How My Kids Helped Me Launch a $100k Service

Do you have a bill that you're sick of paying? Then stick around and I'll teach you how easy it is to consistently cover that bill with very little effort on your end. This is the launch your business podcast because we know starting a business is challenging, but it doesn't have to be confusing. Each week we'll give you the tactical advice and the necessary tools to scale your business without feeling burnt out. Terry I'm Terry Rice, business development consultant and staff writer here at Entrepreneur magazine. Let's dive in. This may shock you, But I pay $4200 per month for daycare. So that is roughly a lot. And I get it. The daycare workers there provide excellent care for my children and I do appreciate them. But that's still a lot of money. It just is, right? And the way I think about it, I'm pretty much paying just so I can go to work. But again, I understand that because it allows me to generate revenue for my family. But that's also why it kind of irks me when people ask me to do stuff for free because my time is not free. Not only am I not getting paid, but I'm also paying to be there since I still need to cover my kids daycare bill. But I'm not saying all of this just so you guys can listen to me complain. I mean, thanks for listening, but I'm telling you this because I want to share with you how I found a solution to this problem. And if you follow along, you'll learn how you can take control of your finances by creating revenue generating services. So here's how I solved the problem. I started with a very lofty goal. I wanted to create a new service that would consistently provide enough revenue to pay my kids daycare bill. And that service had to meet the following criteria. It was easy to sell based on the obvious value provided. I could sell it on an ongoing basis. And there was a natural way to sell those clients additional services. And honestly, this is how we should all be thinking about our services anyway. But this one just felt more meaningful because it was designed to pay one specific bill, my $4200 daycare bill. So now I'm going to walk you through how I created this new service based on the established criteria. Number one, it has to be easy to sell based on the obvious value provided. People often come to me for help with various aspects of their business. Maybe it's getting more leads, raising their prices, building their LinkedIn presence, you know, all that good stuff. But they sometimes have not addressed the most critical part of their business model, which is having a good offer. And we've talked about this more than once on the podcast. You need an offer so good your audience will feel silly saying no. And I'll give you an overly obvious example here. If you were drowning and I threw you a life vest, would you take it? So, yeah, the answer is going to be yes. And clearly yours will be different and more detailed. But you get the point. And if you want to see an example of one of my offers, just head to TerryRice co. Speed. That's Terryrice Co. Speed. Okay, so now that you have your irresistible offer, let's talk about how you can sell this service on an ongoing basis. So on my end, I could have just sold one person that service and made enough money to pay my daycare bill. But I want to make this offer more accessible to people who may not have as much money to invest in their business. That's why I decided to create an exclusive workshop. It's called the Revenue Accelerator that is only available to eight members. Reason being I could charge less per person and would not need a bunch of people to take me up on the offer. So I decided to cap the program at eight members and charge $600 each. Quick math lesson coming at you. Eight times 600 is 4800. So if I sold out, that would be more than enough to pay my daycare bill. And I'll stop here to say that's how you should think about your pricing and revenue goals based on the amount you're charging. How many people do you need to say yes in order to meet your revenue goals? One benefit of creating a workshop is that you can deliver the same content to multiple people multiple times. It's one of the best ways to continually increase the revenue generated and based on the time you've invested. And here's an example for you. Over the course of three years, I made over $300,000 delivering a workshop on behalf of a business partner multiple times. No prep, just show up, do my presentation, get paid, leave, rinse, repeat. But in this scenario, I just want to pay my daycare bill. So I decided to offer the workshop on a monthly basis. This approach works well for a few reasons. Since there are only eight spots available, it it was more likely to sell out, which builds anticipation for the next workshop. And this scarcity encourages people to stop considering and start converting due to the fear of missing out. And ironically, I teach you how to do just that in the workshop as well. Beyond that, since it's an ongoing offer I can easily integrate it into my