with coaches or contractors, totally up to you.
If you're making below $5,000 a month still do this exercise it will be very important for the next couple steps of this course
Making more than $5K a month in your business and still find yourself needing to make more income in your business?
Time to revisit your expenses.
I remember thinking I needed $10,000 for my business to be successful this number wasn’t based in logic or facts, I just thought everyone who hits $10,000 seems successful so that’s what I need to hit in order to make money.
But the truth was when I laid out my TRUE expenses, (not expenses I hope to be paying someday or things I hope to be paying for), I realized that my true expenses at the time were $1,000, yes $1,000.. I know that’s very low.
Yes for both my personal and business, see I didn’t need $10,000 to make a profit or pay myself or pay off debt!
This is about getting real about what your expenses are truly are and stop aiming for some number you pull out of the sky because your Facebook feed told you that you need to hit it. We all have different expenses, incomes, and live in different parts of the world.
Now my expenses may be much lower than yours (they’ve gone up since then) but I increased my expenses one step at a time.
Let’s revisit your TRUE expenses:
2) Think rich people are the worst?
Woman steps out of a nice car:
you think her rich husband or rich parents bought it for her
Guy steps out of a nice car:
he’s probably a douchebag
Drive through nice neighborhood with big homes:
must be nice to be so lucky
UTTT OHHHH looks like someone wants to be make more money but also thinks people who have money are dicks… welp that’s going to be a problem.
^^ Now that’s going to cause you some trouble when it comes to make more money.
This is one of the first things I had to address before I could start creating more income in my business and in my life.
No one wants to be a dick but everyone wants to make more money, so if you’re telling your subconscious brain.."I want to make more money BUT I also think people with money are terrible”, your brain is going to stop you from making more money.
Your brain will try to protect you from becoming something that you think is awful. Thanks brain!!
Before you can make more money you have to deal with any of that inner money mindset bullshit that will sabotage you, trip you up, and stop you from making more money.
In this 44 page journaling book learn how to uncover money blocks, beliefs, or habits that are stopping you from making bank in your business + life
Discover what beliefs you have about money that are holding you back.
Grab the questions that improved my income by $13K in 2 months
Learn what is the aligned action for you to go next level
Break through your limiting beliefs around why you're not making the BANK you want
Learn how I raised my prices by $8K and STILL booked clients
That leads to the next point: get comfortable with WEALTH
One time on a special occasion my husband and I went to this fancy shmancy restaurant.
The entrees were over $25, cocktails over $10, and when you walk in it has the most beautiful views of the ocean.
Something about this restaurant just said RICH.
I had one of those moments of:
“I don’t belong here.. I’m too broke.. I’m too poor, what if everyone here knows that I’m broke?!” haha
To make matters worse as we were leaving my purse strap broke and my purse made this loud noise as it fell to the ground.
I felt so embarrassed and wanted to never go back there again, I didn’t belong there but I knew.. I wanted to belong there. I wanted to go to that restaurant regularly and feel good about money.
We kept going back there when we could and slowly but surely, I kept doing work on my money mindset and earning more money, and I started to feel like it wasn’t a big deal to go there anymore.
Now 3 years from the purse strapping incident heard round the world we live 15 minutes from this restaurant and we go there whenever we want.
Get comfortable with wealth and rich people
3) Do you worry about what people will think of you if you make more money?
I used to love the idea of making more money but once I started to get real about my money mindset beliefs I had some crazy belief that if I did make more:
everyone would leave me >> “it’s lonely at the top”
think I'm a bitch >> “that rich bitch”
that I could emasculate my husband if I became a bread winner
that my friends would think I’m different or not want to hang out with me anymore
people would be jealous or intimidated by me
While it is TRUE that when you do start to make more money and step into wealth your relationships will change but you’ll notice that any relationships that do fall away, would have fallen away by some other life situation.
The truth is the good relationships and the people that want you to succeed they’ll hang around. They’ll root for you and your relationship will pretty much be the same.
The real thing we need to deal with here is your feelings about who you’ll have to become to make more money.
“You're not afraid of raising your prices.. you're afraid of who you'll have to become to allow that money into your life.
You're not afraid of being successful.. you're afraid of how other people around you will feel when you are successful.
You're not afraid of taking massive action...you're afraid of holding yourself to a new standard.
You're afraid of who you know you need to become and what you need to let go of.
