Tweet

How to Unlock the Treasure Chest and Increase Your Income in 5 Easy Steps

Written by: Bonita Richter

Article Overview: Are you ready for the thrills of seeking your own treasure chest of gold? Adventure-seekers, what you’ll need is a map that’ll help lead you to the riches. Play the “Show Me the Money Treasure Hunt Game” to map out how you’re going to find the key that will INCREASE YOUR INCOME and unlock your treasure chest of gold!

How to Unlock the Treasure Chest and Increase Your Income in 5 Easy Steps

Do you have an income goal in mind that you’d like to achieve over the next 12 months?

Now, imagine how many products/services you have to sell, at what price, on a monthly and yearly basis to achieve your income goal. If you’re like most people, at this point, the waters start to muddy up and your vision of how you’re going to achieve the income goal becomes less clear.

By playing the "Show Me the Money Treasure Hunt Game", you’ll break down a large income goal into manageable chunks. This helps you "get your head around" how you are actually going to accomplish the goal, making your chances of succeeding much higher.

Here are the 5 easy and *magical* steps to play the "Show Me the Money Treasure Hunt Game":

1. Write down your income goal for the next 12 months.

When formulating your income goal, also think about your desired lifestyle, financial obligations, as well as how much money you want to save and invest to build wealth.

As an example to play this game, let’s set an income goal of $125,000.

2. List the products you currently offer for sale, and at what prices.

Simply make a list. When forecasting the revenue for your business, you’ll want to consider each of the different products and services you offer, as well as what price you are selling them. You can play this game if you have 1, 3, 5 or 15 products or streams of income!

For our example, let’s imagine you offer 4 products and services:

* An e-Book for $37

* A multi-part e-Course for $57

* A workbook and CD set for $197

* 1-on-1 coaching services for $350 per hour.

3. Ask yourself, "Can I increase the prices of these products?"

Playing the money game is a good time to review the prices of your products and services. You certainly don’t want to be leaving money on the table if your products are as good or better than competitors’, but you are charging much less money. Check out your competitors’ prices for similar offerings, and "bump up your prices" a bit (if you can) to increase your income.

4. Play the "Show Me the Money Game".

Draw 4 columns on a piece pf paper. Label them, from left to right:

* Product or Service

* Units to Sell per Month

* Price per Unit

* Annual Product Sales.

List each of your products and prices below the appropriate headings. Then, simply multiply the number of products you forecast to sell, times the price of each product, times 12 months. By doing this you "map out" how much you have to sell of each product to achieve your income goals.

The beauty of the "Show Me the Money Treasure Hunt Game" is you can experiment with different quantities and prices of products to see what the result will be on your income.

5. Implement a marketing system.

To unlock your treasure chest of gold, playing the "Show Me the Money" game isn’t all you have to do to increase your income. You’ll also have to commit to implementing a marketing system to generate interest in your products, and boost traffic to your web site/offline business so those sales can become achievable.

Playing the "Show Me the Money Treasure Hunt Game" makes your vision of "how" you are going to achieve your income goal tangible. It is also a great tool to measure your progress on a monthly basis toward reaching your annual income goal.

Copyright 2008, Bonita L. Richter

Related Articles
  It is now the perfect time to work from home
  Joint Venture Treasure
  Taking a Chapter from Amazon's Playbook - The Art of the Bounceback
  Science Daily Week: Which is more effective: bonuses or raises?
  There are always options ...

Article Tags: 12 months, coaching services, different products, e book, financial obligations, goal in mind, good time, how much money, income goal, lifestyle, manageable chunks, money check, money game, offerings, show me the money, streams of income, treasure hunt game



Related Forum Posts
$1,000,000 - Hi Evan, Are you talking about US Dollars? If so, that would be approx £500,000 in the UK. The Canadian Dollars differs also from the Australian Dollar. In any case, one needs to solve problems to help people to get money. The more solutions are given to people's needs to solve their problems, the closer one gets. Finally, are we talking about 'Income' or can we talk about 'Asset'? Kindest Regards Beat "Unlock People's Potentials!"
Re: What are your success criteria? - [quote="DwayneGarrett":1igrdgib]Out of curiousity, what has to be present for you to know that your business is a success? The top three things for me are: 1. Maintaining a 6 figure income year in and year out. 2. Creating and promoting my own products. 3. Income not solely dependent upon my personal effort. How about yours?[/quote:1igrdgib] I would have to say mine were: 1. Monthly Residual Income that exceeds all expenses by 110% 2. Free time to create and promote my own products (relies on #1) 3. 5% of all revenues generated by my team going to feed starving kids Now that is "feel good work".
Re: e-Commerce and e-Payment providers - When I came back to Japan in 1999 I sometimes used to ask my students if they would buy anything on the Internet and at that time most thought it was too risky. I'd encourage them to try by using well known sites such as Amazon.co.jp and also pointed out that using a credit card on a reputable site was safer than using it at a restaurant. I can't remember the last time I had that discussion or when the "tipping point" occurred in Japan. To answer your other question, I use Paypal for several reasons: 1. Brand familiarity 2. Easy to use 3. Free to withdraw 50,000yen+ to my Japanese bank account - a huge benefit (but maybe other systems also offer that...?) 4. Easy to cancel subscriptions On the down side, their transaction fees are quite costly, they are difficult to contact and when disputes arise you can sometimes lose even when you can prove via your tracking service that the disputed item was "delivered" to the customer's address!
Treasure Hunt: Inside the Mind of the New Consumer - Treasure Hunt: Inside the Mind of the New Consumer Michael J. Silverstein 2006 From the inside jacket: "Today's consumers can seem impossible to understand, and even harder to please. For instance, the average mall shopper will spend about $100, then leave when she hits that limit. SHe'll probably buy shoes rather than clothing, because she doesn't want to think about her dress size. And the store most likely to get her money isn't the one with the nicest display or the deepest discounts - it's the one closest to her parking spot." Okay, ladies here at evancarmichael.com? Do you follow this generalization? I myself go to bookstores, and nowhere else. Being self-employed in a home office, I don't need to buy new clothes, but I confess I did buy a new pair of bike shoes recently... The Introduction states: "This book tells the story of how middle-class consumers around the world are reshaping the consumer-goods market by trading down to low-price products and services, trading up to premium ones, and avoiding the boredom and low value that increasingly characterizes the middle. These consumers, mostly women, are better educated, have more disposable income, and are buying with more sophistication than ever." Table of Contents 1. The Bifurcating Market 2. The New Middle-ClassConsumer 3. Cheap is Good 4. Spanning the Poles 5. All Treasure, All the Time 6. When the Calculus Shifts 7. In A Pickle 8. Nickels and Dimes 9. Left in the Dust 10. Taking Action
Re: Domain name sugestion - Hi Anelly, Support-Box.com sounds very good to me. Easy and catchy.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Effective Leadership

Small Business Internet Marketing

How do I finance a franchise?

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.