Unknown Speaker
Hey, hey, welcome back to the podcast always amazing to have you here. I hope that you are doing well as you are listening to this, I will be somewhere in Bali sunning myself. And so I wanted to create this mini episode, I always say mini episode, we never know how long these episodes are gonna go for. But this was a quick message that I wanted to share with you today that I think could make a really big difference in your business, especially when it comes to how you earn money in your business. How you create a profitable strategy for earning money in your business. This was a conversation I had with a client a little while ago. And I thought I don't think I've spoken about this on the podcast. So I wanted to share it with you. So let's talk about the two types of revenue that ideally you want to create in your business if you can. And so when it comes to creating a sustainable cash flow, then these are two things that I have strategically tried to build out in my business. And that I'm always thinking about as well. And at the end of the day, you want to create as much consistent income as you can and having different ways of getting it. And making it can obviously have a huge impact on your business as well. So we're just gonna dive straight in no formalities, nothing like that. Let's just do it. Yeah. So the first type of income is what I call slow and steady cash. So I think of slow and steady cash as delayed gratification. It could be slow cash, like things like a membership, or a subscription model that brings in reoccurring revenue. It could be little and often, but it can add up to a lot over time. So for example, if you have somebody paying you like 49 or $97 a month, that's great. But if you have 100 people paying you $97 a month, then that obviously adds up to a lot more. And so creating potentially lower priced products that might be on evergreen, which means that you they can be bought at any time. You know, you just have them in the marketing mix that you talk about on a regular basis. And that you might have funnels for on your website as well from say opt ins to those products, is definitely something to take a look at. So what do you have right now that you might have that's free, but that you could put like a low price on? Yeah, because I just also think that the market has shifted, where things that are free just aren't really, I guess having as much in uptake now, which I think is really interesting. I was listening to an Amy Porterfield podcast a while ago. And it was she was talking about how she used to run free boot camps. So she'd get a lot of signups about the show up rate wasn't great. And so now she's moved to paid boot camps. And she gets a lot of signups people value it more, because they're paying for it. And then the engagement rate is great because people have paid for it. So now they're more engaged. And then the conversion rate is great, too, because somebody has paid the money because that's a problem that they want to solve. So I just think that when it comes to slow and steady cash, there are some things that you need to think about as far as the market has changed. It used to be cool to be able to get free stuff. But I just think now that there's so much free stuff out there that people are now really looking for, I'm happy to pay, because I feel like number one, it's an investment, I'm going to show up, I'm going to do it, I'm going to use it. Number two, if I'm paying for that, I expect that it's going to be really great value as well. And so that's definitely been a mindset shift, I think in the market that you can take advantage of. If you have got really amazing free content that you have used as an opt in before, then why not test it as a paid offer. And so that can be creating, like some more income in your business from something that you already have and have already created. And then what you can potentially do, if you're confident confident enough to is even run it in SLO which is a self liquidating offer or a small offer. There's lots of there's lots of words and phrases that people use for it. But basically you could have something that's like $27 or 37 or $47 or whatever it is

