The Fierce Business Babe Podcast Ep 287: Creating Bigger Cash Months
Today, I am diving into everything you need to about creating bigger cash months in your business. We are going to chat about being available for more cash flow and what this can look like for you specifically. I’m also going to share what having different ticket items can look like and how it can help create bigger cash months.
CREATING BIGGER CASH MONTHS
BY: MELISSA LIN
Welcome back to another episode of The Fierce Business Babe Podcast. In today's episode you are going to learn how you can create bigger cash months in your business. Something that I have been talking about a lot on my Instagram recently is how to play bigger in your business and what that can look like. Today I am going to dive even deeper into creating bigger cash months and what that can look like for you. No one in business is the same, so there are many different ways to create bigger cash months in business and I’ll definitely be sharing a few different things that you can do. If it's something that really aligns with where you want your business to go. We are going to be chatting about how to have bigger cash months in your business, mindset around how to be available for more cash flow, what this can look like in your business, and so much more.
BIGGER CASH MONTH MINDSET
Usually to bring more sales into your business you get to serve more people. At the end of the day, that's how simple it really is. To bring in more sales into your coaching or service-based business, you get to serve more people. Today we’re going to talk about a few different ways that you can do that, but before we do, we need to talk about the mindset side of wanting some of those bigger cash months. Mindset is so important. A few years ago I was consistently stuck at the same monthly income in my business. Part of it was strategy, yes, but a bigger part of it was my mindset and some of my fears. I had fears about bringing more money into my business and into my life. I had fears about holding space for more people and what would happen if I made more money. Some of these real fears were around if I would be able to handle it. Would I know how to be smart with it? Could I continue to really scale my business? Would my audience feel disconnected from me? So much comes up as you grow and scale your business into that next level. New challenges are going to arise that you haven't faced before. New fears and new things are going to come up that you've never had to handle before, and mindset is so key.
Again, these were some of the real fears that I had about scaling that really held me back for quite some time. If you are feeling any fears around growing your business or anything that goes with it, I want you to really tap into that. What are those fears and how were those stories serving you in the past? For example, maybe your story of not showing up consistently on social media was because it made you feel safe by not getting too big in the online space. How was that story serving you in the past and how is it no longer serving you? Those stories and fears are no longer serving you because they're keeping you and your business small when you get to be bigger, if growing is what you're wanting of course. Some people are super happy with a six-figure business, and that’s amazing. That's what their version of their business is going to be. Some want a 7-figure business or an 8-figure business. It really depends on what it is that you truly desire. Again, tap into what is serving you and what's no longer serving you. If you want to go bigger, let's go big. We definitely get to tap into your fears and explore them and start releasing them.
I have some questions that I want you to write down. Who do you need to be to hold more space for more clients? As I had mentioned at the beginning of today's episode, in order for you to grow your business and bring in more sales and have bigger cash months, you get to serve more people. Who do you need to be to hold more space for clients? Who do you need to be to have that bigger business? What do you need to do to be available to serve at that new level? Maybe you need to tighten up your boundaries and release some of the leaky energy that you may have in your business or even in your personal life. How you are in one area of your life is how you are in most areas. This is a great question to really tap into. Who do you need to be to hold space for more clients? What do you need to do to be available for that next level, for those bigger cash months? Strategy cannot work unless we've really started to tap into the mindset.
SALES PROCESS STRATEGIES
Now that we’ve tapped into the mindset piece of creating bigger cash months in your business, let’s start to get into the strategy piece. Something that I teach my clients in my paid containers is how to set up and also execute their sales process. The first piece of this is bringing in and attracting new people to your audience. Bring new people into your audience often. I would say bring new people in every single day, that gets to be a big goal for you and your business. As you bring new people into your audience, more people go through your sales process, more people are going to be nurtured by you, more people will start to like, know, and trust you, and more people will then start to convert and buy from you. We don't want to be selling your offers to the same people over and over. Yes, they can purchase other things from you, but we want to be bringing new people in to be purchasing your things as well.
Now, bringing new people into your audience is one of your biggest money making activities. There are dozens and dozens of ways to bring new people into your audience, and this is something that we really dive deep into in my progress with my clients. This is something that you get to focus on weekly, if not daily. I'll give you an example of how we bring in new people throughout the week. We get dozens of new people into our audience and our programs daily. One of our big things is a free class that we push out to bring new people in. Our podcast is another big piece of bringing new people into our audience. Any type of value piece you have, put it out there. Your free value, your lead magnets, that’s what’s really going to help you bring people in. Again, that's just one of so many. Create a few and add them to your list. It gets to be a non-negotiable for you throughout the week to be bringing new people into your audience. Whether it's you or a team member, it gets to happen. Your business will not grow unless you are bringing new people into your audience daily. You cannot create those bigger cash months without bringing new people into your audience. That’s the first way that you can create those bigger cash months, by selling to more people and bringing new people into your audience.
The next thing I would say is we need to make sure that you have higher ticket items in your product suite, high-ticket items in the thousands. This could be a coaching offer for $1,000, $2,000, $3,000. We can start to stack some of those higher ticket items and create bigger cash months for you. Ask yourself, do you have a high ticket offer in your product suite? Are you selling it often? Are you talking about it often? Does your audience know about it? Can you add another high-ticket offer? We have high-ticket offers that range between $3,000 and $30,000. The pricing really depends on the level of access to me in the program and what that transformation is, what's included and the results and things like that. We have a whole range of offers and you can imagine how those can really start to stack on each other. So, how can you have higher ticket offers? Can you have lower ticket offers? Definitely.
