Archive for October, 2010

incomestreams

Determine and implement your income streams and enjoy a flood of income on a consistent basis.

Income streams are essential to building a high six- or seven-figure income. Ultimately, to be that successful, you not only need to determine your income streams, but also the order in which you should do them.

One thing you shouldn't do is trade your time for money. Even if you charge significant sums of money in exchange for your time, this type of revenue isn't a steady stream. It doesn't flow into your business without your physical presence to guide and propel it.

The bulk of your income needs to come from leveraging products, programs, events and other more passive types of income.

My own million-dollar plus business relies on no more than five income streams. I like to keep things simple, and these income streams do the trick.   Here are some tips to help you implement your income streams.

Get really good at planning.

Plan at least one year in advance. Look for the two, three or four projects that will yield the big income – the projects that will take you easily to your income goal and beyond.

Determine which projects you're going to work on during each quarter, rather than month by month.   You may find that you will be working on only three or four big projects across the entire year, but they will be BIG projects, with big revenue.

Connecting those projects so that one leads naturally to the other will also help to maximize your revenues.

By planning, you'll know precisely where the revenue will come from, how much you'll earn from each project, and where to focus your time.

Determine which income streams to implement.

Start by creating a product that requires no fulfillment from you. This cannot be a predominantly time-based product. The idea is to offer a product or program on your website. When the order comes in, the fulfillment house – the company that ships the product – fulfills the order without any further input from you.

Offer a Rolls-Royce program. Designed for your top tier of customers, this program is that extra-something-special that elite clients crave. It's set at a much higher price point, but they're willing to invest because of your credibility and the value you bring to the table. It's never too soon to offer your Rolls-Royce program; in fact, I encourage you to start at the top and actually create that program first.

Offer a continuity, or subscription or membership program.
This concept turns a one-time sale into recurring monthly income because people are automatically billed once they sign up for the product or program the first time.   This is actually one of the criteria big companies use to evaluate products sold on infomercials – there needs to be an ongoing element of continuity.

Big paydays are another essential income stream.
Plan your year around periodic big paydays, such as live events, teleseminars and talks, which will bring in huge windfalls of cash to boost your income significantly.

If you're hesitant about these big paydays, allow me to inspire you: my first three-day event, with all the income streams that came from it, was worth more than $375,000. You need to implement all of your income streams so that you make money in many different ways from a single event.     And if you're looking for more inspiration – be sure to register for the Event Money Machine – it's your last change to register for my very first telesummit!

Once you determine and implement your income streams, the experience will amaze you. There is nothing quite like that flood of income that comes in on a consistent basis.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

If you’d like to know more about making money with your events, register for her free Event Money Machine Telesummit.

MarketingPlan

Map out your Marketing System...then evaluate it.

Why spend unnecessary time and energy marketing your product or event? A strategically designed marketing system can do most of the work for you. Got a killer product or event? Have a genius sales letter guaranteed to convert? It doesn't matter. Without a good marketing system in place, you'll have a hard time selling, period. Don't automatically blame your sales letter if your product or event isn't selling. Instead, spend some time evaluating your marketing system and make sure you're reaching your prospects.

Map Out Your Marketing System
At one time, my clients asked me a lot of questions that signaled they needed help creating a marketing system. Mapping out your marketing system is a quick tool to help you evaluate and supplement it, and it's a step that absolutely warrants attention. Visually mapping out your marketing system can help you understand its flow and determine its effectiveness.

Your marketing system should start with a squeeze page, which then directs people to your online sales page and marketing materials. On either side of that, map out your online and offline marketing avenues. Did you list plenty of avenues, or is one area deficient in marketing opportunities? You may need to add marketing channels to better reach your target audience.

Use a Squeeze Page to Capture Information
One of the most important components of your marketing system is your squeeze page. Your squeeze page is where you capture your prospects' information before you send them along to your online sales information. By capturing information, you have an avenue to reach out and follow up with your prospects. You can also use a squeeze page to evaluate how many people have viewed your sales letter, and to calculate the conversion rate of your marketing materials.

Create Well-Crafted Materials
A good marketing system is useless without the right marketing materials. You need a comprehensive online sales letter so people can find all of the information they want about your product or event. If people are unable to find information and are forced to call you, they're less likely to buy your product or register for your event. By making it all available online, you're removing a barrier to sales and making it even easier for people to take action.

Follow Up with Your Prospects
Once you have everything in place, it's vital to follow up with your prospects. You can triple your conversion rate - or even improve it by 10 times as many conversions - by following up appropriately with your prospects. People almost never make a decision about something the first time they read a sales letter. They might wait for days or weeks before they're ready to make a decision, based on things that are going on in their lives or how much commitment your product or event requires.

The best way to ensure they take action is by following up periodically. Remind people that they need to take action. Don't contact them too frequently, but a gentle nudge every few days can make a huge difference in your conversion rates.

Evaluate Your Marketing System
Once you've mapped out your marketing system, evaluate it. Are any areas of your marketing system lacking? Do you need to add a squeeze page, improve your sales letter or follow up with your prospects more frequently? The best products and events in the world won't sell themselves. With the right marketing system in place, though, you're a huge step closer to realizing your success!

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

If you’d like to know more about making money with your events, register for her free Event Money Machine Telesummit.

You know that creating products is a superb way for you to earn more revenue from your business. You may even have a good idea of what your product will offer and how you will present it.onlineproduct

But, you may have one particular problem that's holding you back from getting that product to your clients. Maybe you feel that you just don't have the time to create it.

You can't magically create more time for yourself. Like the rest of the world, you have 24 hours in your day. You really don't need more hours so much as you need a solid plan for getting your product done.     Let me share my formula for creating quality products the quickest way possible …

1.   Set a Date

The very first thing you need to do is set a date. Have a date that your products are going to be launched. There is nothing like giving yourself a deadline to get you moving.

2.   Get Paid To Create Your Products

Think about ways that you could get paid to create your products. If you did a live event, such as a workshop for example, you could record it, and use that recording to sell as your product. In that sense, you are getting paid to create your product.

I get paid to create my products when people pay to attend my workshops, and afterwards, the sales come in from the DVD recordings of that product.

If you don't want to have a workshop, consider doing a teleseminar instead. A client in my mentoring group has just put together her own teleseminar series which she did once live, and is now selling as a boxed product. She has done the work once. She got paid to do the work, to create the product. And now, she's going to be selling it over and over and over and over.

3.   Promote a Pre-Launch Offer

You might also consider doing a pre-launch offer. This is a tip I got from Michael Port.     He knew the only way he was going to get his first product done was to do a pre-launch offer. He emailed his list with a special offer for the audio he was putting together. "It will sell for $79, but if you order it now, you can have it for $59."

He received a whole bunch of orders which lit a fire under him. He now had people who had paid him money and were waiting for this product to be released. He knew he had to get it done!

That knowledge made it easier for him to block out other things that might have generated revenue and focus on one single produce, since he knew the money was there. He had already been paid to create that product.

One of the challenges in getting a product finished – particularly your first product - is that it's so easy to keep tweaking, refining and improving. You're not earning any money whatsoever by doing that.

4.   Get Past Perfectionism

Remember that good is good enough. Just make sure that you've included all the elements that someone is going to need in your product. If they use it, and follow the advice that you're telling them to follow in your product, they will get the results that you promised. Get past perfectionism. Good is good enough.

You are never going to have that two-week window that you think you need to get your products done. You've actually got to decide to get your product created in spite of your lack of time.

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