Today, I want to break down how simple it is for you to hit that milestone in your business.
One thing that still surprises me is how many people think that getting your agency to at least $10k monthly recurring revenue is quite impossible.
Now for many people in some parts of the world, this figure may represent their annual income and I can understand why such a goal can seem incredible to them.
Yet what I find on a daily basis is that entrepreneurs originating from the other side of the world have formidable grit. Grit that sees them smash through this milestone very easily.
So let us take a look at how simple it is to get your agency to this ‘magical’ milestone.
Let us assume that you can get paid at least $1,000 per month for the service you provide your clients by running ads, growing their organic channels or something else.
To get to $10,000 per month, you need to sign up only 10 clients and retain them.
The biggest problem I see when speaking to new agency owners or freelancers is that they do not have an actual Prospecting Plan.
Just like a business needs a Business Plan or a Marketing Plan, it also needs Prospecting Plan.
So what is a Prospecting Plan?
To put it simply, it sets out how you will prospect to attract new clients to your agency.
Now if you were to speak to 100 business owners in your niche, you could probably convince 2 of them to sign up and pay you a $1,000 monthly retainer.
I know the conversion rate is higher for many of the pros out there, but I want to be conservative with expectations here, so let us work with a 2% conversion rate.
If after having 100 conversations you cannot sign up 2 clients, then there is something wrong with your offer or your sales process.
Anyhow, going by the formula above, to sign up 10 clients we would need to engage with 500 prospects.
Note here that I am NOT talking about emailing or messaging people without getting a response.
I am referring to ENGAGING with people, whether it is over the phone, on Messenger or email.
This is where the second challenge comes in — we want immediate results!
Now engaging with 500 prospects may seem like a huge challenge on the face of it. Many of you have not engaged with 5 prospects, let alone 500!
My friends, if you want to stick around in the agency business for the long run, you will need to make your plans span longer than a day or week.
When I work with someone 1-on-1 to sort out their business, I usually say that we need to fix issues over a 90-day period.
So let us apply the 90 day time-frame here to see how achievable this milestone is.
To engage with 500 people over 90 days, you would need to only start a conversation with 6 prospects per day.
Could you do that?
Could you reach out to and engage with 6 fellow human beings over Facebook, Instagram or LinkedIn per day?
If you spend 10 hours a day in your day job and on your commute, and you sleep for 7 hours, then that leaves you with 7 more hours in the day.
Could you connect with 6 people over 7 hours per day?
I hope you begin to see how simple this is once you start to break down your big goals into smaller actions.
If we sign 2 news clients for every 100 people we engage with, it is safe to assume that we should be signing up our first client after engaging with 50 people.
Now if you engage with 6 people per day, you should be aiming to pick up a client on Day 9 of taking consistent action.
Yet, I see people crying after Day 1 that they have got no results!
At best, some of you take action for 2 or 3 days and then give up when you don’t see the sales come flying in.
If you are working with a 90-day action plan, here is what your client acquisition journey may look like:
Client #1 — Signed on Day 9
Client #2 — Signed on Day 17
Client #3 — Signed on Day 25
Client #4 — Signed on Day 34
Client #5 — Signed on Day 42
Client #6 — Signed on Day 50
Client #7 — Signed on Day 59
Client #8 — Signed on Day 67
Client #9 — Signed on Day 75
Client #10 — Signed on Day 84
Now this journey is going to be different for different people.
Some people will get to 10 paying clients at a much faster rate.
However, if you do not have a clear roadmap and document your journey, you will get demotivated and demoralised. More importantly, you may give up to soon.
I hope this post has clarified how getting to $10k per month is truly attainable and within your grasp.
Some of you will hit that milestone with only 5 clients and others will get there with 1 corporate client.
The goal of this post was not to give you a roadmap, but rather to crystalise for you what is possible if you take consistent action.
If you want to work with me 1-on-1 to help you get to $10k per month, you know where to find me.