10 questions to making $10,000 per month
We have a love hate relationship with money.
For a lot of us, it’s like an eccentric uncle who you don’t know very well.
He seems happy and free and goes through a girlfriend a month, and wears shiny gold rings.
You are fascinated by him, and sort of want his life, but you don’t really get him, or it.
We need to turn that awkwardness into liking, even loving. We need to see money as equals, something we can grasp and create for ourselves.
We need to feel better about money.
Most of all, our ineptitude with money comes from a lack of understanding it. And to understand something, we need to see it for what it is.
Asking the right questions will help us do this.
We need to show ourselves how we can make money. We need to know what is possible.
To make money, we need the belief that we can attain it.
This is what is motivating.
…
So let’s start with $10,000 per month. Sounds like a lot, yes?
To earn $10,000 per month, how much would you need to bring in a week?
$2,500.
How much would we need to earn each day?
$360.
What about each hour?
$15.
I don’t know about you, but I’m already feeling better about money.
Breaking it down makes it attainable.
Now we just need to figure out how to do it.
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Questions to ask yourself:
Q1. What is my primary, (or only) income stream that EITHER brings me the most fulfilment, AND/OR has the potential to earn the most money, the most efficiently?
Answer: ______________________________________________________
If you are desperate for money, you will want to focus on the latter, until you can afford to focus on fulfillment.
Q2. What are my yearly, monthly, weekly and daily income targets for that one income stream?
For example…
Yearly: _$120,000__________
Monthly: _$10,000_________
Weekly: _$2,500___________
Daily: _$360_______________
If your stream can not bring in actual income daily, figure out the average. Divide how much you could earn total, by the number of days it would take to earn it.
Q3. What are my income targets for my other streams if any?
Note, it is possible to have more than one income stream to contribute to your overall money targets, but if you don’t already have one that works, focus on that until you get to at least a baseline figure, and you can scale it up.
Answer: ______________________________________________________
______________________________________________________________
For each stream, answer these additionally…
Q4. What is the average sale amount for this stream? (estimate is fine for now).
For example…
$1,500 profit per client sale.
$40 per print.
$50 per course.
Answer: ______________________________________________________
Q5. How many sales do I need to make to hit my income goals for this stream?
For example…
10 per day?
2 per month?
5 per month?
Answer: ______________________________________________________
Q6. What are my target markets?
For example…
Art directors?
Fitness fanatics?
Teenage girls?
Marketing managers?
Tech CEOs?
New mothers in Ottawa?
Of the above, which market matters more than the rest (for now), and deserves the most attention? (Your answers to Q7 will help here).
Answer: ______________________________________________________
I recommend you use the Pareto Principle of allocating the ratio of 80:20 to what you consider is the most important in each case. You can adjust the group to which you allocate the larger share, over time.
Q7. What problems of your market am I fixing (think needs rather than wants)?
For example…
Need a novel form of entertainment?
Financial confusion?
Lacking a job?
Clueless about a travel destination?
Need a professional website?
Of the above, what problem matters the most which deserves the most attention?
Answer: ______________________________________________________
Q8. How can I get my product/service/solution in front of them (prospects) BEFORE they have ever heard of me?
For example…
Amazon search?
Get your work into a gallery show?
Add work to portfolio site like Behance?
Online store search results?
Social media content sharing?
Post on Medium or Steemit?
Create YouTube videos?
Cold emailing?
Facebook adverts?
Of the above, which one method matters more than the rest, which deserves the most attention right now?
Answer: ______________________________________________________
Q9. How can I capture those people who show an interest (leads)?
For example…
A newsletter email list?
A free giveaway in exchange for newsletter sign up?
Manually add their names to a list?
Encouraging them/allowing them to follow you on social media?
Of the above, which one method matters more than the rest, which deserves the most attention?
Answer: ______________________________________________________
Q10. How can I turn those leads into buyers?
For example…
Make an offer through email newsletters?
Blog/video post call to action to purchase?
Email them individually to arrange a call?
Email them, and follow up every two weeks or so until you land a job or referral?
Give them an offer during a webinar, lecture or workshop?
Call them up directly?
Of the above, which one method matters more than the rest, which deserves the most attention?
Answer: ______________________________________________________
Bonus Question: How can I scale this stream up?
For example…
Add more sources of traffic?
Tweak your sales process?
Use social media ads for more traffic?
Create more content?
Outsource help?
Of the above, which one method matters more than the rest, which deserves the most attention?
Answer: ______________________________________________________
As you can see, making money is more-or-less a case of moving the right people through a series of stages until they pay for what will help them — a solution you can provide.
Just decide on your single main methods for now. They can always be tweaked and added-to over time.
Remember, if you can make one thing sell, you can scale up your business. Even if you provide a service, you can expand into things like books, prints, and courses.
Make sure you can answer these for all streams if you want more than one.
Do not attempt to make money from more than one income stream at a time, until you have succeeded in hitting a target for one stream.
This means starting small but anticipating growth.
For example, if I want to sell my art prints, but I also want to earn money from selling my books, I will make sure I can hit a certain monthly target with my books, and I understand how I am doing that, and how to scale it up BEFORE I focus on the next stream.
If I do otherwise, I am operating a business without understanding how it works. I am just doing it by the seat of my pants.
Keep your goals in mind, and see it through until you hit them. The number one reason this fails is that you allowed yourself to get distracted or come up with excuses.
People succeed this way all the time — you just need to come up with a simple step-by-step strategy and see it through.
Being motivated to take action and make money starts with clarity.
Clarity comes from your answers to the right questions.