3 factors to look at if you aren't hitting your monthly income goal

Back in the day... circa Oct 2015 when I really started taking building an online biz seriously... I honestly thought I could start making $10K a month very quickly💰. Like within a few months.

The problem was, I did not have the right things in place to make that happen so that goal was highly unrealistic, but I couldn't see 👀 that.

As a result, I spent a lot of those first 6 months of business beating myself up over and over again for not getting that result.

Here's the thing... I have a woo-woo streak. I know the basics of the Law of Attraction. I feel a little nervous even using the word "realistic" because that word has a negative connotation.

Yes, it's realistic, as in possible in the grand scheme of the Universe, to make $10K in one month. It sure is. I know of loads of people doing it.

When I said unrealistic, I meant it wasn't realistic for me and what I had in place at the time.

Here's why I share this with you today...

If you are not reaching your monthly income goal, then you may be falling into the same trap as me and I want to tell you how to fix it.

What I've realized after being in business for about 2 years and working with loads of beginning entrepreneurs is that there are three main factors that need to be in place to support you in reaching your income goal.

1. Your Offer

2. Your Audience

3. Your Consistency

If one of these is out of whack then the chances of you hitting your income goal are in jeopardy.

Now, let's analyze an example so I can show you how each of these interplay...

EXAMPLE SCENARIO: You are a coach who wants to make sales of $5000/month and you are selling 90-minute coaching sessions for  $150 each. Your email list is at 250. You post on social media a few times a week and email your list once a month.

1. Your Offer

Right off the bat, we can calculate that you'd need to sell ~34 of your 90 minute calls to hit $5K.

2. Your Audience

Your email list is at 250. If you don't have your own statistics on how many people in your audience tend to buy (and chances are you don't, which is ok!) then use the industry standard of 1-2% would buy.

Based on your list size, you can anticipate 2.5 - 5 people may buy your single sessions if you are in consistent contact with them. As you can see, there is already a huge disconnect between how many people you can expect to buy and how many people are on your list.

3. Your Consistency

You are posting on social media a few times a week. If you have a small list, then chances are your social media following is small and only 1-2% are seeing each post organically.... that is 2.5-5 people. If 1-2% of those people take action, it's a fraction of a person. I'm just going to go ahead and say it... posting organically on social media is likely a waste of your time at this stage.

Now let's look at the emails. With your emails you should be aiming for 15-25% open rate so ~38-63 people are seeing the message. That's WAY better than the numbers on social media. However, you are only sending them a message once a month... so you are very forgettable amidst all the other emails someone gets in the course of a month.

How To Fix It

There are many ways to fix this since each factor interplays with the others, so I'll talk through just a few of the options here. You could up your price. If you sold a package of some sort for $2500, then you do have a chance of finding 2 buyers on your current list of 250, which would let you hit the $5K goal.

You could build your list (this takes time and money) but it will exponentially increase the amount of potential buyers you have (statistically... remember you still have to provide valuable content and actually call them to action).

You could up your emails to 2-3x a week, 1 value email and 1-2 that invite people onto sales calls.

You should tweak at least 2 of these things in the short term, like up your prices and your email frequency, to make the most of the list you have while also starting to build your list thru joint ventures, PR, or paid advertising (NOT thru organic social media, because remember it's kind of a waste of time if you have a small following).

DISCLAIMER: There are other factors beyond these 3, like your mindset, your message clarity, your ability to call to action, etc that also play a role but for simplicity sake I kept it to the 3 - the first 3 places you should look if you aren't hitting your goals.

If you felt lost at any point in this, it's ok, but it's up to you as a business owner to start thinking like one, and you will get there.

Now tell me, if you aren't hitting your income goals, which of the 3 factors is the prime culprit? Comment below to let me know.