Every month I’ll give you an update on my online marketing business to show you how it’s progressing.
This is where you will find out what I’ve been doing to get more clients, service my existing customers and organise my business.
It also forces me to take a take step back and see where I need to spend my time to make more sales and grow.
One Business Goal
When assessing your business, it’s important you do this in the context of your goals.
My current goal is to make £5,000 monthly revenue by 31st December 2016.
Key Highlights This Month
- Networking like crazy
- First Paid Speaking Event
- Slight U-Turn on Creating Website for Customers
- Less than 30 Days To Go Before I Plan To Quit
As you may know from previous updates, I am building a new website for a client and this month we agreed to implement a new website feature at an additional cost.
The great thing about this feature is that it will save the client around 5-10 hours per month. By understanding their business and processes they run I often find opportunities to improve how clients can work. This is where my experience in Project Management and Business Consulting helps.
My client (windows manufacturer) is basically spending a few hours every week manually sending enquiries they get to their retailer closest to the customer’s address. By automating this task using the address, we not only save a significant amount of time, but also speed up the response to the customer. WIN for my customer and WIN for their customer.
The sale was agreed this month, but I’ll work on it once the site goes live. I’m excited to see it in action.
How much revenue did this new feature bring in?
Patience is a virtue my friend, it’s coming up down below…
Networking Like Crazy
It’s been a record month of attending networking events. Five events.
To be honest, four of those events took place on the same date in the same venue. 🙂
There was a business show in London, and during the event they had speed networking event every hour. As interesting as all the exhibition stands were, I decided to focus on one thing – meeting as many people as possible.
I even met someone, who before they found out about my business (online marketing for small businesses), claimed they help businesses get 1,000,000 visitors to their website for only £200.
I was polite but quickly moved on.
If something is too good to be true, it usually is. 🙂
First Paid Speaking Event
Last month I spoke about organising a paid event to actually get more people to attend.
Well, it was big fat failure.
Not one person registered. One week before the event I cancelled it and quickly rescheduled a free event for the end of the month.
Gladly, 11 people attended. The most I’ve ever had.
Even though, no one purchased further coaching, I received 8 testimonials.
So, how did I go from getting only two testimonials last month, to eight this month?
Simple, I asked for feedback right at the end of the event, not the day after on email.
I delivered so much value during the talk, they felt compelled to fill in the form.
This wouldn’t be Watch Me Quit, if I only showed you the good.
Need To Improve Feedback
I know, it’s a little difficult to read, so I’ll explain. He wants me to explain key terms I use before jumping into new concepts. For example, I mentioned “content” and “promotion” and after speaking with him, he wanted me to slow down and provide examples.
I’m going to improve.
Due to the holiday season coming up, I don’t plan on doing any events in December. Before I schedule an event in January I need to rethink my strategy.
The majority of people attending my events:
- Don’t have a website or are new online
- Don’t have a budget. They’re at university, left work, working on a startup or haven’t spent any money on advertising
Whilst they are interested in the topic of marketing your business online, they are not willing to pay.
The areas I’m thinking of changing for my next event to attract people willing to pay are:
- Event Topic and Positioning – increase the perceived value with better positioning
- Event Time – hold it during the day and possibly make it a half day workshop
- Event Price – possibly try to make it paid by taking the above into account
Slight U-Turn on Creating Website Plans
I said I would stop developing websites for my clients last month as they are consuming too much time.
It’s funny how life works. Because since then I have received a few new enquiries for small websites which should be quite quick to complete.
They’re far from done deals, but it’s helped me to realise that I can actually continue to create smaller niche specific websites.
As you can see, you may think you have an idea of what you want your business to do. But you never really know until you start talking to your customers and doing actual client work.
I’m shaping my business as I speak to customers and take on more work. That’s completely ok.
Less than 30 Days To Go Before I Plan To Quit
To quit, or not to quit. That is the question.
Scared. Excited. Worried. Finally. OMG. Freedom. Oh no.
Some of the words going through my head right this minute.
I don’t expect to hit my goal (£5,000 per month by Dec 31st), but I still need to make a decision.
Working a 9 to 5 job and growing a business is one massive juggling act.
I feel like I’m constantly chasing my tail.
Let me give you a flavour of my current to do list:
- Delivering client work
- Setting up business processes and procedures
- Setting up folder structure
- Hiring a virtual assistant
- Redesigning my website
- Figuring out my email optin
- Emailing potential clients
- Planning the week ahead
- Finding networking events to attend
It’s easy to feel overwhelmed looking at this, right?
Anyhow, I’ll share my decision to quit at the beginning of the new year!
Getting Down To Business
Business Income Numbers
Note: the numbers are revenue numbers only, I don’t share my business costs.
Let’s jump straight to the headline income numbers:
- Income Goal: £5,000 per month (by 31st Dec 2016)
- Current Income: £2,100 (+£1,375 compared to last month)
As you know, there’s two parts to my online marketing business: a) Online marketing services and b) Online marketing coaching.
Here’s how my income is broken down:
- Online marketing services: £2,100 is made up of:
- £600 per month (furniture company)
- £1,500 for new website feature (home company)
- Online marketing coaching: £0
I’m still £2,900 off my target and the additional income this month (£1,500) is a one off sale.
I expect December to be a slow month, like November. A few businesses said they will let me know in the new year, so let’s hope things pick up in 2017.
It’s important I maintain a healthy list of businesses who have expressed an interest in either my online marketing services or coaching.
Here’s a quick overview of existing leads, including the type of business and potential revenue amount for each one:
- Online Marketing Services
- Monthly online marketing services (specifically SEO + Paid Advertising) for same home improvements company: approx £2,000 per month
- SEO optimisation for a small Wedding company: approx £500 (one off)
- Monthly online marketing services for Kids Clothing company: approx £600 per month
- Create A Successful Brand Online Coaching for meditation company: £1,500 (one off)
Update on Plans From Last Month
- Follow up with the four existing leads above. Update: Contacted most leads and one sale made.
- Launch the new website for my home improvements client. Update: 90% there, client will be testing the site in December, before it goes live. I’m expecting a positive increase in their traffic and conversions.
- Meet with my furniture client to review the work I’ve done to date and walkthrough the marketing strategy for the next few months. Update: Met and left him impressed. This is what you need to aim for everytime single interaction with your clients. 😉
- Continue to complete the redesign of my online marketing training website. To be realistic, I see this going into December. Update: The website is in a good place now but still have quite a bit to do.
- Attend at least one networking event. Update: Smashed this by attending 5 events.
Plans For Next Month
- Decide whether to quit my 9 to 5 job or stay.
- Complete redesign of my online marketing training website.
- Plan January’s live speaking event.
- Complete new website for my home improvements client.
- Attend at least two networking events.
- Start redesign of my marketing services website.