Are 10k Months Achievable For Female Entrepreneurs?
Online service providers and coaches look at 10k or 10,000 pounds/dollars as the monthly income holy grail.
For those of us in the industry, it is the number that is thrust around by many peers and mentors as an acceptable income. There are even many books, training and videos supporting the elusive 10k month, giving us tips on how to get there.
Now if you are looking at that number and thinking wow – that’s just pie in the sky money, I am here to tell you that you are officially wrong (in the politest sense). Take it from someone who very much had a money mindset of scarcity and lack, to tell you that the reason this number is bandied about is that in the main part it is actually achievable. But there are some key elements you MUST have in place before you can even consider reaching this goal.
When you consider how many hats women wear in their daily life it begs the question, are 10k months even achievable for female business owners? Can we hit this level of financial abundance whilst also running homes, raising children and being all the roles in one?
Believe me when I say I am not assuming that ALL women have the same struggles – it is 2021 after all but I know in my circle of female entrepreneurs the daily time block often includes packed lunches, pick-ups, appointments, laundry, cooking or DIY.
Depending on your niche and industry this number could be harder for you to achieve. If you have a business-to-business model, you will likely get there sooner. People are willing to invest in things that will help them make more money in the future, which is a perfectly acceptable way of looking at it. I know I am more inclined to invest in myself under those circumstances!
But let’s say for the article’s sake, that you have a couple of your money ducks in a row already. You are a business-to-business provider or your services are of benefit to people who are in the business world. Then what?
What does it actually REALLY take for you to be bringing in, in just one month, a lot more than what some make in a year?
1. You need to have a desirable offer (or a few) – I know, I know!
This one is a bit obvious but that’s why its numero uno and we will get it out there first. If the offer isn’t desirable to your dream client, then it is game over before it has begun. You need to be providing something of value that your clients really want.
2. You need to have a reputation/social proof of great results.
This is a chicken and egg situation. If you have never sold something, then it’s hard for you to be able to provide this for your new clients. That is why often, service providers and coaches will run “test or beta” runs of their “desirable offer” so that you can offer something to your clients at bargain investment but also come away with the results that the service provides and some cracking testimonials!
3. You need to have an eager audience to work with.
Now I am not suggesting here that you need a 10k plus follow list on Instagram here, not at all! My audience is micro and my business makes sales every day – please don’t think there is judgement in the number. We do not do vanity metrics here! But there is something to be said of quality. One eager follower who is ready to work with you is worth 1000 general public – so be really picky with your targeting!
4. You need to have an easy onboarding/pay system ready.
You want to make it as easy as humanly possible for your clients to pay you! Even a simple Paypal button link will do – but remember to choose something where you are feeling okay about paying the fees. It may not be a lot on a 3.99 Ebay purchase but it is significantly more on 10k transactions.
Pro tip: If you are not used to receiving payments that high, Paypal may hold money back. Don’t worry about it, let it sit while they do their checks to make sure nothing fraudulent is going on and then request a higher tolerance on payments for next time!
5. You need to speak to leads and “qualify” them.
It may seem awkward to rock up to potential leads and start a conversation but if you have an idea of what your ideal client looks like then it is important for you to make sure that this is right for them and for you.
Pro tip: If they are not the right fit for you or your offer then recommend someone who is or be honest. You can sink your own potential by trying to make something work that isn’t right, re-read tip number 2!
6. You need to talk about your offer a lot!
I mean a lot – digital touchpoints can be as big as 50 times now – people do not see things as often as you may think! Keep talking about it, in different ways, regularly.
7. You need a plan and a structure to reverse engineer that income coming into you monthly.
You need to know how many people you want to work with to achieve this. Is your offer priced at 2k per person? Then you need 5 people a month. Take some time to figure out what is needed for you to achieve your goal.
As someone who has made 10k months the easy and the hard way, my biggest piece of advice would be that it’s great to have a strategy and plan to get the financial goals you want, but don’t put all of the weight on the financial goals only. Who you work with and why IS SO IMPORTANT. There is a lot to be said about taking on projects that you are passionate about and that bring you joy. Sometimes when you are working in your heart space the money rolls into you in ways you never expected!
1. Have a full suite of offers/packages
2. Build up social proof
3. Get your systems in place
4. Qualify your leads
5. Get your offers out there!
Written by Dawn Baxter for Womanly Inspiration Magazine — Published June 2021