I had a conversation on a discovery call the other day.

The business owner is considering what her core offer should be as she takes her business online (right now she teaches and helps clients one-on-one in person).

We talked about picking a core offer and she asked: how about a low-ticket membership for my core offer?

Hmmm… good question. Let’s discuss! 😁 Or if you don't want to discuss, scroll down to the Unrelated part where I share some vids/images and basically wonder if ChatGPT even knows what a logo is + how come OpenAI's video has advanced so far in the last year while graphic design seems to be behind.

Is it a core offer or not?

Your core offer is the product or service that makes the most money and creates the most impact for your business (or is planned to do so if it’s a new core offer). It’s usually the thing you’re known for or are working to become known for.

So, if a product or service is your core offer, then money-wise, it should make the bulk of your income and even the bulk of your profit.

Let's use this simplified formula to estimate annual income from a product/service:

[annual income from service/product] = [$ income per sale] x [number of sales per year]

If it’s a core offer, then this dollar amount 👆 should account for the bulk of your annual income.
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So, if you’re starting out online selling an annual membership for, say $100. Looking at your list size and followers, you estimate you can sell 200 memberships a year. In this example, we come down to $20,000 in annual income. If you need to make $100K a year or even $60K a year, then this is not your core offer. You need to keep looking.

On the other hand, maybe you’ve been around for a few years, and you’ve built a strong list and a record of good ROI for your advertising dollars. So, let’s say that in this case you estimate that with a valuable low ticket offer and with other marketing ideas you have, you can sell 1,500 of these $100 annual memberships. Then, even with such a low-ticket offer (does it cover one coffee and Danish a month? I’m not sure), we’re looking at $150,000 in gross annual income. Obviously it depends on other things, but if your goal is to make $250K that year, this could very well be your core offer.

It can be a good offer, just not a core offer.

This membership can be a great product for your business, even if you’re just starting out.

For one, it may be your core offer if your income goals are low. For example, if your online business is a side hustle, then $20K of annual income may be all you need. In this case a membership can be perfect because it will push you to continue and be present in your business and it will connect you with the right people, so you can learn more about your ideal client.

It may also be a good offer, just not your core offer (or not a core offer, yet). For example, it can be a great list builder, one that you will use to offset the marketing costs of growing your list, join summits, etc. And, once you 10x or 100x your list and network you may sell enough of your membership so it can become your core offer. It can also be an added benefit for people hiring you for 1:1 work.

The thing is, when deciding about your core offer you need to look at the numbers, and you need to consider them in the context of your entire business and goals.

Hopefully this makes sense to you 😊 If you have any questions/comments, click reply and type away. Want to schedule your own discovery call? I love diving into offers, funnels, websites, and anything online business, really. You can schedule a free 25-minute call here.

Unrelated…

Today's Unrelated section is more of a "can anyone explain, please?"

How is it that OpenAI creates these I-Can't-Believe-AI-Made-These videos, while at the same time, if you ask it to create a logo or a graphic you get these I-Don't-Get-It-Why-Are-These-Always-Weird-Ugly-And-Look-Like-AI-Made-Them-100%-No-Doubt-About-It images???

If you know or have a guess, I'd love to know. 😁 Please and thank you.

Here's the I-Can't-Believe-AI-Made-These Videos

+ The I-Don't-Get-It-Why-Are-These-Always-Weird-Ugly-And-Look-Like-AI-Made-Them-100%-No-Doubt-About-It images

My point isn't really about creating logos with ChatGPT (DALL-E). It's more that OpenAI's videos (Sora) have gone a huge way over the last year alone and graphic design seems a little behind...

I do use other tools to create images with AI... AISEO for example. I haven't tried Canva's tool for logos yet. If you have an AI logo/image tool that you like, I'd love to take a look. Thanks!

And that’s it from me today. I’ll see you next week, and in the meantime, stay awesome! 💫
Orit

Hi, I'm Orit Ofri. Thanks for joining my list. I'm an online presence coach and a tech+business consultant for online service solopreneurs. I help coaches, consultants, experts, and service professionals at major leap points in their business. Need help with website/funnel setup or with your online business strategy? Click here to schedule a free discovery call.