You know those emails or Facebook posts you get almost every other day talking about how to make your first $5K, or $10K, or even $20K?
Who wouldn’t want that, right?
And I’d love that for you too, but you know what I’d love even more for you?
Consistent income. To the tune of $5K, $10K, or more months.
That’s why today I’m sharing 3 things you simply can’t afford to overlook if you’re serious about making money EVERY month:
1. Know your consistent income goal
It’s just like with driving—if you don’t know where you want to go, how can you possibly get there? If you aren’t clear on what you want/need to make, how will you make it?
At the beginning of each month, I set an income goal and then back into what and how many of each product I need to sell to be able to meet that goal.
How do I decide what that monthly number is?
Nowadays it’s based on whether or not I’m in the middle of a launch or how many private client or mastermind spots I’d like to open up. However, back when I was starting out with just one goal—to leave my job asap—I kept it simple:
I needed to make double my monthly take-home salary to be able to turn in my notice. (If you’re still in your job right now, don’t make the mistake of assuming that you only need to match your current salary. As a business owner, your revenue also has to cover business expenses and taxes. Take a look at this video I created for you on how to replace your 9-5 income.)
2. Align your products and prices
After you know your monthly goal, it’s much easier to plan out what you need to sell and at what price points.
For example, if you need to make $10K per month, you’re probably not going to start out with a $10 product and try to sell 1,000 of those every month.
Instead, you might start with a higher-end consulting/coaching package at $1,000+ so that you only need to bring on a few customers each month.
When deciding on what to sell, again, keep it simple. Even now, running a multiple 7-figure business, I only have 3 main products:
- private mastermind program: high-end, customized offering
- signature group program: leveraged income source
- info-products: “passive” income source
3. Prioritize money-making activities
Last but definitely not least, prioritize activities that will result directly in you making more sales. Especially if you’re still in a 9-5 and have limited time to work on your business.
Creating a beautiful website, writing and rewriting your sales page copy, updating your gorgeous pop-up…all of those are important. Just not so much when you’re starting out.
Instead, your focus should be on marketing, building relationships with potential clients, using social media effectively for your business, and making money. (Clients = business. No clients = no business.)
Before spending time on a task, ask yourself, “Will my working on this directly result in potential sales?” If the answer is no, you know what to do.
All of that other stuff will come in due time, after you’ve built your financial foundation.
Consistent income is the differentiator between a hobby and a real business.
The good news is, there aren’t that many things you need to focus on to start building consistent income in your business.
Let’s get you started by listing out your money-making activities that you’re going to prioritize. Let me know in the comments below!