I’m a very practical, pragmatic person when it comes to setting goals. So much so that it is sometimes difficult for me to set ambitious goals without getting stuck in the nitty gritty of how they’re going to happen.
In talking to some of my coaching colleagues though, I’ve found that they struggle with the opposite. As a coach, they often find it easy to set an ambitious goal but then they get stuck in figuring out if it’s even a possibility with that they’re currently offering.
So today, I want to talk specifically about how I help my coaching clients set and evaluate revenue goals.
Once you’ve established the revenue goal, the work is just getting started!
Here’s how it goes:
First, identify the 2-3 core offerings you plan to focus on during the revenue period. If you’re setting an annual goal, this would be the entire year. Start with any offerings you already have available. Then consider any you are certain you’ll be adding.
Second, get really clear on the price point for each offer. Keep in mind your expenses for each offering as well as what you think the market will bear. If you need more on pricing be sure to check out Ariane Trelaun of Do Your Thing.
Third get ready to do some calculating! Using the core offers and their price points, figure out what combo you’d have to sell to hit your target. Lay out a few scenarios here to see what options you’ll have.
Now, look at the math and see if the numbers make sense. If the only way to meet your revenue goals is to carry an unrealistic workload, you know you have a problem.
Let’s look at an example. Say I set a quarterly revenue goal of $30,000. I want to break that down to $10,000 per month. If I have two core offerings — a one to one package that costs $500 per month and a group program that’s $250 per month, could it work?
Well here’s a few ways:
20 group program members + 10 one to ones
20 one to ones
40 group program member
Does that seem reasonable to you? For an individual month and a full quarter?
If so, you have your targets. If not, you know you’ve got some adjusting to do.
This could mean you need to increase your prices, it could mean you need to add a new revenue stream (maybe retreats or evergreen webinars). If neither of those are possible, then you need to sign more clients and get some support to serve them.
Or, you could realize your goal makes perfect sense and now it’s time to get to work. Either way, once you’ve done this nitty gritty work, you’ll have a much better sense of what you need to sell to reach your goals. This empowers you to get started on reaching those goals immediately and with the comfort of knowing they’re possible — both of which are so critical to your success.
