There’s a LOT of talk out there in the online world about six-figure businesses and five-figure months. But when I first speak to my money mastery clients and ask them what their income goal is, for many of them the answer is $5k a month.
Sometimes they’re just starting out in their businesses, but for many they’ve been in business for 1-3 years and not yet been able to generate a consistent monthly income. In both cases it often feels that $5k a month is a good starting point for future growth.
Now as a Money Coach, I’m all in favour of thinking big when it comes to income goals and making quantum leaps, but it can feel easier to make those leaps from a place where you feel comfortably supported.
When you’re consistently generating $5k a month, you know that you have a viable business with clients willing to pay for your products or services, you’ve demonstrated your ability to generate income (yay! You can do it) and you’ll have more than enough money coming in to cover your expenses.
So, if you’re not there yet, how do you get to a place where you’re consistently creating an income of $5k every month? In this article, I’m giving you my top five tips.
1) Get your pricing right
The first step is to think about exactly what it will take for you to generate $5k of income in your business each month.
How many clients will you need to attract?
What products or services will you offer them?
How many hours will you work?
Get clear on what $5k a month looks like in your business. Write down exactly how many clients you want to work with during the month and what you will offer them.
When you do this, check in that it feels sustainable and manageable for you. If you need to attract hundreds of clients and you have no idea how to do this, then your first $5k might feel like too much of a stretch, leaving you feeling stressed-out and anxious.
This is where pricing comes in. If the idea of making $5k a month feels like it’s going to be really hard work for you, then maybe your pricing is out of wack?
You need to consider whether you’re under-charging for your services right now. Be honest with yourself. Do the prices you’re currently charging feel too low?
A good way to do this is to take each service or product you offer and write a list of all the ways your clients benefit from it. Really go to town and write down every single positive impact you can think of. (Give yourself at least 10 minutes for each product or service you offer).
Once you’ve done this, think about the price you’re currently charging and check in with how it feels for you. If the price reflects all the benefits your clients receive, then great.
However, when I take my own clients through this exercise, they often realise that the prices they’ve been charging are too low and it feels right to increase them (recently I worked with a client who was able to double her prices after doing this exercise and immediately created more sales).
The fact is, if you’re charging a price that feels too low, you can actually be repelling potential clients as they perceive your product or service as low value.
In addition to this, you can end up subconsciously sabotaging yourself from attracting clients, as your pricing just doesn’t feel sustainable. Your subconscious mind is there to protect you and it won’t let you do something if it feels like it’s too much hard work.
So, getting your pricing right is the first step to consistently generating $5k a month.
Want more help with pricing? Click here to download my free pricing guide where I give you a simple process to work through and share the 7 specific questions you need to ask before setting your prices.
2) Get visible!
Fact: You are never going to create the income you desire if potential clients don’t know you exist.
You need to be seen.
Maybe you’ve got a lovely website, a Facebook business page and other social media accounts, but are you proactively building relationships with potential clients?
It’s not enough to put the occasional post on Facebook or publish the odd blog. To generate consistent income in your business, you need to be truly visible.
Here are some ideas that will help you get known by your ideal clients:
- Hang out in the same Facebook groups as your ideal clients and build relationships there – be helpful, answer and ask questions, be supportive (do not just jump in occasionally and make an offer!)
- Go to networking groups and connect with potential clients and collaborators
- Write a regular content-rich blog (if writing’s not your thing, how about making a video or podcast?) and ALWAYS include a clear call-to-action.
- Build a list of subscribers and contact them regularly with super-useful content
- Host a launch (or relaunch) event either online or in-person
- Give free taster sessions and (most importantly!) ask people to work with you at the end
There are LOTS of ways you can make yourself more visible. And I’m guessing you already know about how to do this, so what’s stopping you from getting out there?
For many of the women I work with, it’s a fear of being seen.
I get this. It can feel scary to stand up and say, ‘This is what I do. This is what I have to offer.’
So, first of all acknowledge that it’s completely normal to feel scared when you’re stepping out of your comfort zone. In fact, it’s a good sign because it means you’re stretching yourself (and you officially ROCK!)
Secondly. there are things you can do to release this fear. My go-to tool is Emotional Freedom Technique (EFT) or Tapping as it’s often known. EFT is super-simple and versatile and I use it pretty much daily for myself and recommend it to all of my money mastery clients. Click here to see the latest EFT videos on my Youtube channel.
