09.03.22 - Simple scales quickly
Good morning let’s talk “SIMPLICITY” for a second.
This post will help you think (and more importantly — BELIEVE) differently which will eventually begin to change your results so listen up.
How you BELIEVE is more important than what you do… so this post will be worth the investment of time to read it
There are ~6 ways you can PROVE your expertise (aka ’demonstrate’) before someone gives you money and becomes a client.
🔥 Videos (usually VSL, Case Study, Webinar)
🔥 Podcasts (audio medium on consistent repeat)
🔥 Book (written word, excellent front end)
🔥 Communities (groups, this one for example but also in-person, small masterminds, slack groups etc)
🔥 Events (ideally your own, but others work as well)
🔥 Products (courses & paid ongoing trainings)
When our clients are just starting out, we always default to ONE (either videos / short VSLs or community like a group)…
That is determined in onboarding & we are very good at picking out low hanging fruit in your first 5 days to “pay off” any investment… so everything else is candy.
Anyways — once you have some sort of stabilized “influx” you move to products…
There are four main departments in any business that matter:
✅ MARKETING
✅ SALES
✅ OPERATIONS
✅ FINANCE
Right now, The Wealthy Consultant brand has THREE of these and I’m running marketing because I love it — however, eventually and over time you will see these departments fully flushed out and it’ll be a wonder to watch if you’re getting the opportunity to be here NOW.
Most people stumble upon my work after it’s built (and big) but getting to see it constructed *real time* is always fun 😉
Marketing drives opportunity & REPUTATION.
Sales stewards relationships & places people into the right opporutnities.
Operations handles systems, people & ongoing RESULTS for clientele.
Finance tracks the health of the business and manages the investments we make into R&D, human capital (staff) and misc investments that are honestly boring but important.
Notice the “structured” nature of this and how important it is. ”Fast & loose” is fun for about 5 minutes and then you gotta know what the hell is going on in your business…
Structure brings freedom.
It’s this structure that allows us to be methodical, paced, strategic, etc.
I’m writing this post to really show you though that you don’t have to get “big” to absolutely crush a profitable (and ENJOYABLE) small business. You can stay small and lethal — providing excellent results, experiences & service to your client roster WITHOUT having to “keep up” with the random gooroos on FB who think they know everything…
Here’s how it’s done:
After Phase I (aka you’re predictable, consistent, and have steady influx of people giving you money for what you do), we flip on products…
Let’s say your first product is $27. With a $45 “bump” that offers something special to upgrade their order…
Then, whether they take it or not, a $199 upsell/upgrade if they want it. Then a $49/mo something (if you have it — if not we can help ya build it) as the last page.
And let’s say you have these metrics:
100 ppl buy the $27
40 ppl buy the $45 bump
18 ppl buy the $199 upsell
11 ppl buy the $49/mo
Total revenue: $8,621
Total revenue per customer: $86
About 3% of your customers are going to want to do more stuff with you… that means “CLIENTS.” The “customer” to CLIENT transition is important and requires sales prowess (can help you there too when you are ready — usually a PHASE II thing)…
But watch this:
💰 500 customers costs $75 per customer and make you $86 per customer
💰 3% ask to do more with you and buy your $15k program
💰 75% stick around for your ongoing client roster (you probably don’t even know about this yet — it’s only taught in MDC and it’s going to eat the consulting/coaching industry alive, best learn it now)
Here is what you’re looking at:
First and foremost, 500 happy customers who are experiment life change because of your expertise. That’s ridiculous and should be celebrated…
Also —
Your business just made $326k and you paid nothing for your ads… technically you got paid to acquire customers.
I’ve scaled systems just like this one to 8-10,000 customers. 3-400 CLIENTS. And several million dollars per month…
And I don’t recommend — not unless your business demands it.
However, a small, nimble, tight system like this for $500k-1M/mo is unbeatable.
The stuff you’re seeing us do (and build) with clients is going to shift the foundations of the industry (again).
There’s no time like the present.
There is a momentum building and I believe you can feel it 🙂
Reach out if you need anything and prepare the mind (and body) for INCREASE.
HAPPY SATURDAY.