Creating Your Revenue Plan
Did you complete Step 2 of the Business Strategy Plan? If not, do not pass go until you have completed this step. It really is the foundation to everything else we will be doing over the next few days.
My goal is that by end of the year….you will know exactly what your 2019 goals are and have a clear plan for reaching them.
Let’s keep going…
Now that we know what type of business we are building, the next step is Creating Your Revenue Plan…but before you map out the exact numbers you wish to create for the year…you must first start with reviewing where your 2018 business came from!
Answer these questions:
What were your top lead generating/marketing campaigns?
To get your creative juices flowing let me share my business as an example.
When I look at my 2018 numbers, my clients came from the following strategies:
#1 – Referrals/Word of Mouth – most entrepreneurs and small business owners do not have a predictable referral systems.
#2 – Speaking – online and offline (One of my favorite leverage strategies)
#3 – Attending Networking Events/Conferences/Workshops – I never go to events looking for clients but I have picked up clients just by attending live events
#4 – Social Media – specifically Facebook and LinkedIn
#5 – Database – last year I absolutely SUCKED at being consistent with reaching out to my tribe on a regular basis. My commitment for 2019 is really add value through email marketing. Thanks for sticking with me…I promise to do better!
Once you have determine, your top 5 strategies what I would suggest doing is create a chart that depicts how much business came from what resource: For example:.
70% – Referrals
18% – Speaking
7% – Networking
5% – Database
After you have determine where the bulk of your business is coming from, the next step is determine how much money you want to create in 2019…
What is your BIG number? If you knew you could hit it without a doubt…how much money would you like to make?
Also, if we are looking at building a lifestyle business, you also want to consider what products or services are you going to create?
For example, when I hosted my Business Strategy Day Mastermind earlier this year, I literally worked with one of the attendees and we mapped out her 7-figure plan by simply crunching the numbers.
Quick and Easy Ways to Build Your Revenue
Here’s an easy way to build out your revenue plan:
Minimum Goal – $100k Target Goal – $300k Outrageous Goal – $1Million
Your Offerings:
Speaking – How much do you charge for speaking? Let’s say $5,000 per talk
How many talks do you want to do per month? 2
That means that if you book 2 talks X 5,000 = $10,000 per month X 12 – $120,000 per year
As you can see you have already hit the minimum goal, let’s keep going:
Let’s say you have a coaching program that you charge $15,000 for 6 months. How many people do you want to coach per month? 15 X 15,000 = $225,000 X 2 = $450,000
If we add this to your speaking fees, you are now at $570,000 per year
But wait we still have one more thing to add:
Corporate Training
If you charge $10,000 per day for corporate training and your goal is to conduct (4) trainings per month, that’s $40,000 per month X12 = $480,000 per year
Now we take the $570,000 + $480,000 and you have just generated $1,050,000
And the beautiful thing about these numbers is they are not far-fetched, outrageous and unattainable. This is what I do day in and day out with my clients.
Your Action Steps….
Now is your turn….your action steps are the following:
- Determine where your business came from in 2018?
- Assess how much of your business came from what category?
- Decide on your minimum, target and outrageous income goal?
- Map out how much money you will create from the programs, products or services you wish to provide in 2019?
- Celebrate!!!
Great job…we are creating the framework for a profitable and successful year!
If you know someone who will benefit from this post, please share and if you have any questions feel free to comment below.
