Do you like making resolutions every year? What about money goals – do you make them? Hit them?
I personally am not a big fan of resolutions. Every time in the past where I’ve set them, I’ve never seemed to actually accomplish them, especially when they had to do with dieting or weight loss. I do however, see results from and accomplish most of my goals that I set every year (personal or business).
So instead of resolutions if you’ve not had that much luck with them in the past either, let’s set some clear, actionable and realistic goals (especially MONEY GOALS!) for yourself and your business?
I believe in optimistic, stretch goals but also realistic goals. I’ve had a few mentors in the past suggest I set these huge lofty revenue goals for my business, I’m talking a million dollars or more, when I wasn’t even yet making one hundred thousand. Now that’s ridiculous in my mind. It’s not that a million dollar business isn’t doable but when you aren’t even to the first biggest milestone yet of $100,000, it’s so far from realistic that of course 99.9% of people would fail.
One thing you can do to help you figure out just how much money you could potentially make or bring in this coming year is to crunch the numbers. This is one of the FIRST THINGS I do with a new coaching client. We figure out what they want to or are selling and for how much, then we forecast so-to-speak how many of each they can potentially sell, etc. to see what “number” could be at the end of the year IF they do all the right marketing, sales conversations and other things that will be necessary for them to get there. (That stuff is the hard part.)
What I mean by crunching the numbers is that you start out by identifying all the different things you sell and for how much. For example, do you sell a $47 ebook, a 6 week group program for $297 and one-on-one coaching for $400/month, a $497 live event? That’s just an example of a coaching business with a few various options of products and services.
Another example is say of a professional organizer or other service professional who sells monthly services on retainer say for $200/month for 1-3 hours or a VIP Day or weekend for say $2000. Or percentage of book of business, whatever it is that you sell, you should be able to somewhat plot out what you could make.
Take a look at realistically how many of each of these you could sell each month based on what you sell now plus what you could sell if you marketed yourself a whole lot more and much more consistently. Could you double the number of sales every month? Plus could you raise your rates on what you’re already doing? Many business owners could. If so, add all those sales up, raise your rates, crunch the numbers and see what you get?
There’s a little more to this of course because you could be adding a new service or product this year and you aren’t sure how it will sell yet. You could be writing a book and expect to receive a lot more opportunities to get in front of audiences while speaking about it which you know will lead to sales. There are so many opportunities for increased revenues that could be right in front of your face but because you’re so close to your business it’s just hard to see.
When it comes to setting your BIG Money Goals for the year, here are 9 questions to ask yourself first:
- Crunch the numbers – what can you sell and how many each month?
- What else will you be adding to your product line / sales funnel to factor in for revenue?
- Where will you have some huge opportunities for huge exposure to factor in for lead generation?
- What did you do last year in revenue and was that working at 100% capacity?
- Is there room for growth and much more marketing to bring in massive amounts of more leads (if you knew how and what exactly to do?)?
- Could you revise some of your offerings so you are bringing in revenue in multiple ways?
- Can you stretch a little farther than your original goals to get yourself a little outside your comfort zone?
- Can you raise your rates or stop offering discounts and offer bonuses instead to keep more of the revenue?
- Are your goals realistic yet stretched and optimistic?
Finally, one of the things I always like to remind my clients when they get a little depressed about not reaching ALL their goals all the time…. You want to celebrate your accomplishments always. Every milestone you reach or goal you achieve is cause for celebration and reward. Make sure you keep track of what you DO accomplish, you’ll be surprised!
Ready to jumpstart your business in a BIG WAY?
You probably need to be doing a LOT more marketing and sales – Online and Offline.
Would you like to come talk with me first to see if or how I can help you jumpstart your business? If so, fill out the questions on this page and I’ll be in touch to set up a free 1on1 consult very soon! Go to www.AskKat.biz now. Let’s plot out YOUR Big Picture Strategy now to get a jumpstart on your year! Oh and if you know you could use better and more consistent marketing and sales strategies then join me at my NEW Jumpstart Your Marketing® & Sales Summit in April, 2015. Visit www.LiveBigEvents.com for all the details. (they happen every April and Nov) – THE EARLY BIRD RATES EXPIRE TONIGHT AT MIDNIGHT (JAN 16TH).
Here’s to creating and enjoying your happiest life ever with a business doing what you love!
Your Love & Money Mentor, Speaker &
Author of the book, Love Yourself Successful
“Helping You Get More LOVE In Your Life & MONEY In Your Business!”
P.P.S. Ready to jumpstart your business in a BIG WAY? You probably need to be doing a LOT more marketing and sales – online and offline. I recommend you take a moment and sign up to come talk with me – it’s free and you WILL get clarity, I promise. Go here now to sign up: www.AskKat.biz!
P.P.P.S. Make sure you leave a comment below on today’s blog or contact me if you have any questions!