How to make £5k months
Welcome my darling Pretties to our Beyond to the Dawn of Business podcast for pretty empowered female entrepreneurs.
It’s time to step into your power Pretties! Lift each other, support the squad and choose a life filled with the autonomy and freedom to live your dreams.
I’m your host Dawn Beth, the Owner and Founder of Beyond the Dawn digital business brand and agency. My coffee is hot and my eyelashes are on, so we are ready to go!
I want all female entrepreneurs to feel empowered, supported and loved, and given the opportunity to really connect with other female powerhouses in the industry, in a way in which we lift each other up and inspire each other, and take care of each other in ways that we have previously not seen in business, possibly, listen to us waffling on about business and life our families, and our mindset, our financial goals and our freedoms and our autonomy. And what we hope for the world and what we hope for you, what we hope for ourselves, and all of the things that we’ve experienced through this very colorful journey of becoming successful female entrepreneurs and digital business owners.
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Hi Pretties and welcome to this episode. Today, I’m going to walk you through the steps for how to have more impactful financial months. I’m going to use 10,000 10k and 5,000 5k months, as my example whilst we talk about how you want to create this for yourself.
A little disclaimer before we start, of course, money can be triggering some people are gonna see the title 10k months and we’re like, oh, Dawnie what are you talking about you know six figure businesses, five figure businesses and 10k months and dangling that carrot, and I want to just give a little bit of insight into why I’ve decided to focus on a monetary or financial value in this episode. I appreciate that financial situations are not the only motivation that we have when we have our businesses, I totally get that, and I myself although I am incredibly financially driven and I love the money that I make and I am a magnet for money. Thank you Universe. I do recognize that there are other motivations, and that sometimes, especially if you are not in the stages where money is flowing to you the way you would like right now that it can be quite a triggering subject. So if you find talking about money, and talking about finances, quite triggering or upsetting my best suggestion would be first to consider possibly having a look at your own money mindset. And also, that this episode may not be for you because we are going to talk money, and we’re going to talk about it all the way through.
So, I get asked all the time. Dawnie, how do I create a 5k month or how do I create a 10k month usually that is the breakdown of a bigger annual goal that we’ve given ourselves, we figured out that if we can make that amount of money each month, then we may be able to make the bigger financial impact on our annum and hit the goals that we’ve set for our yearly salary. The salary we want to pay ourselves, the turnover we want in our own businesses, whatever that goal has been for you quite often, the 10k or 5k months is the breakdown of what that bigger amount is going to be.
So, I’m speaking to you right now, it’s a rainy Saturday afternoon, and I’m conscious that you may be able to hear the rain on my window, but I actually think that’s kind of nice, so bear with.
So I found pricing, very, very difficult at first, I had an idea in my head about how you could price, about industry standard about what other people were offering, and how you could beat the next guy in terms of value. I’ve totally flipped that idea of pricing on its head, in the time that I’ve been in business. And the reason why that change happened for me was the understanding that the value and the quality is not something that should be compromised in order to be a bargain bin situation like you think the lower you go in, the more sales you will get. And actually it’s often the other way around. I know myself if I’m looking to purchase something I won’t go for the cheapest option because I’ll want to know why it’s the cheapest option. Will I get the full result that I’m looking for with this option. So that’s the first thing to consider. Do you have any feelings around pricing, any blocks or any issues around the area because if you do that’s the first area to consider doing some work on. And that’s something that me and my pretties work on quite regularly during one to one sessions we talk about that and we work through that quite regularly.
Then I want you to think about your services, we to think about what it is that you offer and what you have to offer that you can put out into the world. Okay, what have you got in your packages, what kind of services do you provide. If you are a coach, or you have some sort of online service provider situation, then you may be able to do one to ones, and one to ones is a great example of being able to increase your monthly income because it’s a high ticket offering. If not, what have you got that you can put out there. I want you to think about how that is packaged. How is that put together. Think about the result, think about the client, think about what it is that you put into that and how it could be beneficial for the client. Once you’ve picked your offer. And you know what it is that you have to provide, then you need to really think about where it is, in terms of value. And look at the value in lots of different areas, look at the value of your time. I don’t want you to start thinking about an hourly wage that’s not the thing that I’m suggesting here but I want to you to think about your time. I know if I give an hour of my time to something. I have a rough financial value over what that is worth. It’s the same amount as what I charge for an ad hoc one to one service right so if you book in for an hour with me, and I charge you a certain amount for that hour. If I spend an hour on something else, then the value of that is the same as the hour I charged. That’s the way I think about it.
Then I want you to think about the longevity of the service or package. Will this person be helped in a longer term situation by what you’re offering. And if they will fantastic because that gives more value, and if they won’t, how could you amend your offering, your package to give them more longer term support or to give them the tools that they could use for longer. If you can give people the resources and the support that they can use for longer without actually having to tie up lots and lots of your time, even better. And then I want you to make the conscious decision, like if you want to make a 5k a month, and you want to do that, then how many clients does it take for you buying that package at that price for you to be able to achieve that.
Okay. Now, this is where building an audience, having funnels, and having an email list, and having connected responses and relationships with your ideal clients really comes into play, because if you’re in a place in your business right now, where you have services and packages to offer but you don’t have anybody to offer them to who will be interested, then that’s the sticking spot with this particular situation. And that is why a lot of people will go for one to ones, as the initial starting point for being able to onboard clients. This is why one to ones tend to be that hour consultancy or two hour consultancy or even those training type situations, they can be the ones that people go to first. If you think about one to one situations, and you want to earn 5k this month, then it’s very easy to figure out that you need to be charging £1000 per one to one service.
