There comes a time in every entrepreneur’s life when…
She thinks about going back to a corporate job. (Yes, I said it!) Not because she wants to, but because it’s easier. Because the money is steady. Because at least when you know how much you’ll be earning that month, you can create a budget.
How awesome does it feel when you’re getting your first paying clients, and the dollars start to roll in?
If you’re still in your corporate job, it can almost feel like EXTRA money sometimes. You still have your salary, so anything you make on top of it is just gravy. Maybe you start upgrading to first class when you travel. Maybe you buy that designer dress you’ve had your eye on. Maybe you sign a lease on a new loft in a better location…
As soon as the money comes in, it goes right back out.
It can happen so seamlessly, we don’t even notice…
But when we leave our jobs behind and start coaching full-time, we realize the error of our ways. Instead of making a plan for our money, we’ve spent it. Instead of building a solid foundation for ourselves, we’re standing on shaky ground.
Here’s what it ultimately comes down to, boss—burning out and building a long-term business are two completely different paths. And it’s really easy to fall into the trap of the first one.
Without regular money coming in and a plan for growth, you’re not a business. You’re busted.
Starting now, I want you to focus on the money. Notice what people are willing to pay you for. Then match that to how you build your business.
Quick tip: It’s great to be driven by your passion, but you’ve got to feed yourself too.
You can have the best idea in the world, but if you’re not being paid for it, it’s not doing much for your future.
Money is the proof that you’ve got viable ideas. Now it’s up to you to create a steady, diversified cash flow for those ideas.
I like to break down growing your business into 3 phases:
In the beginning, focus on getting clients. You can take the money you’ve earned and re-invest it in advertising for your business, in branding, and in your site. If you’re going to spend that new money, make it work for you.
The second stage is leveraging one single product. It might be tempting to create several digital projects (hello, shiny object syndrome!), but aim for one that’s reasonably priced, around the $300-$500 point. That’s high enough that you can turn it into a funnel that will take care of itself.
After that, it’s time to expand outward. You’ll be bringing in more people and raising your prices. And now maybe it’s time to try your hand at another product, like a group program (one of my personal favorites).
Remember this: cash is king.
And if a king wants to keep his throne, he better be planning for the long-term care of his kingdom—just like you need to be planning for the long-term care of yours.
Numbers never lie,