Many new entrepreneurs get excited about creating passive income by selling digital products and online courses.
There’s one important thing most of these folks forget when they go to create their next big thing. If you don’t keep this in mind, I have a feeling you’ll fall woefully short of your revenue goal. I certainly don’t want that to happen!
I give you the full details in today’s Build Your Business Challenge, Actionable Advice in 60 Seconds or Less.
Check out today’s video so you can prepare for your next big launch.
Are you accepting this week’s action challenge?
First, tweet about it!
Then, declare it in the comments below and go take action!
If you have insights, experiences, or stories about this week’s challenge, please share them in the comments as well.
Hi Jenny!
That’s a great video and I can only agree. Before you start creating something which is going to take you lots of time, cost money and cause you an incredible amount of stress, you first need a really solid list size. Plus it’s important not to start out with a course or program that is too long. That’s definitely something I learned in my first year in business 🙂
We all go through learning this one! For my first product, I sold 1 copy to my list of 140!
This is great advice, thank you!
Boy do I know this one…have “lost” several development hours, heck tons of development hours, becaues my list is not particuarly responsive to offers (partly ‘cuz I didn’t know how to make offers when I first started out…another important skill!).
Always on the money Jenny…oodles of thanks…
It’s definitely true that selling products requires a list AND sales and marketing skills, MamaRed. So many things we need to know in order to be successful!
Absotively! Who knew when we took that “Big Leap” eh?
I certainly didn’t! No f**king clue! But I’m glad I didn’t know how hard it would be because then I probably would’t have done it. And it’s THE BEST thing I’ve ever done EVER!!
I am IN! Working on my opt-in this week!
Hi,
It’s so easy to forget the list part.
I did the math last summer to make a 6 figure income doing hourly rate. I would need between 260-300 clients to come back 3 times during the year (800-900 sessions). Based on that math, I would need to reach 26000-30000 people. That’s when I decided a different business model. I have now in that in place.
I’ve been thinking a lot of about the digital packages that I can resale recently. For myself, I’ve decided to take it one step at a time. I’m going to get a solid business, get an even better feel for what my clients want. My goal is to have a product within 12-18 months.
As usual, this is great advice.
Woah, 260 clients per year that’s a lot! Man, it’s good that you did this exercise too – it can be so eye-opening to do.
Thanks for the quick tip, Jenny. So important and so easy to lose sight of.
Absolutely!
By the way, that’s for 6 figure income (20 hours for 40 hours a week) at a low rate of 100/hour. That’s what I need to replace a portion of what comes in as a consultant. I refuse to starve while I do what I love to do. 🙂
I wish more healers did the math to. It was really eye opening. Without it, it’s like they are just working in the dark — complaining that they have no money.
Nathalie – Definitely consider upping your rates! When you’re talking about serving that many people (impacting that many lives), it’s definitely worth increasing your rates! Consider a 2 – 2.5x increase in what you charge. You’ve been at this awhile and deserve to get paid well for it.
Secondly, I believe that people tend to value things the more they pay for it. As crazy as it sounds, your clients might get even better results if they pay you more!
You both are right – Nathalie and Kamila – doing the math is SO important!!! I definitely agree that more people need to do it 🙂
Already done!!! I
Should have said so — but I’ve already dropped the hourly rate model, and the older rates. It’s a recent shift … My monthly retainer rate (for 2 or 3 sessions plus a quick 1/2 hour) are between 640 and 888. For my more developed program, I’m charging 1000$/month. Truth be told, I’m afraid to ask for my new rates. But I’m getting lots of practice with enrollment consultations. I have 4 more of these lined up. It’s the right thing for me, and for my clients.
I totally agree — pay pay for what is valuable to them. It’s not about my time. For my students (I teach theta healing), I found that the ones that paid the full price actually respect me more. I’m really astonished as some of the things people say and do.
Thanks for the advice Jennie!
Awesome, Nathalie!!
As far as the consults, focus on the results and benefits you offer your clients. Put the attention on them and what they need. Also, prove the value to yourself before you get on the phone. If you’re bought into how awesome your offer is, your perfect clients will be too!
Great advice! I actually launched my first product when I had a list of 16 and I sold two spots, but the next month with a list of 100 I only sold one spot. The first time was probably just from hustling so much and talking to people one on one. Will definitely work on growing my list. 🙂
Congrats on getting two spots from a list of 16! That’s great. You’re right that hustle does play a HUGE part in our numbers. The 1-5% is more of a guideline than an absolute 🙂 There are so many factors involved… but having a list definitely helps! Keep it up!