Today, we are talking about how to make a sustainable income quickly in your business. I know for all you aspiring corporate escapees out there, you just cannot get away from your jobs fast enough, so this blog post is for you.
Does it takes months or years?
Does a business need months or years to replace your income? I’m not saying you can create thousands overnight, but I recommend if you want to quit your job that you have at least six months of living expenses saved up, because that is the average minimum time that it takes for your business to start making a consistent income.
Obviously, you can start making money earlier than that: you can get a client here or a client there, but it will take a bit of time for your business to bed down and for you to get a handle on all the different pieces that you’ve got to do each month to bring in that consistent income.
Focus on High Value Premium Offerings
So one of the best ways that I know to actually make a chunky income pretty quickly in your business is to focus on high value premium offerings. Rather than selling a $5 eBook where you’re going to have to sell one thousand of them to replace your $5K corporate salary for the month; instead of doing that, you could actually find a better way of getting this information over to your clients, which will actually be more beneficial to them.
Let’s say you want to write a healthy cookery eBook – I’ve been there, I did that – that’s how I started Living Rosy. Instead of selling that $5 eBook, you could actually take that same outcome for your clients, which is to make them healthy, and do it in a much more beneficial way for them.
You could offer, for example, live health coaching with them, and really dig into why they’re not eating healthily, what they need to do, all the different pieces. Add in extras – like really analysing their food diaries for them, holding them accountable, and a whole list of other things – that service is going to be so, so much more powerful in getting them to their desired outcome of being healthier than this $5 book that they’re probably not even going to open anyway. Let’s face it: how many eBooks have you downloaded and then not read?
It benefits your customer
High-value offerings actually benefit your customer because they are a fuller service, they help them more, they are more powerful in helping them get to their transformation.
And, of course, these one-to-one, in-person services are more time-intensive for you per client, so they are going to have to be more expensive. So the absolute minimum I would say for the standard package of 12 sessions over 3 months, would be about $1200. I would actually recommend that you go even more premium than that and you start off at around $2000. So when thinking about having to replace your corporate salary at $5000/month, you’d only need to sell two or three of those packages a month to replace your corporate salary. So rather than 1000 eBooks, you’d only have to sell two or three packages.
Quality over Quantity
Now, I know that obviously it’s a little bit easier to sell an eBook than a $2000 package, but it’s not four hundred times easier. People will still complain about the price; people will still try to get it for free; they’ll still ask you loads of questions. There’s still tons of customer service – way more, actually, because there’s a thousand people wanting stuff from you.
So actually the premium model where you have a lower number of clients, but they’re much higher quality, and they’re buying a more premium product – that is a much smoother way to run your business.
You don't need a huge platform
And thinking about it from a marketing perspective, starting off with a premium model makes so much sense for a newbie business owner because you don’t have a huge platform already made. If you want to sell three coaching packages a month, you’re going to have to speak to about three hundred people. You’re going to have to write Facebook posts and blogs and emails, and you’re going to have to reach about three hundred people out there in the world.
Whereas if you want to sell a thousand $5 eBooks, you are going to need to reach one hundred thousand people a month. Now it’s possible of course, but it’s not going to happen in the first few months of your business. You’re going to be slogging away for years, building it up to that level, and in that time you could be creating a premium business! You could have made a six or seven figure business and then started selling $5 eBooks on the side as well.
Focus on a Premium Brand
It’s actually a bit of a false economy to think that you can create a cheaper product or it’s going to be easier. It’s way better to focus on a premium offering and premium brand, and really go all out in terms of your service. Really make sure that you’re offering the highest level of service that you possibly can to your people, and that is what’s going to create that sustainable income really, really quickly.
So I hope this shows you just how easy it can be to replace your corporate salary in your business. And actually, that’s really just the beginning. The $5000/month is going to happen in the first 6-12 months of your business, and it can really go up from there. So I really recommend this model; it’s definitely the easiest way to get out of your job quickly. And I will see you very soon for more business inspo!
Confidence to Quit
I’m Rosie Paterson the founder, and I’m here to help you start your freedom business today so you can escape your 9-5 and start living a life you LOVE.
I’ve got a free challenge called #ConfidencetoQuit that helps you take the fear out of planning your Corporate Escape. Want to join in? Sign up now at www.livingrosy.com/confidencetoquit and I’ll see you over there in a sec!
I’m on a mission to get 1 million women out of corporate and into Freedom entrepreneurship so I need your help! If you liked this little post, do share it on your favourite social media channel. Thanks!