In July, I made $6,497 in passive income, aka all the money that I’ve made from selling my marketing and branding products online. This is not including affiliate commissions from It Works which is about $1100, or brand partnerships with Staples and Pistachio which were $650 and $500, respectively. This also doesn’t include investments such as stocks and foreign currency trades. Overall, I’ve had a successful month - almost $10K. Not bad for some passive income. When I left corporate America, I had a goal to make $5KinPjs - hence the name of my coaching program - and I’ve done just that. What would $5K mean to you? $5K was my way out. It was just enough money to make my full-time job an option, not a necessity. I remember thinking to myself, “If I could hit that each month, I’m good.”
Whether you’re striving for $5K or $50K a month, being successful in business is simple math. But we’re so obsessed with building six-figure businesses, that we get overwhelmed with self-doubt. We keep failing, because we’re running before we know how to crawl. We want to say that we have a six-figure business, but we’ve been avoiding the hard tedious work. Striving for five-figure launches and months, and haven’t figured out to to make $500 a week. There’s a disconnect.
So many entrepreneurs don’t know their profit margins, cost of goods sold, or their best-performing channels (Instagram, Youtube, Website etc.), which are crucial to making good marketing decisions. Once I mastered the numbers game of sales and revenue, I was able to master the marketing side of it. You see, we spend so much time worrying about social media posts, blog posts, email funnels, and sales pages, that we forget to get down to the basics: having a plan. The goal alone isn’t enough. Instead of worrying about building a six-figure business, let’s figure out how to make $100 or $200 dollars a day. (I actually created a business calculator to help you figure that out.)
$100,000 seems like an overwhelming number, but setting bite-sized goals helps. If you want to cross into the illustrious six-figure club, you need to make $275 dollars a day. Not too bad right? When you break down that large revenue goal into a more digestible one, you can breathe a sigh of relief, because now it feels doable. Once you have your daily revenue goal, it’s time to map out what that looks like in real life.
This is how you hit that revenue goal.
There are three things that you need to constantly do in order to gain momentum in making sales.
Have product goals in mind, not money goals.
The first thing you need to do is break down daily revenue call into actual prodigals. I know that if I want to make $175 per day I need to sell two marketing plans or two group-coaching memberships and two bundles to make that happen. I also know that I can sell one marketing automation package and make that happen by knowing the different combinations of products that I need to move every single day a housemate to prioritize what I need to promote and showcase on social media and conversations and general off line work.
Diversify your products, so you can diversify your income.
The other thing you need to do is diversify your income. You need to offer a variety of products and services that solve a variety of problems for your audience. This diversification should also result in different price points to capture your audience at different levels. If you have been selling the same thing over and over and over again, eventually your sales will plateau. In order to keep your audience buying, and more importantly interested, you need to constantly provide new solutions to their problems. I don’t mean reinventing the same sh*t in a different format. I mean engaging with your community and figuring out what else are they struggling with. Ask yourself this: what is another problem that my community has, and what can I build or how can I help them get to the next level? When thinking about this, you also need to create streams of passive income, because if you’re exchanging time for money, it’s gonna get hard to scale and keep up with.
Keep your business in front of new people daily.
Remember when I talked about the plateau? Here is when it comes into play. You need to get your business products and services in front of new people every single day. Why? Because if you keep marketing to the same 500 people on Instagram and the same 300 people on your email list you’re quickly going to max out on sales. You need to constantly be adding new people to your audience and getting fresh eyes and emails so that you can continue to market and continue to build your business. Whether that’s hustling online or marketing off-line, your job is to find new people who are interested in what you are selling each and every day.
All in all, I stopped doing the most for the least. All the bullsh*t is a distraction. Just find a process and a system that works for you and forget the rest.
@@ If you focus more on consuming advice, than creating your own success… you’ll be in an endless cycle of incompletion. @@
Why are we always chasing something new? We want to know the next best thing, when we haven’t even mastered the current thing we are doing. I truly believe if it isn’t broken, don’t try to fix it. Be the purple cow. (Here’s an awesome book recommendation.) In a space where everyone is doing the same things like joint venture webinars, ”free” webinars with pitches at the end, social ads, $497 offerings, daily Instagram lives, what are you going to do that’s different - what are you going to do that sets you apart?
Once I mastered this process, I tripled my monthly income. I got so consumed with what everybody else was doing online, that I lost track of my own ideas and fell to a $2,500 month. After that unfollowing spree and getting focused, I’m up to a $9000 month. Why do you care? Because this could be you! It’s ok, you can say it aloud… “I want freedom and options!” If only you found a way to execute more of your ideas and grow your brand, you could own your time. But you can’t do that if you continue to be overwhelmed and beaten down by the success of others. Six figures is an amazing goal, but let’s start with something a little less overwhelming.
So where do you go from here?
If you are in the brand-building phase and making less than $2000 per month, you need to focus on building your personal brand. More trust = more sales. Get the bundle here.
If you are in a business-building phase and want to monetize your audience more, it’s time to create a marketing plan to turn social media followers and website visitors from browsers to buyers. Download the plan template here.