When it comes to success in your coaching, consulting, or expert business, there are many variables to consider…
After all, you could have high monthly revenue, but if your expenses blow out, your margins will be tiny.
So in this week’s newsletter, I want to share with you different ways to make more money, and higher profit in your business.
How To Add A Zero To Your Business
As you may know, if you want to make more money in business, you can:
- Get more clients
- Get your current clients buy more often
- Get your clients to increase their transaction size
- Raise your prices
You’ve likely heard Grant Cardone preach the 10x rule.
You’ve got to 10x everything, but in my opinion, that’s not only difficult to achieve and sustain, but it’s unrealistic.
You can’t 10x your hours… 10x your sales calls… 10x your daily output, etc.
But what if you leveraged the 10x rule and added a zero to your revenue, profit or offer?
You’d achieve the same result without all the effort, wouldn’t you agree?
Now, I know what you may be thinking…
“But Dan, no one will pay me that much.”
And if that thought crossed your mind, then I invite you to watch this YouTube shorts video >>
What were your thoughts after watching it?
Did you have a mindset shift?
Why Your Money Beliefs Halt Your Business Success
As someone who grew up very poor, I’ve had to overcome many money beliefs to get to where I am today.
As a business coach and sales trainer I see clients and mentees money beliefs holding them back from success all the time.
Very often, their beliefs go unnoticed, but then they wonder why they haven’t hit the levels of success they desire.
The question is, do you have any money beliefs holding you back?
Truthfully, I still have money beliefs to work on as I ascend to higher levels of growth, so my guess is you do too.
A Simple Way To Maximize Profits In Your Business
After my infamous 13 business failures, I finally saw success with my first high income skill of copywriting.
After copywriting for around 1 year I began to consult businesses on their marketing and added consulting to my tool belt.
This helped me add another 6 figures a year to my income.
Here’s why I’m telling you this.
If you haven’t already added consulting to your business, you’re leaving a lot of money on the table.
Also, there are other benefits to adding consulting to your business which you’ll discover here >>
3 Ways To Boost Revenue Fast
You may remember the 3 ways I shared at the start of the newsletter to increase revenue.
But if you only have one high ticket program at the moment, how do you get people to purchase from you more often?
Here are a few ways you can do this:
Run online or in-person events/workshops
Can you help your customers and clients get results in a few hours?
You may like to run events with a specific goal that help people who either have or haven’t bought from you before, get results so you can ascend them up your value ladder.
You can run the event yourself or invite guest speakers for longer events.
Create and sell a short ebook
This is a great way to convert new prospects.
In the same way as above, if you can get them tangible results with something they can consume in under an hour…
They’re more likely to become high ticket clients in the future, and you make revenue at the same time.
Create Shorter Program and Launch A Pilot Program
It’s always a good idea to have multiple offers in your business.
This allows you to upsell or downsell people depending on what their needs are.
If you’re yet to build a shorter and more affordable offer, now could be a good time.
Here’s an effective method to fill your new program fast, a well-known business coach teaches.
- Create a list of everyone you think could use your program and a list of everyone who may know someone who could use your program.
- Tell them you’d like their advice on something.
- When they agree, tell them you’re creating a new program and you think they could get a lot of value out of it.
- Use this time to research what to put in your program. Find out their 3 biggest pains, what they would like to see in a program, and what they’d like to achieve after completing a program.
- Once you have all the info directly from your target market, you can ask them how much they’d pay for a solution to their problem.
- Then you can offer the program to them at a 50% discount and tell them you’re launching a pilot program of 10 people, so you can help people get amazing results and receive case studies and testimonials.
Why Cash Flow Is More Important Than Revenue
Of course revenue is important, but what’s more important than revenue is cash flow.
Why?
Because if you don’t have cash coming in, you won’t be able to pay any of your expenses.
To get around this problem, you must set strict rules around your ability to collect cash.
Reduce your payment terms to as few days as possible, and don’t let your clients push you around.
In closing…
Don’t wait to close new high ticket clients to make more revenue in your business.
A little brainstorming and action can go a long way.
Until next time… go high ticket,
Dan Lok
P.S. – If you want to know how to Add a Zero™ to your revenue within the next 12 months, I invite you to attend the next S.M.A.R.T. Challenge™.
It’s my 3-day business immersive, where you’ll discover the exact strategies I’ve used to generate over 100 million in my business in just a few years.
The secrets I’ll teach you will help you SCALE, SYSTEMIZE, and SUSTAIN your business no matter how turbulent the economy gets.
