When I ask entrepreneurs what their next income goal is, the number one response I get is that they want to reach 6 figures.
Having personally built two businesses now to 6-figures plus, and a decade into my journey of entrepreneurship, I know firsthand what it takes to get there.
I’ve also had the privilege of supporting many coaches and purpose-driven entrepreneurs in doubling or tripling their incomes, many of whom have reached that exciting 6-figure mark.
In this article, we’re going to talk about the hard way to get to 6 figures – an all-too-common approach that leaves many entrepreneurs frustrated and confused by their lack of results. But more importantly, I’ll share one simple shift that can make all the difference in taking your income goal (whatever it may be) from “someday dream” to reality.
This is the final part of our 3-part “Know Your Numbers” series.
- In Part 1 I shared How Knowing ONE Number Can 3X Your Business
- In Part 2, I detailed how to create a Money Magic Chart so you can STOP spreading yourself too thin & start charging your worth
Now, let’s dive into the third & final step that can help ease your path to $5K-$10K months (and beyond!)…
Part 3: The #1 Way to Ease Your
Path to $5K-$10K Months
(versus the HARD Way to Get to $100K)
One of my clients recently told me she wanted to replace her income from her current job.
I asked her what it would take to leave, and she said $5,000 a month.
So we started talking about the packages she wanted to offer. She told me about an idea she had for a membership program that would cost $79 a month.
I did some quick math: $5,000 divided by $79 a month equals 64 people she would need to enroll.
(64 x $79 = $5,056)
So I dug a little deeper…
- “Do you have a large audience of people you could potentially enroll in the program?”
- “Do you see a clear path that would allow you to find & enroll 64 people in the near future?”
These questions weren’t designed to introduce doubt. If the client had shared a clear vision and had the confidence she could get there quickly, I would have told her to go for it!
However, when she told me her primary method of enrolling people would be to reach out to her warm network and (relatively small) social media audience – and that she’d only signed up a handful of paying clients this way in the past – I knew we needed a better plan.
The answer was essentially no…
I said to her,
“That’s an awesome idea, and I love that you want to create something that’s affordable for people. At the same time, if we look realistically at what it’s going to take to reach your income goal, it’s unlikely that you’re going to get there quickly AND be able to leave your job in the timeline that you want to, selling just your $79 membership. You can absolutely still create this membership down the road, but it may not be the best use of your time & energy right now.”
So, we looked at an offer she could create that would get her to $5,000 per month more quickly.
Together we came up with a coaching package she could offer that was $2,000 for 3 months – meaning she had to find just 3 clients a month to more than replace her income.
Once we had that number, we worked backwards to see what kind of value she could provide to her clients, so they would be happy to invest at that level.
With this plan of action, she started enrolling and within a matter of months, she was able to leave her job.
As a result, she freed up her time and energy and was able to successfully launch her original membership package idea several months later.
How can you apply this in your business?
If you want to get to 6 figures – or any other income goal – make sure to do the math!
Let’s break this down step-by-step:
- Determine your monthly income goal
- Determine how many people you need to reach that income goal at various price points
- Define the value you’ll provide that matches the price point you choose
Step 1 is easy enough, so let’s jump to Step 2…
After determining your monthly income goal, how do you get clear on the price point that’s right for you?
If you look at this chart, you can see that as you increase the price point of your offering, the number of people you need to enroll to reach your income goal will drop. On the other hand, if you lower the price point, you will need to close a lot more sales to reach your goal. .
Typically, you’re going to need a larger audience in order to enroll a larger number of people. So if you have a big following online – or if you have access to a consistent source of high-quality leads – some of the lower price points might make sense for you.
However, for most of the entrepreneurs I work with, this isn’t the case – which means trying to sell something at a lower price point is going to be a much harder way to get to where they want to go.
I’m all for serving as many people as possible and creating affordable offerings.
However, if you can’t pay your bills, or if you’re exhausted from working multiple jobs while trying to build your business, there’s a good chance you will:
- NOT be able to serve your clients at the level you need & want to
- Feel tired & pulled in a million different directions
- Give up on your dream because it feels so out of reach
Remember: you can always create that lower-ticket offer AFTER your financial bases are covered. Let’s get you to where you want to go first!
Now for Step 3…
Once you are clear on the price of your offering, ask yourself:
How can I create so much value for my clients that they will be happy to invest in working with me at this price point?
This isn’t about adding a ton of deliverables. People don’t want the stuff, or even the learning they get from working with you. They want the transformation.
If you can take your ideal client from where they are to where they want to go – and if their need or desire is strong enough – they will find a way to pay for it.
If you’re not sure how to create a high-value package that people are excited to invest in, or if the thought of asking someone to invest $2,000 (or more) to work with you makes you want to RUN in the other direction, we’d love to help!
In our Business Bootcamp, we help you get clear on who your ideal client is, how to package and price your services, and most importantly: The Art of Authentic Sales – our proven system to find & enroll clients without a huge social media following, and without ever feeling pushy or salesy. Plus you get LIVE coaching, support & accountability every step of the way!
If you’re curious about our Business Bootcamp, type RESULTS in the comments below and our team will reach out to you with more details.
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