3) Be in receiving mode
This is super-important! It’s no good setting a goal to create $5k a month of income and not being open to receive.
So, what does being in receiving mode mean?
You need to be contacting, speaking to and making offers to potential clients.
If you already have prospective clients getting in touch with you, fantastic!
Now you just need to make sure you’re getting back to them promptly and letting them know what you can do for them (either by phone, email or in-person depending on your business).
You also need to make sure you’re following up with any enquiries you receive if potential clients haven’t got back to you. Remember, people have busy lives and may forget to get back in touch with you. Often they’ll appreciate a follow-up call or email to remind them that you have exactly what they need.
If you haven’t got potential clients contacting you right now, you need to be more proactive.
You can use all of the visibility tips I mentioned above to let people know what you do and how you can help them. Make sure you include an offer or a way to connect with you further in every interaction (this doesn’t have to be spammy! Remember, you’re simply allowing your potential clients to receive what they need whilst clearly being in receiving mode yourself).
If you want to know more about the subtle qualities of ‘receive-ability’, click here to check out one of my most popular blog posts where I’m talking about it in more detail.
4) Believe in yourself
This is what underpins everything else I’ve been talking about in this article. Your beliefs are the thing that make the difference between generating a consistent, growing income in your business and finding it hard to bring money in.
You might have heard how your thoughts create your reality and beliefs are simply deeply-engrained thought patterns that can either be helpful and supportive or limiting and restrictive.
So, if you have beliefs like, ‘I can do it!’, ‘Money flows to me effortlessly’ or ‘I have SO much value to offer the world’, then you’ll find that you get to your $5k a month and beyond much more easily than if you have beliefs like:
‘I’m not good enough.’
‘It’s really hard to make money.’
‘People in my area won’t pay what I want to charge.’
‘There aren’t enough clients for me.’
‘I’m not sure whether what I’ve got to offer is of value.’
If you have these kind of beliefs running, they’re going to hold you back and make it really hard work to create the income you desire.
Working with beliefs, and particularly money beliefs, lies at the core of what I do with my money mastery clients. You want your beliefs to lift you up and make you feel like you can take on the world, not shrink you down and make you feel like you want to crawl back under the covers in the morning.
So, if you feel that your beliefs aren’t supporting you right now, what do you do?
Well this could be a whole other blog post and it is! Recently I wrote about how to shift limiting money beliefs by holding your very own Full Moon Ceremony. The good news is you don’t have to wait until full moon to do this. You can simply follow the steps and get the same results. Click here to read the blog post and learn how to create new, positive beliefs that will support you in reaching $5k per month.
5) Accountability and support
You’re nearly there! If you work through all of the steps I’ve outlined above and take consistent action, you’ll soon be creating the income you desire.
My final tip is that you don’t have to do all of this on your own. In fact, it’s SO much easier if you allow yourself to get support.
When I started my hypnotherapy practice six years ago, I didn’t quite realise that as well as seeing clients, I’d have to spend a lot of time on marketing, admin, sales, techy stuff and content-creation.
But I was determined to do it all myself. It was MY business and I believed that meant I had to do every, single task necessary to make it successful.
The thing is, trying to do it all by yourself is exhausting. And it can prevent you from becoming more successful. If you’re working like a mad woman, burning yourself out whilst trying to get everything done, alarm bells start to go off in your protective subconscious mind and it will find subtle ways to prevent your business from becoming any bigger (self-sabotage rearing its head again!)
When I FINALLY made the decision to get help in my business, it created much more space for me to do the things I love – working with clients and creating – and these are also the activities that generate income for me. So, I felt supported and I was making more money. How’s that for a win-win?
So, what kind of support do you need in your business?
Initially it might be hiring a Virtual Assistant for a couple of hours, getting some help with social media or your website. The idea is to put support in place now, so your business can grow.
I’ve also mentioned accountability here as this is key to achieving your goals. When you publicly commit to making a particular level of income, you are much more likely to take action and do it.
When I say ‘publicly commit’, I don’t mean you have to go out into the street and declare your monthly income goal (although maybe that works for you!?), you simply need to choose someone to be accountable to – this can be a friend, a colleague, a mastermind group or a coach like me.
Accountability is the magic juice that will energise and motivate you. My clients often value this element of working with me as much as the deep, inner work we do.
Find someone to be accountable to and share you income goal with them.
So, there are my top 5 tips to help you create a consistent income of $5000 per month. And you can use these steps to continually increase your income from now on.