The 10/10/10 Strategy
How about switching up that vulnerable business model for a recurring model in your professional services business? Here's an idea you can play with.
If you could have it anyway (you can!), what kind of a business would you like? I mean, purely from a financial point of view?
How would it work?
I know I love me a predictable, recurring-revenue business.
It reduces my stress levels by 92,4%
A recurring-revenue business?
You know that kind of business that is the exact opposite of how most service businesses operate. Here’s the norm…
Sell projects to clients that buy once, or twice. Always be hunting for “new business” (a.k.a. the most expensive, stressful way to run a business).
I run my consultancy this way for years. I was stressed out for years too.
Here’s a simple structure for changing the game, if you’re operating your business like I did.
I call it The 10/10/10 Strategy. (and there’s a fourth 10 for the ambitious)
Most small-business owners in the professional services space would be more than happy with a business that made $1 million in sales, and that generated a net profit margin above 30%, without having to slay dragons each month to get new business. And rightly so.
Here’s how it works:
Build your business so that you service 10 clients who pay you $10k for an ongoing need, and keep them for at least 10 months on average.
If you can do this, you have a business that generates $100k per month with very little need for new business and all things “client acquisition”.
When I share this strategy, many entrepreneurs think they could not sell a $10k monthly recurring service. To which I always reply “Of course you could!”.
It’s just a question of the right perceived value, combined with the right client.
There you have it. Simple, isn’t it?
Oh…I think I left out probably the best part…there is actually a FOURTH 10 that you can add to blow your revenues and profits out of the park…and to know what it it, you’ll have to listen to (and subscribe to) my podcast Simplified™ where I share this same idea (hint, you’ll discover it toward the end)
(You don’t have to take it quite literally…you can make it 5/5/5, or 10/5/10, or whatever you like. The important thing is the model…not the numbers.)
This is just one of the endless strategies and ideas that comes out from The Game Changer Workshop™ - our brand new workshop where we help you…well, change the game for you.
All the best,