It’s that time of year again. Time to look at your business income goals for 2018. Time to reflect and look back over the year and compare it to what you wanted to achieve versus what you actually achieved… Did you hit your goals? Most of us, if we wrote down goals, missed them. If you didn’t write them down then the statistics show you will definitely not reach them.
What would it look like in your business (and your life) if you 10x’ed your income goals in 2018? That is, if you made 10 times the amount in 2018 would that change a few things?
My goal here is to get you to DREAM. I want to put POSITIVE, expanded ideas in your head. It is known that if you go to bed with a challenge on your mind, your subconscious will help work our solutions while you sleep. Try it for a week and see what comes up.
I’ve been thinking a lot about a 10x income increase over the last few days. As I think, questions run through my mind…
What would that look like?
What additional/different services or products would I need to provide?
What “carrots” or rewards can I use to motivate me to achieve 10x growth?
What milestones and measurable results, besides just more income, will let me know I’m on the right track?
Do the Math
If you want to achieve massive growth this year, take a look at your numbers.
For example, suppose you are currently offering services at price points of $25, $99, and a $250.
One way to earn more is to sell more units… that would require you to get more eyeballs on your wonderful offers. After all, more people looking at your stuff should mean more conversions.
Do you know your current conversion rate? How many people must see your offer before you make a sale? If you don’t know, then you know where you need to start.
Without knowing where you now stand, how will you know where you want to be?
Anyway, getting back to our above example. Suppose you had the following conversion rates for each of your services:
$25 – 10 potential customers = 1 sale
$99 – 20 potential customers = 1 sale
$250 – 30 potential customers = 1 sale
If you know these conversion numbers (i.e., you know that it takes 10 people to see your offer to sell one $25 unit) then you can work on getting more eyes on your offer. You can do this through more social media, more direct marketing and/or more advertising.
Another way to increase your income would be to raise your prices. Perhaps, with our example, you raise the price of existing services to $39, $129 and $299. What would that do to your bottom line? No more extra work, but extra money. If you know your conversion rates, you can easily figure out what those revised numbers would be.
Using our example above you would earn $14, $30 and $49 more per item. If you normally sell 10 of each per month, that would be almost immediate $930 increase in your monthly income.
Of course, after raising your prices, you might not sell quite as many units. Still, you would be earning more money while doing the same amount of work.
Another way to increase your income is to re-evaluate your current offers. Perhaps you can create bundles of services to create more value. Maybe you need a to offer a new, primo product or service.
Perhaps you should cross-sell your services to stop leaving sales on the table.
My offerings to hit my business income goals for 2018
For 2018, I plan to make definite changes as I work towards 10x’ing my business. One way I plan to do that is to increase the number of offers I have available on ElianTyson.com. I now have one. I will increase that to three.
Here they are (subject to change):
- Marketing/Operations Revision Plan $745
- Coaching/Accountability $445 per month
- Do It Yourself Marketing/Operations Planning $45
These three packages can work together. For example, my DYI information (option #3) includes material that supports offerings #1 and #2.
Next, over at AssuredResultsOnline.com (the part of my business that I run with my husband Bruce), we will continue to offer online marketing and website development services.
2018 Is Your Year
Figuring out your offerings is never an easy task. Getting feedback from existing customers or from colleagues is always a good idea. Sometimes some extra feedback is all you need to make changes that can dramatically improve your results.
If you’d like some help, let’s connect.