Feast and famine.
It’s the bane of anyone who sells services.
In case you don’t know what I mean by feast and famine, it is when you have those cycles in your work where you are busy and profitable one month or even two but then the next you take a massive dive in income and really struggle.
It doesn’t really matter what you’re selling either.
For example, dentists can have a similar problem. They’ll sell a lot of high-end packages one month and then take a hit the next. Or chiropractors who have a full schedule of appointments one month but take a hit the next.
If you’re selling services of any kind then it’s likely you’ve experienced this before and know what I mean.
That is the feast and famine cycle and it’s deadly.
Problems That Occur As A Result Of These Feast And Famine Cycles
The thing with these feast and famine cycles is that they have far reaching implications because it doesn’t just affect you but it affects other things in your life and business.
For example, if you’ve got employees to pay each month then the poor months are obviously going to put a massive strain on your cashflow, which affects your ability to pay your employees.
And then there are other overheads.
You may be renting an office. You’ve perhaps got software to pay for each month. You may have equipment that needs purchasing. Then if you’ve got a mortgage to pay off, loans, and more then it becomes incredibly tough.
You may be even trying to save for a holiday or a home deposit.
Who knows but the bottom line is that these cycles always have ramifications directly beyond your own monthly revenue. And when you have a good month and then a crap month repeatedly, it makes it really draining to even want to keep working each day.
So it’s crucial that you find ways to break these cycles as quickly as possible.
The good news – it’s not that hard to do and just requires a little thought and effort.
Here are the four ways I recommend you do this:
- Create a recurring income stream in your business
- Create your own digital product line
- Focus on consistently implementing your lead generation and marketing strategy
- Create a reliable and predictable online sales funnel utilising paid traffic
Step 1: Recurring Income
Firstly, I would recommend you take a look at your current business model and see if there is a way you can charge recurring income. When you can charge recurring income, it massively changes your business and you no longer need to worry about these feast and famine cycles.
Because you know that every time you get a new client or patients that they will be sticking around at least for a couple months or longer depending on what you’re selling.
For example, this is what I now do. I used to only sell one off projects but I was so sick of the feast and famine cycle I was going crazy.
I knew something had to change. So I completely did a makeover of my positioning. Now, I’m focusing on selling monthly lead generation and marketing packages, specifically client acquisition systems that use digital marketing funnels and Facebook.
So now I’m not just selling one off packages, I’m selling an entire lead generation and marketing system that allows me to charge monthly retainers for the Facebook ads, account management, and ongoing conversion rate optimisation.
It also allows me to charge a premium price for this service because I have packaged a range of individual services into one.
I think most people selling services can create such recurring income packages. The key is to look at what you’re already doing and then seeing how you can package and position it as a monthly packaged service.
You could even do something for example where you create a 3 month package or even longer.
Think about what you offer now, think about how to package each individual service as the one package and go from there.
Step 2: Creating Digital Products
Another great way to avoid this cycle is to create other streams of income in your business.
Namely product creation.
The easiest way to decide what products to create is to think about what services you offer now.
Then ask how you could package them up as a product to sell.
For example, I create client acquisition funnels using Facebook. So I’m currently working on a do-it-yourself video training course on creating a client acquisition funnel that goes through the exact process I use with my own funnels and others I have worked on.
If you’re selling real estate then perhaps you could create a short course that covers everything there is to know about looking for good property investments. Most people wouldn’t have a clue what to look for when choosing a property to invest in so that could be an option.
The opportunities are endless and I guarantee you that there are products you can create in your biz today if you think hard enough.
Step 3: Focus On Implementing Your Lead Generation & Marketing Strategy
You need to be clear on what your specific marketing strategy is. There is no point one week doing Facebook, the next doing direct mail, then a networking event, then guest posts, podcasts, SEO, etc.
That kind of haphazard approach will get you nowhere. All it will do is make you frustrated with marketing and you’ll get poor results.
You need to pick at least 2-3 methods that you can count on for consistent leads and then you need to focus ONLY on implementing them consistently.
One of the big reasons why lead generation fails is because businesses just aren’t consistent enough with how they generate leads.
So if you decide that direct mail is for you then stick to it consistently. Do it every month, not one month and then not again for 6 months.
If you’re doing Facebook, run campaigns DAILY, not just once a month.
Consistent implementation will win the day here.
Step 4: Create An Online Sales Funnel
I mentioned above that you need to be able to implement your marketing strategy consistently in order to consistently generate leads for your services each month.
However, something you should aim for in considering this are specific marketing strategies that give you consistency and reliability with your income.
And there are few better ways to do that other than an online sales funnel that uses paid traffic. For me, that is Facebook. However, there is also Google AdWords, solo ads, YouTube ads, and more.
With just one good online funnel you can know how many leads you’ll need to generate per month to land a new client. You’ll know how much money you need to spend to acquire a lead.
It’s the data that comes with an online funnel that makes it so powerful. Cold hard objective data you can’t hide from.
And this is why an online funnel is the best way to beat this feast and famine cycle because once you have it set up and converting well, it will get give you a reliable and consistent amount of leads and new clients with certainty.
So for example, once you finish a client’s project, you can simply turn your funnel on again by putting some money into it and just KNOW that it will generate a certain amount of leads each month, enough for you to get a new client.
This is the kind of consistency, predictability and reliability I’m talking about.
When you have such a system set up in your business, you’ll never need to worry about feast or famine ever again.
Need More Help On Breaking This Feast And Famine Cycle?
Then download my free Facebook Funnel Blueprint, where you’ll discover a 7 step process for creating a high-ticket funnel that will feed your business with qualified leads and convert them into new clients on demand.