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If you’re an entrepreneur, I’m willing to bet that you have revenue goals that you would like to hit. You more than likely even have different levels of goals you would like to achieve. I also am willing to bet that your revenue goals from when you first started out are different from the goals you have when you are 3-5 years into business. When it comes to scaling to your next BIG revenue goal, do you know what your route is to get there.
What is that next BIG revenue goal based on what you currently are bringing in consistently? I’m not talking about the highs and lows. I’m talking about consistent income. WHY? Because you can build off of consistent income.
To me, consistently hitting a revenue goal means that you hit a certain amount for at least 3 months. You shouldn’t strive for a new goal until you have consistently hit the first goal for at least 3 months. Once you have achieved that, then you can move on to a higher revenue goal.
But how are you doing to get there?
First of all…do you know what you’ve been doing that’s gotten you to the current level you’re at? Is it sustainable for the long haul? Is it just that you’ve had all this one and done and you’re randomly taking on new clients here and there? Or do you know exactly how you’re making that money? Because if you don’t know how you’re making that consistent income, it’s very hard to scale it to that next level.
Break it down- it’s story time, folks.
In order to scale to that next level, you need to break down the numbers of where you are now. Pull your numbers and make it a point to understand them to know where your money is coming in from. Then you need to break down what your revenue goal looks like.
For example, a client I have was looking to break down a revenue of $5,000 a month. She has 2 different offers. She offers a VIP day service, and she offers templates. So we had to break that down based on her $5,000 a month goal.
So, her VIP day is $1497. She only wants to do 2 of them a month. If she does 2 VIP days a month that puts her at around $3,000 a month for that service. That means she’s going to have to make the other $2000 from her template sales. This is one example of how you have to break it down based on the services you have. Then you can put a strategy in place for HOW you’re going to do it. If you have a financial goal of hitting $10k with absolutely no breakdown…good luck trying to get there.
Here’s another example.
I have another client that is trying to scale to $20k. She has completely changed her business model. Now she does only VIP days. But her VIP days are $2497. So to hit $20k, she could sell 10 of them. Well that’s not possible for her because she does not physically have the time available to do 10 VIP days in a month.
But she does have time to do 6 VIP days a month. So that’s $15,000. So that means she also needs to sell templates. The other $5,000 to get to that $20,000 revenue goal needs to come from those template sales.
You have to understand your core offers, how much you charge, and what the time frame is for that. Then you can build towards it. You have to understand the breakdown behind your goals.
Now you have to be careful not to let this breakdown turn every call into a number that you need to meet. It’s not about creating that desperation. But it’s just about having an understanding so that you can put a strategy behind it. You can’t put a strategy behind it if you don’t know what you’re working towards.
Working on retainer
The last thing you need to keep into consideration is working with people on a retainer. For example, let’s say you have $5,000 in retainer income that’s on a six month contract. That means every month for the next six months you have $5,000 in retainer contracts coming in. So if you’re trying to scale to $10k, then you would think you only need to actually create new sales in the amount of $5k to reach that goal. However, you need to not count your retainer income.
There are a lot of things to take into consideration when you’re trying to scale to that next level. My recommendation is if you have $5,000 in retainer income, and you’re trying to hit $10k, I would really be focusing on breaking down what that looks like for $10,000. Don’t include what’s already guaranteed. Let’s work on that next level because that’s how you build. How you build and scale is not to include what’s already done, but to build on top of it.
You have to look at it from a financial perspective.
Do you know what it takes to hit that next BIG revenue goal for your business? How are you going to break it down based on your services? You can use my financial goals calculator. It tells you how many hours you have available, your average sale, and how many you need to sell per month to hit that revenue goal.
If you need help breaking down your goals, revamping your services, or creating new packages to get there, shoot me a DM. We can work together on that. Bottom line…you have to break down that goal…and then put your strategy behind it.
Connect with Michelle-
Website – https://michelledenioconsulting.com
Facebook Profile – https://www.facebook.com/MichelleDeNioBizStrategist/
Linkedin Profile – https://www.linkedin.com/in/michelledenio/
Have Questions? Let’s have a Cup of Virtual Coffee!
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