10 Ways To 10X Your Income
- Oct 11, 2022
- 4 min read
Updated: Feb 14, 2024
Written by: Kadena TateSimon, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
If you want to 10X your income, you are encouraged to start by figuring out what's working and doing more of that. Begin by discovering exactly what's working and what isn't. This can be a challenge for any business, but it's especially difficult for associations, masterminds, membership programs, and subscription-based business models. That's why we've put together this article on how to find out what's working and how to do more of it!
In 2007, I experienced my first business failure, and it was directly tied to not knowing what was working. I had just launched my first membership program, Dare to Prosper, and I was excited to see it grow. I had put all my heart and soul into it, and I was confident that it would be a success. But after eight months, I had to face the hard truth that it wasn't working. It was emotionally exhausting and financially draining.
I didn't know what I was doing wrong, but I was determined to find out. The first thing that I did was "face the numbers". What I mean by this is that I looked closely at the costs associated with product creation, member attraction, acquisition, service, and retention. I invested in QuickBooks and discovered all the ways in which I had wasted time. money, energy, and resources.
Next, I started reaching out to my most successful members and asking them what they loved about the program. I also asked them what they didn't love and what they would change if they could.
Through these conversations, I was able to get a clear picture of what was working and what wasn't. I also discovered that the majority of my most successful members had one thing in common: they were all doing their best to use my tutorials to make significant changes in their businesses. However, they were confused and overwhelmed by the sheer amount of content that I produced. This feedback was invaluable as it helped me to improve my offering, and it also revealed the dysfunction that my tendency to spin in and out of perfectionism, people-pleasing and proving was wreaking havoc.
The other thing that I discovered is that I lacked clarity on my desired outcome. I realized to eliminate overwhelm, I had to choose between member growth or profitability.
My strategy to 10X my income was to focus on community. My reward came with an understanding that as I created a sacred space for people to come together to grow themselves ‒ personally and professionally ‒ they joyfully and willingly made an investment of their time, undivided attention, intellectual property and financial resources.
With that in mind, whether you're running an association, mastermind or membership program, here are 10 ways to 10X your income:
Tip no 1. Expand your capacity to receive. The shift from 6 figures to 7 figures begins with the thoughts you think. Ask yourself "What is required to actually 10X my income? What are the advantages and disadvantages?"
Tip no 2. Strengthen your value proposition. Make offers that excite, educate, entertain and inspire people.
Tip no 3. Master the art of storytelling to connect members to the mission.
Tip no 4. Stop being boring. Give people something to rally around.
Tip no 5. Create a culture where people feel seen, heard, and accepted. This is show you build an army of affiliates and brand advocates.
Tip no 6. Train your team to think about how to productize services.
Tip no 7. Create touchpoints to meet members wherever they are in the buyer's journey.
Tip no 8. Hire people with a heart for serving your members. Pay them well for doing a phenomenal job.
Tip no 9. Be a good steward of your finances. Invest in quality over quantity.
Tip no 10. You are probably over-giving and under-earning. Increase your prices.
Notice that all these tips ultimately allow you to focus on the member journey, not just the destination. When you know what's working, it becomes easier to do more of it and make more money. Successful businesses support their members in rising above challenges and achieving goals. Phenomenal businesses innovate their service models to continually delight and surprise their members.
Which tip will you apply in the next 7 business days? Let me know in the comments!
P.S. If you're interested in furthering your education on this topic, I highly recommend reading "The Membership Economy" by Robbie Kellman Baxter. Baxter is the founder of Peninsula Strategies, a consulting firm that helps organizations everywhere develop and execute strategies for the membership economy. This book is full of case studies and actionable advice for turning one-time buyers into lifelong members.
Kadena TateSimon, Executive Contributor Brainz Magazine
Kadena Tate is the author of “Cultivating Courage: The Path to Reclaiming Your Power” and contributing author of the NY Times Bestseller “Business Model You,” published by Wiley Press. In addition to writing books, Kadena also works as a revenue strategist and business model designed for authors, coaches, and speakers who want to create movements, masterminds, and membership programs.
