Is this your year to hit your first $100,000 in income?
Want to know the fastest way to do it?
Are you over watching everyone else succeed and you’re wondering when it’s your turn?
There are 2 numbers that you must know in your business and keep an eye on all the time. If you’re trying to build out your business, and get more clients, the first figure is what I call your freedom figure.
Your freedom figure is the figure that you need to make every single month to know that you’re free and you don’t have to work for anyone else ever again unless you want to.
Your freedom figure is the amount where you’re going to have enough to cover all your bills, expenses, your lifestyle and your savings goals and not have to stress about money. It could be $10,000 or $20,000 a month for example.
It’s the figure that will give you a lifestyle so you’re not burning yourself out, so you can take regular holidays and rest times, so you don’t have to be a slave to your laptop.
Your first 100K is usually the hardest, especially if you don’t have expert support and guidance, because it feels like there’s a million things to do.
In business, there is always so much we could be doing. Maybe you’ve got a lot of ideas, but you’re not really sure which one to focus on, and you need laser focus and clarity, so you’re not wasting time.
The second number that you need to know is how many clients you need in order to hit your freedom figure.
Let’s say your freedom figure is $100,000 per year.
You can decide your hourly rate based on your desired working hours, or you can decide your working hours based on your desired hourly rate.
If your goal is 100K, you need to make $2,000 every week for 50 weeks. You then have to divide that figure by how many hours you want to work and that’s your hourly rate.
Here’s an example calculation to work from based on desired working hours per week:
Yearly goal – $100,000
Monthly income goal – $8,333
Weekly income goal (50 weeks) – $2,000
Hours working per week goal – 10
Divide weekly amount by hours working per week – $2,000 divided by 10
= Your hourly rate – $200
Or, you might choose your hourly rate then decide that you will work as many hours as you need to hit your freedom figure.
Here’s an example calculation to work from based on desired hourly rate:
Yearly goal – $100,000
Monthly income goal – $8,333
Weekly income goal (50 weeks) – $2,000
Hourly rate goal – $150
Hours you need to work – 14
These figures give you clear goals to work from.
A lot of people don’t know their figures. They’re not clear and focused on achieving set targets. They just have an idea that they want to be happy and make something.
But successful people know where they’re heading and what they’re aiming towards, as it gives us motivation, drive and clear targets to aim for.
Once you’ve set your 2 numbers goals, it’s time to look at how we get there.
So here are 3 things you need to do well to earn your first $100,000 per year:
1 – Craft Your Signature Offer
The first thing you need to do is craft your irresistible signature offer.
This is something that a lot of people get wrong. You need to take the time to build an amazing and irresistible offer that’s a no-brainer for people.
People often price their offer incorrectly by charging too little or making it too expensive. They don’t have great bonuses, they don’t have great structure or a mapped out delivery method. In order to do this, you have to be really clear on your ideal client and on your message.
The way that you craft a beautiful offer that people want to buy, is by really understanding your ideal clients and what they want. You don’t want to craft a beautiful offer, full of value that no-one wants.
In order to create an amazing offer, you really need to research and get to know your ideal client so you know what they need. I didn’t know this in my first 100K in business. So I figured it out as I went along.
I had lots and lots of conversations with people and I hung out in groups at networking events. I coached a lot of people for free. I spent a lot of time with business owners and started to hear all the different problems that they had struggled with, things like copywriting, technology and sales.
These were the things that formed my offer. You don’t want your offer to only be coaching. No one wants just coaching. They want a signature system, a roadmap, a blueprint that they can follow that’s going to get them from their problem to their solution.
It’s your job to map that out and get your offer really clear, and then you need to get your messaging clear. Your messaging is the language that you’re going to use to basically show people the transformation journey. It’s the beliefs that you have that you need to communicate to your ideal clients.
You do this by educating them on the gaps so that they will also be able to get the kind of results that you’ve got. So I recommend that you spend some time creating your offer.
The way you get to know what your ideal clients want is by doing one-on-one coaching as much as you can. You will see the most transformation with people when they do one-on-one coaching.
When I first started out, I would create something for them and send it to them each time. If they said they didn’t know what to post on social media, then I would create a guide to teach them and then email it to them.
This is what started me creating my online course. I had created so many tools and resources for people, so I included them in my course.
Along with your coaching, you want to have videos and resources. There are tangible things like checklists and guides that can help people. You could create step-by-step videos for people to watch in-between coaching.
You want to have bonuses that relate to all the things that your ideal client is struggling with. One of the recent bonuses I’ve offered is my Client Attraction Accelerator program. Another was a copywriting makeover.
I’ve offered a technology session, where I get behind the scenes and share my screen with people and actually help them build out a funnel or an email nurture sequence or a Facebook advert.
The bonuses that I’ve put into my offer directly relate to the biggest problems that my ideal clients have. The added bonuses I offer is what gets them over the line with a sale.
In your signature offer, you might throw in a VIP ticket to one of your workshops or a mastermind session. This is why it’s so important that you understand your ideal clients and what they are struggling with. This helps you understand the types of things that you can create for them.
In your offer, I recommend you have 3C’s:
To fast-track their results, many people now recognise how crucial it is to have a coach. Whether you coach people 1:1 or in a group, people need coaching for perspective, expertise, feedback and support.
