Today’s topic can be a hot button for many: money.
Some love it. Some hate it.
Whichever camp you’re in, you can’t ignore the importance of making at least some money. After all, unless you have a trust fund, you have rent or a mortgage to pay, food to put on the table, and an electricity bill so you don’t have to power your laptop with a bicycle.
When it comes to making money in your business, whether you’re shooting for 6 figures or something else, I’ve found 6 keys that are essential to making it happen.
And that’s exactly what I’m sharing with you in today’s video.
(Plus you get a glimpse of the cutest dog in the world.)
Let’s share these success secrets with the world!
Click here to Tweet Success key #1.
Click here to Tweet Success key #2.
Click here to Tweet Success key #3.
Click here to Tweet Success key #4.
Click here to Tweet Success key #5.
Click here to Tweet Success key #6.
To learn about B-School, the best business and marketing training I’ve taken, check out my program review here.
Now, I want to hear from you!
Which of the 6 success keys are you going to take action on today?
What have you found to be instrumental in your success?
Share with us your success keys so we all can learn.
As always, thank you so much for watching, and I’ll can’t wait to read your thoughts in the comments below.
*****
Prefer to read over watch? I’ve got the transcript for you below.
I’m totally with you on the “keep learning” part! I’m always reading books, newsletters, taking classes and studying the way other people do things in all business, not just online. It’s incredible how much comes your way when you are open to listening. It seems like I always get just what I need at the perfect time.
Great thoughts Jenny!!
The learning part is fun, isn’t it?!
Thanks for being here, Amy!
Jenny, I love this. And I love that you premise it with the fact that 6 figures is just a number and that may not equal your version of success. You rock!
Yes! 6 figures is just one thing a lot of people shoot for, but it’s definitely not THE thing or the only thing. We all are in business for different reasons and different goals.
You rock, too!
As always, I am impressed by your courage to tell the truth about what it takes/took to reach your personal summit. AND, the wisdom to share what worked and didn’t work for you. You are the real deal. I am a bit prejudiced and I know it…people would be nuts not to work with you. You have made a huge difference in my business…I am where I am because I coached with you. THANK YOU! Jenny
As always, Susan, I so appreciate your kindness and cheerful attitude on this blog. I always look forward to seeing you here!
I’m so happy you found the tips in today’s video helpful!!
Yay… Videos are back! I’m focused on #4 – you’re right its hard to have a clear plan + based in reality when you don’t have any previous numbers to go off of.
It isn’t always easy to create a plan based in reality when you have no previous numbers. Here are a few tricks to help you out.
* Generally when you create a class or product to sell, 2-5% of your list will buy it.
* A guest post to a popular site could yield 1 new 1-1 client and 20-50 new email subscribers.
* If you’re in a 1-1 coaching business, 1000 subscribers = $30-50k in revenue. That number scales, so 2000 subscribers could = $100k in revenue. (This one is a Jenny-statistic based on my biz, my friends, and my clients. It’s not as official as the first one which is a more widely accepted number.)
When I made my first plan, I wanted to fill 2 coaching groups of 10 people each with a list of 100 people. Instead, I got 2 people total. I tried to sell 25 of a new digital product. I sold 1.
Yes, it is definitely not easy, and doing some basic math like above will help make the plan more real. I didn’t know those numbers when I started, which really skewed my sense of reality.
Hope this helps you, Kristy!
This is SO helpful- I was thinking about it from an entirely different perspective… this makes much more sense! I’ll definitely be using this formula for future planning.
Thanks a million, Jenny.
So happy to help you, Kristy. I’m curious, if you could please share, from what perspective were you looking at it?
Once I learn something like this (for example, these stats), it’s easy to forget how I used to think about it. I remember how I did this planning originally (I literally made it up out of thin air), and I’d love to know how you were thinking about it. It would really help me help others in the future to know how people ponder this topic. Thank you in advance!
Does the price of the program or coaching session alter these numbers?
I was attempting to estimate how much I wanted to make- then price my offerings based on how much time I wanted to work. But this was more of a plan for when I was ‘busy’ not just starting out. My start out plan is that there is no plan until I have clients. Ha! I knew I needed a money game plan but kept getting lost in how to go about it and basically got stuck.
Somehow, I’ve never come across general conversion rates for an online or coaching business, so it never occurred to me to try and look it up. Brilliant!
Ha! That’s what I did, too. Figured out what I wanted to make and then priced my offerings. But without a list or any marketing, that process doesn’t work. Now that I have a list and know it’s growth rate, I can make more realistic estimates and that process totally works. But when I was starting out, it just set me up for major disappointment.
Hopefully this new tact will help you out!
Yes and no. Because of the range (2-5%), you’re mostly covered. of course, if you offered a $20k program, you probably wouldn’t get 2% signup. But within the $99-$1999 range, if you have fabulous marketing, that range is a good estimate.
