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
How to Unlock the Treasure Chest and Increase Your Income in 5 Easy Steps - To learn more about this author, visit Bonita Richter's Website.
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