Project Entrepreneur: Loral Langemeier Coaching
Having recently realised we needed to put some fast growth moves in place at Soul Sessions, coaching session three with Loral focused on fixing the revenue model.
So, revisiting the idea that we can reorganise our collective skills to meet the market where it’s so hot right now, Loral encouraged us to formalise the model in a mega spread sheet.
“What I would love for you to do this week is an exercise in revenue modelling,” Loral says.
“I will have one of the forms sent over (see above pic) and then what you need to do is plug in the numbers. The goal is to figure out how much you want to make first, then work backwards.
“For example, once you have recognised all your income streams, if you want to make $10,000 a month, you then identify how many product/service items you need to sell on a regular basis to create in order to hit those targets.”
The prototype Loral sent over had Quantity written across the top above the 12 months of the year, and the following headings in the left hand margin.
- Section I: Product/Service Descriptions and Quantity
- Section II: Unit Price and Monthly Revenue Calculation
- Section III: Expense Category and Monthly Expense Calculation
- Section IV: Monthly and Cumulative Net Income
“Theres a way to turn everybody’s skills into positive cashflow,” Loral says. “Some people in business go broke just waiting, waiting for business to come good, but that’s not the model that you want.”
Whoa! Glad we’re clear about that.
“Because of what you’re building at Soul Sessions, people are going to want what you have,” Loral says. “Many businesses want a well-designed website; the same kind of shop; an ipad magazine; corporate videos; a great looking newsletter written in a professional, informative and entertaining way each month; and ebooks etc.
“These are all services that your team at Soul Sessions can provide and that businesses are going to want.”
So, my job this week is to formalise the services that Soul Sessions’ new Business/Corporate Services arm can and will provide as well as how much the service will cost for people to employ us to do it.
This is actually sounding quite fun… but the best bit is that it feels good. Why? The energy around creation is creative (no kidding), expansive and positive.
Just like high-profile neuroscientist Dr Joe Dispenza said in our recent interview, “if you’re not in a state of creation, your in a state of survival, defined by fear, anxiety and stress.”
I know which one I’m choosing. Of course, there also has to be confidence in your skill and ability to carry out any new services.
So now, I’m going to give some thought to the process around building a Corporate Services arm at Soul Sessions. We would only go ahead with this if we have full confidence that we could provide the services well and with high quality.
Then, I’ve got a mega spread sheet to fill out. I’ll be in touch again when I come up for air.