This is SO exciting… I totally didn’t expect to pin this down today. What a great surprise.
Thanks again Jenny! This helped SO much 🙂
Hi Jenny,
Excellent video + excellent discussion here.
One of the things I would add is…having higher-priced things to sell.
I am now in this position where I have people on my list, but I don’t have higher tier programs to sell them to. I believe fear limited my premium product creation time. I was focused on growing my site instead, which of course, has its merits…
But as Pat Flynn said in one of his older posts – he would have made more had he started selling…earlier.
Good addition, Maria! Yes, as your site and popularity grows, it is helpful to have higher-priced offerings to bring in more income. Thanks for that, and glad to have you here!
Awesome video and discussion. Thanks Jenny! Your honesty around what has worked and not worked in your process is so helpful to hear. The formula really puts things into perspective and prevents major disappointment. I started out the same way by determining what I wanted to make and pricing offerings. It didn’t work and I honestly felt like a failure. Now I realize I am not a failure….just needed a realistic plan. Along with a list and marketing. 🙂 Thanks again!
You got it, Megan. You weren’t a failure, you just need a realistic plan. Amen to that !(and of course a list and marketing helps a ton, too!)
Jenny,
Thanks for sharing the stats. Especially like hearing about the guest posting stat. How would you define a “popular” site? Do you see it as an Alexis ranking of xyz or higher?
Thanks for all of the good stuff you share here!
Cheers,
Kate
In my Get Your First 1000 Subscribers program, I talk about first using an Alexa ranking that’s better than yours (a smaller number). Eventually, you want to shoot for site with a 200,000 ranking or lower. Lower is always better, but when we’re first starting out, it’s also scary!
But just posting at a popular site doesn’t mean you’ll get subscribers or clients. It’s also about picking the right site and the right topic to hook your target clients. Once you do a bunch of them, you’ll start to notice what works for you — then you keep doing that!
Thanks for the great answer Jenny!
The biggest thing for me was definitely B-School! It really opened my eyes to what it really takes 🙂 I love learning new things so that counts in my favor 🙂 I’ll need to get on the Mastermind thing next!
Thanks for this post, Jenny. Really great discussion going on here as well. I love that you mentioned the statistic about only about 2-5% of your list will actually buy your stuff. Now I can plan better 🙂
Glad to hear the numbers helped, Marinda!
I think I’m seeing that I may need to write an entire post on projecting financials to set yourself up for success, not disappointment. I love when a great conversation like we’ve been having here shows me how I can help you all even more. Thanks for that!
Jenny, as a life coach, I absolutely love success key number 2. I think you’ve inspired me to create a whole new package for entrepreneurs! It makes perfect sense especially since as a life coach myself, I have a life coach, business coach AND mastermind program. HA
The interesting part about my mastermind is that I have strategically surrounded myself with women I can look up and learn from. They are all phenomenally successful. I also have a more informal mastermind that helps me connect with others who are where I actually am right now. Both have made a world of difference in my business development.
After RHH Live, I was determined to create my own Success Team. I think that every key you mention above is crucial to my team!
Sara – You’re smart to be working with people who are inching ahead of and with you. My mastermind group is the same. We’re all roughly in similar places but each has had successes the other hasn’t and we all pull each other forward in the best way. And YAY for life coaches!!
Jenny, I loved them all but one that really resonated with me was to learn about marketing and business development (I also took B-School – amazing!).
Before B-School I honestly had no idea what I was doing and it wasn’t until I took B-School that I realized how much I REALLY had NO idea what I was doing.
Also, as a result of the course I now have a super supportive mastermind group and a business coach, and it made me want to learn even more about business and marketing, so it definitely helped with my other 6 figure success keys too.
I’m laughing with you, Jenny. Before BSchool I didn’t know what I didn’t know and honestly, I had no idea what I was doing! I look back at my original website and some of my website copy and OMG, no wonder why my business was like it was 🙂
I have seen you transform your clarity and focus as well and can’t wait to see where you go this year!!!
Jenny, I’m a new reader but loving everything you’re saying. Your energy is contagious but your message is really empowering. Thanks for the push! ps also a MF grad and LOVING the brilliant women that I”m finding as a result!!!
Thrilled to hear you feel inspired, Carol! That’s what this business journey all about! Happy to have you here, and welcome!
Loved the video Jenny! As I am a new puppy owner it was hard not for success key number 7 to be my favourite 🙂
We’re suckers for those cuties, aren’t we?!
They’re all good, my favourites are #1 – yes, you have to be excited about what you do or how is anyone else going to be, #5 since starting to learn about business and marketing, I’ve got nearly as interested as I am in the thing I want to market! and #6 keep learning, if you stand still, you’ll get overtaken.