Unknown Speaker
And you'd be running ads to it. And then when people buy it, they're actually paying for the ads that you're spending money on. And they're becoming a lead for you. Because yes, I'm willing to pay for it. Because this is a problem that I want to solve. And I'm interested in what it is that you teach, etc. So that could be something that could help you number one, get more leads, but could also be a small offer, that creates some income for you on an ongoing basis. Another thing that's really interesting, as far as sort of slow and steady cash goes, is that we're seeing a lot more, I guess, like maybe self help or journals, workbooks, things like that, that are being sold on places like Etsy, I follow a number of people where they're seeing definitely growing revenue on things that they've created, that they then sell on places like Etsy, so the traffic there is going up for those types of products. So it's really about asking yourself the question, is there a way for me to get consistent, reoccurring revenue, it could be through retainer clients as well. Or I've also seen photographers who have subscription models that have worked really well. And I was actually coaching a client this week, in my one on one coaching on potentially having a VIP subscription option for clients who need a quarterly outcome that she provides. And vi d VIP day actually kind of straddles the slow and steady income and the fast cash that I'm going to talk about in just a minute. And so I just think it's really important for you to start getting creative in your business, when it comes to the offers that you have, how you can offer them what that looks like, and what the opportunity and transformation is for your client as well. So for example, BBA, the bold Business Academy, which is my signature program, once again, straddles the fast cash and slow cash kind of focus that I have. So let's talk about fast cash. And then we can talk about how you can potentially have both of them in the mix. So fast cash is things like or could be things like VIP days, pay in full offers, launches, and maybe special offers as well. So it's when you might get a greater windfall, or a larger amount of money in one go. So one of the things that I do is that I plan out my calendar for these times as well, so that I've got both my slow and fast cash happening. So I'll plan out my 12 month calendar at the beginning of every year, where I'll take a look at launch dates, events, retreats, and the financial year offers that I may want to share. And so it's just once again getting really creative every quarter to think about what could you do to bring a fast cash in? Is there an offer that you could make based on an existing service that you have? Or maybe like I said, something that you've already created something you've already got that you now bundled together, and you make an offer. So things like bundles could be great for fast cash, where you maybe bundle a whole lot of your products and services, there might be an offer where somebody gets like $100 off or something like that, by purchasing all of these bundled offers together. And then it's for a limited amount of time. Obviously live launches. So I have a number of live launches every year for either BBA or amplify. And so really taking a look at my calendar and saying, Well, when are they going to be? Now the other thing I just want to say is that when you get creative with this, then you can straddle both. And so I would just mentioned before, that BVA for me is taking a look at how I have launches where I might have a cash windfall, because I have a lot of people that might join. But then I've also got people who are on payment plans, which then feeds into my slow and steady cash flow of reoccurring revenue every month. And within my Stripe account, I can go take a look at my M R, which is monthly reoccurring revenue amount. And I always keep an eye on that. Because if that dips at any point that I'm like, Alright, now I need to think about my cash flow from a monthly revenue reoccurring revenue perspective. But also, is there an opportunity for me to create fast cash now. And so sometimes you might bank on something being bigger than it is. So for example, let's say a launch if you've got digital programs, or if you offer things at a certain time, and if that launch goes off, well, amazing. If the launch doesn't hit the numbers that you want, then it's not about being like, Oh, I'm stuffed. That's it. I've got no other options. It's actually about once again, getting creative and saying, Okay, if I didn't hit my financial goals with this, then what could another option be for fast cash? If

Unknown Speaker
I didn't get that windfall, or that reoccurring revenue that I was banking on. And so really taking a look at things like VIP days could be a great one for you. And there's lots of different ways that you can do that. It's so interesting. I mean, I started I did VIP days, like seven years ago, when I first started my business before I feel like VIP days were a thing. And so I think I used to call it an intensive. And so really taking a look at is there a way that you could condense an offer, that could be appealing to people in your audience where instead of them doing say, you know, a eight week course, or working, you know, three to six months with you or something like that, where they could do it in a day or two. And there, and I just think that no matter what you do, maybe product based businesses, I'd have to have a think about it. But I think if you're a service based business, having a VIP day, is something that you could definitely start to take a look at. And it doesn't have to be over engineered yet. It's just really taking a look at what is the offer that I'm making? What does it look like on the day? What is the deliverable and the transformation? What is the contract I have in place? What are the things that I could offer the client within that VIP day container, that could be something that I offer all my clients that doesn't take my time, but that they could be doing or using etc, to have the outcome as well. And then the other thing is, just don't overthink.

Unknown Speaker
This is like, there's a couple of things. Number one, don't overthink it, like put it all together, put it out there, test it, you might even want to do a special price for the first three people that book in so that you can test it out, make sure that it works the way that you want that you can give them the transformation and the outcome that you promised them, and then get testimonials from them. Yeah. So that's one of the strategies, I was talking to one of my one on one clients about the other day. And then if you're happy with it, and you enjoy it, and it works and all the rest of it, then you offer it at the main price that you want to. Yeah, so I think it's just really starting to get more creative. Like when the market has its ups and downs, which you will always do, then this is where your creativity needs to come into place. Yeah, what am I doing to increase my monthly reoccurring revenue? How am I making sure that this really works for my business or my clients? And then what are my fast cash injections, from a creative from a creative point in my business, that I can maybe take a look at every quarter. So that, you know, I might get somebody that books in a couple of sessions with me that a 2k age. And I've added another 10k to my business for the month. And so when I say don't overthink it, the other thing and you know, I love Liz Gilbert, and one of the things she talks about is whether you're the jokester or the martyr, and it's like just give it a go like test it, put it out there, see if you get an uptake, see if it's something that you want to do and something that you enjoy, and that works. And then if it does, then awesome. Like let's give it another go like there's no skin off your nose to test and try new offers, if you're not getting the cash flow that you want in your business. And I think this is where a lot of people get stuck. They're like, I'm not making the money that I want. And so they just stopped doing anything. They're just like nothing's working like, and when I say nothing's working, the thing that you've had, or the thing that you've offered, may not be selling as well as you want it to. And I have been there. And then you've just got to get creative, you've just got to start thinking about it in a different way. And you've just got to be like come hell or high water. I'm going to make this work. And I'm going to get creative with my office. And I'm going to put it out there.

