142: How to income stack to sustain consistent income months in your business
Catch up on some related episodes:
Today’s talking points:
We are lifting the veil on the strategies and systems needed to sustain consistent income months without burnout! I am taking you behind the scenes of my business revenue and sharing the strategy to stack your income and predict your revenue.
We’re ending the freedom series with a bang! I’m breaking everything down and simplifying how you can achieve consistent income months. Because if we don’t show people what’s possible, how will they know?
I’m going to break down my business revenue from August 2022, where the money came from, why I launched, the launch strategy I followed and the systems required to sustain these consistent income months on repeat, without burnout.
Whatever your income goal is, I want you to see that it is possible. My goal is to really simplify this for you so that you.
As always, there are no secrets here, we are pulling back the curtain…
first, a disclaimer
Before we get into any type of breakdown, I want to be transparent with you.
It doesn’t happen overnight. This takes time to build.
I am giving you the roadmap and I am showing you how it's possible through my own business model, but if you are currently sitting at £1k months, or less, I do not expect you to jump straight to £5k or £10k months overnight.
The reason that I'm now able to sustain consistent income months is that I don't look for quick fixes or random ways that I can make fast cash. I took it one step at a time, focused on the long game, and worked slowly to build this.
I will never sell you the ease and the flow without also showing you the hard work that got me here.
The roadmap
The first thing I want to do is start with an August revenue breakdown and show you where all of the income came from.
The highest percentage of income came from my mastermind, followed by my one-to-one mentoring.
The revenue comes from multiple different places, which again highlights the importance of a strategic product suite. Having your revenue come from multiple different products, allows us to meet our ideal customers where they're at, and serve them at each level of the journey. So you always have something for someone, no matter who it is, no matter who comes to you. You’re never leaving money on the table.
This takes time to build and I don't expect you to go and launch 80 offers tomorrow (I don't even have 80 offers, I probably have around eight to 10.) But your goal for scaling and growth is to create these multiple offers to serve your ideal customers at different levels of their journey.
By having these multiple different offers, we stop relying on one revenue stream, and we stop relying on one form of income.
For example, if you are a coach and you're trying to hit 10k months from your private one-on-one coaching programme, or you're a web designer, and you're trying to make 10k months from your web design service, how many clients do you need to have to make that happen? You're on a straight path to burnout if that's the case. So another reason why having multiple offers is helpful is that you're able to break it up and you're able to serve more by working less.
income stacking
Recurring revenue is income coming in overtime via payment plans.
Stacked income is if you are continuously launching new things on top of the payment plans, you get to stack the recurring revenue and cash on top of one another.
It’s important to note as when we think of consistent income months, a lot of the time we think it's just showing up and selling. We don't understand the strategy and the systems behind it and just assume that our favourite business owners sign lots of new clients each month or they're working 24/7. Which feels impossible. In fact, it’s this strategy of income stacking that is so effective.
How to make it sustainable
How can you do this repeatedly, each month without feeling burnout?
Having these multiple offers is important when launching because you don't have to launch every single month. For me and my clients, I teach having certain offers that you have big launches for once per quarter. So I have a big launch once per quarter and every other month, I will be promoting something else.
If you feel like you start from scratch each month and need support getting started with consistent, recurring revenue. My advice would be to raise your prices and really look at your product suite. If all of your offers are low ticket, and you don't have anything that's higher ticket providing you with that bottom line, it's going to be hard to stack that income. So prioritising the bottom line offers, but also diversity in your pricing and making sure that you have those higher ticket items in your product suite.
planning ahead
It’s essential to plan ahead and have a really clear launch timeline.
When your product suite is strategic and takes your ideal clients from one service to another, it’s easier to plan your launches.
For example,
Let’s say you have a programme for people scaling to £3k months and a programme for people scaling to £5k months.
You’ve just launched the programme for those who want to scale to £3k months and it was an amazing launch. So ask yourself, what is the perfect next step? After they scale to 3k months, most likely their next goal is to scale to consistent £5k months. So your next launch should be your next programme to scale to £5k months. But when are you going to launch it? Right after you've just launched that £3k programme? No. Here’s why.
You want those people who joined the £3k programme to finish the programme first, to see results, and to be ready to reinvest and upgrade to that next level. So if the programme finishes in 3 months, that is when you want to launch your next programme.
We have to be really specific about that timeline and think of our offers as a pathway on our client’s journey.
When you're launching one thing, ask yourself: “What is the perfect next step for that ideal client? What is the perfect next offer?” Then you figure out the timeline and launch that.
It’s also important that you think about yourself and your business income to make sure the recurring revenue is steady. You don’t want all of your payment plans and recurring revenue to run out in the same month; that’s why planning is so important.
scalability without burnout
It is really important for us to have extremely strong boundaries with each level of the offer, no matter what it is that you sell, to avoid burnout.
We need to create programmes and services that understand the higher ticket price, the higher level of the programme and the more access to you.
We have got to stop giving all of ourselves to our lower ticket group programmes or courses if we want to scale sustainably without burnout.
If your lower ticket offers want more information or more services, then they can be upgraded to one of your higher tickets instead.
It’s all about making sure your offers are scalable in the sense that they don’t all require all of your energy and time. We want to serve more, work less and not burn out.
So start to think about the structure of your offers and ask yourself:
Where can I pull back?
Do I really need to spend so much time in each of these offers?
Is there a way where I can add on extra support without using more of my time?
Is there a way to make this offer more passive?
a much-needed reminder
When you have a strategic product suite, stacked income, and a planned launch plan and you’ve mastered launches, then you will find it far easier to have consistent, high-income months.
This industry is limitless, which is amazing and it shows us that it is possible, but don’t let it warp your vision.
There is a toxic narrative in this industry that tells us if we are not constantly growing and beating our previous month's income that there's something wrong with us. Our vision can get so warped, because the industry is so limitless and we think we have to reach these crazy goals.
Do not let this industry pressure you to just follow the numbers. This is about sustainability, happiness and freedom. And once you've hit that, you're golden, you've already won. Entrepreneurship is a journey and wherever you’re going on this journey I want you to enjoy every single minute of it.