Mind Your Money: Your Magic Number

If you’re going to go all-in on creating your own online course, you want to know with certainty that you’ll be able to cover your living expenses, right? Wrong! You’re not creating a course just to cover your expenses. You’re creating to make more.

So during this workshop, which was initially a part of the Calendar Your Quit Day series, we’re going to figure out how much you need to earn monthly not only to survive but to thrive.

It is important to know this number before you set the pricing for your offer. Why? Because this number will help you set a price that serves you, helping you get to your monthly magic number.

If your target is $20,000, and you set your offer at $1,000, you know that you’ll need to find and convert 20 people to hit your number.

If you choose to set your price at $2,000, you only have to find, convert, and serve 10 people.

Knowing how many people you need to convert informs how you market. For example, if you are trying to convert 10 people per month, that’s 3 per week. What could you do to reach 3 people per week? You might be able to do that by posting regularly on LinkedIn. Alternatively, if you’re trying to enroll 20 (5 per week), you’ll likely need to cast a wider net, so a group webinar might make more sense.

The price of your offer should be based on the value it provides to your client and to you–not the number of hours you work. Don’t limit your earnings because you know something so well that it takes you a short amount of time to do it.

We talk more about how to price your offer to serve you in The Ultimate Lesson Plan to Creating Your Online Course and inside Unleashed Educator®.