Do you want to bring in more income this year? What if you could make $100k in 2018? Would that be a game changer for you?
Let me take a wild guess… you probably started your blog or online business with the intention of making a sustainable income.
Maybe you want to stay home with your kids or be able to help out with the family expenses?
Maybe you want to be able to travel around the world or be able to quit your 9-5?
Whatever is driving you, figuring out your WHY is the first thing you need to do before you start thinking about HOW you’ll be able to make money online.
In this post, we will be taking an in-depth look at exactly what it would take to make $100k in 2018.
In fact, I’ve been thinking A LOT about what I want 2018 to look like and how I’m going to make it happen. I want to make MORE money this year and I want to be able to work less during the summer due to my kids being home with me.
So, I’ve been thinking about how I can diversify my income streams and what that would look like for me.
I’ve been hearing this for years… You should have multiple streams of income coming in so you’re not relying on any single one to heavily.
Here’s how this could look for your blog/business…
1. Affiliate marketing – 10% (of your total income)
2. Passive income streams – 20%
3. Freelancing/contract work – 30%
4. Coaching/consulting clients – 40%
In order to plan this out, I’ve been going back and forth on where I want to focus my limited time and energy? Plus I need to hit certain income goals in my business this year.
In order to come up with a solid plan, we need to reverse engineer our year. We start with our goals and then work backward on HOW we will be able to achieve them.
Say that your goal is to make $100k in 2018.
If we break that down into the amount of income we need to make every month, we get around $8,333. Whoa! Does that number make you feel a little uncomfortable, maybe way out of reach?
Don’t worry, if we crunch some more numbers we’ll get a clearer picture of how we can actually reach that goal.
Looking at the income streams above we can break it down into those 4 different categories.
1. Affiliate marketing – about $800 per month
2. Passive Income – about $1600 per month
3. Freelancing/contract work – about $2500 per month
4. Coaching/consulting clients – about $3300 per month
Then we need to take a deep dive into our pricing strategy…
• Say you charge your coaching clients $850 per month. You’ll need to get about 4 clients per month or raise your prices to work with fewer clients and still reach your goal.
• Say you have an automated funnel to sell your $200 course You’ll need to enroll 8 students every single month. If you are looking at it from a conversion standpoint you’ll know that around 1-3% of your subscribers convert into a sale. That means you’ll need about 800 subscribers going into your funnel every single month to make sure you hit your income goal.
• If you plan on doing freelancing or contract work and you create 3 different priced packages it might look like this. Level 1 is priced at $400, Level 2 is priced at $900, and Level 3 is priced at $1500 you can easily figure out that you need 1 client for every package you offer so 3 clients per month.
Now we need to sit back and figure out if we actually have the time?
Do you have enough time for 4 coaching clients along with 3 contract clients every single month? Can you easily get 800 subscribers every single month? Will you have to pay for FB ads or promoted pins to get more people into your funnel?
Maybe at this point, it doesn’t seem do-able? Maybe it can work if you raise your prices a bit? Either you can try to find a way to make it work or you might realize that you may need to lower your income goal a bit.
And let’s not forget about all the marketing/promotion you’ll need to do.
You’ll also need a plan for how you’re going to show up online and get more visible.
Maybe you plan on doing more webinars this year, starting your own YouTube channel, finally getting on Facebook Live, start blogging more, start hosting JV webinars, doing some paid live training, etc.
Whatever it is, you’ll need to set aside time on your calendar to do all this promoting so you can actually land those clients.
Do you see how this is all coming together? When we start to break it all down into smaller chunks and seeing exactly what we need to do to achieve these numbers, 100 thousand dollars doesn’t seem that far out of reach.
I’m still planning things out for 2018 but I can tell you that I have some exciting plans for this coming year (this post may have given you some clues), but my lips are sealed right now.
I’d love to know how you’re planning to make more money in your business this year? Let me know in the comments below.
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