I had a 6 figure business and I lost it because the strategy I used to set it up was bad and unsustainable.
Everyone seems to think that a £10k month makes you a success, but in reality, it doesn’t. Unless you can make it repeatable. And this is where the real gift comes in.
I have seen so many people sell once off business ideas, that require the business owner to hustle FOREVER to get the same results. Well, that is not my method. I tried it and burnt myself out. I have watch many other people try it and most of the have burnt themselves out. So let me break down why a £10k month isn’t success and then what success should be measured on if you are planning to reach £10k months in your business future.
Let me tell you why!
If you create a strategy where the money can leave as fast as it comes, then you have your first problem. So what does this strategy look like:
Associate, contract or eggs all in one basket type of work
Relying heavily on one source of income, or on other companies to source your work is always going to end badly. This was one of my first mistakes when I first set up business, I landed a HUGE contract and was earning up to £6k a month from it alone. So I only did other work when it landed in my lap, I never went looking.
The danger here is when things go wrong (and they always do) you will be the first person to loss the income. In my case it was a contract that didn’t get renewed with a client, so all the training work I was doing was gone overnight. The key here is that the process actually took months, but the company handling the contract never told us that it was in a place of danger. They keep that to themselves. They could risk us finding other work. So they just didn’t tell us. Going from £6k a month from one source, to £0 a month was the big blow.
Time = Money Model of business
This is an age old, the unscalable model. If you have X number of hours, the only way to make more money is to dramatically increase your prices. This isn’t always possible in every market, so you end up with a glass ceiling of what you can earn. Not a fun place to be! So what else could you do? The model we will look at below is time = value. Which is much more sustainable.
If you feel burnt out you are doing business wrong. Earning £10k a month on a path to burn out means it will be short lived. Losing my Aunt made me realise that my strategy wasn’t sustainable because each day I was off, I was losing £100’s of pounds. So can you business run itself for a day without you? What about a week? For me, it couldn’t even do an hour without me before I changed it up.
How you should earn £10k a month
Firstly my questions would be is £10k actually what you want to earn? This is a random figure that marketers started using because it sounds fun to 10x your business. But if you look at your life right now, and the future life you want to earn. How much do you really need to earn? I would suggest starting there. Making the amount you earn really relatable is key to success because you can connect with this amount of money without being made uncomfortable. So if you are earning £1k now, moving straight to £10k is unlikely in a month. But if you say you want to do an extra 50% and earn £1500, that becomes very achievable. And so the goals build until you reach your figure.
So what are some things you can do to start paving the way the a £10k REPEATABLE month?
Create sustainable sources
In business their are different ways to earn money, the time = value model is my favourite as it is the most repeatable and sustainable. So I want you to think about the different sources you could use that might create a completely passive income vs a money boosting income.
Passive sources are memberships, subscription boxes, regularly sold self-learning courses or information sources.
Money boosting income sources would be launching a big thing like a longer program or coaching package, a big drive-in once-off offers, or a special that is available for short periods of time.
Doing something you love with people you enjoy
I always recommend that you need to really love what you do if you want to hit £10k months. The reason, because you have to show up consistently and stick to the same core message (not product). This helps you become known as an expert. People on the road to earning £10k repeatable as creating a very different image than someone doing £1k. This is about having a brand that says you earn 6 figures.
Working with people you love is also key. If you want to earn £10k repeatably, you need to show up as yourself and work with people that love that version of you. Don’t worry about the people that don’t, out of 8 billion people, you only need a small % to love you in order to earn 6 figures. Always remember that.
Using automation and key freelancers
Automating your business is critical if you want to earn £10k repeatably. You need to know that you can pick up a process and run it on repeat without your needing to do too much after set up. This is really important, set up will be work, maybe even a lot of work. But it will be worth it once the system is running.
An example of this, I did a challenge a few months ago, to prove that automation can make you money. I created a 14-day email challenge – Earn money adding value – and set a price point of £49.00. It took me half a day to film the videos, set up the automated emails (in MailChimp), and put a quick landing page together. Within the first few hours, I had sold 4 places, earning me £196.00 for a half days work. However, every sale after that becomes pure profit because the system is set up. The first person gets the same value as the 100th person. So the value = money model is seen working.
Another key is outsourcing. The easiest way to do this is to find someone you trust like a virtual assistant, record yourself doing a repeatable task that takes you lots of time. And ask them to do it instead. The key is that you use the freed up time to do income-generating work, otherwise this becomes a cost with no return. The easiest things to outsource in the beginning:
- Regular newsletter set up
- Client onboarding
- social media posting
- Website design
- Graphic design
- Transcribing of videos
- Video editing
- Accounting services
Wrapping it all up:
So the key here is creating a strategy that is repeatable and sustainable. Something that aligns with your lifestyle and lets you be the best version of yourself. I have a webinar this Friday on The 6 key areas that will help you move your business forward:
- Balancing work and life
- Clarity wheel
- Value Ladder
- Money – Big thinking
- Full Sales process
- Bullet Journalling
Make sure you are signed up to attend because it is going to be Epic!