This post is all about how you can add an extra $20k to your monthly revenue. Sounds appealing, right? And besides being enticing, it’s also very possible. I’m going to talk about how you can do this and some really expansive moments and business moves I’ve had. Hopefully, it will spark ideas and inspiration for you on how you can expand your business – and in the process, your bottom line!
Raising Your Prices
This is something that – believe it or not, people actually forget to do. I’ve been guilty of it, too. I notice this with my clients as well. But when I did this for myself, it instantly added between $5k-$10k a month.
But how do you know if it’s time to raise your prices? Well, if no prospects are turning you down, if you’re booked out and on the brink of exhaustion, or you’re never receiving an objection on price, it might be time. If you’re simply not as excited to show up as you used to be, that’s another indication that it’s time for a price increase.
I want to clarify something about raising prices, though. When you do this, it doesn’t mean that you have to give more or add things to your programs and services. The value you provide, your knowledge, and your experience is growing each time you serve a client.
That in itself warrants a price increase! People think that they have to add many “things” to their packages to warrant the price raise, but to be honest, this could hurt more than help. After all, the people taking your programs are probably really busy. If your offer is too jam-packed, it could ultimately deter them.
Launching New Offers
The next way to add to your monthly bottom line is to launch new offers. I want to share some of my personal experience with this. In 2018, I was doing 1:1 coaching and had really perfected my framework and documented the entire process, which was – at the time – a nine-step client attraction process.
At the time, I was truly capped out and maxed out and I simply couldn’t take on any more private clients even though it’s something I LOVED doing. Instead, I decided it was time to open up a group program with that framework and added a coaching component to it.
I had this as something that I wanted to sell more passively, so I added more videos to make it comprehensive without my having to show up every day. This new launch brought in a lot of income for me and was very impactful. Today, I’m launching my Smart Online Success Academy, which is an evergreen, 12-month program that further plays on my perfected framework.
This all goes to say that you’re only one person and you can only take on so much. So, to make more money without stretching yourself too thin, it could be helpful to launch new offers that are more passive.
Expanding Your Offer Suite
Expanding your offer suite is another helpful way to add to your monthly income. Again, I’ll talk about how this worked for me. Let me map it out with a little bit of a timeline:
2017-2018: I started one-on-one business coaching by doing weekly calls for a monthly rate of $500-$1000
2018: I had one private coaching offer and was bringing in about $10k a month
2019: I launched my Client Attraction University, working on a one-to-many model with the same transformation and process. The first launch of this was $20k, the second was $50k, then followed amazing six-figure launches
2019 cont’d: This year, I was also done coaching 1:1 and ran my first passive course called How to Run a Bombass Free Challenge. This was my first foray into passive income for this business.
All of these offerings spouted from my original framework, which I had taken that initial year to perfect. Just like I did, you can create a passive program by looking at your course and seeing what part you can dive deeper into. That is really expansive to your business and income.
To do this, though, make sure you’re taking the time to test your process and framework, collect social proof, and really be able to back up your work. This is SO key and can’t be rushed.
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Upsells and Downsells
For the final way to add to your monthly income, you can make extra income on your program sales by adding a little something else that’s optional for clients to buy as an “add-on.” For instance, adding a month of Voxer access is a great add-on that you can charge extra for. Or, maybe you are selling a course on how to create Instagram Reels for your business. A great add-on would be an additional course about repurposing that content for TikTok.
Charging even an extra $97 for these add-ons can add up quite nicely, so it’s definitely a useful way to earn more monthly.
A Myriad of Ways to Add More Monthly Revenue: The Bottom Line
As you can see, there are so many ways to add to your monthly income that actually doesn’t require you to do a ton of extra work on top of what you’re already doing. Just because you can only take on so much doesn’t mean you can’t earn more, and I help this post helped demonstrate that.
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