How to Make Money While You Grow Your Business with Kim Walsh Phillips
I don’t know about you, but I always found the phrase, “It takes money to make money” very frustrating. I mean, where am I supposed to get the money I need to make the money I need?
Was there some sort of money vault I was unaware of?
While I have incredible hard-working-get-‘er-done parents, a trust fund or “gift to get me started” was an impossibility in our family finances. I didn’t have any savings. And I didn’t have investors. I mean, you would have been out of your right mind to invest in my debt-laden company.
So where was I supposed to get the money I needed to make the money I needed?
Ah, yes—credit cards.
Over ten years in business, working harder and harder, I went deeper and deeper into debt. I funded my marketing, business development, and operations on plastic and overdraft protection.
I was totally broke… and there are a lot more fun ways to be totally broke than working all the time. (Vegas, my life was not.)
It was when my daughter was born that everything changed.
She was a colicky baby (meaning the cute little thing was a devil child who cried all the time). But I discovered if I swaddled her tightly and put her in the pack-and-play and pushed it against the refrigerator that the vibration would put her to sleep.
So, she’s finally sleeping and I start going through my mail. I find a letter from my bank saying they aren’t going to cover my overdraft any longer. The bank had been sold and from that point forward whenever there wasn’t a deposit to cover a check I had written, it was going to bounce. Even if that meant payroll.
As my daughter slept peacefully… I started to cry.
Now I wasn’t just a failure for myself, I was a failure for her.
I couldn’t keep doing this. I couldn’t keep living on the edge of my house of cards falling. I couldn’t keep waking up at 3:00 am to check my bank account that had rolled over, to find out how much deeper in the hole I had gotten.
At that moment with the tear-stained letter, I did the only thing I knew to do. I am a woman of faith and in that moment, I chose not to crumble and instead to pray. Pray for something different.
I had to find a way to grow my business profitably and stop going deeper and deeper in debt.
It was then that everything changed.
You see, we are all taught the traditional way of marketing.
You run an ad to a lead magnet to get a lead, and then you sell something. Whether it’s online or in person, your money is made in the final step.
The problem with this model is, you have to carry the expense of steps one and two. And if the sale doesn’t happen in step three you are in trouble. (Sound familiar?)
What I needed was a way to self-fund my marketing so before the prospect got in the room with me, I was already covering my expenses.
Nothing like having your back against the wall to make a radical change…
And a change it was.
The piece that was missing before was a profit-driven marketing model. By adding in an offer on the thank you page after the lead collection, I could self-fund all of my marketing. I started by using a webinar as the lead magnet and simply sold webinar recordings as the Profit Maximizer. And it started to work…
Not only were my ads paying for themselves, but they were generating a profit.
At first, it was just a few extra dollars a day, but within a couple of months, my marketing was putting off an extra $3,000 to $5,000 a month in profit. That was enough to cover our office rent and pay for my assistant. Which in itself was a huge burden lifted.
And as I scaled our results, our profits increased further.
So much so, that when I sold my Marketing Agency at the end of last year (so I could focus on our social media coaching and training business), we had brought in more than $1.1 million in profit outside of client revenue.
Today, we bring in an extra $15,000 to $50,000 a week while also growing our list by thousands every 7 days.
The good news is, this doesn’t just work for my business.
In the last year alone, I taught over 100,000 entrepreneurs and small business owners Social Media Cash Machine in our 3daysto10k.com training and it works for them, too.
Whether online for offline business, affiliate marketer, professional service provider, retail store, attorney or network marketer, a Profit Maximizer gives the power to the business owner to scale at will. And turn your marketing from an expense to a profit center.
I know I didn’t go through the dark times by accident. It was so I could tell and reach others with my story.
Instead of ending with “Happily Ever After,” thankfully this one ends with “It doesn’t take money to make money.”
About Kim Walsh Phillips
Kim Walsh Phillips is the master of helping successful professionals reach 1 million dollars in revenue. She is the CEO of Elite Digital Group – a direct response social media agency, Elite Capital Advisors – lead generation for financial advisors, and Powerful Professional – a community of professionals who lead by example. She is also the co-author of the best-selling book with Dan Kennedy, “The No B.S. Guide to Direct Response Social Media Marketing.”
To snag a free copy of her Client Attraction Blueprint, visit http://elitedigitalgroup.com/attract
If you liked this content subscribe now!
Learn how to grow your coaching business from the best.