No one wants to run a business that can’t support the entrepreneur running it! That’s why it’s so important to have a game plan or playbook for how you are going to design your predictably profitable business.
But statistics show us that MOST entrepreneurs do not have a predictably profitable business. Over 75% of women entrepreneurs do not earn more than $50,000 a year. In fact, most close their doors within the first couple of years.
If you are committed to making your business truly work for you and your family and your lifestyle – you have to have a real profit plan to make it work before you get so burnt out that you quit! I’ve seen this happen all too often!
DO YOU HAVE A REAL PLAN?
When I ask this question, I often hear answers that are revenue goals – that’s great. But where are the systems to HOW you are going to achieve that goal? And often – the business owners aren’t sure!
- They aren’t sure what program, product or service they are going to sell to reach that revenue goal.
- They aren’t sure how many clients they need to sell that offering.
- They aren’t sure how they are going to sell that offering.
- And they aren’t sure when they are going to do all of these steps so they can create a steady flow of clients and cash flow in their business.
If you don’t have answers to all of those questions – it’s okay!
That’s what we are going to do next.
Too often entrepreneurs struggle with a feast or famine cycle (roller coaster) and it always feels like you’re continually putting out fires instead of proactively growing your business.
Your predictable profit plan starts with your calendar!!! Your calendar helps you create focus & freedom.
Grab a piece of paper and create a quick 12-month calendar.
One of the key components of your Predictable Profit Plan is having a compelling core (signature or flagship) program, product or service.
Your core offer is the program —
✓ you want to build your reputation on
✓ you actively promote 2-4 times a year
✓ that brings people into your business
✓ that will generate approximately 80% of your revenue.
As you think about plugging your core offer into your calendar, it’s important to think about HOW your clients engage with your business at different times of the year. For instance, I know that my clients want to start the new year off excited with their new goals and actively seeking strategy & support to make those happen. So, it makes sense for me to offer Marketing Roadmap Intensive early in the New Year. Another great time is September.
Also remember – some people will pay the whole registration amount upfront; and others will take advantage of payment plans. It could be that anywhere from 20-40% will make a lump sum payment which means great cash flow in those months.
BUT the one reason I love payment plans is because it creates recurring revenue, month after month! You make a sale in January but get paid all the way through June. Here’s what I mean…..
January (red) – launch Core Offer with payment plans until June.
May (green) – launch Core Offer a 2nd time with payment plans until October (overlapping with the first launch).
September (blue) – launch Core Offer a 3rd time with payment plans until February (overlapping with the 2nd launch ).
PREDICTABLE PROFIT PLAN
So, as you see, I’m setting up the launches of my CORE program, product or services so that there is recurring revenue built into my business! After running your business like this for a while, you’ll start to understand the gaps and how to fill those gaps.
So how do you fill your revenue gaps to get off the revenue roller coaster?
There are several ways!
✓ Offer VIP days.
✓ Offer 1:1 work with clients.
✓ Offer Beta test a new program.
But the main thing is that your Predictable Profit Plan now has recurring revenue MONTHLY!!! Now you can actually plan your business and your life! This is how you pay your mortgage; send your kids to camp, or travel.
It makes such a difference when you know there is revenue to count on!
By regularly promoting your core offering, you’re setting yourself up for big months as well as recurring revenue from payment plans. You can also rinse & repeat promotions and your launches. You double down on what’s working so you end up working LESS and earning more!
Now it’s time to CELEBRATE!! I hope that this has been super helpful and that you enjoyed the Predictably Profitable series!
It’s your turn to get into inspired action and put these ideas into action
As you run your next promotion, you start layering those payment plans. So that if you launch your core offering again in May…. Those payments are layered upon the ones you are already receiving from the January launch.
If you’re just finding this series now, I highly recommend starting at the very beginning and catching up!
- What to focus on first for business success?
- The #1 mistake that business owners make that keeps them stuck
- Closing the leak in your strategy to get more clients
P.S. Learn how other entrepreneurs shifted their businesses during 2020 – Register for a free summit here or upgrade to VIP here. I’m super excited to be speaking at this Conference starting December 10, 2020 with a full-day of action-packed proven tools and strategies to transform your life and your business!
P.P.S. Want to create your Predictably Profitable Plan with my guidance? Join me on December 15 for CEO Planning Day!