There's so much conversation around “how to make a million dollars in a minute,” but not so much about how to do so in a way that’s sustainable AND profitable.
Because ultimately, you and I are doing this business thing so that we can pay ourselves really well and live “pinch me” lives, am I right?
And, it’s one thing to make six, multi-six, or seven figures, it’s another to PAY YOURSELF six, multi-six, or seven figures.
I want to have this conversation more because this is about more than the money alone, this is how you also avoid the hamster wheel in business.
It’s so easy to get caught up in chasing $10k, $20k, and even $100k months only to find yourself coming up near even at the end of the month. I don’t want that for you.
Just like I don’t want you stuck on the other side of the pendulum swing, over glorifying profit margins and being “penny-wise, pound-foolish”.
Aka investing in the cheap solutions to save money or spending on the wrong solutions that don’t allow your business what it needs to generate more revenue and increase your take-home pay at the same time.
A high-profit margin isn’t any good if there isn’t enough to pay what you need to take care of you. A 100% profit margin making $1,000 per month is still LESS than a 50% profit margin making $5,000 per month.
5 ways I guarantee a high profit margin as a multi-six-figure coach and pay myself well (and how you can, too):
Focusing on selling one core offer until I was making at least six figures or more.
It costs time, energy, and money to make money and to get an offer really well-oiled in terms of strategy, deliverability, and the service itself as well, but once you do, efficiency kicks in and profitability goes up.
Picking and sticking with a simple strategy.
A complicated strategy is one of the biggest profit leaks.
Learning to do simple, well, will allow your business to blow up because you’re not spending more time and energy than you need to on executing a strategy – and you and your team get more effective and efficient.
Identifying and closing the right gap (and knowing that not every problem in your business needs to be solved).
Knowing what needs attention in your business is a CEO skill, and “solving the right problem” as my coach, Lacey Sites says, is the easiest way to ensure your profitability.
Just like, the quickest way to light money on fire is to focus on and throw cash at anything that isn’t perfect in your business trying to fix what isn’t broken and already generating revenue.
Be willing to cut profit upfront to make more profit long-term in your business.
Business 101 will tell you it takes money to make money, and this is usually the case at the start OR when you’re scaling.
This can feel challenging for many, especially if you're the “responsible” type with money, risk averse, or really proud of the profit margin you have and don’t want to give that up.
But to pay yourself MORE in the long term, you may need to be willing to let go of some of that profit in the now.
Know the difference between leveraging your money and being over-leveraged.
The other side of the coin: practice discerning the difference between investing to help you get a ROI, and spending on anything and everything because you can or think you should without understanding how this will pay your business back.
I’m curious, which of these strategies, 1-5, are you most focused on at the moment? Hit ‘reply’ and let me know!
And, if you know 2024 is your time to make your first or next six-figures and do it in a way that allows you to pay yourself well, I’m currently meeting with potential clients for upcoming coaching intensives and on-going 1:1 opportunities opening up.
I’d love to connect with you to discuss how I can best support you to reach your income goals next year.
Your next step?
Wishing you your version of success!
You can always connect with me if you’re ready for 1:1 support to help you step into your CEO role to run your business like a business and set yourself up for consistent $10k & $20k months and beyond.
Book a free and *limited* $100k CEO Mindset & Strategy Session as a way to experience what it would look like to work together.
On this call, we’ll:
unpack your business and take a holistic look at what’s going on to identify the #1 mindset shift or strategy gap to close to increase your visibility, connect with your people, and bring in more right-fit leads.
get clear on a plan of action with simple next steps you can take right away to put you on the path for making your first or next $100k.
Want to snag this exclusive free session with a multi-six-figure coach who has a track record with clients getting their own six and seven-figure results?
Book your free session here.