For you to have a healthy and viable business- you must have consistent, reliable and recurring income coming into your business.

I know it should go without saying, but a business without sales a business is just an expensive hobby (you can read my blog on that here.)

For online businesses, and those with side hustles this can be one the hardest pills to swallow, because you don’t have to rent a building, keep the lights on, and make sure people are paid. Because you don’t get regular foot traffic- it becomes easier to say you own a business. When in reality, because you don’t have consistent sales and income coming in- you own a business in words only.

There are various types of income a business can make, that truly dictate the health and strength of your business.

1. Fast Cash- like one off purchases, paid in fulls, front end sales and flash sales.

2. Recurring Cash- this is money that comes from payment plans, memberships, auto-shipments, rewards programs, and repeat business.

Every business needs both types of revenue to last.

Fast cash is fun, it’s like the icing on the cake. For new business owners, the fast cash is usually what helps you get your business off the ground. The fast cash usually gives you proof of concept and gives you the capital to continue to grow your business.

A quick cash injection that comes from paid in fulls, front end sales, flash sales, and one off purchases can mean life or death in the early stages of business or when your business is experiencing a slow season. Typically if your business is experiencing some kind of slow down in sales- I recommend putting out some kind of fast cash offer (but not always.)

However, I have a disclaimer with this… sometimes a fast cash injection with an uncertain future ahead in your business- can actually put you in a very sticky situation, if your business goes belly up and you end up owing people money or deliverables.

Fast cash offers can mean giving your business life or it can lead to a very painful, costly, and dramatic death. It’s important to know the difference in your situation and your motivation for having a Fast Cash Offer.

The goal with a new businesses should be to get to a place where you have a recurring income stream as soon as possible. Once you have proof of concept, and an abundance of clients and customers it’s crucial to give them ways to continue to do business with you. Otherwise you will be double time to get new clients. You have to have a way to not only get new clients but to keep clients for an extended period of time.

For coaches and consultants this could come in the form of a membership program, mastermind, year long coaching programs, payment plans, or auto-ship membership boxes that contain goodies like books, workbooks, swag, etc.

As you are growing your business, keep it simple- pick one Fast Cash Offer and one recurring offer until you get to a place where, based off customer and client feedback you create new products and programs.

Building a healthy coaching and consulting business starts early on. Make sure while you are planning for today, you also plan for tomorrow. The health of a business starts early in its development.

Having big ideas and making big moves isn’t as hard as we often tend to make it. As a coach, consultant, or service provider it’s actually much easier to make 100k this year in your business than you might think.

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