How to make $100K in your Online Business
Aug 31
If you clicked on this video I’m guessing you’re ready to finally hit that 6-figure mark in your small business. So make sure you stick around to the very end because I’m sharing how to make 100k in your business—and the top 3 things I did to help me get to a 6-figure income.
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And speaking of making more money, here are the top 3 things I did to finally make 100k in my online business:
How to Make 100k Tip #1: Develop a 100k Mindset
I am an avid reader of business and self development books—and one of my all time favorites is The 7 Habits of Highly Effective People by Stephen Covey. In fact I’ve actually read it 3 times. And I have honestly gleaned incredible new insights with each read.
One of my favorite lessons from the book is this idea Covey presents that “all things are created twice”—first in your mind, and then in the real world.
This idea can seem a little woo-woo or “out there” at first, but it’s actually very practical. Anything you want to create, you first need to create with your own mind. It’s only from that concept that you can then create anything real or tangible in the world.
Covey uses the example of the construction of a home—you first have to have a very clear picture of the exact home you want: the features, the size, the building materials etc. in your mind before you can ever lay the foundation.
Build Your 100k Business Foundation With Your Mindset
The same is true with our businesses. Long before we’re launching a new program or service, we’ve been dreaming it up, outlining all the details, in our minds first.
So hopefully you can get on board with this idea—I think we all understand that there is a thought process and a mental clarity that is needed before we can produce anything tangible in the real world.
However, for some reason when it comes to money and our income—we can get pretty fuzzy with that mental picture.
Most entrepreneurs I know have a monetary goal for their business, but when asked about the process to reach that goal, they don’t always have an answer. More than that, while they might have a dream number they want to reach—let’s say $100,000—they don’t actually believe it’s possible.
Have a Plan and Believe in It
I’ve found over the last few years that it’s absolutely possible to reach your monetary goals—but you need a clear plan to do so. You also need to believe that it’s achievable.
If we choose a monetary goal, like $100,000 or even $1 Million, if that number feels purely aspirational to us, and not actually achievable—that almost certainly guarantees we won’t achieve it.
And that’s what it means to develop a $100K mindset. It’s not about choosing a number then sitting back and hoping and wishing it will appear in your bank account.
It’s about creating it first in your mind, then creating it in the real world. When it comes to changing your mindset—maybe you need to change the way you view your services and the value you provide.
Change Your Mindset: Believe In The Value You Provide
I was able to exceed my annual revenue goal this year because I raised my prices—by 2.5 times. Previously I had thought that was completely impossible—but I worked with a coach who helped me with my mindset, and I realized that the only reason it was impossible was because I had decided it was. I was literally holding myself back from earning more.
As I said, over the last few years, I have found that the number one thing that will either hold me back or propel me forward in my business is my mindset. That’s it.
I actually talked a lot more about my journey to change my money mindset in this video—How To Attract Higher Paying Clients. Be sure to check it out!
Tip #2: Have a Plan to Reach 100K
As I just mentioned in the previous tip—it’s simply not enough to want to reach $100,000. You need to have an actual plan of how you’ll get there.
Start with the end in mind—if you know your revenue goal is $100,000 for the year, divide that by the number of clients you could reasonably take on. If you’re anything like me, you’ll probably realize that what you’re currently charging for your services is simply too low to actually meet that goal.
I realized that I was really trying to take on too many clients for the incredibly high level of service I was providing—so I needed to charge more. A lot more.
Once you know how many clients you need to reach your revenue goal, you need to create a plan on how you’ll get those clients.
Get Crystal Clear on Your Plan to 100k
And again, this cannot be fuzzy. It needs to be concrete and you need to map out the exact steps of how you’ll get there.
This plan is essentially your marketing strategy. How will you market your business to attract and book X number of clients?
In my signature program, Luxury Brand Leader™, we work one-on-one with our clients to build luxury brand platforms that attract their ideal clients. But here’s the thing about branding—it’s not marketing.
While the two are definitely intrinsically connected, they’re not the same thing.
Branding is the feeling someone has about your business.
Marketing is how you tell them about your business.
Great Branding Won’t Work Without Great Marketing
I noticed very early on in my branding studio that I would create these gorgeous and robust visual brands for my clients—but once I was done, the client thought they would just launch their new site and people would be beating down the doors to work with them.
They didn’t realize you have to promote and market the new brand, so people even know about it.
That’s why I made the decision to include basic marketing strategy in my new program, Luxury Brand Leader. I really want to set my clients up for the most success possible—and not hand off this new brand platform that they have no idea what to do with.
So during our sessions, we typically outline a client’s funnel—basically, how will they build an audience and how will they convert that audience into paying customers.
Tip #3: Simplify Your Offers
One of the biggest things I’ve done to make more money in my business is actually offering less. I know this can seem counterintuitive—wouldn’t you make more if you offered more?
Surprisingly, for me at least, that wasn’t the case.
Just like getting hyper focused in your niche and your ideal client, I think the more focused you can get with your offers, the more successful you’ll be.
When I first started my branding studio everything was a la carte and I had 7-10 different service offerings.
This wide array of offers has two negative effects:
- By presenting too many options you can actually confuse or overwhelm your clients to the point where they won’t make a decision at all. This is sometimes called “paralysis by analysis.” You might think that clients want a wide variety of options, but in actuality what they really want is a clear offer with a clear result.
- When you have too many offers you stretch yourself or your team too thin. By limiting your offers you can implement systems that repeatedly produce expected results. Having those sorts of systems means your business is way more profitable. Just think of how much time and energy you have to spend when you’re doing something for the first time as opposed to something you do regularly.
Simplifying My Offers to Make 100k
Last year I pared my offerings down to just two services—and that’s when I really started to see the effects of this “less is more” concept. Going from an a la carte model to a 2-option model really helped increase my revenue.
Previously, a lot of clients would book single services and that was it. After moving to my 2 offer model, most clients started booking my larger package.
I’m not exactly sure why this happened, but my guess is that the a la carte pricing model cheapened the services in the minds of my clients (as in they didn’t seem as valuable).
However, when the exact same services were offered in packages (but only 2 packages), they seemed to have a higher perceived value.
I also think there is this juxtaposition that happens when you have a small package next to a big package—and it can be more enticing to get the whole thing, the big package.
The Decision To Offer Only One Service
This year I have actually transitioned to a single offer—my signature program, Luxury Brand Leader, and this has worked great as well. As I mentioned, we already surpassed this year’s revenue goal by the first quarter of the year. We’re now booked for the entire year and have a waitlist for next year.
I honestly love having only one offer, which happens to be a high-ticket offer. It has really simplified my business and also helped attract really high-end clients.
Now, in total transparency, I am actually planning to create a second program or offer in the next year—but this will be more of an education-based group program instead of a one-on-one service. Regardless, whatever future offers I have in my business, I will plan to always keep it simple and have a limited number of offers.
I truly believe that simplifying my offers was a major factor in helping me reach and then exceed that 100k mark.
If you’re wondering how to start attracting high ticket clients, so you can make more while working less, then download my free guide: 7 Steps to a Luxury Brand .
Wanna know more about building a luxury brand? Be sure to check out these videos:
- How To Attract Higher Paying Clients
- Luxury Branding Tips: 4 Secrets From Louis Vuitton
- Luxury Brand Logo Design Basics
- How To Create An Exclusive Luxury Brand
And if you liked this video, be sure to subscribe to my channel—I’ll see you in the next video!
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