It’s been a year since I started working for myself full time.
After one full year of building products, offering business coaching and “figuring it out” I’m only now just figuring out what my goal is going to be moving forward.
You see, I went into this year having no idea what I was doing.
Taking cues from my mentors, coaches and the entrepreneurs that inspire me.
The only real anchors throughout my year were my speaking engagements…which I had many scheduled.
I learned many lessons from both speaking at these events as well as the conversations and masterminds I’ve been involved in while being at the events as well.
At the end of the day though, this year has been mostly reactionary.
I had no real plan early on and my vision for what I wanted to achieve and grow only started getting clearer as the year ended.
Earlier this year I planned on writing a monthly report but quickly lost track of that as I kept adding more to my plate.
I was reacting to most things vs planning and being intentional.
Having wrapped up my year in a strong way by doing things like:
- Attending a destination mastermind with my mastermind group
- Stepping away from working and blogging to reflect and plan out my upcoming year in an intentional way (show pic of calendar)
I’ve been able to have one of my better months of the year in December and I actually feel like I’ve worked the least…
Actually, let me clarify.
It’s not that I worked the least compared to other months (actually it’s true) but the key difference is — what I was working on was much more intentional—I was working on revenue producing activities.
Now, if you’re building something and you’re going to follow along with me on my path to $20k/month in recurring revenue there are a few things you should know.
- You and I—we won’t get to $20k per month recurring revenue the same way.
- Your goal shouldn’t be $20k per month just because mine is.
One thing I learned in my first year is that you can’t let the goals and success of others define yours.
The challenge is that it’s easier for that to happen when you’re just getting started because you have no idea what you’re doing.
Believe me, I know. It happens and most likely will.
I didn’t know exactly what I wanted to build—I followed a path that was not necessarily my own.
Now, I do believe it’s important to mimic the actions of other successful people to an extent but you can very easily get stuck in “mimic mode” without any real intention of your own.
What’s Your Intention?
If you have a goal that you want to reach in 2015, I’d love for you to join me on this journey. I’m going to share my lessons learned in building my business, growing my team and achieving the lifestyle that I want.
You’re bound to learn something as well. 🙂
But, I want you to take some time on your own to determine what your goal will be.
Maybe it’s $50k/month…maybe it’s $1k/month. Whatever it is make sure it’s your own and make sure it’s not being heavily influenced by the goals of others.
Why $20k per month?
So how did I choose $20k/month?
I actually landed on this number for many reasons but here are a few:
- Earning $20k/month from this new business would put me at $240,000 revenue for the year. This would essentially be just about double the income I earned from my last full-time gig. That number would allow me to not only make close earn close to what I was making before (which was plenty for me to live comfortably) but also put money away for my family, invest all while still paying a large portion for taxes. J
- $20k/month feels reachable. I believe I can get there. $10k felt like I wasn’t pushing myself enough but I’m not yet at a place where I vision $30k/month. Basically, it felt right so that I was motivated and challenged while not reaching for something I didn’t believe in.
- I Will Go Bigger. This is just my goal for 2015. I do have plans to build a business that earns more that $20k/month in revenue. I see this as one key step in the progression to bigger growth. If I were to focus on the 3-5 year goal, that would overwhelm me, so I had to break down the goal into steps.
We Won’t Get There The Same Way
Throughout this year I did what I thought I was supposed to do—build information products and sell them online.
I wrote an ebook.
I created a training course that my audience asked for.
I created a training program solving a problem that I (and many others) had.
All three of these still make money which is great. It’s just not as consistent as I’d like.
That’s why this year, part of my plan is to put some systems and marketing funnels in place to generate more frequent sales of these products each and every month.
With the ups and downs of my first year as an entrepreneur I lacked constant revenue streams.
It was frustrating.
I stepped back and looked at what had been working.
I realized that throughout the year a consistent part of my revenue was offering services to some small business clients.
Now it was only 2-3 clients but I realized that the services I was offering provided a steady and recurring stream of income.
I realized that I had even turned down a lot of clients (just like the 2-3 I already had) because I was only focused on creating online training programs.
What if I went all in on offering these services?
My Path: Productized Services
One of my biggest frustrations was that I truly believe that mobile marketing is often most effective when it includes a local component—meaning the client has a physical storefront.
Yet, much of my audience was made up of online business owners.
I realized that if I productized the service offering that I was already delivering to my existing clients I could scale this business to be really profitable—but it would have to be focus.
Productized services are something I came across after following WP Curve and using them as a service provider to manage my wordpress sites.
Productized services are basically “service as a service”, unlike the Software as a service (SaaS) model.
This concept really resonated with me because it was something I was already doing and something I believed I could scale with the proper focus.
With my experience being in mobile—I’ll be offering mobile marketing as a service.
I’m going to focus on mobile loyalty programs which combines the use of SMS text message marketing and mobile websites to create programs and campaigns that help small business owners build a mobile database that will drive increased transactions, foot traffic and sales.
This new focus allows me to leverage an area of expertise I’ve been involved with for over a decade and one that I truly love and believe in.
How Will I Get To $20k/Month?
I looked at how much I was charging my existing clients and it ranged from $350/month to $500/month. I knew there were going to be businesses that would pay up to $1000/month for some of these services.
I determined that $500/month would be my average/target price point.
That means I’d need 40 clients to hit my $20k/month goal.
Knowing that I may not land 40 clients in the first month of the year I broke out that goal throughout 2015.
10 clients per quarter.
Boom, there is my goal broken out into smaller more digestible goals.
Now, I’m working on identifying the 3-5 top activities that will help me get new clients which I’ll talk about soon.
Serving A Specific Niche
I know in order to be successful I need to serve a specific niche. I can’t just serve all SMB’s.
My current clients are a mix of different businesses within different industries so I’ve been researching to determine which of them (if any) will be the type of business I’ll focus on moving forward.
I plan on having this finalized by the end of December and sharing a post specifically on having to make that decision—it’s been one of the hardest parts of this journey so far.
We Won’t Make $20k Per Month The Same Way
Here’s the deal. You could mimic exactly what I’m doing in your own niche within your own level of expertise and it may not get you to $20k or it may work perfectly for what you’re working on.
The only way you’re going to figure that out is by trying new things and validating what will work for your business and your strengths.
While the information products have worked a little, they’ve also not been as consistent.
I do plan on them being a part of my business model as I refine things but I’ve determined that my best path to $20k/month is scaling my productized service business.
I know it’s easy to get caught up in how others are earning their income. I’ve been there and still deal with it, but it’s important you always come back to something that feels right for you, that compliments your skillets, your experience and your opportunities.
What Are you Building in 2015? What Is Your goal?
If you want to join me in my path to $20k/month I’d love to hear what you’re going to work on and share your successes and failures along the way.
I’ve even created a free Facebook group to join other like minded “entrepreneurs” and “builders”.
We’d love for you to join and even invite a friend or two that you know would benefit from the group support.
If you’re committed to building a recurring revenue stream in 2015, share what your goals and plans are in the comments below.
If you haven’t signed up for the newsletter to follow this journey be sure to do that here.
Otherwise, I’ll see you in the Facebook group.