Now if you’re thinking to yourself Dawnie £1000 for an hour of my time seems extortionate then you need to look at your offering you need to look at where you are in the market, and you need to make a decision based on what it is you provide, can you provide more, can you give more in terms of longevity. Can you be a support throughout the rest of the month, in different ways. You don’t have to put everything into just an hour package is a one to one with you a two hour package can you afford to do five two hour packages this month with time. And this is how you need to kind of think about it and you need to reverse engineer it. Now, one thing that I do find difficult when we talk about 5k 10k months an easy mark of course they’re very easy for us to work out which is why we use them as examples, but the difficulty with this is quite often the advice out there is to sell a situation that is a longer product.
Okay. But this creates overflow. And this is something that people don’t talk about very often but it’s something that once you’ve been in the industry and you’ve been working with clients for quite a while, you start to recognize. So if I start in January, taking on one to one clients and my offering is a three month offering, and I charge £1000 for three months which is actually incredibly low but for the sake of the example, let’s go there. Okay, and I get my five clients in January so I’ve made a 5k month okay? That makes sense right like I’ve done it. However, you still have two months of responsibility and result that is required for your people, that has been paid for, or has been invested in has been brought in to you and your business in January. So then in February when you say right I want to know the 5k month I’m going to take on another five clients for the three month stint, then you actually haven’t got five clients that month you’ve got 10 for the same amount, and so forth and so forth, and so forth, until that three month marker drops off and it reduces again.
So this isn’t something for you to be worried about. For sure. Don’t worry about it. However, It’s definitely something to consider. And to think about in terms of your hours, availability, your schedule, and how much additional work it’s going to take for you to maintain the amount that you have offered. You always want to under promise over deliver, you always want to be the person who is giving exactly what you have sold but also with more. So, you can find yourself very easily in the middle of that situation on that third month, doing 15 clients for the same amount of money as you got in January with just five, right? So just be aware of that. Be aware of it, make sure you know about it. Don’t take on too much work. One of the easiest things you can do when falling into this trap of just chasing the money without thinking about the dedication that it requires, your energy, your list of resources and your expertise, it can be very difficult to figure out that actually this can be something that can turn into a little bit of a logistical nightmare and it leads very quickly to burn out.
I always look at the value of what we’re giving and what we want to earn okay? I look at those two things simultaneously. I know where we are in the marketplace, I know what my peers are charging, and this is all great information that I have, but I don’t really use too much to make my own pricing. My own pricing is built of my own formula, and I would definitely suggest having some time where you can make peace with your own formula to figure out what it is you want to charge and what you think is an acceptable rate and it has to be something that you’re in alignment with, and it has to be something that you truly understand yourself, you don’t ever have to justify your pricing to anybody, this is something that I always thought I’d need to kind of explain like oh, the reason why I charge this is this. You don’t ever have to explain the reasons behind, you understand the value. You know what’s included, you know how it will help your people going forward, whatever it is you do. You need to just consider that actually you know what the value of this situation is and that’s what you’re going to put it out in have some confidence in it. Because if you don’t have confidence in it, people will pick up on that and then that’s just a lose-lose situation for all involved.
10k months, all you would do is up the price. Sounds really easy like oh just up the price, five people giving you 1000 pounds a month is 5k right? It’s just math people giving you 2k a month is 10k. It’s math. You don’t have to find that many clients to be able to make a really good income. But you do have to be absolutely aware of what it is that you want to achieve, what results you’re going to get and how much of your energy and expertise is required to perform and deliver what you’ve promised. Don’t get too swept up in that oh I want to be a millionaire in the next year so everything’s going to be £10,000. You really need to consider your whole suite of services and how that serves your people at the different journeys that they’re at. But what I will say is that for those of you who are just starting out on the journey of actually earning decent money through your businesses. If you give yourself that great marker of a 5k or 10k a month, you can’t ever really go wrong, because you’re giving yourself a wonderful focus target, and even if you fall short of the actual target amount, you’re always going to come away with something fantastic.
Now, I love targets, I am very target driven. I really, really enjoy them, and whenever I’ve been in employment previously to do with sales, especially if there were bonuses included I would perform really well under that additional support of a target. What I like about targets is I like to have a good understanding of the engineering of how my business works. The flow, the work flow in the background. The skeleton structure, the cogs inside the machine, whatever you want to call it, I love having an understanding of that. So if I give myself a target and I have an idea of where I want to go and what I want to do, it reminds me to refocus myself, and to get myself into that mindset and get myself back into that place, and you do not have to be a slimy salesperson, you do not have to be a shady shark or go for the really old sales techniques you can do this just by offering and inviting. Communicate, offer and invite.
Okay pretties. I’m going to leave you with that one, have a little think about how you could introduce focused targets into your business and what kind of money you want to earn. Give yourself a great amount to think about that would really serve you and make you feel wonderful, but do also think about being able to support the delivery of the packages that you are offering out. You do not want to find yourself in burnout.
I hope this has been really helpful for you. Let me know in the free group, if you have found some value in this, or if there is something else within this you’d like me to talk about next time and until then I’ll see you later pretties.
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