A Conversation with Joseph Warren and Robin Waite
If you ask business coach, Robin Waite, the secret to business success, he will say it's getting clarity on your destination. He compares the process to The Great American Road trip. It’s a funny metaphor for a Brit to use, but I have to hand it to him - it’s spot on.
Imagine you plan to drive from Florida to California to visit a good friend. I Googled it. It's about 40 hours and 2700 miles in the car. But before you leave, what’s the one thing you MUST HAVE in order to make your trip a success?
A great playlist? Awesome but not necessary.
A car? Yes, you need a car, but that won’t mean a successful trip either.
YOU NEED EXACT DIRECTIONS. You need the address of where you want to go, and you need to plug that sucker into your GPS. If you don’t have an exact address, you might reach the general area – it’s not hard to find the state of California – but it will take FOREVER to find your friend’s house.
The same goes for your business. You need to set specific goals, and like a GPS system, you need to reverse engineer the most efficient steps to get there.
In our conversation on Your First 100k Podcast, Robin says he’s SHOCKED at how many of his coaching clients never prioritize business planning.
Reverse engineer your business success
When we say reverse engineer your business success, we mean setting goals then working out the steps that you need total to get there. These need to be specific steps, not general steps.
“Make revenue” is not a specific step. “Reduce costs” is not a specific step.
Robin is a numbers guy, and numbers are specific. He makes it absolutely clear you need to do a little bit of math. As you see, we're about to get VERY SPECIFIC with an example.
So, do you want to make your first $100K in 2020? Reverse engineer your success by answering Robin’s three questions.
How many clients do you need to make $100K?
Let’s say your average client revenue is $2500/month with a six-month engagement. The math looks like this.
# of clients x $2500 x 6 months = $100,000
If we round up the answer, you will need to have 7 clients under contract in 2020 to reach $100,000.
How many conversions?
Unless you close 100% of your sales, you’re going to need to contact more than seven prospects. Let’s assume you close 60%. You should have a general sense of your own closing rates, so use that number. BE HONEST!
60% x # prospects. = 7 clients
You need 12 prospects. If you’re going to close 7 clients, you need to pitch to 12.
How many people do we need to impact?
Ok, so your prospects have to come from somewhere. Do you market through referrals? Do you market on Facebook? Each platform has a different reach.
Let’s go with Facebook. Most Facebook click through rates (CTR) are in the single digit percentages. Conversion rates are even lower.
We will assume your CTR is 4%. You’ve got a nice sales funnel in place, so 30% of those clicks end up becoming solid leads. Time for more math.
Impressions x 4% CTR x 30% conversion rate = 12 prospects
That’s 1000 people who need to see your ad.
Startup Nation, I understand that not everyone is a numbers person like Robin. Personally, I hate doing this kind of planning. Luckily, you can hire people to do the math for you.
But can you see how clear your path has become? $100K sounds like a scary number. But once we break it down, we realize we only need 12 solid leads. Connecting with 12 clients over the course of a year isn’t that scary.
Robin says, “People go into business nowadays thinking it’s easy. It really isn’t. You’ve got to have a huge amount of determination in order to make that journey.”
Maybe the numbers in our reverse engineering example don’t match your own numbers. Maybe you only make $1000/month per client. Maybe most of your projects are smaller, one-off projects. Maybe you need to close 50 deals a year instead of 7.
Stick with it. Stay determined. Create great systems so your business works for you.
Robin is right to mention determination. It’s a great word. We often think determination means having grit. You hustle because you’re determined. That’s not wrong. But determination is also closely related to decision making.
I’ve determined where we’re going to dinner tonight.
The judge determined the ruling for the court case.
What this means, Startup Nation, is that you can’t be determined (grit) until you’ve determined (decided) where you’re going. Answer Robin's three questions, determine where your business needs to be in 12 months, and watch your business grow!
Want to make $100K in 2020? Get clear on your goals and then reverse engineer practical steps you can take to reach those goals.
Growing your business is all about CLARITY. Growing as a person also requires CLARITY. If I haven't been clear enough, CLARITY IS THE MOST IMPORTANT QUALITY YOU CAN HAVE! I think it's time you jumped on a Spiritual Clarity Call with me, Joseph Warren.
It’s simple. You and I will jump on a no-cost, 45-minute Zoom call. We will find a time that’s convenient for you.
Typically, a coaching call like this would run about $500. For you, it’s free.
Obviously, the benefits of a Spiritual Clarity Call go much deeper. On our call, we can discuss one or two actionable steps for realigning your personal life with your business life.
After a full coaching boot camp, my clients have avoided devastating divorces, escaped long-term addictions, and overcome serious depression. My clients have also negotiated raises at work, rediscovered their life purposes, and reconnected with their kids. Over time, these positive changes could save you $1,000s.
But both you and I know that your life isn’t measured by a price tag. Your life is about the people you love and the purpose for which you were created. If you feel like you’re missing out in either of these areas, we need to talk.
Ready to get clarity on your life? Click the button below and set up a Spiritual Clarity Call.
The Best Business Advice & Latest Episodes Sent to Your INBOX...
About Joseph Warren
Joseph Warren is a Christian Speaker, Podcast Host and Spiritual Coach. Joseph Warren offers Spiritual Coaching to Christian Business Owners who somehow find themselves in a spiritual rut. In just 90 days, he helps them avoid expensive divorces, break free from addiction, restore broken family relationships, and start living their Higher Purpose!