In the last week, I read a post written by Ben Adkins inside a private Facebook mastermind I’m a member of. Ben is successful business owner and internet marketing professional I go to for coaching when I have questions. This post is one of the most clearly written and helpful articles for any solopreneur who’s stuck and wanting to move forward.
I immediately decided to republish this article because it answers critical questions any solopreneur or small business owner must answer if they’re serious about breaking through barriers in 2016 and beyond.
Personally, I love working with service professionals who are passionate about using their skills, passions, and uniqueness to add value to the world around them. The scores of conversations I’ve had with other small business owners cause me to know – many business owners don’t know what’s required to move from where they are to their intended destination.
I want to help solopreneurs to be more productive and profitable. Just this week, I spoke to 2 people who have a dream of packing up and leaving their cubicle/office behind, but they’re not sure how to do it. A critical part of making that happen starts with having a realistic plan based on realistic projections in connection to traffic and conversion rates.
Well, here it is in black and white. If you’re an author, coach, consultant, speaker, fitness trainer, massage therapist, real estate professional, etc., the instruction you get from this post is worth the time to read and review as many times as it takes to create a plan based on the principles outlined below.
Now, here’s Ben’s article…. (with a few minor edits)
Why Can’t I Grow My Business?
I’m very blessed that I get to work with Entrepreneurs from all over the world and every week I get about 100 messages that go something like this:
“Ben… I feel like I’m a pretty smart person but I can’t seem to grow my business past the ___________ per month mark.”
What is funny is that the BLANK is all over the map. Some folks are making a few thousand dollars a month. Some are making over 5 figures. Some are making over 6 figures.
So… What is the Answer to the Question?
For each level… it’s a little different and I’d like to share the answer that we give to each group.
So… Let’s Dive In:
[0-2k PER MONTH]
This one is simple… If you want to get out of this bracket and make it to 5 figures a month:
You Don’t Need Another Training Course.
You Don’t Need Any More Software.
You Need To Learn to set Deadlines and Sales Goals. PERIOD.
The people that stay stuck in this very frustrating place do so because they can’t stay focused on anything. They are constantly jumping from project to project and rarely actually complete anything.
At This Level it’s Pretty Simple:
- You Need a Product to Sell.
- You Need to Get it In Front of the Right People.
All you really need past that is to focus on getting things done in order to accomplish those goals.
And what does it take to do that?
Deadlines and Sales Goals.
Let’s TALK SALES GOALS
I want to make $10,000 in profit next month. NOW… PLAN FOR IT.
To do that I need a product to sell.
Let’s say my product is $99.95. That means I need to sell around 101 to hit my number. If I have cost associated with producing that product I need to pay attention to the margins.
Margin Math Example: If It cost me $40 to produce the product and get it to the customer, I need to actually sell 167 products
- $99.95-$40 = $59.95 (product minus cost of production)
- $10,000/$59.95 = 167 products)
If your margins are better than that… just do the math.
Now that I know I need to sell 167 products… I need to be able to get in front of enough people to do that.
Let’s say I sell my product to 20% of the folks that see my product. That means, I need to get my product in front of about 850 people (850 x .20 conversion = 170 sales)
Now you know that your marketing needs to be focused on getting some form of targeted advertisement in front of 850 people per month.
Let’s TALK DEADLINES
Where do deadlines come into play?
You need to get in front of 850 people this month.
How Do You Do it?
One way would be to Build an email list of 5,000 people who are interested in your topic.
I could advertise on Facebook to get in front of them.
I could get them to signup to my list by giving them something that relates to my main offer… for free (example: I sell a weight loss program for men. I could get their attention by giving them a one page PDF that would help them get their diet on point to lose 10 lbs this month.)
Once You Build the List:
Let’s assume that only 20% of them open your emails and buy… you’ve got enough people seeing the email to hit your 850 people. (5000 x 20% = 1000 people that see and grab the $99.95 offer)
One Big Deadline for January 2016 would be… build an email list of 5000 people. I would want to accomplish this by January 30th 2016 so I would need to add about 1250 people per week.
Monday I do this…
Tuesday I do this….
And so on…
Now… instead of buying a bunch of crap to fill a void and hope for the best… you are operating every day with purpose to fulfill a deadline.
This takes you from 0-2k a month to about 10-15k per month… and you can do this all without every hiring a staff member.
Ask them below…
STAY TUNED…. I’ll cover how to bust out of the 10-15k area next (and hit 20-30k per month).
************ END OF ARTICLE ************
Ok, there you have it. If you’re read this far, you probably have some goal or objective you want to reach. I hope you begin taking action TODAY! Commit to setting your goals and objectives, and start taking steps EVERY DAY!
I welcome your comments below.
(If you want to be notified when Part 2 is published, complete the blue form at the end of this blog post that says, “Receive Updates of New Blog Posts and Special Offers”.)