Updated: Feb 4
When starting your business, you cannot expect potential clients to come to you and ask what you have for them. You need to have a variety of offers available for them to browse and debate. In a previous blog post, we talked about the tiers of offers. Today, we are diving into refining signature offers to grow your business's profit.
The Point of Signature Offers
#1 Consistent, Predictable Income for You
Many entrepreneurs think that to make money, they should charge hourly. While this is a standard concept, it limits your capabilities. Most people end up stressing themselves out, constantly trading hours for cash. As an entrepreneur, this makes consistent income challenging to obtain and manage.
I heard my friend Tara Geraghty from the CH Hey Girl You Can Club say something to the effect that the financials in your business are not magical but mathematical. It is true! Let’s take a look at a quick example: If you want to make $100,000 in your business by working 50 weeks out of the year, charging by the hour looks like this:
$100,000 revenue goal divided by 50 weeks (assuming you are taking time off) means you need to make $2000 per week to produce that income.
If you charge $125 per hour, that means you need 16 clients per week to hit that target.
You will need 832 clients to make the desired $100,000 income goal in a year.
Yikes…am I right! That is an insane number of clients! Now, let’s take a look at a signature offer model instead.