We are in the business of making income. You better be. Not meeting goals and not earning money keep you a hobby blogger. The one thing that differentiates a true business that blogs from a hobby is income. Dinero. Moolah. Cashola. You need to get it in order to grow and to finance your business and family needs. Setting an income goal isn’t feasible if there isn’t some truth and facts behind it. Let’s learn how to calculate how many clients you need to earn big money.
Whether your income level is $1000 a month or $10K, you need a plan for reaching it. You can’t possibly know what number is feasible for your biz if you haven’t taken the time to calculate how many clients you need in order to reach it. Yes, you can guess but considering all of the factors that go into obtaining a client, you’re better off knowing exactly what has to happen to meet the income goal you’ve set.
Factors to consider when setting big money goals
- How much coaching time you have available
- Your coaching package price
- Number of discovery calls (book a coffee break with me here) you need each month
Set your schedule
To calculate how many clients you’ll need to meet your income goals, you first need to determine how much time you can spend coaching. Twenty hours per week or per month will influence how many women you can help overall. Business owners get to set their own schedule so in essence, your income is only limited by the amount of time you want to spend working.
Set your package price
You know what amount feels good. Only you can know what you are worth. You’ve got to set a price that leaves both you and your client feeling like they won.
Set your big money goal
Do you want to pay off the house this year? Retire your parents? Finally break six figures? Set an income level that makes you stretch and is possible. If you’re just starting your blog, you’re not going to make $5K right away. You will eventually but a more realistic number may be $700/month. Here’s some typical blogger income to dream over.
Don’t set yourself up to fail. Set an income goal that makes sense.
Grow your email list
The coveted email list will be a huge factor as to whether you meet your big money goal. Did you know that only 2% of your list will become buyers? That’s a pretty standard number. 2% sucks. Knowing this number will help you work harder to convert fans to sign up.
Book discovery calls every stinkin’ day
Sadly, conversion rates for your discovery calls are typically low. You may be Super Woman that closes most deals but around 20% is the norm. Twenty. Percent. What does this number mean? It means that you need to prepare yourself to spend a lot of time on that phone. And you need to love doing it. You can’t fake enthusiasm on the phone; your clients will see right through ya.
Okay so now that we know the pieces of the puzzle, let’s calculate how many clients you need to earn big money.
Let’s use little Miss Christie Coacher as our example. She intends to work the entire year (it’s her first year in biz) and she wants to earn a respectable $24,000 this year. That’s about $2K every month but remember, she won’t be making that right away. She creates a $400 ecourse to teach people how to groom their own pets.
24000/12 months = 2000 per month
2000 per month/400 package = 5 ecourses sold every month (1 per week)
To get her 5 ecourses sold (obviously ecourses could be passive sales but for ease we’re pretending they’re hands on) at the 20% conversion rate, Christie needs to speak to 25 people every month. See how quickly that number adds up? Factoring in weekend days off, you’re going to be on that phone every single day.
5 ecourses/20% conversion = 25 discovery calls
To get her 5 ecourse sales, she’ll need to have 250 ravings fans on your email list. Yes, you could get sales via your Facebook group or Facebook ads but again, let’s keep this simple. That’s why you always hear that your email list is good as gold. You need a lot of subscribers on there to convert to clients.
5 ecourses/2% = 250 email subscribers
PRO TIP: Now that you know an easy way to calculate how many clients you need to earn big money, grab your notebook and figure out what works for your business that blogs. Obviously, this is just math so you can work these calculations in reverse order if you want to plug in the client and package price info first…then find out how much income you’ll make!
Tweaking the numbers a bit will make it easy to calculate how many clients you need to earn big money. Don’t be discouraged by the first go round of calculations, you’ll soon end up with a formula that works for your business that blogs. Income will grow with experience and a reputation for being the go-to woman in your niche.
Your blog biz best friend, Cee Lee
PS: Set big money goals that you can achieve by knowing exactly what you want for your biz.