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BINGE TOP EPISODES
Just three months into my business, I realized that I was caught in a trap that would mean my business could never make 6+ Figures.
I was working 50 hours a week (and quickly burning out) and after calculating the amount of time spent on each project and dividing by the total project cost, I was making less than $10 an hour (eeek)
My income equation looked something like this:
(Weekly Hours Worked x Hourly Rate) X 12 Months = My Annual Income
OR Simplified ↓
(A x B) x 12 Months = My Annual Income
Of course there were also dry spells and many, many hours spent doing marketing, sales and “everything else” that wasn’t directly paid for by client projects.
But in essence, if you’re the sole Service Provider in your business, the one doing all the 1:1 Done-for-You services, your income equation will be some variation of this.
And that’s a BIG problem.
Because to increase your revenue, that means you only have two variables that you can play with.
You can either:
A – Increase your hours worked (Uhhh… no? That would mean working all day AND all night 😳)
B – Increase your rates (Which is great, but there are actual industry limits to what your clients are willing to pay.)
So you see, I was trapped.
The only ways out were awful or (seemingly) impossible.
So to grow, that meant I needed to do things differently – I needed to add another variable to my equation, another way to multiply.
My coach at the time had told me about creating an Agency (Business Avenue #1), but even just saying the word ‘Agency’ conjured up images of stuffy, corporate settings –
Of me having to stressfully manage 10-20 different copywriters and juggle all the clients, projects and expectations.
And suddenly, I’d added another variable to my income equation.
C – Money from Digital Products
So now my income equation looked like,
(A x B) x 12 Months + C = My Annual Income
And things seemed great –
The courses were selling, the clients were coming in, but I was still working 50 hour weeks and GOD was I exhausted.
I was less than 7 months into my business and I couldn’t imagine doing this for the next 5, 10, 20 years.
And I kept asking myself:
– Is this what I want to do for the rest of my life?
– What about my dreams to retire Dale?
– To take holidays to magical, faraway places?
– To invest enough that we can retire early?
And so the answer was clear, I needed to do things differently… again
(‘cause that’s the only way to get different results)
And this time, I needed to not just add a revenue stream, but find way to actually MULTIPLY.
And it turns out, an Agency was the way to do that (at least for me) – Just not in the way I’d initially imagined.
One morning I was sat doing my daily journal prompts, when I realized:
I could make an Agency in any way and any form that I wanted – It didn’t need to be big and stuffy and corporate.
It could be:
Boutique + Small + Intimate
And with that attention to detail and quality that I didn’t want to lose by scaling.
So I started by hiring a Jr. Copywriter on a contractual basis (meaning they were only paid when they did projects) and everything grew from there – but always only in ways that I wanted.
Because (and don’t forget…)
You’re the freakin’ CEO! 🙌
Each copywriter allowed me to multiply the number of projects I could take on without adding extra hours to my workload, without burning out, and because it was boutique, without changing the quality of the service that I was proud to offer my clients.
And hence – My Income Equation was transformed
n – Number of Copywriters
With an Agency, my equation ended up looking like,
(A x B x n) x 12 Months + C = My Annual Income
And that was before I even diversified further into Coaching, Consulting and more…
Here’s it broken down a bit further with a Social Media Manager as an Example. Do you see yourself in one of these?
As you can see, with an Agency (Or any of the other business models we’ve discussed), it’s a fact – You will have higher expenses and slightly lower profit margins, BUT with much greater returns.
And any juniors working on a contract basis, you only have to pay out those expenses when you have guaranteed income to cover them.
You CAN keep doing your One-to-One service,
You CAN keep making 4-10K months
But is that really what you want to be doing 5 – 10 years from now?
Or would you prefer to get the expert guidance and proven steps on how to
My signature group program, Freedom Found Collective, is open for a short time only and in just a few days of private launching, nearly all the spaces have already been filled by some driven women ready to scale their business together!
FFC is an intimate, 9-month Mastermind of 1:1 consulting and small group mentorship, helping solo female founders expand into empowered 6+ figure CEOs, with unrivaled one-on-one support and every granular piece to take you to your income and time freedom.
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