When a new entrepreneur comes to me to help build their business, one of the most common comments that they make is ‘I am working so hard but I’m earning so little. What do I need to do?’
Does this resonate with you? I don’t know many entrepreneurs that sit around twiddling their thumbs waiting for the sales to magically pour into their business.
Instead, it seems to be an entrepreneurial trait to work hard, extremely hard. But the question I always ask is ‘are you working hard on the right things?’.
If you want to earn more from your business then there are really only two things you need to master:
1. How to sell more.
2. How to reduce your costs.
Ah – if only it were that simple! Reducing costs is the easiest place to start. Scan your latest bank statement and note what the regular outgoings are. Are the monthly payments you are making really delivering great results for your business? What would happen if you temporarily paused the service you are paying for? Could you manage without it?
But saving costs isn’t really going to build you the earnings that you deserve; being frugal and sensible with your funds is just good business sense.
Selling more, however, is where the golden opportunity lies. You will sell more if you market your business effectively (which involves creating products and services that people love), you price appropriately, you bring in plenty of leads and then convert a good proportion of them to sales.
But knowing all that doesn’t necessarily bring you the sales you need. Our Adeptio group members have been working recently on identifying how to earn money ‘whilst they sleep’. This is what we call the ‘golden opportunity’ and cracking it could well be the trigger that spring-boards your earnings to new heights in your business.
How on earth can you earn money whilst you sleep, you might wonder? Well..the secret here is to look for opportunities to either leverage your efforts so that instead of one input of your time delivering one output or sale, you look for ways to achieve multiple outputs or sales from that single input.
Another idea is to look at passive ways of earning. Passive income is a very hot topic, particularly in the world of digital marketing, but for any of us, looking at ways to recoup earnings repeatedly time and time again from a single investment of time and effort, makes a lot of sense.
A final thought for you to consider is the idea of residual income. Instead of delivering your product and service, receiving payment and waving cheerio to your customer, is there any way of extending the financial transaction by signing the customer up to an after-care plan, an ongoing support service or a retainer?
Plenty of entrepreneurs have cracked their golden opportunity by exploring these ideas and discovering that earning more can happen by being creative and looking for exciting new ways to add value to your customers. And earning whilst you sleep is easier than you might think!