How to Generate More Predictable (and Consistent) Income in 2019
A new year brings the opportunity for new growth.
And while we all have different metrics we track in our business, there’s one that we all share…
Simply put, we want to make sure it’s continuously growing along with us.
But, what happens when the opposite is happening?
When, instead of continuous growth, you find yourself on a rollercoaster ride from month to month?
One month you’re on top of the world and crushing your goals, followed by three months of barley hitting your target.
One day you’re seeing an inbox full of sales, followed by a week wondering if something is broken with your payment processor.
One minute you’re feeling confident about your offer and what you bring to the world, followed by questioning if anyone even wants what you have anymore.
It can become exhausting (to say the least).
Sure, you knew going in going into business had its share of risk and you were open to the adventure of it.
But you also have bills to pay and can’t get yourself to feel at ease when your income feels so unstable.
If so, this is for you.
The Backwards Approach to Generating More Income
When you are feeling a dip in your income, you do what any self-driven woman would do and create a plan to solve the problem at hand. Do what you can to fix it… ASAP.
An income dip.
The usual solution?
Launching can be an exciting time in business. You’re sharing your offers with the world and creating serious buzz around them.
And, when done with the right intention, planning and action, can be insanely profitable. (You can read more about launching here.)
A forced launch, though?
That’s a whole different story… and one that many rely on in an effort to “solve” an unstable income in their business.
The forced launch option tends to show itself in two ways:
Forced Launch Scenario 1: You map out a full-blown live launch, with every bell and whistle you can think of, knowing that the profits from that launch are what will help you to spike your income.
While this launch wasn’t in your annual plan, you high five yourself for being “so flexible.” You also fully know that taking this type of launch will be exhausting for you and your team but convince yourself it’s ok because you’re someone who will do “whatever it takes.”
You push off everything you can financially, putting everything towards the launch instead, with the intention of paying it all off once the profits come in. Whatever is left over keeps you afloat for the next few months and you find comfort in not having to worry about financials for a bit.
That is, until those few months have passed and you’re back to an all too familiar income dip.
If you haven’t fully recovered from your last launch yet, too bad so sad. The income dip is making it clear that it’s time to start again.
Forced Launch Scenario 2: You know that you don’t have the capacity (or desire) to run a launch with all the bells and whistles right now. However, you need to fix the income dip and that means you need to launch something. Anything.
You throw together a brand new offer and set a goal to sell a certain amount within a short period of time. You’re practically giving away the offer at the discounted/bundled price but you don’t care – it’s a STEAL for your audience and an income generator for you.
It may or may not work as planned.
If it does, great! You have a fast hit of income and you’re back in the income safe zone (for now).
If it doesn’t, no worries! You’re persistent and will put together something else and sell that for the next few days – repeating as many times as you need to in order to hit your goal.
You can feel you’re spending more time selling than giving value to your audience but you hope they remember what you gave them a few months ago because right now, you need sales or else you’re not going to be running a business, period.
As you can see above, with a forced launch, you’re not actually fixing the root of the issue.
Yes, you’re correcting the immediate problem but not giving yourself a long-term solution.
In other words, the forced launch process is essentially putting a Band-Aid on a bullet wound.
The easiest way to find out if you are putting yourself into a forced launch?
“Would I be offering this if I didn’t need the money?”
If so, you now know that this offer (even if it’s a flash sale type of offer) is something you’re excited to put out there because it’s what your audience needs.
If not, you now have the awareness you need in order to make a change in your business so that you can begin making decisions from your best self vs. out of financial fear.
How to Start Generating Consistent Income Each Month
Now, if either of these two launch scenarios came too close to home for you, this is not the time to feel bad about it.
It’s simply a sign that we need to create a shift.
In fact, it’s actually pretty common as a result of highlight reel advertising that isn’t showing the bigger picture thinking needed for a scalable and sustainable business, like I take women through in the Achievers Circle.
So now, let’s throw out any feeling of guilt around this and focus on a change that can truly serve you and your vision.
STEP 1: Brain dump your current offers.
What offers do you have in your business currently, that have sold? This is the time to get them all out on the table for yourself.
STEP 2: Rank your offers by scalability
From your current offers, which have the highest scalability? In other words, they can run both with or without you there.
If an offer is completely passive, it will go to the top of the list. If it is leveraged (group program, membership, etc.) it will be in the middle and if it is 1:1/DFY it will be at the bottom.
For example, if I pulled three of mine they would be listed as:
– Connect + Convert (passive)
– Achievers Circle (leveraged)
– Strategize + Rise (1:1)
(Are all of your offers 1:1/DFY and you’re struggling with this part? Head on over here to a podcast episode on how to How to Know Which Type of Scalable Offer to Create
STEP 3: Evaluate the profitability
Based on the offers that are at the top of the list for scalability, which do you feel has the highest income and transformation potential?
This could be anything from a course to a toolkit, workshop recording, audio training or eBook.
If I’m looking at mine, I would see that Connect + Convert would be my best bet as it’s literally the entire kit and caboodle of list building and completely passive at $297.
That means that it makes sense for me to but in the time and effort for a streamlined sales system that can not only generate income for the business, on autopilot, but also create a massive change for my audience.
STEP 4: Create the system
Now that you know which offer will bring you the most scalability and profitability, do you have a system in place to generate consistent income from this offer?
(aka a sales funnel where you can establish a connection and generate sales from this offer each day.)
This is where most people stop because they feel that setting up a highly converting sales funnel will take too much time and/or feel overwhelmed by the steps to take.
If that sounds like you, check out this blog on How to Know Your Offer is Ready for a Sales Funnel and Kartra Review: For Course Creators and Membership Site Owners.
Commit to Vision Thinking vs Now Thinking
I’ll warn you right now, this way of business involves trust. Specifically, trusting in the future vision vs what’s in front of you now.
When you are using vision thinking, you’re putting in the focused action and creating the systems needed NOW that will serve you down the road. These actions won’t seem all that significant right away. However, as they become fine tuned and scaled, you begin to see that your income is not only consistent but that you no longer need to be there to generate it either.
When you are using now thinking, you’re only focused on the current fire and taking actions that extinguish that. This means that you aren’t setting your business up for future scalability or income predictability because your core focus is on what makes money in the now. Leaving you always trying to refill the bucket.
If your vision includes having consistently growing income, it’s the steps you take NOW that will get you there.
Which are you taking?