Are you trying to figure out how to budget certain things in your business, creating a business plan that works for the budget that you have? I think that’s a great idea. Oftentimes we have some money and we go, oh, where do I want to invest my money? How do I use my budget to get the best return on investment?
Well, some of you may or may not like to hear this, but you have to have information and stats to understand what you’re doing. But let me get clear with you on the simple steps, no matter what your budget is. How to figure out the right plan for your budget. First and foremost, whenever we’re making a plan…
Make a Plan
A plan! We want to figure out what is the goal? What is the outcome that we are trying to achieve? And, oh, I’m going to use a really cool example of which you will watch me kind of unfold over the next month or so, and see if it works according to plan.
So I’m going to lay out my plan here, tell you what my goal is. And one possible way to figure out how to do this.
Step 1 – What’s Your Goal?
So step one is what’s your goal. Let’s say my goal is to bring in more money. And maybe there’s a certain number that you want. I need to bring in this much money during this amount of time. Well, what’s one great way I can do that?
So step one could be that your goal is that you need to bring in more money or it could be that you want to serve more people either way in business, kind of increasing our income, our revenue and profits is always a good thing. So then the next question you want to ask yourself.
So step one is figuring out what the goal is. I need to grow my list. That could be a step. And then I want to grow my list by and again, these numbers are really helpful. So a tangible, measurable goal. So you can see if you’re going to hit it. I want to grow my list by a thousand. I want to grow my list by this number.
I want to increase my revenue and have more sales. I want 10 more people in my membership. So let’s use this as an example. Okay. 10 more people in my membership. Let’s say at my most recent summit price point, which was a special, would be $12,970. Cause it was $1297 for the annual price point.
Step 2 – What Project Will Help Me Get There?
So then the number two step is what’s the project that’s going to help me get more people into my membership, especially if I want to get, let’s say the magic number is 10, nice and simple, super easy. Well, the best project could be to run a simple webinar or masterclass, whatever you want to call it. So that’s a good thing.
I go, okay, great. Now this is where the data can be really helpful and informative in terms of your plan. If I run a webinar, then there’s some other goals. I go, okay, well, my goal is to get 10 people. If I want to get 10 people, I need 350 people to attend. Maybe more to get 10 people out of my webinar, because let’s just say we convert to a cold audience of 3%. There might be some numbers here. If you guys need to write it down, I did the math in advance just to kind of help with this example, because I think sometimes examples can be really helpful. So for example, I want 10 new people into my membership.
I think this is the best project to get myself there. Because again, we want to keep our plans really simple: to run a webinar and to get 10 people at a 3% conversion rate is probably 350. I’m not sure that I’m doing that math exactly right. At 300 people, 3% conversion is nine people. So give or take. So then either I can on no budget, do all that I can to figure out how am I going to get 300 people there with no budget. I’m going to post everywhere. I can post. I’m going to send out emails. I’m going to let everybody and their mother know I might do a campaign to tell people.
So this is the no budget way to do it.
I might say, Hey everybody, I’m running this and I’ll give prizes away. If you guys want to come check it out or tell a friend. So you could post it on your personal profile to let people know that you’re doing it. And well, we don’t want to post any links on there. Cause we want to make sure that we’re on Facebook’s terms of service.
Or you can post it on your Facebook page. There, you can have a link and invite people and you can do whatever it takes to get those people there. If you have zero budget, but let’s say you have some money and you think I want to invest in this. And I wanna make sure that I get a good return on my investment.
So again, the reason why the data is helpful and important is let’s say we can convert 3% of our webinar attendees to cold traffic. Then if we spend some money on ads, then let’s say we convert. Three of them. Let’s figure out if it fits in our budget, we’re going to do some fun math. I talked to my ads guy today and let’s just say, my ads were between six and seven bucks. And six bucks is an easier number to do the math. And I did it for six bucks. Anyway, let’s say it costs me $6 a lead. And I want to get 300 people there. Six times 300 is $1,800 in my ad spend if I can get my leads there. And at $1,800 investment to get 300 people at my webinar, I converted 3%. That’s nine, not 10. And then at a price point of 1297, that’s $11,673.
Do I have an ROI? I do. So then I subtract the $1800 on ad spend and I’ve made $9,873. If I convert at 3%, nine people in at that price point, it’s simple math. So based on my budget, I will get in return on investment.
