My wife and I pay $4,200 per month for daycare. So, that’s roughly a lot. I get it, the daycare workers provide excellent care for my children and I appreciate them. But that’s still a lot of money. And the way I think about it, I’m pretty much paying, just so I can go to work.
I’m not saying all this just so you can listen to me complain. I’m telling you this because I want to share how I found a solution to my problem, which was not wanting to pay $4,000 per month for daycare. Or at least find an easier way to do it.
And if you follow along, you’ll learn how you can take control of your finances by creating revenue-generating services.
So, here’s how I solved the problem. I started with a lofty goal. I wanted to create a new service that would consistently provide enough revenue to pay my kids’ daycare bill.
And, that service had to meet the following criteria:
- It has to be easy to sell based on the obvious value provided.
- It must be a service that I can sell on an ongoing basis.
- There must be a natural way to sell those clients additional services.
And, honestly, this is how we should be thinking about all our services anyway, but this one felt more meaningful because it was designed to pay one specific expense. My $4,200 daycare bill.
So now I’m going to walk you through how I created this new service based on the established criteria and how you can do the same.
1. It has to be easy to sell based on the obvious value provided
People often come to me for help with various aspects of their business. Maybe it’s getting more leads, raising their prices and building their Linkedin presence. All that good stuff. But they sometimes haven’t addressed the most critical part of their business model, having a good offer.
And, I’ve talked about this before — which you can read here — so I’ll spare you the lengthy recap. In short, you need an offer so good your audience would feel silly saying no.
I’ll give you an overly obvious example of this: “If you were drowning and I threw you a life vest, would you take it?” Suffice to say, most people wouldn’t turn down that offer.
So here’s what I came up with for my offer; an accelerated program to help entrepreneurs create an irresistible offer so they can attract and convert high-paying clients. Ready for your first action item? Create an irresistible offer for your audience.
If you’d like to see an example of this, just head to terryrice.co/convert.
2. It must be a service that I can sell on an ongoing basis
Once you have your irresistible offer, let’s talk about how you can sell this service on an ongoing basis. I could have just sold one person on that accelerator program and made enough money to pay my daycare bill.
But, I wanted to make this offer more accessible to people who may not have as much money to invest in their business. That’s why I decided to create an exclusive workshop — it’s called the revenue accelerator, which is only available to eight members at a cost of $600 per person.
Reason being, I could charge less per person and wouldn’t need a bunch of people to take me up on the offer. Quick math coming at you.
8 X $600 is $4,800, so if I sold out, that would be more than enough to pay my daycare bill. I then decided to offer the workshop on a monthly basis. This approach works well for a few reasons.
Since there are only eight spots available, it was more likely to sell out which builds anticipation for the next workshop. This scarcity encourages people to stop considering and start converting due to fear of missing out. And, ironically, I teach you how to do that in the workshop too.
So, here’s your next action item. Think of a templated service or workshop that you can sell on a recurring basis with little to no customization needed.
3. There must be a natural way to sell those clients additional services
This part was a bit tricky. There isn’t an obvious next step everyone must take after the workshop. Some people may need help with branding, others may need help landing speaking gigs. But then I thought of something everyone needs, accountability. Here’s why.
According to the American Society of Training and Development if you have a goal, and meet with an accountability partner just once per week, your chance of hitting that goal increases by 95%.
So, no matter what goal you have I can help you achieve it, just by keeping you accountable. That’s why I created the Strategic Advisory & Accountability Program. And, it’s pretty simple. Every Monday program members fill out their weekly goal sheets.
They can then meet with me during weekly office hours in order to get real-time support. And, there’s also a Circle community so you can learn from and support your peers. Every Friday members provide a status update, ask more questions, and get video feedback.
For now, the cost is $500 per month, which I’ll eventually increase. And, I’m still capping membership — this time I’m opening up 10 spots.
Again, let’s do some quick math: 10 spots times $500 is another $5,000 in monthly recurring revenue for this program. It only takes me a few hours a month to maintain it since my wife is handling community management.
Tying everything together
The Revenue Accelerator brings in $4,800 per month and the Strategic Advisory & Accountability Program will bring in $5,000 per month. So that’s close to $10,000 per month and I’m working about a day and a half to earn it. Of course, it takes time to market it, but you get the point.
This idea stemmed from my frustration around paying a bill and now I’ve set up two revenue streams that bring in $120,000 per year. You can do the same thing, so here’s what I want you to do.
Pick one bill that you’re sick of paying. That part shouldn’t be too hard. But, if you’re just getting started with your business, keep it small, maybe it’s your cell phone bill. Then, think of a service offering you could provide that will pay for this bill on a consistent basis. Maybe it’s selling an hour-long consulting session and you charge $100.
That’s it. That’s all you have to do to get the process rolling.
After the first month, think of another bill that’s a bit more expensive. Maybe it’s your car payment or something like that. Pay that bill and the other bill using the service you’re providing. You get the point, just keep going with the process.
Try this out, it will work. And if you need help creating your offer, consider attending my next revenue accelerator workshop. You can learn more about it and register by visiting terryrice.co/convert.
So if you’re ready to stop haggling over prices and want an irresistible offer that attracts high-paying clients, sign up.
Either way, now is the perfect time to turn your frustration into the fuel you need to multiply your revenue. So get started today.
Want more details and additional tips? Check out the latest episode of the Launch Your Business Podcast below.
This story originally appeared on Entrepreneur
