How to make six figures in your business

This post started as journaling because I got triggered yesterday by a business coach using fear based marketing to attract clients.

Fear based marketing uses a customer’s fears and insecurities to grab their attention and then offer the best solution to avoid said fears and insecurities. The message is “If you don’t buy my course/offer/coaching package you will never achieve success in your business”. Offering you the “blueprint” to make money.

“If the path before you is clear, you‘re probably on someone else’s.”

– Carl Jung

I love this quote and in fact there’s no such blueprint. We all have our own skills and abilities and our businesses are unique.

Business is not hard, nor a secret, nothing magical and as some people out there want you to think, especially those that Facebook thinks I am interested in and target their advertising towards me.

Awareness > Consideration > Decisions > Purchase > Repeat

I fell for fear based marketing..

A few weeks ago I fell for someone offering me the exact blueprint to make six-figure months! (I should’ve known better, but I was at a low energy, weak point then)

Here is how it works, you sign up for their challenge or webinar where they want you to believe that you are just missing out on a secret recipe, otherwise you’ll be hitting six figures while you sit by the pool and not slaving away in your business six weeks after launching your new business. Then they tell you how their clients are doing so great, it’s a real shame you don’t want to invest in yourself. 

I mentioned this fear based marketing to my husband, and he said: “You know that e-commerce is up by 60% why your sales are not up by the same amount?” “You need to drop-ship, you pick an item in China and then sell it in Australia for triple the price”. I guess he also gets targeted sponsored posts on Facebook. #palmonfaceemoji

As a matter of fact, I know making 6 or 7 figures in your business is possible

Having worked in different size and business models  – service based and e-commerce as a management accountant (I don’t do tax returns, I do budgets, forecasts, analysis, business modelling and strategy)  – I know it is possible to reach those high numbers in your business. 

Let’s start small..

Making consistent $5K months in your business as a solopreneur.

You want that $5K to be your takeaway pay. You’ll need to add to all your expenses (i.e. your Canva subscription, your email marketing subscriptions, website hosting, etc). Say your monthly expenses are $500, running very lean, no bells and whistles. No direct costs or cost of goods sold. No advertising. Your revenue comes from a commission, a fee or mark up because your business is a marketplace, a blog site with affiliate marketing, a directory, a service based business or a drop-shipping store.

PS: I totally recommend you to track your costs, it is scary how quickly 100 + 30 turns into $500, like in Ikea where a couple of $2 candles and other small cute and inexpensive stuff turn into a $220 bill #truestory #dontletmegotoIkeaonmyown that is the only place I can’t keep up with the maths.

That’s why people recommend selling high ticket items when drop shipping because you get higher commission but if you are selling essential oils like me in Wellfulness, because I love them especially Eco Modern essential oils and AWO which are the brands I currently use, and that’s why I became an affiliate for those.

How many Essential Oils do I have to sell to make those 5.5K a month?

Let’s assume that the average sales cart is $50, my commission $5. I have to sell to 1,100 people to meet my target revenue and my pay.

Wellfulness is not even ranking in Google for “essential oils Australia” keyword which is the keyword with the highest search volume and it is not doing any promotions in social media, either organically or paid advertising, so hitting 5.5K at 10% commission on sale and the value of my average cart is a stretch.

I need to add more revenue streams to meet my revenue target or sell bundles like this one and diversify my product offer and work on the customer journey of this particular product. 

The Mindset B/S

This was the triggering part. I know this person was referring to a serviced based business not a product based but I want to show you how silly it sounds regardless.

Charge more, know your worth

Yes, of course I can always charge $5,500 for a trio of essentials oils that will help you sleep like a koala after a meal but the recommended retail price (RRP) is $21.00, it doesn’t feel right.

” You need to know your worth, babe, you’ll reach your target in just one sale.”

errr… it doesn’t feel right.

“It’s all about mindset, boss babe” #puke

“Believe in yourself”

My mindset is on point! I’m about to build myself a shrine with my pictures but look at the maths, it’s not like Ikea maths. We need to add more income streams, rank in Google, advertise and by the way, did I mention I can only allocate 3 hours a week to work on  Wellfulness. Thank you scheduling and time management!

“Use affirmations babe” 

“I give you a bunch of affirmations that you’ll need to repeat until you believe it’s true” and show you how to do EFT to manage the anxiety that comes from not converting your offer. 

I repeat like a maniac: “I sell all my essentials oils to my wonderful clients” 

Affirmations won’t help me rank in Google but maybe they will help me step into the right state of mind and find the right person to help me with SEO, Google Ads and/or a virtual assistant to help me with social media management and advertising to increase my reach. Of course, this means increasing costs and therefore increasing the number of units sold.

You can plug all the numbers in my free budget template and play with your numbers. I’m giving this away for free because I will never want to make you feel like you are missing out on anything but if you want my help book a time with me and I’ll work it out for you.

I still love the mindset stuff

I love affirmations and EFT tapping I use them to clear limiting beliefs. I listen to meditations for abundance and do different practices to stay balanced and in my centre to keep moving forward in life and in business. However, in business, you also need to have a strategy, take action and know your numbers and track them. Numbers such as items/services that I need to sell, margins, conversion rates, product mix, average cart value, email sign ups, etc in order to be successful and reach my income target. I help you with that as well in the “Help me budget” package.

The right help is available

There are amazing people out there, I have worked with a few of them and had helped me with strategy even with their free stuff, then purchasing from them is an easy transaction because their webinars and resources are based on giving value not fear.

As a rule of thumb, if someone makes you feel uncomfortable, not “stepping-out-of-your-comfort-zone-uncomfortable” but “feeling-inadequate-uncomfortable”, then it is time to look for someone else.

If you can, listen to Episode 245: 10 unconventional business tips for people starting online of the Heart Centred Business Podcast that inspired me to speak up, stay in my power and not let fear based marketing give me #fomo.