I recently met with a new client, Jo Ann, who is a coach. A few months ago, she created a new marketing plan and she couldn’t figure out why she wasn’t even close to being on track to making her target of a 6 figure business for the year. She was working a lot of hours, making lots of connections, getting clients and feeling ‘dog tired’ at the end of the day.
There was no joy left from what used to be a joyful home-based solopreneur business.
Many times this is the biggest stumbling block for new and even experienced entrepreneurs. You need a business model that adds up if you want to make your numbers match. The first thing I looked at is what she was offering to her clients and how much she was offering her services. The truth was it wasn’t generating enough money in her business. Since she had only one income stream, Jo Ann was spending a lot of time ‘trying’ to market and way too much one-on-one time with clients.
So, that meant she only got paid when she worked. So, if she took time off to go on vacation the money was not coming in.
It’s really challenging to offer only one way to work with you because it’s an all or nothing proposition to the prospect. Prospects want to be able to choose what program(s) fit their needs. I had Jo Ann offer service packages to her clients. Then we looked at creating a packaged product for prospects and clients. This gave her passive income. Next, we looked at offering a full day with her for her high end clients. The next thing I’m having her put into place is to get a bigger presence on the internet.
This was a great start for Jo Ann and it gave her a way to enroll prospects in here services more often And a way to have prospects that didn’t have the money right now to still work with her . Once we put those systems into place Jo Ann’s business turned around fast!
Having more than one income stream will get you to your 6 figure income (and beyond). You’ll have more fun, joy and satisfaction in your business.
© 2009 Ileana Kane All Rights Reserved
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