When I ask business owners what their goals are for their business, the answer I hear the most often is "Make more money!"
I love to hear that answer! That means the business owner wants to grow and talk about possibilities for bringing in more income.
Sometimes entrepreneurs get stressed out when they want to make more money because they feel like it will be hard or that they'll have to do stuff they don't really want to do in order to grow their businesses.
While growing a business does require you to step out of your comfort zone and do some scary things, there are so many different ways to make money and more are being invented all the time!
No matter what your passions and gifts are, there is always an effective way to make money that you'll enjoy doing.
Here are just a few ways you can make money in your business:
- Offering services like web design or copywriting.
- Hiring contractors to handle some of the work so you can take on more clients (more clients = more money!)
- Selling info products like ebooks and e-courses
- Creating stock products like music, photos, or downloadable templates
- Consulting or individual/group coaching
- Affiliate marketing
- Ads on blogs, podcasts, or Youtube videos
- Donations through platforms like Patreon (popular with podcasters and Youtubers)
- Selling physical products
- Membership sites where customers can access a library of materials
And those are just a few possibilities. Now you just need to figure out which ones to try first! With all this possibility floating around, it's easy to get overwhelmed.
I'm going to walk you through some questions to narrow down the possibilities to help you find the best ways to increase your revenue in a way that gets you excited and makes sense for your business. Grab a pen and start brainstorming!
How to Increase Your Revenue
Option #1: First things first, check these TODAY
Sometimes the issue isn't that we're not making enough money, it's that we're SPENDING too much! Take some time today to take a quick look at where you're spending money in your business and if that investment is actually helping you. Are you paying for any subscriptions or services that you don't use, or that aren't working out like you'd hoped? Unsubscribe from those and you could see a small boost in revenue immediately!
Another thing to consider is your prices. Are you charging a fair rate for your services? Are your products priced appropriately? If the answer to either of those questions is "no", it might be time to boost your prices! Remember, you're your own boss in your business, and you're allowed to give yourself a raise!
Option #2: Increase your capacity
Could you outsource anything you're doing to save time and take on more clients? Would outsourcing free up more time for you to create new products?
You could invest in a time-saving program to give you more time to handle more money-making activities?
Okay, time to move onto the fun stuff!
Option #3: Create new income streams
The simplest way to make more money is to expand what you're already doing. That way, you don’t have to completely reinvent your business or start from scratch. You already have an audience for what you're doing, and expanding from where you are will be much more consistent with your brand than starting something completely new.
So where could you expand?
Here are some questions to consider:
What other services could you offer?
Could you offer anything with a higher hourly rate, or a package rate that would mean more money for less time?
Any repeatable actions that you could offer as a service, or a way to upsell or add value to what you're already offering? For example, if you design websites, could you offer a longer maintenance period to your clients?
Are you charging by the hour when you should be charging for deliverables? Track your time while working on client projects to see if you'd be better off charging for results rather than your time. You might find that you'd make more money by charging a flat fee for a logo design than you would just charging for time.
Could you offer consulting services or one-on-one coaching? Could you expand to group coaching?
Is there something quick and simple you could put together as a downloadable item, like graphic design templates or printable social media planners?
Could you package your knowledge into an ebook or multimedia e-course?
If you have several info products, could you put them together into a membership site?
Do you want to move into the realm of podcasting or Youtube?
Does that sound fun to you? Could you monetize stuff you've already created? For example, expanding blog posts into an ebook or course, packaging webinar recordings into a course, etc. What content do you have lying around that you could repackage as a paid offering?
Are there any affiliate programs you could join that make sense for your business?
The trick here is to think about what you love to do and what you already have at your disposal. How you can use that to reach your business goals?
Answering these questions will open your mind to possibility, and from there you can start making decisions and plans to take ACTION.
For now, checking out your options is an action. Deciding is an action.
Once you've decided, figure out what you need to do and take ACTION.