12 Jan Create a 6-Figure Income with a Proven Business Design
I’ve been a successful entrepreneur for over 20 years and I ran my first two businesses without a real business design. In other words I did what most small business owners do. They sell a few basic products or services. They find a few ways to market them and they get clients. They sell time for money and they create an income ceiling. I call this the Treadmill Business Model.
My second business was an upscale 3 Star NY Times rated restaurant. I was pretty darn good at marketing– even got written up for it and did some marketing consulting for other restaurants. Business was great–that is until year seven when it leveled out and dropped. At first I didn’t get it. I knew lots of new restaurants had opened nearby and I knew our wealthy clients would always try the newest trendy place. People were still telling us how much they loved our food and ambiance. So what was the problem?
After much agonizing and researching bigger competitors I got it. I didn’t have a business design. I didn’t have a well thought out plan to create multiple streams of income in a strategic way. I only had one type of “product”, and one income steam. The logical next steps became clear. I would have to look at a number of possible ways to add new services or locations, products or services that served the same market but in different ways or I was doomed. Can I tell you how grateful I am for that lesson?
I’d like you to stop what you’re doing and take a good look at your business. Are you working hard doing marketing activities and trying to get clients but your bank account is still not reflecting your hard work? Are you dreaming about a solid 6-figure income but it always seems just out of reach? Its time to develop a model that will take your clients through a series of strategic purchases so they don’t just buy from you once and disappear. Do you have entry level products that lead to higher value, higher priced products?
If you don’t, you are going to hit a wall. Often people who come to me for help offer just one thing–maybe it’s coaching, or they sell a book, or they offer personal training or they sell a single line of products. When I ask them the lifetime value of their customer, or how many times each customer buys from them, or how they can increase the transaction value of each sale, they really have no answers.
Do you want a solid 6 figure income or even a 7-figure business? Then you need a Business Design Model. Not just any model but a proven model– a real blueprint for your business. One that follows a simple formula but is customized to your business. Once you have this model developed you can repeat it over and over and the results can be stunning.
If you are seriously hungry for true success including financial freedom, the joy, the exhilaration, the time freedom that comes with it, a Business Design is crucial. If you want to serve more people and make more of a difference in the world a Business Design will get you there.
Here are the basic steps you’ll need to follow to create your Business Design:
- Decide how you can turn your passion into marketable ideas.
- Decide how much profit and income you want to have (sales minus expenses).
- Do needs research—where is there an unfilled or underserved need in your niche? Where are there people willing and able to pay for what you want to offer?
- Create a product funnel—a series of products and services that each client could logically purchase in sequence.
- Create a product flow—how will you lead clients smoothly through this sequence. This is about strategy.
- Create or obtain your products—including being clear on the benefits and results buyers will experience.
- Create your Marketing Design—how can you reach your target market as quickly, extensively and inexpensively as possible.
Implement this design, then turn it into a repeatable system that can be used for each new line of products or services you add to your business.