Introduction:

In a world filled with get-rich-quick schemes and secret formulas, the path to earning a consistent $10,000 a month income may seem elusive. However, I believe there is a formula that brings the highest likelihood of achieving $10,000 a month or more. It doesn’t mean that it will be easy though. Remember, true financial success often requires hard work, dedication, and a commitment to personal growth. 

In this blog, we'll walk you through a step-by-step strategy that can help you achieve your goal of earning $10,000 a month using a service based business. 

This is the same formula I used to create and grow my coaching business from $0 to over six figures within my first year of business. 

Step 1: Get a Job 

The first step on your journey to financial success is to get a job. This doesn't have to be your dream career; it's simply a means to generate income quickly. Jobs like working at Target, doing DoorDash, or UberEats can provide immediate cash flow. While these jobs may pay around $15 to $20 per hour, they're an essential starting point for building your financial foundation and helping us work towards step #2. 

Note: if you currently have a job then you are already on your way to step 2

Step 2: Create a Budget 

Once you have a job, it's crucial to create a budget that generates a 10% to 20% positive cash flow. With an income of $15 to $20 per hour, you'll likely earn around $2,000 per month after taxes if you work full-time. To achieve a 10-20% positive cash flow, you'll need to save $200 to $400 each month. This may require making adjustments to your living situation, such as getting roommates or reducing expenses. 

This step is crucial because it’s going to be the rocket fuel that drives step 3.

Step 3: Start a Service-Based Business 

The next step is to create a service-based business, which is a smart strategy for earning additional income. Service-based businesses typically require minimal startup capital and offer opportunities to monetize your skills and passions. Here are four stages to building a successful service-based business:

1. Identify Your Service: Choose a service based on your skills, interests, and passions. It could be anything from tutoring in a specific subject to offering personal training or social media marketing services.
2. Craft Your Offer: Create an enticing offer that clearly communicates the problem you solve for your clients. The stronger your offer, the more you can charge for your services.
3. Get Customers or Clients: Find customers through organic methods like networking and word of mouth, or use some of your budgeted savings to invest in paid lead generation strategies.
4. Execute Your Service: Focus on delivering exceptional value to your clients. Ensure that you prioritize solving their problems over making a profit. 

Step 4: Implement Vertical Integration 

As a bonus round, once you've established your service-based business and are earning a consistent income, consider implementing vertical integration. This strategy involves finding multiple revenue streams within your core business problem. For instance, if you offer a house cleaning service, you could also offer window cleaning, pressure washing, or teach others how to start their own cleaning businesses. Expanding your offerings can significantly increase your income potential.

Conclusion:

Earning $10,000 a month is attainable by following a well-thought-out plan that combines traditional employment, budgeting, and the creation of a service-based business. This strategy allows you to gradually increase your income, leading to financial stability and potentially even more significant financial success through vertical integration. Remember, there are no shortcuts to wealth, but with dedication and the right approach, your financial goals can become a reality.

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