People also need content – a step-by-step roadmap to follow. This is where you need to map out your system and then teach it to people, ideally in a portal as an online course with videos and downloadable resources.
And finally, people want a community.
A lot of people freak out because they think they don’t have a big enough following or a community yet. Don’t let that stop you.
When I first started as a business coach, one of the first workshops that I ran was in The Little Space at Bondi Junction. I ran a workshop there called ‘The Business Of Speaking’ where I talked about how to make money as a speaker.
The offer I was selling at that course was a 6-month course called Speak To Influence. It was $897 and only 2 people bought it. It was a very small workshop and I didn’t have many people attending.
It was such a valuable offer, but I just didn’t have enough people in the room. Every single week I showed up for 6 months – so 24 x 1-hour sessions of creating all new content for only 2 people.
Every week I would show up and often only one person would show, so they got one-on-one specialised sessions. It was a great offer and I learned so much through the process, even though there were only 2 people.
Obviously, it’s good to have a bigger community, but you just start with what you’ve got. You’ve just got to start small and you run it and don’t pull back. You can gift it to friends or discount it to build the community when you’re just starting out.
Over time I grew the community and now consistently have great people in my inner circle who all support each other.
People want peers in their community, as they like going on a journey together and supporting each other.
Make sure you are clear in your offer of the benefits, the value and make sure you get the price point right for your offer.
2 – Create A Sales Mechanism
The second thing you have to master to hit your first 100K is to create a sales mechanism to go along with your irresistible offer. Once you’ve created your offer, you have to figure out how you’re actually going to sell that offer and the sales process to get people to buy it.
Will you sell your offer on a discovery call or in some type of consult or strategy session? What are you going to sell it on? Will it be an order form, on a landing page in Click Funnels, or on your website?
If you are going to sell one-on-one coaching, (which is what I recommend), then you’ve got to have a way to get people to register for a free strategy call with you. This means you need a booking page that links into your calendar.
I use Calendly for example and I embed it into a landing page on Click Funnels so that people can book in easily online. Then they get sent reminders automatically. I have everything automated because you don’t want to be doing everything manually.
Doing business manually the old way is such a waste of time. You just want people to book in online, and for it to all be automated. Your client gets an email with instructions on what to do, like a zoom link or maybe instructions of how you will give them a call.
Maybe you will write a written sales letter before they jump on a call, or maybe they need to watch a video or fill in one of your surveys. These are all the things you need to think about with your sales process.
If you’re going to do a webinar, then you need to plan to invite attendees into a call at the end of your webinar. Or you may need to create a downloadable freebie, to get people on a sales call with you.
Working out your whole sales process does take longer. But coming up to the Christmas holidays, you know you’ve got a bit of time spare and that’s when I personally do the things I need to do to catch up with my business.
Usually, over the summer holidays, there are fewer clients, so I sit at home and build out my processes.
If you want to hit your freedom figure, you’ve got to put in the work. You can’t just post on social media organically and expect clients to come to you. It doesn’t work that way. You’ve got to build a mechanism and a structure behind the scenes.
3 – Create Compelling Content
The third thing you need to master to hit your first 100K is to create compelling content. Your content needs to be compelling, so it draws people in, attracts their attention and engages them.
The best way to have compelling content is to really understand your ideal client, because then you’re going to use their language and you’re going to speak directly to their specific problems and needs.
Your content cannot be vague or big picture. You’ve got to be very specific with it.
Your content is the way that you get people to see your offer or see your invitation into a sales call. So really, your content is a marketing piece. You need to have a great offer and a way to sell it. You need a traffic source and lead generation strategies.
A couple of weeks ago I received an email with a freebie gift that contained 400 lead generation strategies. I think the guy was trying to be really valuable, but it was just overwhelming and potentially quite confusing for me.
You really need to pick one strategy and focus on it for a week or 30 days, instead of doing a few social media posts here and there. Using the less is more principle is powerful.
You want to get the most leads as quickly as possible. Don’t do all the lead generation strategies at once, just focus on what you will do for the next 7, 30 days or even 90 days, whether that’s paid traffic or free traffic you are aiming for.
Typically your business page on Facebook is only getting about 1% reach, so almost no one sees it. So you want to build up free traffic or a combination of free and paid traffic.
When you’re first starting out, you want to be able to validate your offer, and run it past as many people as possible. You want to help as many people as possible. This gives you fuel for your business.
Even if you have to, reduce your price and say you are going to do a partial scholarship for the first 5 people who take up your offer. You could say you are going to take $500 off or 50% off for the first 5 people who take up your offer. This is a great way to get testimonials and to get practice at getting people to your door.
You don’t want to discount by saying you are doing a beta test, or that you are discounting it, as this makes it sound a bit amateur. But if you say you are helping provide a partial scholarship or having founding members who get a reduced price it a really great strategy.
You can create something really awesome and get it set up in a week, and actually start making a lot of more money. It’s not obviously all about making money, but it is about helping people. We can’t help people if we’re broke and thinking about ourselves struggling.
If you would like some help crafting your offer, developing your sales strategies or creating compelling content, I recently ran a webinar called The Client Attraction Accelerator Masterclass.
If you missed this masterclass, you can access it here for a limited time.
P.S. Do you need some personalised support in hitting your business goals in 2021? I have opened up a few spaces in my calendar for strategy sessions, but they are filling fast and are by application only.