monthly marketing plan. Plus, a lot of the marketing assets can be repurposed. As an entrepreneur, you're good at solving other people's problems, but what about the problems that arise within your own business? Maybe you're not getting enough leads or you're having trouble increasing your rates. Maybe you're stuck working around the clock and still not making enough money. These are all symptoms of a larger problem. And unfortunately, you can't fix problems you're unaware of. And that means no matter how hard or how smart you work, you'll never reach your full revenue potential. So let's fix that. I've created the Revenue Roadblock Checklist, a visual and tactical solution to help you identify and eliminate revenue roadblocks. So if you're feeling stuck or stagnant in your business, this is your chance to finally break through to the next level. Grab your free checklist by heading to TerryRice Co money. That's TerryRice co. Money. Okay, one last step here. There had to be a natural way to sell workshop attendees additional services. Now, this part was a bit tricky. Reason being, there's not an obvious next step after the workshop. Some people may need help with branding. Others may need help landing speaking gigs. So lots of options out there, right? But then I thought of something. Everyone needs accountability. And here's why. According to the American Society of Training and Development, if you have a goal and meet with an accountability partner just once per week, your chance of hitting that goal increases by 95%. So no matter what goal you have, I can help you achieve it just by keeping you accountable. That's why I created an accountability program. And it's pretty simple. Every Monday, program members fill out their weekly goal sheets. This includes your top three goals and the associated tasks needed to complete those goals. You'll also write down what might stop you from hitting those goals so you can proactively avoid these issues. Then every Friday, you provide an update on how things went. From there, you'll get feedback from a coach so you can continue making progress towards your goals. I also offer weekly office hours so you can get real time support directly from me. And lastly, there's a circle community so you can learn from and support your peers. For now, the cost is $500 a month, which I'll eventually increase. And I'm still capping membership. This time, there are 10 spots available. And here's another math lesson for you. 10 spots times $500 is another $5,000 in monthly recurring revenue. And this program only takes me A few hours a month to maintain. So let's tie everything together here. One more math lesson. The Revenue Accelerator workshop brings in $4,800 per month in the accountability program will bring in $5,000 a month. So that's about $10,000 per month. And I'm only working about a day and a half to earn it. And yeah, sure, it takes time to market it, so on, so forth, but you get the point here. Day and a half, $10,000. Not a bad idea. This idea stemmed from my frustration around paying a bill. And now I've set up two revenue streams that bring in $120,000 per year. You can do the same thing. So here's what I want you to do. Pick one bill that you're sick of paying and that shouldn't be too hard to do, right? But if you're just getting started with your business, keep it small. Maybe it's like your cell phone bill or something. Then think of a service offering you can provide that will pay for this bill on a consistent basis. You can. Maybe it's selling an hour long consulting session and you charge 100 bucks. That's it. That's all you have to do to get the process rolling. After the first month, think of another bill that's a bit more expensive. Maybe it's your car payment, something like that. Pay that bill and the other bill using the service that you're providing. And you get the point here, right? Keep on going. This approach is called the Snowball method and it's a great way to gain momentum while also reducing the pressure to immediately generate a lot of revenue. Try this out. It will work. My first workshop sold out in just 10 days, and if you need help creating your offer, consider attending my workshop. You can learn more and register by visiting TerryRice Co Convert. That's TerryRice Co Convert and if you know anyone else who may be interested, please share this podcast and that link with them. Thanks again for listening and I'll catch up with you next time. Apply what you've learned on today's show. You'll find the show notes and more resources at TerryRice Co Podcast. Again, that's TerryRice Co Podcast. And the best way to support this podcast is by subscribing, telling a friend, and leaving a review. Also, you can get more tips by following me on Instagram @TerryRice or follow me on LinkedIn. This episode was produced by Josh Wilcox of Brooklyn Podcasting Studio and edited by Dan Lardy. Special thanks to my wife, Dominique, for keeping our kids relatively quiet. As I recorded. Thanks again for listening. I'll see you next time.