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 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 "money"
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 if 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 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 this game is you can experiment with
different quantities and prices of products to see what the
result will be on your income; in our example, $125,000.
5. Implement a marketing system
To unlock your treasure chest of gold, playing 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 money 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 income goal.
Copyright 2008, Bonita L. Richter
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Bonita L. Richter, MBA, teaches soloe entrepreneurs and
business owners how to market their businesses to increase
sales, business success, and generate wealth. To download
a FREE spreadhseet to play the "Show Me the Money Game" and
Bonita's popular and acclaimed FREE eBooks visit ===>
http://www.Profit-Strategies.biz
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