Show me the Money…
by Lynne
No, Show Me How to MAKE the Money
Have you read Multiple Streams of Coaching Income, Andrea’s first book?
If not, put it on the top of your reading list. In the book, Andrea shares why a multiple streams approach can be a lifesaver for coaches struggling to make ends meet with a one-on-one coaching model and how to implement this approach in your business.
Of the most powerful sections of the book reveals Andrea’s Money Game, the formula she used to grow Coachville to a multi-million dollar coaching company in less than 2 years.
To play the Money Game:
- Download the worksheet at http://www.msoci.com/bulletins/moneygame.pdf
- Set a financial goal for 2008 and fill it in.
- Use the Multiple Steams approach to break that goal into do-able chunks using this formula: If ___people pay $ ___ per month, that’s $____ per month or $____ over the course of a year.
For example, let’s say you want to create a $39 dollar e-book and offer it to your database. Using the formula, you can predict that if 100 people pay $39 per month for that e-book, that’s $3900 per month or $46,800 per year.
If your 2008 financial goal is $120,000, that $39 dollar e-book could help you make one third of that goal.
If you add two more income streams, like individual coaching clients, a teleclass, or a membership site, the Money Game formula will help you determine exactly how those income streams can help you reach your goal.
The best part about this tool is that it is a game. You can move the prices up or down or aim to sell to a greater or fewer number of clients. When you use the Money Game formula, you will be able to forecast your income and decide how many income streams you need to reach your annual goal.
Plug in the things you are already doing and see how close you are to your 2008 goal already. I was shocked to find that if I just keep on doing what I’m doing currently, I’m already three quarters of the way to my annual goal.
What about you?
Play the Money Game with Andrea’s worksheet in the next week. Have fun discovering where you are and then use the numbers to plot a course for where you want to be in 12 months. Post your questions and realizations below in comments.
When you play the Money Game on a regular basis, you’ll see your business grow in profits and in the number of people served. You’ll start to see opportunities to create things that can serve your clients in addition to your coaching, enriching their lives and your bank account.
PS- Grab your copy of Multiple Streams of Coaching Income (and the corresponding Implementation Workbook) and find out what shook up our industry and made it so much more sustainable.