That’s assuming we know that the webinar is converting at 3%. So when you look at creating your goals, based on your budget, these are the things to look at in terms of your resources. Maybe if you don’t have an ad spend and you need 300 people, you need to find five collaborative partners or affiliates that are willing to share about your webinar and say,
Hey, will you share about my webinar inside your community? And if I get five people and they all bring in, Ooh, what’s five and the 30, 60 people, then we could get to our 300. So you can start figuring out based on your budget. What are the actions to take based on the goal and the project that you think is going to be the best project to give you that outcome. Is it to mathy today might be to mathy today.
Know Your Metrics
It’s the numbers. So I have a client and she’s like a data expert. Like they love to dig into the data. I am not such a fan of digging into the data as I was talking to my Facebook guy this morning. And he’s like, I really love to geek out on the metrics. And I’m like, that’s why I have you. Cause I don’t want to, I want you to geek out on those metrics for me. So when you look at all of these things in terms of creating your plan, regardless of what it is, step number one, what’s the goal, what’s the outcome. What’s the result? The thing that you want to have, a tangible thing.
I want to have nine to 10 new members, or I want to have 10,000, 11,000, $12,000 into my business. That’s the result I want. What do I think is the best project to get there, especially, oh dude, if you guys are overworking working, working people like myself, people who like to work really hard,
I am really working on simplifying and streamlining all of my systems and I hope that you will too. So the simplest way to get people into my membership is to do a webinar or masterclass. And then the goal is if I want to get 10 people out and I think I can convert at 3% guys, I think I can convert way better than that,
especially to warm traffic, but let’s say just cold traffic. Facebook ads. It’s nice to meet me for the very first time come and join me. Then if I can convert cold traffic at that 3%, then I have a plus in my income, I spent 1800 on ads to get 300 people in. I convert 3%. I get nine.
I make a little over $11,000 minus the 1800. I still have $9,000 whatever it is in my bank account. So I’m up, that’s return on investment. So it helps you figure out based on your goal and based on your budget. And if you don’t have the budget to do an ad spend, then how many people do I need to find that can share about my webinar?
How many peanut butter to my chocolate can I find that are willing to share about this thing? And maybe I’ll give them a percentage. See it. I think that’s why a lot of people do collaborative partnerships instead of doing the ad spend, you spend the percentages on getting people out. So those are my thoughts for today. Hopefully it’s been very, very helpful. So just the real quick recap, what’s the goal. What’s the project that’s going to support that goal. And then what’s the budget to get this project completed. Same thing works if we’re doing opt-in pages, if we’re doing list building. So I want to get a list. I want to get another thousand new people on my list so I can warm them up.
And maybe the same thing. I want to get a thousand new people. Maybe I need to sign up for 10 different places to talk somewhere else. So I need to reach out to a bunch of different people to talk in their audience and share about my free gift or sign up for a summit or sign up for a giveaway to offer out my free gift to get them.
And then I have those thousand new people on my list. I can warm them up and hopefully they will convert. Giving enough time and consistency and messaging and talking to our audience and building that fabulous relationship where they experienced being valued, loved, and they have a sense of belonging and you give them value and they reply and they love it. And all these wonderful things.
Then we can see either we can put money on to ads to help build our list, or we can find collaborative partners and go, okay, I need to find 10 places to get a hundred new leads.
I had somebody, one of my clients just joined us summit this past month in April, March, March, April. And just by speaking at the summit,
it didn’t cost them anything to speak. She spoke for free. She got in one day, a hundred new people to her list. It’s those simple things. And then you go, well, if I can do this 10 more times, I have a thousand people to my list. And then you can say, and then I’ll take really good care of them.
And then I’ll make some really amazing offers. Have the people make an offer, have the people make an offer because what our offers do, they help us get money into our business. And what is the most important thing to have in our business? It’s the money to feed it. It’s the healthy, dense nutrient greens inside our business, keeping our big business growing,
just like she should be. All right. So I hope this was super helpful. Step one. What’s the goal. Step two. What’s the project that support the goals. Step three. What are your resources? So resources is money and or budget or resources, people and connections and relationships to get the word out. Those are your three big steps.
So I hope that made a difference and I will see you next week for just another live on Friday.