Advice needed around optimising and growing 3 revenue streams.

26 replies
Hello everyone,

No I haven't yet made half million. I have life situation where I need to have this amount in my hands. I realize it is mountainous target for some and while others may see it as piece of cake. I am in the middle, O have high hopes that I can reach the target.

It is been since one month and I only have 9 months left. I have successfully run a business for about 4 years but never banked half mil in profits. It was all rotation. I am not starting of from scratch.

I already have made some in the last month and from the past all in total got about 50k. I need to reach another 450k. I.e about 50k a month. The number looks huge I have break it down into smaller streams of revenue and started of the journey. Time will tell how it goes. But it is a life situation for me so I am putting my heart and soul to reach the target.

I am looking for your inputs - motivate me, give tips, strategies or shoot me down

I will keep posted about my journey .. so others may find benefit from what I do...


ADDING DETAIL
My current business is providing software consulting services. I have a network of clients who give repeat business or refer new clients. I have been doing it for last 4-5 years and consider to be done well with a full time job. I have own development team and also outsource on need basis. My 50k-60k profits are from business. The joband business rightly occupies my time. I need to manage my time. Thats pretty much the background.

I have split the revenue generation approx as follows in next 10 months

* Current business 8k profits a month - 80k
* a new saas product I just initiated - 40k
* retail and wholesale e-commerce just started out and hoping to target about 40k

That's so much I have initiated. Got a lot more thoughts but still evaluating. I am brainstorming spread out or stay focus on one... not sure how should I position. I am looking for your. thoughts

blogs network about 20 and then resell to cover about 20k but I am worried this may not be efficient.
#half #million #months
  • Profile picture of the author Frank Donovan
    Originally Posted by Safade Billy View Post

    No I haven't yet made half million. I have life situation where I need to have this amount in my hands.
    Gambling debts? Ransom money? If you're truly that desperate for a half million, it seems to me your problems are greater than can be solved on an internet marketing forum.
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  • Profile picture of the author Safade Billy
    Hi Regional Warrior and Mark thank you for your inputs. That really helps to know that I am talking in the right place. I provide IT consulting services. I have a small customer base but need more. I can create software. Thats what I do the best. I made some money in the last 20 days. I took a stock of what I got and othinking to reinvest.

    Hi Frank, I am not asking to solve my problem. I want to have conversation on how can I reach the financial target. I am trying all means to reach target... I am not sure what else you suggesting where I should be ?

    Just a general question is it not true guys in IM easily make 10k per month ? Or I am dreaming ?

    Just a request please provide constructive criticism..
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  • Profile picture of the author George Schwab
    Originally Posted by Safade Billy View Post

    Hello everyone,

    No I haven't yet made half million. I have life situation where I need to have this amount in my hands. I realize it is mountainous target for some and while others may see it as piece of cake. I am in the middle, O have high hopes that I can reach the target.

    It is been since one month and I only have 9 months left. I have successfully run a business for about 4 years but never banked half mil in profits. It was all rotation. I am not starting of from scratch.

    I already have made some in the last month and from the past all in total got about 50k. I need to reach another 450k. I.e about 50k a month. The number looks huge I have break it down into smaller streams of revenue and started of the journey. Time will tell how it goes. But it is a life situation for me so I am putting my heart and soul to reach the target.

    I am looking for your inputs - motivate me, give tips, strategies or shoot me down

    I will keep posted about my journey .. so others may find benefit from what I do...

    If you already got all in total about 50k you,re silver

    if you double it to 100k you're gold - then its a no-issue to get to it in 9 months, i'm on the same road, and it will go platinum

    if you want i can do the exact math on that for your scenario

    when the student is ready the master will appear

    happened to me as well mate, so i know what i'm talking about
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  • Profile picture of the author StSignal
    Half million isn't a small amount of money dude, you need to search a lot and invest a lot for that!
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    "Starting is always hard!"
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  • Profile picture of the author ShawnLim
    Why do you need so much money in the first place?
    What can motivate you is NOT the money that you are going to make.
    The reason people are trying hard for years and still haven't reached the million-dollar mark most likely has thinking problem, not money-making strategies.

