Although I have helped clients who fall outside of this bracket (higher and lower), I have come to find a sweet spot in working with business owners who are making $2-5k a month and want to be making $10k/month instead.
For me, there is a lot of good energy around the $10,000 + number.
One of the first big clients I worked with set $10,000 a month as a kind of freedom goal. By achieving $10,000 a month in business revenue, he was able to cover expenses, while having extra money to grow the business bigger (exciting!). As his revenue hit $10,000 and even $15,000/month as we worked together, he began to feel liberated from business “survival mode” and like he could set even bigger goals with his business.
For me, my first $10,000 month was a real milestone in feeling like I was expressing my purpose. I was working with a practice full of ideal clients and feeling inspired by my work everyday. I had felt secure about covering my living basics through my work for some time, but now suddenly, I could think about growing my business in a whole new way. For me, $10k/month means leverage.
To get to $10k, you must personally master the art of marketing and sales because you will most likely be doing most- if not all- of the marketing and enrolling of new clients. Finding ways to ENJOY marketing and sales (my M.O.) will help you grow even faster. When you get to five figures a month, you can strategically hire and grow exponentially faster, if that's something you want.
So, what separates those who cannot break the 4 figures a month barrier, from those who can?
Here are 5 Steps to 5 + Figures a Month, Every Month:
Grow Ideal Clients
You can get to $2,000 a month without having a clear target audience, because if you talk to enough people, you can find a handful who are ideal.
But to get to a consistent 5 figures a month it is a different story. You want to not only know your audience with crystal-clear clarity, but also qualify and train your clients to stay ideal! If you repeatedly have clients who drain you, or you are marketing to the wrong people, it will cost you too much in time, energy, and money to reach and sustain $10k or a more a month.
When you focus on growing a business full of ideal clients, the momentum starts to become exponential. Why? Happy people love to share their success with others, and people generally like to hang out with other people like them (meaning: your ideal clients hang out with other ideal clients!).
The six-figure business owner understands that focusing on ideal clients is a key to success.
Develop a Client-Attracting Brand
Does your branding excite and attract potential ideal clients or push them away?
When you are making 4 figures a month, you can get away with having unclear or boring branding, but to make a consistent 5 figures a month, you want your branding to do two important things as much as possible: A) attract ideal customers B) repel NOT ideal customers. B is just important as A for the reasons listed above. (See "audience").
When your brand attracts ideal clients and pushes NOT ideal clients away, that saves you time in your enrolling process, since you'll be talking to more of the RIGHT people. A recipe for success!
I do not know any successful coaches, consultants, trainers, or other service-based business owners who grew to six figures without the support of a coach, or targeted business-growth program. Not one.
Adopt Value-Based Pricing
A six-figure business owner selling a service understands that hourly-based pricing is a trap for too many reasons to quickly name! Instead, price around value, and help your ideal clients make buying decisions based on the quality of your service + working with YOU.
If someone is looking for the cheapest price, they are not your ideal client. But if they want the BEST results, an incredible experience, and to work with one-of-a-kind you, they can by investing in your support.
Using value-based pricing and focusing on quality clients (as opposed to quantity) can allow you to grow to 5 figures a month...with ease.
Focus, Focus, Focus
A 5 figure a month business requires a great deal of focus.
Focus on the right clients, the right activities (to reach those clients), and always making the biggest impact in the least amount of time.
On a personal level, this is one of the biggest gifts I've gotten from growing my business so far- a mindshift about the value of my time.
As an actress, I didn't think of my time as being valuable. Sometimes, I'd spend a WHOLE DAY at an audition waiting to have my 2 minutes to read on camera, and I wasn't working on any revenue-generating activities while I sat in the waiting room. I was usually reading a magazine, going over my lines, or worrying 🙂
Alternatively, my coaching business has led me to realize the true value of my time. So much can be accomplished when you start paying attention and fully utilizing the time you have.
This is why I have ALL of my clients participate in this powerful exercise: Track your time.
How much time are you working on your business? How much time are you spending marketing? What is your ideal work-life balance? Are you working on your business more or less than you'd like?
The first step to everything you want is awareness about the present moment, so you can refine your process and accelerate toward your goals.
Are you valuing your time? Start today and see your world dramatically shift for the better.
Start leveraging these tips and you too can grow to 5+ figures of consistent monthly revenue. The best part is, while increasing your income and helping more people, you can grow even faster into being the person you've always wanted to be.
Enjoy this blog? Share with your friends!
Now, knowledge will only get you so far, since implementation is key.
So, I want to know:
- What's your biggest INSIGHT from this post, and what is your NEXT STEP?