According to the Small Business Administration, almost a third of all new businesses fail during their first two years. The number increases to 50% of all businesses failing in the first five years, and rises to 66% in the first 10 years of operation. It’s a sure bet that some of these numbers are also fueled by the challenges that come with growing a business.
“Many have pigeon-holed themselves into a business model that is not going to allow them to make more money without endless hours. There is a more streamlined and simpler approach that allows you to build a business to multiple-6 to 7 figures or more, without giving away too much profitability or time,” Ann Carden stated.
Ann asserted that,”before you can move to higher levels in your business, you must take your MINDSET and thinking to the next level first. It is essential to change the way you are thinking, building, and running your business. You must change the types of clients you work with, the fees you charge, how you market, sell, and offer your services. You can’t get to NEW LEVELS with OLD THINKING.”
Determined to create a better way, Ann developed 5-STEPS to $500k and beyond. She continues, “Here are my five steps for you to consider.”
1- RE-PACKAGE YOUR SERVICES – Start by determining the “EXPERT IN YOU ” to build your business around. The EXPERT IN YOU is your Xpertise (skills, knowledge, experience, and competence) and your X factor (gifts, talents, and qualities unique to you.) Put these two things together with your passion, and you have your “SWEET SPOT” to build your business.
Now, package up ONE CORE IRRESISTIBLE OFFER or FLAGSHIP OFFER in your sweet spot. It should be high-ticket with a high perceived value that solves a big problem or gets a significant result. The bigger the problem or result, the higher the price.
Once you have your main offer and area of focus, you can layer on additional revenue streams from the same offer. These can be used as down-sells if someone can’t afford your premium services. Your offers could look like this:
- PREMIUM 1:1 (highest ticket)
- 1 to MANY MASTERMIND (mid-ticket)
- Courses & Programs (lower-ticket)
Depending on how you price your services, you can reach $500k without all of these levels, but you will most likely leave money on the table.
By selling high-ticket services, you can see from the examples below how to reach $500k.
If you are charging $100k for your premium; you only need five clients.
If you are charging $50k for your services; you only need ten clients (less than one a month.)
If you are charging $25k; you only need twenty people (less than two a month.)
2- SCALABLE BUSINESS MODEL – Your business model should be rinse & repeat. If you are offering all custom services doing a variety of different things, for many different kinds of clients, it is not going to be scalable. Using the high-ticket, one core offer method, you can quickly SCALE your business. Also, you want to have three types of revenue.
- RECURRING REVENUE – Build a base of revenue you can count on each month that you can continue to grow as you get new clients (you don’t want to be starting from zero every month.) Recurring revenue can come from recurring monthly payments for your services, a monthly retainer, a membership, or a subscription.
- ACTIVE REVENUE – This is the new revenue coming in consistently from promotions or new clients investing in your services.
- PASSIVE REVENUE – This stream of revenue doesn’t require your time for delivery. Books, courses, and programs that are automated can all be forms of passive revenue.
3- MARKETING SYSTEM TO ATTRACT CLIENTS & OPPORTUNITIES – You need a predictable and strategic SYSTEM to consistently attracts high-value clients and opportunities to you daily. Your strategy should be clear and position you in the marketplace as the “GO-TO-EXPERT” and obvious choice for what you do. Therefore, it should:
- Build your brand (to be seen as the expert)
- Build your visibility
- Build your credibility
- Build your authority
- Build your audience
4- CONVERT PROSPECTS INTO CLIENTS – When you level up and increase your prices, a new sales process and a system will be required. You will not be able to sell a high-ticket service without having a sales conversation.
However, I highly recommend qualifying the prospects coming to you, so you leverage your time and minimize the time spent with people who aren’t serious about investing in your services or don’t have the financial resources.
5- LEVERAGE & SCALE – To have long term sustainability and continued growth in your business, you will want to hire great talent to help you, and automate where you can. You can also include paid advertising, and continue to add new streams of revenue into your business.
Ann Carden is a Business Growth Consultant with 41 years of business experience; 13 years in corporate business management, and 28 years building six businesses for herself and selling five of those. She has consulted with business owners in over thirty-eight different types of companies from $0-$5M and educated thousands of professionals through speaking, workshops, and seminars as a Speaker.
If you would like to make 6 to 7 figure leaps in your coaching, consulting or service-based business in the next 12 months or less, you can book a call with Ann Carden at: http://highendcoaches.com
If you would like to know more, you can download her FREE GUIDE, “27 Ways to Build Your Audience, Influence, and Be Seen as The Expert.” Go to https://annlcarden.com/grab-my-free-guide/