    So what motivates you?
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    • Profile picture of the author Safade Billy
      Originally Posted by ShawnLim View Post

      Why do you need so much money in the first place?
      What can motivate you is NOT the money that you are going to make.
      The reason people are trying hard for years and still haven't reached the million-dollar mark most likely has thinking problem, not money-making strategies.

      So what motivates you?
      No I am not after the money, It is too much personal to share why I need it. I am motivated. I am working/educating/asking day in and out ways to get there.
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  • Profile picture of the author Gallag97
    well good luck on your journey, i think you got this 450k in the bag.
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  • Profile picture of the author CityCowboy
    Scale up your online business... Do Joint Ventures or Create more products and Sell them on Marketplace platforms or Recruit affiliates to do the work for you.

    That's how Anik Singal, Neil Patel, and other BIG name marketers make double that amount each month.

    I know of a friend named 'SimoLife' who makes more than that amount simply by recruiting and outsourcing most of his job to people from Philippines, while he is enjoying himself with Hot bitches in the beautiful beaches of Thailand.
    He pays them ONLY $300 per month each plus Weekly Commissions if they completed the job without encountering any problems and without calling him for assistance.

    I believe most BIG name marketers like him. Outsource most of their Work to people from poor countries - while they Travel the world!

    I think it's hard to reach that number by yourself - Recruiting and Outsourcing to other people to help you achieve your goal is the way to go
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    • Profile picture of the author Safade Billy
      Originally Posted by CityCowboy View Post

      Scale up your online business... Do Joint Ventures or Create more products and Sell them on Marketplace platforms or Recruit affiliates to do the work for you.

      That's how Anik Singal, Neil Patel, and other BIG name marketers make double that amount each month.

      I know of a friend named 'SimoLife' who makes more than that amount simply by recruiting and outsourcing most of his job to people from Philippines, while he is enjoying himself with Hot bitches in the beautiful beaches of Thailand.
      He pays them ONLY $300 per month each plus Weekly Commissions if they completed the job without encountering any problems and without calling him for assistance.

      I believe most BIG name marketers like him. Outsource most of their Work to people from poor countries - while they Travel the world!

      I think it's hard to reach that number by yourself - Recruiting and Outsourcing to other people to help you achieve your goal is the way to go

      Hi CityCowboy,

      Thank you. Your posts gave me few thoughts about outsource esp the bonus part. I like that.
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  • Profile picture of the author binelus
    Originally Posted by Safade Billy View Post

    Hello everyone,

    No I haven't yet made half million. I have life situation where I need to have this amount in my hands. I realize it is mountainous target for some and while others may see it as piece of cake. I am in the middle, O have high hopes that I can reach the target.

    It is been since one month and I only have 9 months left. I have successfully run a business for about 4 years but never banked half mil in profits. It was all rotation. I am not starting of from scratch.

    I already have made some in the last month and from the past all in total got about 50k. I need to reach another 450k. I.e about 50k a month. The number looks huge I have break it down into smaller streams of revenue and started of the journey. Time will tell how it goes. But it is a life situation for me so I am putting my heart and soul to reach the target.

    I am looking for your inputs - motivate me, give tips, strategies or shoot me down

    I will keep posted about my journey .. so others may find benefit from what I do...
    We have a name in common Billy lol haha!

    But hey, if you reached the $50k a month mark, you certainly got something working man!

    Can you analyze what it is and push a little harder? Like double what's really working?

    Re-investing your profits and reaching $100k a month seems very doable from where you are right now.

    Consider leveraging with someone in your same niche that has a bigger tribe than you and do some kind of cross promotions with them!
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  • Profile picture of the author DIABL0
    In my line of business, nearly everyone hires VA's from the Philippines once they get to a certain lever, as it's key to scaling.
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  • Profile picture of the author Wise Marketer
    $500K is a decent amount of money - can potentially change your life. You aren't the only with big dreams like that brother/ sister.
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  • Profile picture of the author Wise Marketer
    Okay...

    1. Establish your 'WHY' - Why do you want it, and who will it ultimately benefit & why (makes it clearer to shoot for and when you run out of motivation it will PULL you forward!)
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  • Profile picture of the author Wise Marketer
    $500K - start with that but break it down as you said. $500k divided by 9 months = $55.5K per month. $55.5K divided by 4 weeks = $13.8K. $13.8K divided by 7 days = $1984.13. So your daily target is $2K! So now you need to find either a product or product(s) to generate $2K per day. Then you'll need a sales process or funnel, that converts non-buyers into buyers of your product(s) or product or even service whatever. When that is setup you'll need to drive targeted traffic to your sales funnel and then begin to acquire data, to tweak it until it pumps out $2K as consistent as the sun sits in space! Then in 9 months you'll have your $500K, maybe even more.
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  • Profile picture of the author Regional Warrior
    Billy this is why with some of the answers you are getting have not a clue nor will they ever
    I would asked a mod to move this to the offline forum where you will direct answers and no BS just a good plan of action

    Jason
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  • Profile picture of the author moss
    @Regional Warrior good call, moving it there now.

    @Safade Billy If there is going to be productive discussion around this you're going to need to post a lot more information about each area of your business you need to improve as well as a lot more general information about your business. Please do this as soon as possible as in it's current state this thread isn't going anywhere quickly.

    Time is your most valuable currency right now. Be extremely considered with what you prioritise and how you execute. Check your numbers twice and estimate the impact of your options and go from there.
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  • Profile picture of the author Safade Billy
    @RegionalWarrior and @Moss thank you for your suggestions. I really appreciate it.

    My current business is providing software consulting services. I have a network of clients who give repeat business or refer new clients. I have been doing it for last 4-5 years and consider to be done well with a full time job. I have own development team and also outsource on need basis. My 50k-60k profits are from business. The joband business rightly occupies my time. I need to manage my time. Thats pretty much the background.

    I have split the revenue generation approx as follows in next 10 months

    * Current business 8k profits a month - 80k
    * a new saas product I just initiated - 40k
    * retail and wholesale e-commerce just started out and hoping to target about 40k

    That's so much I have initiated. Got a lot more thoughts but still evaluating. I am brainstorming spread out or stay focus on one... not sure how should I position. I am looking for your. thoughts

    blogs network about 20 and then resell to cover about 20k but I am worried this may not be efficient.
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    • Profile picture of the author DABK
      Why is your current business making you as much as 8K a month? Why is it making you only 8K a month?

      Fortunately for you, only 3 ways to increase revenues:
      sell more of the same
      sell new things
      sell the same at higher prices.

      Looks like you've looked into selling more things.

      Have you looked into the other options? I mean, if you increased your prices by 10%, you're going to increase your profits by a lot.

      I know, it's easier said than done, but it can be done.

      Since your consulting business is producing profits, why not get more clients at higher prices?

      Make yourself a list of top companies you'd like as clients and go for them... Read Chet Holmes book on how he did that... Quite informative.

      Can you reposition your consulting business better?

      If it seems I'm not too keen for you to add new streams... it's because that involves more trial and error than scaling up what you've already got working.

      I recently talked to a guy who owns 2 trucks. Used to haul things across the country for Walmart and Costco and such. But the money was not great. He now moves furniture. He's rented out one of his trucks and drives one for a moving company. He has to arrange for his own people to load and take off furniture, so, new skills involved... But, for bothering with hiring someone to load and unload, he's walking away with 5 times more money.

      In other words, small changes in what you do can have big results. Is there any such change you can make?

      Back to positioning yourself, what's different about your consulting business than the many other consulting businesses?

      Originally Posted by Safade Billy View Post


      My 50k-60k profits are from business.


      I have split the revenue generation approx as follows in next 10 months

      * Current business 8k profits a month - 80k
      * a new saas product I just initiated - 40k
      * retail and wholesale e-commerce just started out and hoping to target about 40k

      That's so much I have initiated. Got a lot more thoughts but still evaluating. I am brainstorming spread out or stay focus on one... not sure how should I position. I am looking for your. thoughts

      blogs network about 20 and then resell to cover about 20k but I am worried this may not be efficient.
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  • Profile picture of the author Safade Billy
    @wisemarketer thank you for doing the breakdown. Small targets are easier to reach and puts a person on action. "Think big, act small".

    @DABK thats a good pointer. To focus on the proven and the profit making business. So far I have been working within my small closed network never went out, perhaps the same "new entrant" challenge will be in front of me. But still I will be in better position. May be need to.acquire new skills "lead generation" "conversion" or can outsource. I will work out a plan.

    What I do different from others : I treat my clients business as my own business (not literally ). Thats why my clients trust me and my deliverable.
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  • Profile picture of the author moss
    Let's stay on topic guys.

    Also adding details to the original post so people can see the question in it's full and making it a far more descriptive title.
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  • Profile picture of the author moss
    Let's start with this 'Current business 8k profits a month'

    What parts scale well? What parts scale badly? Where are your major costs and friction points currently? Still need a lot more details on the business. What changes are you thinking about making to increase it to 10k first or 15k?
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  • Profile picture of the author DMGWebSolutions
    hello, I really like your idea and believe that it is realistically achievable. a lot of people get too tied up in the numbers, thinking $100 a day will be difficult just because 100 a day is a lot relative to their current earnings, or that to go from 100 a day to 1000 a day you have to do tenfold as much work, or notions of that sense. What is your idea / plan going about the sequence of how the "ventures" will be executed and turned profitable / successful? I feel like it might be easier to make that in 1 venture, but there could be a chance that multiple ventures are more lucrative altogether, but you would require a strict, systematic plan and approach this "goal" in a structured a way as possible, with systems built in as well. Thinking about it, it would probably be ideal to submerge yourself completely in 1 venture at a time, go through the learning / starting stage, break the frustration barrier, build your business / storefront / website or whatever you require to run it, get business, etc (tools, apps, business license, planners, business plan, anything you need) focus on getting business (when you know you can deliver it, of course), stay very mindful the entire process, and once you feel you know enough, you start to automate and delegate everything possible to current VAs, etc. I have been extensively studying millionaires for a few months now, and realized that they: 1. Know their "hourly" value and value of their time (this helps hand in hand with knowing what tasks to delegate, what really needs time / work put into it, prioritization, etc)
    2. work very smart (similar to #1, they automate and delegate everything, then focus on building / bringing in another stream of income.)
    that being said, if you work smart enough, yes, half a million is realistically achievable in half a year. Don't listen to people trying to shoot you down, i see startups raise hundreds of millions in any stages, and companies crowdfund similar numbers for almost anything.

    so, your approach should be something like;
    1. automating every low priority task possible, taking into account the value of your time
    2. minimizing expenses, money saved is money earned.
    3. building a viable plan, researching ventures, etc.
    3. delegating / automating / growing current business that makes 8k / mo. who can you hire? how can you grow? can this itself be scaled to reach the 450k with this venture alone? should you just stick to this?
    4. venture 1 (example, e-commerce) research viability, niches, market research, testing product / market fit, experimenting, learning to use email opt-ins, building (and learn to build) simple landing page, internet marketing, lead gen, driving traffic etc. main focus is to get it up and running, but learning the process, how to replicate it and doing it again is just as important, if not more important, than the money made from the actual venture. once operating: how to delegate or automate, identifying lower-weighed or unimportant tasks, etc. don't forget to set venture goals and log those on a graph that has your ideal earnings charted, try to close the gap between the 2
    5. venture 2. (next venture, could be e-commerce, affiliate marketing, blog, videos, anything) and build a similar plan. u get my point, you need a plan, and have to be structured, and for both of those you need a good amount of research. if doing one venture, only 1 things matter : grow, grow grow. however you got to do it. whether its selling more often, selling at a higher price, selling to more people, selling to a different market, set your "sales quotas", goals, targets, etc.

    I could be here all day, so it wouldn't hurt if you tried to make an extra 30 minutes a day to read on business, an online community or a book, knowledge is golden and gold attracts gold
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  • Profile picture of the author Safade Billy
    @Moss, Thank you for organizing the information and I believe the title is more appropriate.

    @DMGWebSolutions: Thank you for the laying out the approach in detail. I will align my thinking along those lines and revisit again how I can optimize the revenue streams.

    Extending on what I do....

    The focus of my business is providing technology integrated service such as biometric, rfid, energy meter system, mobile/sms payments for small scale industries.

    What goes well:
    • Initial scoping and solution of the work at hand comes alone very well
    • Client approach me as first hand for solutions


    Where I think problems are
    • I am involved at every step of the process in delivering the software to the client because of the complexity involved. This takes my time. I end up spending time on day-to-day basis on the nitty gritty details of the code/software
    • Time spent on pre-sales activities in trying to close the deals but don't end up wining the contract. There are times where I had to spend 5 days straight through because of the size of the project (which means the revenue is also high)
    • I believe I am not pricing rightly

    Challenges
    • Most times I dont end up with contract is because of factors internal to client not awarding the contract to us
    • Tried to bump the pricing but client is not keen
    • How to build reliance on the team without getting involved in the details

    Some immediate thoughts on Increasing the revenue
    • Currently all my clients are in my network, to get new contracts as mentioend earlier I need to go out of network to the market
    • Ask clients to refer other clients
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    • Profile picture of the author DMGWebSolutions
      No problem, I sincerely apologize for the structure of the post, as I didn't have access to a computer to reply, but really like your post. I see you said you are involved in every step of the process from delivery to the "nitty gritty details of the code/software". why don't you find a partner / employee or someone to work with to help? it seems a little technical for a VA, so that is why i am suggesting so. would you be willing to give him a 15% cut if he took off 30 or 40% of the workload? you might be making a little less as you have to pay him, but that extra time you have is time to focus on growth and will in turn end up making you more.

      You also stated you are not pricing rightly, simple fix: competitor analysis. find out how your competitors price. also, price according to your target market and adjust, if people too often are saying your pricing is too high, it might be true.

      also: you said you don’t end up with contract because of factors internal to clients: you might nit be able to change but you can influence them (possibly). keep track of those factors, watch them, see what you can do.

      for referrals: offer an incentive, i don’t know exactly what it is you do but you can promise an incentive for a referral. for example: a product based business can offer a $5 or $10 off incentive for a purchase above $100. another example: for a hosting service, they can offer you 1 or 2 free extra months of hosting per client you refer. find out what drives your clients purchases and attack the source!
      You also stated you are not pricing rightly, simple fix: competitor analysis. find out how your competitors price. also, price according to your target market and adjust, if people too often are saying your pricing is too high, it might be true.
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  • Profile picture of the author DABK
    Have you ever read Gerber's E-Myth Revisited?

    If you have not, do. In the meantime, here's something you'll learn from there:
    write down everything you do, every activity
    organize activities by affinity (i.e., answer phone and send faxes go together while cold call prospects and write code do not).
    Once you're done, you'll have several large groups of activities (jobs).
    Assign an hourly value to each.
    Delegate the low hourly jobs to someone else. That frees up a lot of time for a lot of people.

    That frees up a lot of time.

    By the way, you'll also notice that some of the things you think are important that you do, aren't. You just need to accept that you have to let go (nothing has to be done 100% the way you do and a lot of things, if done 80% like you do are done well enough; plus, some activities produce better results for you when done vastly differently from the way you do them).

    Use the freed-up time wisely (fill the hours with high-paying activities).
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  • Profile picture of the author hunahackback
    You will need to invest huge for it
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  • Profile picture of the author breetly
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