When we take that first plunge into entrepreneurship, we have only one thing on our minds: making money.
We’re not after our first seven-figure month or aiming for any outlandish revenue goal. We’re just hustling our hearts out in the hope that we’ll be able to pay our bills and still enjoy the same lifestyle we had with our corporate paychecks.
Once the intensity and fear fade — and we realize that we can actually do this whole working-for-ourselves thing — we get more comfortable and find ourselves pushing the limit to see how much money we can make.
Despite the logic that more clients equal more money, I’ve found that you don’t need multiple offers to be successful. An inbox full of proposals doesn’t necessarily equal success. In fact, if you continue to operate on the “more is more” philosophy, you’ll find yourself burnt out and more than ready to return to your 9-to-5.
Rather than embark on that walk of shame, it’s better to diversify your income in your business. And the best way to do that is to identify and determine your core packages.
How to determine your core packages
As a general rule, I advise my clients to have at least 2-3 core packages they sell in their business that will make them the most revenue. By focusing their time and energy on these packages instead of smaller, less profitable ones — they make more money and streamline both their time and profits.
Start by making a list of the most profit earning services you had over the last six months to a year. Use those to determine what your core packages are. And if you want to take it a step further, brainstorm how you might make those packages worth even more money by offering bonuses such as an E-book or a 1:1 coaching call.
While you’re making these determinations, it’s good to have a few examples. Most of my clients tend to diversify their income by offering three things: payment plans, 1:1 sessions, and group sessions.
Payment plans will keep your income steady by providing you multiple payments instead of one larger one. You can use these for long-term projects or ongoing clients. Charging either by the month or breaking down the overall price into two or three payments is a great way to earn a steady paycheck.
Single or 1:1 sessions are great high-price packages. Whatever your expertise is in, you can offer a one-time or ongoing 1:1 session to provide personalized advice or guidance in the area you teach. Your time is valuable, so charge accordingly.
Group sessions are a great way to offer personalized coaching or advice more affordably. You can offer monthly group membership or quarterly group sessions that people can pay to join one-time.
No matter how you choose to diversify your income, remember this: the goal is to make your business more profitable and efficient. You’ll know you’ve hit your sweet spot when you’re making plenty of money and not feeling overwhelmed with things to do.
If you need some extra assistance making that a reality, click here to schedule a call with me.