There are only 2 choices you ever have: level up or stay afraid.”
If tomorrow you started making a million dollars in the next year:
What will your mom think?
What will your dad think?
What will your spouse think?
What will your friends think?
What will all of those people feel about your million dollars?
Will they start acting differently?
Okay let’s get to the action steps you can take right now to add income to your business.
4 ways to increase your income in your business
1) Add a high ticket offer
These numbers are estimates, it is totally possible that you can go above or below but for the online industry these are standard average conversion rates.
I tell everyone who is first starting out in their business to do THIS STEP.
We came up with those expenses so you can see what is the minimum your business needs to survive.
The next point of numbers we need to address is your audience conversion rate >>>
The way we figure out how you can cover your expenses is:
Take your email list size x conversion rate percentage = the number of clients you’ll get for that offer
Example:
600 people on your email list x .01 (my offer is $3,000) =
6 people.
I can get 6 people to convert at $3,000 = $18,0000
Does that number ^^^ cover your true monthly expenses?
What I love about this exercise is that it’s grounding, it’s real, numbers are just facts, no emotions!
This is why I love them so much and why they helped my business grow so fast.
When I did this exercise I realized selling courses at $97 with an email list of 600 people wasn’t going to cover my expenses, from there I was able to pivot my business model to higher end offers in order to increase my profit.
What about your current offer needs to change now that you know conversion rates and your true monthly expenses?
2) Grow your audience
This one is pretty obvious but maybe it’s something you’ve never thought about before. Growing your audience should be a strategy you add in to your daily activities if it’s not. Maybe it’s something you’ve never thought about or you’ve been too focused on making money to actually implement this.
There’s several ways to grow your audience for paid and non-paid:
Facebook / Instagram ads
Youtube ads
Facebook groups
Being consistent on a social media platform
Commenting and liking other people on a social media platform
Hosting a free webinar
Growing your audience will add more money to your bottom line because as our audience size goes up so does our conversion rate!
3) Add a done for you service
Adding in a done for you service to your business model can position you to increase your income and put you in higher demand.
In times like these (Covid 19 as I’m writing this) it’s important to pivot and be fluid with whatever the times are throwing our way.
Done for you services are:
less marketing and convincing people why they need your service,
they feel more tangible (it can be easy for other people to calculate their ROI from your service), and
when people can have something tangible that they can point to in exchange for money, it can be easier to sell.
For example: I added in a service last year about writing out my clients packages and their content posts.
It was an easier sell because it was tangible, it wasn’t something I was going to do forever, I enjoyed coaching more at the time but it gave my business a little boost when I needed it.
What’s a done for you service you can add into your existing offers? Account for your time in this and charge appropriately!
4) Add in a high demand skill
Whhhhatttt? But my skills are in high demand! Listen in an economy at some point and time comes skills that are more in demand than other skills.
For example: the increase in demand for web designers, web developers, website engineers and architects are higher in demand than 10 years ago.
The decrease in demand for print media or cursive tutors has clearly gone down.
Is your skill something that is in high demand or can you buff up your business with a new skill that is in high demand?
Think about something that you can add to your business that is in demand but also makes sense.
For example: If I add in financial coaching to my business model, it’s a skill that’s in demand but also makes cohesive sense.
What skill can you brush up on that is currently in high demand?
Skimmed all the way to the bottom?
Here’s the recap:
Now don’t be overwhelmed by all of this information, there’s just a couple big things you need to walk away from day #1 with:
Know your monthly TRUE expenses: I show you how to calculate that above
Get comfortable with wealthy places and rich people (go to the expensive restaurant once in a while, drive around the wealthy neighborhood)
Pivot and change your business model as necessary to add more income (know audience conversion rates and add in a skill that is in high demand)
This is a 4 part free email course on creating more money + more profit in your business. Learn how to not only allow more money into your business but also create more profit, pay yourself a lot more, and feel really freaking good about money.
I’ll address the 4 part process I took to taking empowered control of my finances which lead me to:
creating more money in my business (without having to increase my audience size)
finally creating a mapped out plan of how much money my business and my personal life needed to survive
break the client payment to client payment cycle
raise my rates by $8,000 and book more clients
create over $12,000 in profit in my business
pay off $18,000 in debt
Want all 4 parts delivered free to your inbox with extra bonuses like videos + PDF’s not on the blog?
