This is your daily growth hack where each day we give you a tip, trick, or insight to help you up level in what we call the five to thrive. That’s mind, body, soul, relationships, and business.
Now, I’m often asked by people, especially young entrepreneurs, of how they can increase their revenue. Whether you’re an intrapreneur, meaning you’re working in a business already or an entrepreneur meaning you have your own business, having some extra revenue and cash flow is always key. I mean, don’t we all want just a little bit of extra spending money in our hands?
Now, when we think about being the Author of Your Own Story, part of that is just having freedom, and that freedom to me means freedom to do what you want when you want, within reason. And having extra cash certainly, helps. Now, we all have skills and assets that other people want to know. That could be something you know about fitness, something you know about cooking, there’s so many things that you know that others want to know! It is just a matter of taking that out and putting it into action.
I was talking to one of my clients the other day and he happens to own a catering business and one of his issues was increasing his revenue. He wanted to think about how can he make a recurring revenue stream that would get him at least a million dollars. So we sat down and mapped it out, and it turns out it’s not that hard!
Now you think about owning your own catering company. I asked him “how many people do you know or how often do you actually get asked on how to actually set up this business? How many people do you know that want to do this?”. So, we sat down and scratched our heads and seeing there are seven billion people in the world roughly, you know “do you think there are a thousand people that want to start their own catering business?”, and he said, “absolutely Doug there’s at least 10,000 or more, there’s just not a lot of information about there on how to really start a good catering business”.
So I said, “Alright that’s great. So you know that there are people out there now if knowing that you’re making over six figures a year in this catering business, who would buy a ‘how to start your own catering catering business course’ for 200-500 dollars?”, and he said “Doug, absolutely. People would actually spend thousands of dollars for a course like this, I mean there’s already courses that are just teaching you how to take care of knives that are more than $200, let alone a whole catering package”.
“Okay so let’s keep it at $200. Are you telling me there are thousands of people out there”? He said, “Yeah, Doug, at least a couple thousand I would say ten thousand or more that probably would want this information.”
“Well, did you know that if you could get five thousand people to pay you $200 for a course or seminar that’s a million dollars right there? If you had a continuity program – so let’s just say you had those five thousand people and you’re only charging them $17 a month over that course of 12 months you’d be a millionaire.”
There are multiple ways you can actually think about this and strategize and I’m going to put a chart below that actually will tell you different ways you can do it. Whether it be a continuity program, meaning you’re having someone pay a membership fee like they would at a gym or a yoga studio or if they’re actually paying for a product.
Let’s again go back to my client who is a caterer. Now, let’s say he decides to go all-in by filming a course on how to start your own catering business. It’s going to have all the nuts and bolts and he’s going to provide a ton of value. It’s going to tell them how to start their business, it’s going to tell them what products to buy, where to get clients from A to Z. He’s going to put that together and going to sell it for $4,000.
Now, to me as an entrepreneur, $4,000 is nothing to invest into a business, really. If you’re doing your business right that money should pay itself back in spades within the first week if not the first month. So they put down $4,000 and he only needs 250 people during the course of that year. 250 people that actually invest that $4,000 for him to become a millionaire.
You know, it’s really as simple as that. All of us have hidden talents and hidden goals and things that we can teach people that people want to know and all it is, is having to share it. We often forget the things that we know are things that we’ve had to learn and people just want to learn themselves, they just don’t know it yet.
So, I encourage you to look at your areas of your life.
Your five to thrive: mind, body, soul, relationships, and business.
Where is there a skill set that you have, that people often compliment you on or something you’re doing in your business currently that you know people would be interested in learning?
Where can you apply that to a course or a program, and how many people would want it? What’s your quickest path? Having financial freedom allows you to become the author of your own story that much quicker.
It’s not that money as the root of all evil or money is the savior for everybody. No, money is just a tool that allows you to do the things that you want to do. So, again I ask you what is it that you know that you can apply to a course or teach other people and add massive value that you can become a millionaire as well?
That’s it for me today. I’ll see you tomorrow. Take care!
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