We love sharing the importance of doing your numbers when building your business because statistics show that although women start over 1,800 businesses per day, 68% make LESS than $28,000 per year!
We don’t know about you, but we wanted to be an entrepreneur so that we could increase my income and make wayyy more than we would a typical 9 to 5.
But unfortunately, the facts show only 6% of ALL entrepreneurs make more than $100,000 per year.
So there is a huge discrepancy between how many women start businesses and those actually profitable.
So why is this?
Well mainstream media says that is because women don’t have access to venture capital or business loans to launch and scale their businesses but we haven’t had many women tell me that they applied for venture capital and got denied.
What we have seen to be the issue, in our over 5+ years of being a business coach and speaking with hundreds of women who are seeking to find the strategy to success in business, is that many do not do their numbers!!
They don’t determine how much they want to make monthly. Divided by how much their products and services determine how many monthly sales they have to make to hit their income goal.
Without reverse engineering their numbers they have no clue how many sales they have to make and most times when they do, they realize they have to sell dozens if not hundreds of people per month to hit their income goal.
For example, we speak to women all the time who want to make $10,000+ per month in their business but when you ask them how much they are charging for their products and services it is usually anywhere between $20 – $200.
That means they have to sell 500 to 50 people per month to hit that goal. Most people don’t even have that many people a month following them on social, engaging with their business let alone confirming that they want what they are selling.
This is why we give our Set Up For Success Online Business Consultants a done for you offer that is priced at $997 because when you have a higher priced service you don’t have to sell so many people to have a $5K – $10K Month.
Instead of having to sell 500 – 1000 $10 T-shirts to make that kind of income in a high ticket business you only need 5 – 10 clients.
That is much more attainable to do when you don’t have a huge social media audience, tons of money to put into advertising, or the awareness needed to sell quantity.
So because women don’t do the math necessary to determine if it is even realistic based on their resources to make their business model work, they end wasting years of energy, time and sanity trying to figure out why they aren’t making enough money from their business to do it full time and or make over 6 figures a year!
And don’t underestimate what that cost every day, month and year you haven’t figured it out. It is costing you loss of income and freedom that you could have now if you invested in a proven business that can get you to your income goals with fewer clients and sales.
So your homework assignment is to do your numbers and leave a comment!
How much do you want to make per month?
How much are your product and services? What is the average sale amount?
How many sales would you have to receive per month to hit your income goal?
Now ask yourself, is that realistic based on your:
Audience size on social media
Awareness of your business
Previous month’s sales
If after you do your numbers you feel like this is going to take way more effort than you thought to a successful business. Check out the SOBC program today!