4 Business Numbers You Need to Know for $10K Months

Over the last month I've spent time interviewing multi six and seven figure business owners asking them about the time when they were working to get to consistent 10k months in their business and then how they eventually broke out of that 10k a month cycle and got to seven figures. These interviews were all recorded for a podcast Inside my virtual one day conference 10 KCON this virtual one day conference is happening on April 5th and when you get your ticket now you unlock 10 interviews of this private podcast with, like I said, six and seven figure business owners really being transparent and real honestly about their journey to 10k months and beyond. So not only are you going to unlock these podcast episodes where they're sharing what made the difference in their business, but you will be joining me for a complete one day virtual event sharing all the strategies that you need to start putting in place to get your business to a consistent 10k month in revenue and beyond. If you're a solo business owner who's currently burning out with all the client work, or you're struggling to get enough clients to keep your business open, or your course creator or a digital product creator, and you are struggling to get consistent sales every single month, this conference was created just for you. Make sure you grab your ticket@trina little.com forward/10kcon now back to those interviews. Because one of the questions I asked every single entrepreneur that I talked to was what were they tracking in the beginning stage stages of their business to truly understand what they should be focusing on and what they didn't need to do anymore so that they could understand what the next steps they needed to do to get to 10k months without burning themselves out. And then ultimately how did this determine for them what they should do more of and what they could do less of? The funny thing is, most of their answers were pretty identical. And these are business owners in all different niches with all different types of business models. So, so here's what it all came down to. It came to these four numbers you need to be watching in your business every single week to help you get to consistent 10k months. Ready to hear those numbers? Comment numbers now down in the comment section. First up, that very first number you need to be looking at is money coming in revenue. How are you making money in your business and what is currently selling most of now, let's do two examples. Let's say you are a service provider and you only get paid once a month because you have your clients on a monthly retainer. When you're looking at this money coming in. First of all, is it enough for you to live the life you want? Right? Is it enough for you to hold a sustainable business? The other question, is it enough to hire somebody to help you? Because if you are just a service provider, that's totally fine. But if you are struggling with all of your time going into client work and you get no time off, or you feel like you're too chained to your desk for your client work, you need to find some time in your schedule to create a different offer that isn't directly related to your time. Because a lot of the times our services are directly related to our time. Not all of them. In fact, I think a great example of a service provider that is crushing it is Mackenzie Matter. And she does VIP days. She charges $2,500 at the recording of this video for one day. And what she was able to do for me in one day is my 10K con page. And if she's two clients a week, every single week at $2,500, that's $20,000 in revenue. And she has really no overhead because she's doing the designing herself. And that's a pretty decent monthly income, only working two days a week. So I'm not saying that being a service provider and just a service provider isn't your only option. I'm talking to those of you that feel like you're spending all your time with clients and you're never getting to that income level that you want to. So, again, we're looking at revenue coming in. What can we do to increase it? If we cannot take on more clients because we're already maxed up, can we increase pricing now? Remember me talking about that podcast? Andrea Jones actually shared a story on how she was really forced to increase pricing at one point in her business, but that literally changed the trajectory of her business. And now she is a successful social media agency with multiple clients, and she can really tie it back to that one moment where she decided to increase pricing. Okay, so that first number, we need to make sure we know what is coming in, and is what is coming in enough for us? And is that money coming in allowing you to have the kind of day, the kind of week, the kind of month that you really want to have, or are you working every single day and you would like some more time freedom? The second number we need to look at is expenses. And I'm going to tell you, this is one reason why I always avoided looking at my numbers for far too long. Because after listening to so many of these Entrepreneurs and this 10K Con podcast, I wish I would have gone back and looked more closely, but I was nervous. I have a weird relationship with money as it is, and so I wasn't truly tracking how much money was going out. So what you need to look at is how much money is going out. We're talking about software. So something that I pay every single month for is FG funnels. And all of my funnels, all my email systems run on that. I can't get rid of it. Right. So checking out, what are you spending in your business? Do you need to reevaluate some things? Do you need to stop paying for things? Do you need to look at possibly investing in something that will get you to where you want to be with your revenue number? Because I also want to say, when we're looking at expenses, we need to determine are these expenses contributing to our business? One expense that I took on at the end of 2020 was getting into a mastermind. This mastermind is $2,000 a month. For me, that's a huge expense. But I'm going to tell you, within six months of that investment, I made that investment back and beyond. And I continue to pay for my mastermind because it has allowed me to elevate my business. It has allowed me to network with other entrepreneurs very much like 10k con, and take my business to the next level. So while $2,000 a month is a lot for an expense, this exp had a massive ROI for me in less than six months. So I want you to take a look, look at your expenses and really determine how much is going out. Can any of it be cut and what is the ROI contribution to these expenses? Maybe you need to cut a few expenses and look at an expense that's going to help you elevate your business or help you increase the ROI of the expense. This third number I've recently been talking a lot about here on my YouTube channel, and it is traffic or the amount people that you get to your website, work with me page, landing page, course, sales page, digital shop, wherever you are selling? Because what it comes down to in business is a numbers game. If people are not aware of your offer of your services, you're not going to make sales, right? And if you are expecting to make a hundred sales a month, if you understand the traffic numbers, meaning about 2 to 5% of people are going to convert when they land on your sales page. And if you want a hundred people to convert each month, we got to pull the calculator out for this. On my Friends, because I can't do that on my own. At a 2% conversion, which is industry standard, you need to get 5,000 people to that sales page every single month. So what specifically should you be looking at when it comes to traffic on your page instead of just the overall