post title image 4.21.22

Double Your Income: Raise & Focus

This post may contain affiliate links. When you make a purchase through the links, I receive a commission at no extra cost to you. Thank you for your support. 

For the next three weeks, we will be doing a series on simple ways to double your income. Here are the weeks and what we will be discussing: 

  • Week 1 – Tracking Stats & Collaborating 
  • Week 2 – Raising Your Rates & Focusing on Growth 
  • Week 3 – Embracing Paid Ads & Creating Products 

Let’s get started! 

Welcome to Week 2!

Raise Your Prices & Rates

woman using a calculator while counting money

a few Good truths

Let’s do a little math.

It won’t be hard, but it will be eye-opening.

It’s easy to tell someone to “just charge more” for their products or services if they want to increase their income. 

A little truth: when we first start our businesses, we tend to undercharge because we undervalue the work we put in. “Oh I’m just a beginner. I have no business charging those rates.”

Sound familiar?

Another truth: starting on the low end isn’t necessarily a bad idea, but it’s not where you want to stay.

Lower priced items are undoubtedly a great way to get your foot in the door while gaining experience, testimonials and social proof. 

So how do you know if the time is right to raise your rates? 

A Few Good Signs

Here are a few signs:

  • You’ve made a substantial amount of sales
  • Your service business is constantly booked.
  • Clients rave about your products
  • Customers share how much value your products provide

What do you do in the meantime?

Think about this for a second: are clients turned off from your products or services because you charge too little?

Have you ever come across a course you wanted to purchase and you wondered why it was priced so low? “Uhh.. 7 bucks? Can it even provide value?” 

I’m not talking about a course you’re offered with a huge discount because you signed up for a brand’s lead magnet. Those are tripwire offers that are meant to be ridiculously good prices. 

are you pondering what I'm pondering?

Ponder this, Pinky: what’s stopping you from raising your prices?

Are you afraid you’ll lose customers?

It’s possible that can happen.. but it can also open the doors to a new set of clientele. High price is sometimes perceived as high value. The pot of gold at the end of this rainbow is that you won’t need to sell nearly as many products or services to hit your income goals.

Back to the Math

Back to that math I mentioned earlier.

Let’s say you have a $20 product. You sell 100 each month and the cost to sell them (payment processors and hosting) are minimal. You’re looking at (around) a $2k profit. 

Now let’s double the amount of the product. You’ve poured your blood, sweat and tears into this incredible product and are making the same 100 sales. You’re looking at a $4k profit. 

Since your product is so great (GO YOU!), you now have clients or customers asking to be your affiliate (where they help you sell your product by posting about it and they get a cut of the profits). After setting up your affiliate program with a 50% commission, you receive 100 additional customers. After paying out commissions, you’re still adding another $2k profit.

The Bottom Line

Don’t be afraid to raise your prices! 

You don’t have to necessarily double your rates. Set a new income goal, work with the numbers and see what you come up with.

The beauty of digital stores: you can easily change your product prices if things don’t work out the way you want them to. 

Suggestions:

  • Bundle products together
  • Offer a coupon for email subscribers 

Rework your numbers as often as needed to find the sweet spot that nets you the biggest profits.

Focus on Sales & List Growth

woman holding phone and making notes on a notepad

SO much to do, so little time.

That’s how it always feels, right?

There’s so much you can do on a daily basis to grow your reach and make more sales: 

  • Writing blog posts
  • Creating videos
  • Posting on social media
  • Writing guest posts
  • Publishing ebooks or print books

The list seems almost endless at times.

What to do, what to do..

So what should you be doing if your endgame is doubling your income? An important question. 

To put it simply, you need to focus on two things: 

  1. Growing your list
  2. Sales

Does this mean you stop everything else you’ve always done?

Nope! Well, not necessarily. 

The Mindset Shift

You should think of it as a shift towards a more profitable mindset.

Write that blog post.. but change your goals for it.

Each piece of content should have a purpose: to turn a reader into a subscriber. Use your post as a way to warm a potential client to the idea of working with you in some capacity.. like being receptive to the offer you will email them with in a few days.  

Record your podcast episode, but let your main goal be to convert your audience to your list subscribers. 

Do you see how this works?

Why it's Important to shift

So why IS focusing on subscribers and customers so important?

Let’s quickly discuss the Marketing Rule of 7.

According to THIS article on Kruse Control Inc, customers need to hear your message around 7 times before they will buy from you.  

Needless to say, it takes time before a potential customer is ready to buy from you. You have to nurture the relationship by building the Know, Like & Trust factor before expecting anyone to fork over their credit card info. 

Getting a person onto your list allows you to build a relationship before any offers are made. 

The benefits of a list go beyond just nurturing. Eventually, you’ll be able to share products and offers that you offer, as well as affiliate promotions. 

The end result? More cash in your account. 

The Money is in the list!

This is the rallying cry of every blogger and biz owner.

Your subscriber list is valuable to your business and should be something you keep working on. Don’t just get a subscriber and then not maintain that relationship.

The most valuable thing about your subscriber list is the potential of it turning into your customer list.

People are growing tired of the noise in their inbox to the point that they are unsubscribing from lists at break-neck speed. Their inbox is a private, sacred space.

Remember this as you are crafting your emails.

Deliver value.

Help them solve a problem. If a subscriber has become a customer, you have proof they trust and like you enough to hand over their hard-earned money. They are more likely to buy other people’s offers or products based on your recommendation as well.

To sum up: as you’re growing your business to double your income, focus on building an email list, then converting your subscribers into customers.

Once conversion becomes your main goal, your income growth is inevitable. 

Stock Photos:

Ivory Mix 

resources

Growing Your list

The Club is THE PLACE to be to hang out with other course creators, get support, talk openly about all things list building, course/program creation, course marketing, and even more importantly… to HAVE FUN!! Click the link above to join. 

Here is an AMAZING 🔥Group🔥 for Female Christian Coaches 👸 that are feeling overwhelmed with tech 💻 and need guidance on building their dream website, funnel, course 👩‍🏫, or membership site. If that’s you, please join us! You’ll get 🌸FREE🌸 trainings on all things tech so you can turn your website and funnel into client magnets!

READ LATER - DOWNLOAD THIS POST AS PDF >> CLICK HERE <<

Rant or Rave here:

%d bloggers like this: