From 5 to 6 Figures Per Month in the next 12 Months...

I'm challenging myself to go from five figures per month to six figures, within the next 12 months.

Background:

"Five figures" is a vague term isn't it?

There's a big difference between $10,000 and $99,999 yet both are "five figures". Going from $99k to $100k per month isn't a big challenge. Going from $10k to $100k, on the other hand, is a big ask.

For me, this challenge is in the "big ask" category...

Without giving away my income, which varies from month-to-month, I'll say that I have had 5 figure months. With that in mind, experiencing my first $100,000 month in the next 12 months is a huge goal. I realise that it's a goal which I might not be able to meet. But I don't think any harm can come from setting myself ambitious targets.

"Shoot for the moon. Even if you miss, you'll land among the stars" - Norman Vincent Peale

My current income comes from a mix of providing copywriting services to SMEs and corporate clients, and selling my own copywriting / health and fitness training (aimed at men around 40)...

Hitting my 100k/month goal involves me stepping things up big time. I've got to 10x my income.

The Plan:

I want to move away from providing services - trading my time for money - and move into coaching and training.

Freelance writing has served me extremely well and I'd advocate freelancing for almost anyone who is looking to start making money online. Freelancing is what enabled me to replicate and supersede the income from my previous job and start living life on my own terms. As a freelance writer, I've travelled extensively and enjoyed things that many people can only dream of. However, there are only so many hours in the day, so there's a cap on how much money I can make from freelancing. That's why I want to spend less time freelancing and more time coaching and educating.

Step 1: Sell higher ticket copywriting coaching

My previous copywriting "coaching" product was a $27 PDF. Although I positioned this as "coaching", the reality is that I was selling a course. Course sales were really good and exceeded my expectations, but that has given me the taste for doing more. As a result, I've recently (literally, now) released v2.0 of this coaching in a much more valuable format, with both training and a coaching / mastermind community. In this format, I'm charging a lot more than previously, to reflect the extra value. If I can keep sales volume the same or even improve it, this has the potential to 10x my income from copywriting coaching.

Step 2: Add a replacement $27 product to my copywriting product portfolio

I've been working on a product called Six Figure Letters, which teaches people specifically how to write high converting sales letters. Price wise, this will replace my previous "coaching" offer and act as a "bridge" between my free giveaway and my higher priced coaching. Ideally people will buy into this product and then go on to purchase access to my coaching group in addition. However, it enables me to keep picking up those buyers who only have a $27 budget, so I don't lose them completely. If sales of this product emulate my old "coaching" offer, it means any money made from my new coaching offer is in addition.

Step 3: Help people to launch their own coaching programmes

Having successfully launched my own coaching / courses, I'm now coaching other people to do the same. The reason I've decided to offer this one-on-one coaching is so I can replace the bulk of my freelance writing income, while saving time which I can use to focus on additional income streams.

I've already helped a couple of friends to launch their coaching programmes and they're doing well. So I know this will also be rewarding, it's a great feeling to help other people to launch their own online businesses.

P.S. I'm not going to give up copywriting entirely because I do want to stay on top of the game.

Step 4: Launch a monthly membership that appeals to the masses

I want to launch a membership website that has the potential to generate thousands of "sticky" members. Having crunched the numbers, I'll need 3,700 members paying $27 per month to hit $100k per month from this avenue alone. 7,400 if I'm using affiliates to generate sales and paying them 50%...

(More on affiliates later)

I've got an idea for a membership that I believe has the potential to take off. I just need to get the marketing right...

I appreciate that hitting these numbers isn't going to happen overnight, but this is going to be my focus after my core offerings of the Copywriting and Product Creation coaching. In time, I believe it's possible...

Step 5: Increase the amount of "organic" value that I put out

When selling my previous copywriting course, I used a very traditional marketing approach:

Ads > Squeeze Page > Email > Sales Page

I used ads to drive traffic to a squeeze page where I gave away a free course. I then upsold my paid course through email. This worked well and I'll continue with it when promoting copywriting coaching...

However, despite believing in organic marketing, I did very little of it due to limited time. I've coached my friends to promote their offers organically and it's working, so it's something I am going to dedicate time to going forwards. My aim is to give away genuine value on Youtube, IG and other organic channels...

My long term goal is to be the "go to" copywriting educator online...

Step 6: Sell my products on affiliate networks

In the past, I've avoided putting my products on affiliate networks and focused on generating the sales myself. My justification was that I'd make 100% of the income that way...

Yet, whenever I've helped other people launch, getting their products on affiliate networks has always been a priority.

And that's made me come to the realization that by avoiding affiliate networks, my greed has held me back...

It is tough putting your blood, sweat and tears into a product and then seeing someone else take 50% of the income just for writing a 10 minute email. But the reality is, enabling affiliates gives you the option of putting your product in front of a much bigger pool of people. This can lead to word of mouth referrals, enhanced reputation and a lot more awareness of you and your product...

I am au fait with affiliate recruitment, so avoiding affiliate networks is a mistake that I'm now going to rectify...

Step 7: Hold myself accountable with this thread

I'll be updating this thread to document my progress. If anyone has any questions, fire away. I don't bite!

Best wishes,
PP