I started iBloom 10 years ago. Oh my! 10 years in business seems like a really long time. This has definitely been a year of evaluating. I’ve been asking myself questions like:
- What has gone really well the past 10 years?
- What hasn’t gone so well the past 10 years?
- What am I most proud of?
- What needs to change?
- What lessons have I learned?
- How do I want the next 10 years to be?
If I’m totally honest, then I feel like it’s taken me 10 years to really discover who we are as a company. It’s just this year that I feel like we’ve identified how we want to be set apart and are intentionally living into it. In the last 10 years we tried LOTS of things – some were huge successes, while many were colossal failures. I used to wonder, did I mis-hear God on that one, but I’ve realized that it’s ALL part of His story.
Each success led us to this moment.
Each failure led us to this moment.
We certainly were not an overnight success. And, I’m sooo grateful because there are many blessings in starting small.
But, there is one thing that I wish I had known. Actually, there are two things.
#1: The importance of recurring income.
We’ve had a membership program for many years. However, it’s not been until recently that I’ve realized what an enormous potential it has. You see, I didn’t go into business because I’m a brilliant marketer. In fact, I don’t really like marketing. Shhh…I probably shouldn’t have shared that part. If I could just wave a magic wand and all of my ideal customers would show up and instantly know that they need what we have to offer, then it would be AMAZING.
I went into business because I LOVE to serve and because I wanted to inspire women to use their one and only life to make a difference in the world. That’s the part of business that I love! However, in order to have an AMAZING team like we do at iBloom, then you have to generate a substantial amount of revenue each month to cover salaries and business expenses. We have to earn monthly what many of our customers would love to earn annually.
Without recurring income (via a membership, coaching, etc.), then you start at ZERO each month, wondering what you’re going to do that month to hit your revenue goals. It can be an enormous stress. And, when you have this kind of stress, then your mentality can quickly become all about Me. What is my goal? What do I need? Me. Me. Me. So, instead of focusing on the very people you started the business to serve, it all becomes me-focused.
When you have recurring income (especially through a membership), then it changes everything. Rather than starting the month at ZERO, you now have an idea of how much you’ll be earning and you can shift your focus toward serving your customers really, really well. I LOVE having a membership program. In fact, we know that our iBloom Inner Circle is the BEST place we can serve women in our iBloom Community. It’s where our team puts the majority of our focus. And, the blessing of having that consistent monthly income is HUGE.
#2: The importance of staying LASER focused on #1.
Though we’ve had a membership program for years, it’s only become our primary focus in the last couple of years. We allowed other good things (low-cost products, online events, coaching programs, etc.) to distract us from consistently building our membership. We chased after one-time purchases, rather than building the consistent recurring income. And, at times, it caused a lot of stress.
One of the things that I want to be different over the next 10 years is that I want the recurring income from our iBloom Inner Circle to cover all of our salaries (including some awesome raises for our current team, as well as some new hires) and our business expenses.
It’s great to have this goal, but I don’t actually know how to make this happen. Yikes! Thankfully, my friend, Stu McLaren does. He’s the one who who helped Michael Hyatt grow his membership from 1500 to 6000 members, so obviously he knows his stuff. I’ve been wanting for YEARS for Stu to create something that packages all of his knowledge into a product. Well, that day is finally here!! YAY!
Stu has just announced his new course, Tribe! And, I’m sooo thrilled to lead a group of women from our iBloom Community through it. If you want to create more recurring income in your business, then this course is definitely something to check out. Yes, I’ll personally be going through it and learning everything right alongside you. We’re going to have our own iBloom Mastermind group and I would LOVE for you to be part of it. It will be our own think tank and we’ll get to serve as accountability partners. I don’t want this to be just a training we just purchase, but one we actually implement and see the results from. We’ll meet together weekly- Wednesday’s at Noon ET to celebrate our wins, discuss the content, and get answers to your questions.
To sign-up for the course and get this bonus: go to https://ibloom.co/recurring-revenue/. You must sign-up before Thursday, September 1st at 11:59pm ET.