Hitting that coveted 100k mark in a year can seem daunting, but guess what? It’s totally doable with the right strategy. Let’s break it down into daily measurables and quarterly goals, making this big target much more manageable.
I have set up two businesses and grown them to six figures within the first 12 months, and if you know me well, you will know that I don’t always feel like I have had any structure. However, I have always broken down what I offer to see what I need to sell to reach my financial goal.
This is a simple overview of what I have done.
Product Based Business.
When I had Chouxlicious, I delivered my afternoon tea boxes nationally. Firstly by doing this, it increased my reach massively.
I then sat and planned how many boxes I would need to sell in order to hit 6 figures in my first year.
The first thing I did was work out how many days I could send deliveries. I removed all weekends, bank holidays and any time off I wanted. There are approximately 252 working days, and then I took into consideration 15 -20 days holiday. Now, of course I could make sales every day, however people could not order without choosing a delivery date, so I would exclude Sunday or Monday deliveries, as I could not deliver on these days, so this would have an effect on my sales, so I excluded two days each week. It is important to be realistic.
So let’s base the details on 232 days.
£100,000 divided by 232 days is £431 per day.
I had a few various products, from £15 through to £100, so I just based my figures on a £50 product. This is only 8-9 orders each day. Now this may sound a lot simpler than you thought, or you may be thinking that you will never be able to make that many sales.
But trust me, if you spend some time doing this work, you will know what your specific measurables are and what you are working towards. You will find that tracking your sales and goals becomes far easier, and you will have more focus and determination.
Intention is everything!
Service-Based Business.
You will want to list everything you sell, from low ticket to high ticket.
Workbooks – Courses – Memberships – Masterminds – Events
You will know which one will bring you the most revenue, so I advise that you start with this, and keep this as your main focus all year.
When I opened Peakes, I was charging £17 pm; I knew the cost would increase throughout the year for new people, so I based my measurables on £40pm.
£40 x 12 months = £480
100,000 divided by £480 = 208 members.
Now, this could be done quickly with a couple of big launches, but you do need to consider that it may take a year to get 200 members, so this wouldn’t bring in the full 100k within the 12 months. You also need to think about the churn.
I love memberships and communities, and they build a brilliant foundation for your other services. Loyal members who you build trust with, will purchase more from you. Some people call this “low hanging fruit” I call it, building real relationships! (I will be sharing more on how to create your own membership throughout the course of these emails, so if you want to learn how to set up your own, keep an eye out).
I also had my course Membership Mastery. I launched this twice a year and each time this would generate £10k in sales. And 95% of those who purchased my course were my members.
The largest increase in income I experienced was when I launched my Masterminds. As well as absolutely loving working with my clients far closer, the revenue is far more rewarding.
I launched these after working with my members for 12 months, and 20 of my loyal members upgraded and joined my Masterminds. (you can see why I am so passionate about building relationships and a loyal community)
So, it’s no surprise that my Masterminds are my main focus, consistently. Peakes is now one big Mastermind Community, with three options to suit where my clients are at in their business.
So, what I will do is break down the measurables across my packages.
If I want to achieve another 100k this year, this is how I would break it down.
💥Founders Lounge £160pm (1920pa) – 5 new members £9,600
💥VIP – £697pm (8364pa) – 5 new members £41,820
💥Platinum £1497pm (17964) – 3 new members £53,892
Total £105,312
It can be tempting to work towards filling the lower cost offers as you may feel safer and more comfortable selling something lower cost. However, the work you need to put in can be harder than finding a few perfect clients who will pay to be in your higher-value offers.
You can then break down these numbers into 4 and focus on achieving that number each quarter. This approach not only makes the goal seem less intimidating but also allows you to adjust strategies as you go, ensuring you’re always on the right track.
I hope this has helped. I truly believe everyone can reach their financial goals with focus, measurables and support. Please feel free to reply and let me know when you have done your breakdown.
In my next blog, I will show you how to plan out your goals more effectively using SMART goals.
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