What may be holding you back from reaching 6-figures (or even more) isn’t lack of ambition or desire, it may simply be your business model.Think of your business model as the design of your various services, info products and programs. Too many entrepreneurs offer a bunch of “stuff” without any real thought as to how each offer will best leverage their time, plus create the maximum amount of revenue.
Naturally, they end up disappointed with the results, which is really a shame because anyone can create a winning 6- and 7-figure business model once they know a few simple tips. Here are 4 simple tips to ensure your business model doesn’t have you making common blunders that will keep your income from growing.
Tip #1: Create a Plan for Moving Clients from 1-on-1 to High-End Programs
The blunder most entrepreneurs make is filling their time with lots of 1-on-1 clients (and often at a low price point), which leaves them feeling burned out. Treat your 1-on-1-client time as the most precious service you offer so that you’re only working with a few clients at a high dollar amount. You’ll love your clients more, you’ll make more money and you’ll free up tremendous amounts of your energy.
Tip #2: Include Life-Long Recurring Revenue in Your Model
It’s exhausting to constantly look for new clients. That’s why savvy entrepreneurs have at least one “continuous” revenue stream in their business model. Ideally, this income stream is one clients never want to give up, giving you consistent monthly income.
There are many creative ways you can design continuous revenue into your business. I recommend looking at what support your clients wish they had for your inspiration.
Tip #3: Think in Terms of a Series Rather than “One-Off” Programs
Every program, product or service you offer must include an option to upgrade to a next level. Waiting to figure this out will cost you a ton in lost revenue and ramp-up time!
For example, your free teleseminar can roll participants into a paid group or teleseminar program. In that program, upgrade a certain percentage of participants to a private virtual retreat day with you. Your virtual retreat day clients can then upgrade to a longer term coaching program. Never let your relationship with your clients end because you don’t have anything more to offer them.
Tip #4: If You Can’t Leverage It, Don’t Offer It
Once you shift your mindset to the leveraged business model, you’ll never again be tempted to offer a stand-alone program or service. It just isn’t worth your time and effort! Even something as simple as an eBook should consciously leverage your clients to upgrade to a higher-end service or program.
If Your Cash Flow Stops and Starts, Then Take a Critical Look at Your Business Model For the Solution Unpredictable, up-and-down cash flow is frustrating to deal with. By redesigning your business model so that every offer flows effortlessly into the next, you’ll not only even out your income, you’ll dramatically increase it as well.