Unknown Speaker
And the other thing that I always say to clients as well is under marketing is one of the biggest issues that we have when it comes to cash flow. So like I said, sometimes when things aren't going your way, you just kind of stopped doing it. And I talked about this in simples sales coaching week is are you in a profitable mindset or in a broke mindset? And so if you are in a profitable mindset, even when cash is not coming in, you are just somebody who's like, Let's go like let's work this out. Let's make a few different offers. Let's see what works right now. So that I can continue to make sure that I am growing my revenue in my business and that I don't have these cashflow problems as well. And so really knowing how to manage your money during times when it's a little bit tougher than usual, is really important too, which is one of the things that I teach my clients in BBA. I think that having a profitable mindset, having your simple business buckets, getting creative with your offers when it comes to slow and steady and fast cash strategies is so important. And if you can be somebody who's like

Unknown Speaker
See owing? Yeah, you're like, let's make this happen. Let's work it out. Let's take a look at the stats. Let's see what our profit and loss was last month. What do we need to do to increase our sales this month? If what we did last month didn't work? What are we going to do differently? And I think that that question of what are you going to do differently is such an important question to ask as well. And so I really want you to like get a piece of paper, write down slow and steady cash flow versus fast cash, and say, What are you doing? Are you just like winging it and hoping that, you know, things are just gonna come through? Or do you have a strategy around both? What are you doing for reoccurring revenue? What are you doing for fast cash? What can you do differently. And obviously, like I said before, under marketing is one of the biggest issues that a lot of businesses face when it comes to poor cash flow, because you're just not marketing enough. And if you're not talking about it all the time, in lots of different ways, you know, I'm a massive one for story selling. If you're not talking about it in lots of different ways, then you're missing the opportunity to reach your audience where they are, because I might say something to you, and it may not land. But if I talk about the same thing in a different way, then that might land. But if I don't actually try different ways of talking to you about my offers, then I'm going to miss the opportunity to potentially connect with you on a problem that you really want to solve. And so I just want you to be thinking about what are your strategies around your slow and steady and your fast cash offers? Yeah, if you can build both of them up, then that is like an amazing place to be. And so for me, as I said earlier, BBA straddles both, where we've got the reoccurring revenue from monthly payments, because we've got a 12 month payment plan. And then we've got pay in full, which obviously gives us fast cash, which is a windfall. But then also looking at the BVA membership. For me, I'm also like, how do I continue to engage and work with my clients, so that we can continue to master and embed the strategies and the things that they've learned, and the professional practices that I'm teaching them within VBA so that they can now like, continue to grow their revenue, grow their business, grow their confidence, grow their mindset, but that is also taking a look at what does that reoccurring revenue look like on an ongoing basis for me as a coach so that I can continue to support my clients too. And I think sometimes we are scared to charge we're scared to charge out our services in the way that we want, in a way that works for us in a way that could work for our clients, too. So I know that, you know, I had a coaching call last night with BVA, and one of the biggest things that we were talking about was money mindset. And it was like, you know, if you're under charging for what you've got, and overworking, then that is the recipe for burnout. And so really taking a look at are you charging in a way where you're like, Yes, I love what I'm charging, I feel fully rewarded. I know that I've got the slow and the Fast Cash strategies that I'm implementing. And then also, just once again, being the jokester, and not the motto where you're like, let me put my prices up. Let me give this a go. Let me try this offer. Let's see what happens. Because if you're constantly feeling like you're under earning overworking under charging,

Unknown Speaker
the only person that can fix that is you.

Unknown Speaker
Nobody, nobody else can fix that. So if you need to sort your mindset out in order to charge what you want, so that you can become profitable, and start getting creative with how you bring in cash into your business. Then I'm just gonna say come and join us in VBA because that's what we talk about all the time. But these are just two strategies that I really wanted to talk to you about that I just think I've not really talked about, but I think about and I use in my business. And so I hope that that is helpful for you. I hope that that is something that is new and useful. Kind of mini not so mini episode as always, because you know, I've just got lots just got lots to tell you. But listen, if you've got any questions, send me a DM as soon as Chadwick on Instagram. Otherwise, I have an amazing week and I will speak to you soon

Transcribed by https://otter.ai