In chatting with a new client recently, she described the great teleclass series she hosted last month and how much revenue she earned from it and the one she has coming next month.
When going over her monthly revenue for the year-to- date, she quickly realized that she’d been bandaiding a much more serious problem in her business: the lack of consistent, month-after-month revenue.
Whenever she needed cash, she’d host a teleclass series, put on a webinar, offer a sale, etc.
The above was great for short-term, immediate cash flow, but did nothing for the long term success of her business. In fact, it hurt her business as she noticed that each subsequent launch was bringing her less and less cash.
You see, in addition to earning less revenue, her friends and followers were able to feel the desperation behind each of her efforts.
This is what I refer to as taking a bandaid approach to a terminal disease.
Terminal that is, until you decide to do something about it. . .which we quickly did.
If you find yourself in the position of adding a quick series, service, product or program whenever you need revenue as opposed to having it consistently come in day after day, week after week, you’re suffering from the Entrepreneurial Myth.
The Myth that you can whip out a few products, host a few calls and become an instant millionaire and that the *next* product will be *THE* product.
Fact is, building and growing a sustainable business takes time and consistent effort.
Make It Real – My Request to You
Chances are, you’ve spent thousands of dollars buying products and attending workshops looking for that *one thing*, that one big idea which will catapult your business into the next income level, only to find that after finishing the product or returning home from the event, very little changes.
So what are you to do?
- Write a business plan – I’m not talking about a 40- page monstrosity, but rather a very simple 1-2 page document which outlines your business focus, mission and revenue goal
- Plot the revenue – so you want to earn $300,000 this year in gross revenue? WHERE is it coming from? What percentage of your revenue will come from product sales? Coaching programs? Membership/continuity programs? Speaking/hosting teleseminars? You want to start with 2-3 income streams (don’t worry. . .you can add more once these are up and consistently producing)
- Write a marketing action plan – now that you know the “what” and the “how much”, it’s time to determine the “from where”. . .where will your clients come from? What specific steps will you take to attract new clients?
- Determine your Extreme Client Care(tm) plan – GREAT! You’ve got the clients, now how are you going to keep them and have them referring everyone to you?
Ultimately, my request to you is to stop bandaiding you business and start building a long term, sustainable business which will exceed all of your revenue expectations? Are you ready to go for it?
© Copyright 2009 Sandra P. Martini