number? Well, first of all, the overall number, right, you want to get an understanding of what it is typical for you to get every single month to your landing page or work with me page, and what is that conversion rate, which we're going to talk about next? Then you can realistically start planning for how much sales you can expect so how much revenue you can expect to generate every single month. The other thing you want to be looking at is traffic when you publish content. So when I publish YouTube content, if I'm promoting something like 10k con, I want to be checking the traffic to my 10k con sales page when I publish a video. And I want to see, out of all the videos that I'm utilizing the next couple of weeks to talk about 10k con, which topic did I talk about that generated the most traffic to 10k con? Because that's going to signal to me, that is the topic, that is the conversation that my audience really wants to have because it caused them to not only watch that content, but to then go to my landing page. For 10k con, you can do this for. For Facebook Lives, you can do this for Instagram for Reels as well. But you want to be tracking what content, what topics are increasing traffic to your page, because then you're going to know what kind of content to double down on or what to create more of, what topics to create more content about. And you may have a video that you put out and you're like, only one person came to my sales page that day. Something about that topic didn't really resonate with your audience. So, you know, maybe that's not a topic that's hitting your audience. Am I? Last video I talked about that podcast episode with Meredith Noble and how she spent months interviewing her dream target audience to really understand what kind of content they were looking for, how they were speaking about their problem, to really solidify her marketing and her content. That's what you really need to focus on. If you're creating content and you're talking about your offers and you're not seeing traffic increase to your sales page, landing page, wherever you're trying to send them, the next number that you need to be looking at every week is conversion rates. Now, I mentioned earlier industry standard conversion rates for a course Sales page are around 2 to 5%. But knowing your conversion rates can be incredibly effective for you to understand what to prepare for and to know what you can expect to make each month. I know that was my hardest thing as an entrepreneur in the beginning, not knowing what I was going to make each month, how I could prepare for that, how I could plan around that. Well, if I wanted a contractor or a virtual assistant, how was I going to know if I could support them if my money was going up and down? So when you can understand what your conversion rates are, you can start to project what your monthly revenue is going to be. One of my clients inside of 10K on replay, reached out and we had a conversation about feeling like she was doing everything and always working and always creating offers. And it just felt like spaghetti on the wall. Because her business wasn't growing, she felt stagnant. It felt like nothing she did got the business to that next level. And so I asked her, hey, can you send me back these numbers? I want to know how much traffic you're getting to your sales page of your membership and I want to know how many people are buying, because this is going to tell us, is this offer speaking to your target audience or is it doing its job of converting people? Now, she wasn't tracking her numbers and it took a while for her to be convinced that these numbers were very important. But once she got back to me, she told me, out of of 365 people who grabbed her free lead magnets, only three people joined her membership. That is a huge red flag for me. This is signaling a problem. And a reason why she feels like she's working harder is because her conversion rate is less than a 1%. So there's something we need to look at here. We need to look at, okay, we're getting people into the free lead magnets and that's working. But how can we get people that get the free lead magnet into the membership? What is the journey we are taking them on? Are we telling them about the membership enough? Are we sure that the lead magnet actually ties in with the membership and we're attracting the right audience? Or is the lead magnet attracting the wrong audience for the membership and we need to create an offer or a lead magnet, specifically speaking to people's perfect for the membership. And so this allows us to really hone in and focus on what we need to create, not just creating a bunch of things and hoping something sticks so that there's a clear path and a clear plan to know what we need to do to get sales up. Because that's the goal of your business, right? To increase sales, increase revenue. So once you can truly understand these numbers and you can look at them and you can see, oh, something isn't, isn't working here. We're getting people into the lead magnet, but they aren't going to the membership. So what do we need to look at? What do we need to critique? What do we need to change? Now that example was getting somebody who got the lead magnet. They actually converted, but they didn't convert to the course. The other thing you need to look at is are you getting people to your landing page, Whether it's a freebie or a small offer, are they actually converting? Because the same numbers would be the same if you're getting over 300 people to your landing page, say each month and only three people are opting in for something free or something small. Ticket Again, we have a problem here. We are either writing our page, our landing page, our sales page to the wrong audience, or we're creating the wrong type of content that is driving the wrong audience. So we need to analyze our Is our content talking to the right person or is our landing page and our copy on our sales page talking to the right people? And where's the disconnect happening? Because that is truly how you're going to figure out how to get to 10k months without doing more work. Because this could just be a small tweak. It's not creating a whole new membership, it's not creating a whole new offer, it's just figuring out which one isn't working. Now I know as a solo entrepreneur you already have a lot on your plate to manage and the to do list is never ending. But focusing on these four numbers at least every month will really help you make the best decisions so that you're not working harder and burning out, you're working smarter and making small tweaks that will really move the needle in your business. And if you're ready to work with me to help you create, create a game plan for your business and know exactly what you should be focusing on. So it feels like all of these business puzzle pieces fit together nicely. Join me on April 5th for 10K Con. You'll get access to 10 podcast interviews with multi, six and seven figure business owners plus a full virtual day with me on April 5th where our sessions will include three strategies to build a consistent 10k a month business model. How to create a traffic generating plan to attract and convert your dream clients 10k business models that are working right now where I'm going to be having my clients inside a 10 count replay share with you how they are getting 10k months in their business and your sweet spot plan how to create a doable 90 day plan. Grab your ticket now at trina little.com forward/10kcon then once you get your ticket while you wait for April 5th, watch this video on your screen right now where I walk you through how you're over complicating your business and how you can start simplifying your business right now. Click there and I'll see you in that video.