A question you might have is, “Melissa, can I create bigger cash months with low-ticket offers? What if a high-ticket offer doesn't fit my niche?” I'm going to kind of challenge that and ask you to really brainstorm how you can get creative here. There's always a way to create a high-ticket offer. If you’re not sure, send me a DM. There's always a way to create a high-ticket offer in your business, however, it's not necessary. It doesn't mean that you have to only have high-ticket offers. We have a range of low-ticket offers as well. If you go to my website you will see we have little bundles, mini courses, and template downloads that you can get for anywhere from $7 up to $297. We definitely have lower ticket items for people to hop into if they can’t hop into the higher ticket items. Not everybody is a high-ticket client and that's okay. If you want to create bigger cash months with only low-ticket offers, it means that you'll need to get in front of even more people and sell a lot more often. This is totally doable, it just may take a bit longer. I definitely recommend having a broad product suite with some low-ticket, some mid-ticket, and some high-ticket items. All of those can start to really stack up on each other.
Then the next thing that you can do, which I think a lot of people forget about or don't really utilize, is re-signing and up-selling your current and past clients. So yes, we want to bring new people in and we also want to be re-signing and up-selling your current and past clients. They are already huge fans of you and your programs. It's also much cheaper for you as a business owner to re-sign someone that’s already a customer than it is to find a brand new customer. Bringing brand new customers in is much more expensive than re-signing or up-selling a current or past one. Once your clients are in your programs, you get to give an amazing client experience so that a) they get results and b) they want to be in your world and your energy more and resign to get even more access with you. Typically, the higher-ticket the item, the more access to you as a mentor, guide, service provider, done-for-you service, whatever it may be in your business.
Let's talk through my product suite so you can see what it looks like in terms of access to me and the customer journey in terms of low-ticket, mid-ticket, and high-ticket and how you can start to really stack these up on each other. In one day we can have a few low-ticket purchases, a mid-ticket, and a high-ticket, or multiple of all of them, and those can stack up on each other and build those bigger cash months for you and your business. We have a few low-ticket bundles to give you that first toe in the water as you're starting your business if you're not quite ready for a coaching program. Once you're done with that, or if you want to go right into a coaching program, which I definitely recommend, we have our first coaching program which has been running for over five years now, the Fierce Business Academy. It is a beginner program for anyone starting their business from ground zero. It's a group program and there is no private access to me as a coach except for two group calls a month. We have support coaches and other ways to get support from me. I'm in the group Slack channel supporting clients daily, but again, it is not private. We are very hands-on, extremely supportive, and are in there multiple times per day supporting our clients, so no question is ever left unanswered.
Once our clients graduate The Fierce Business Academy, they can then upgrade into one of our Mastermind programs depending on where they are in their business. I have two Mastermind programs at the moment and we have new programs that are coming in 2024, which I'm super excited about. In our Mastermind programs clients get more access and we touch on higher level topics. We only touch organic marketing inside of the Fierce Business Academy because paid advertisement isn't necessary when you're getting started. Honestly, paid advertisement only amplifies what works organically, so you really don't want to even touch it until you've got your business working. In our Mastermind there is a little bit more access to me. Clients get a few private calls with me, I’m in the Slack channel more often, and there are more group calls. Then in my highest level Mastermind, Fiercely Scale, there is private access with me. It's also a much higher level investment as well. It's also for a higher level of business ready to scale to multiple six figures in their business. We have a whole range of different products and a very clear customer journey in our product suite. I want you to always ask yourself, what do you have available for your clients after they finish the current program they're in? What's next for them? It could be an alumni program; it could just be continued support, continued accountability, check-ins. Have something available for that next step in their journey because that's an opportunity for you to upgrade them into a new level and also continue to support them and bring in some of those bigger cash months that you’re looking for.
The fourth way that you can be bringing in bigger cash months is pay-in-full bonuses. If you are wanting bigger cash months, a very easy way to do this is to have more pay-in-fulls. Provide an incentive or a bonus for clients to pay-in-full. This could be a bonus training, an extra support call, early access to something new you have coming, it really can be anything. It could be access to a course you’ve created that isn't currently available for purchase. My client Mary and I were working on this with her business this month and we were able to put a plan together for bigger cash months. We were able to do it by using a few of the strategies that I've mentioned. One of the things that she did was increase her pricing in all of her programs, and that’s another thing that you can do. A quick side note, this is something that we do once or twice a year, we increase our prices program wide. She also added in one new level of private coaching at a higher investment, so adding another higher ticket offer. She also added in some pay-in-full bonuses for her year-long group coaching program that she has. So far this month she's already $15,000 higher in revenue than last month. She also still has time left this month for new sales and still has more recurring revenue that's already logged in from previous months. As you start to stack offers they're going to create some of those bigger cash months. If you want some hands-on experience or some support with that, feel free to send me a DM over on Instagram. I can share different containers and what I feel is the best fit for you so that we can get you going and create some of those bigger cash months in your business. We have touched on how to have bigger cash months in your business, the mindset around how to be available for more cash flow in that bigger business, what this can look like in your business, and so much more. We're already getting so excited for next week's episode and I cannot wait to share it with you. It's all about how to sell multiple offers at one time, a year long. We will see you next week in another brand new episode of The Fierce Business Babe Podcast bright and early next Monday morning.