What is your monthly nut?
Simply put, this is how much your family spends each month.
This includes the essentials like mortgage (or rent), food, transportation, utilities, medical insurance, education for your children, etc. It also includes entertainment, travel, and whatever other things you might spend your money on (hey, no judgement on your daily Starbucks or whatever other weird habits you may have).
Of course, the government wants their share too. And hopefully you’re putting away money for savings and investment.
If you don’t know this number, I’d recommend you calculate it (and yes, it will vary month-to-month).
Your business has a monthly nut as well…which includes hosting, software, education, salaries, outsourcing, coaching, and so on.
The most stressed-out clients I’ve worked were those who had a very high monthly nut…AND their online income was sporadic.
In fact, I’m thinking of one client who was only with me for a few months.
It seemed like every month was a hair-on-fire emergency.
They frequently said that if the next special offer they ran to their list wasn’t a big winner, they didn’t know what they were going to do.
They had a successful, six-figure business and were living in a state of constant panic at the same time.
It stressed me out as their coach!
What’s the solution?
Well, I’m going to focus on the income side here, but it would also be smart to take a look at the expenses side of the equation.
Don’t build your business on sporadic, one-time purchases.
Create evergreen, recurring income.
Imagine having recurring income from an online business that meets your monthly nut.
For example, several clients have membership sites.
They know that even if they don’t make a single new sale this month, their continuity income will pay all their bills.
Of course, they’re still going to send emails…make more sales…and earn money from other elements of their business.
But there is a certain peace of mind from having those automatic rebills going like clockwork.
A membership site can be a great source of recurring revenue, but it’s NOT the only one.
I published a monthly print newsletter for 15 years. Several clients have memberships with annual billing. Others offer done-for-you services with monthly billing such as SEO, PPC management, copywriting retainer, virtual assistance, and so on.
Coaching can be done as a monthly, quarterly, or annual service.
A couple of clients have even licensed their intellectual property for ongoing monthly fees.
And you’re NOT limited just to you own ‘work’ either.
You could promote someone else’s membership site, service, or SAAS (Software as a Service) as an affiliate.
My advice is to look at your business…what you currently offer…and what your customers are buying.
Where does a reliable source of ongoing income fit in your business model?
But even roses have their thorns.
Because of all the monthly services, many consumers have subscription fatigue.
You need to come up with a truly irresistible offer.
And you must share a clear message that connects with your ideal buyers.
That’s where the Golden Glove Persuasion Map can come in.
It gives you my 5-step formula for creating messages that sell.
This is even more vital when putting together an evergreen monthly offer.
And no…there is NO subscription required for this offer.
It’s a one-time purchase that can help you create more profitable offers for the rest of your life.
