Entrepreneurs are always wondering: how can I be MORE profitable!?!?
If you’re just starting out or if you’re flourishing and simply wanting more passive income, I’ve got 5 simple tips for you to start becoming more profitable.
Entrepreneurs wear about 100 hats in their business. So, figure out what are your $50/hour jobs, and what are the $10/hour jobs. You should take care of the $50/hour jobs, and you should find someone to the other jobs. Whether this is answering emails, creating graphics, cleaning your house, mowing your lawn, going to the post office–you name it! There are tons of competent people out there to do little tasks for you, so that you have more time to create and think up your next big business idea!
Don’t reinvent the wheel every time you do a task. Have a plan in place so you can copy and paste text into an email, batch your work, and spend certain portions of your day on emailing vs. marketing vs. social media vs. creating. You CAN’T be successful when you are constantly multi-tasking. Try blocking off time into your calendar for your various daily duties and stick to them!
Set & Achieve Small, Incremental Goals
Rather than trying to start a business and instantly build your vision of what the company should be in the years to come, start small and grow. Setting realistic goals and milestones is a major component of how I can run three small businesses without burning out. You can’t instantly make $1 million tomorrow. But, you may be able to make $100, then $1000 the next month, and $10,000 a year from now. Consistent growth is what you should be aiming for!
Launch an online product
Think of a really simple portion of your business that you can sell online. By launching fast via the worldwide web, bringing on a small group of paying customers, and adapting to make your solution great for them over time, you can easily cultivate followers into passive income. Some people cannot afford a $500 product, but they are happy to purchase a small $35 product that is a bite size version.
Ask your customers what they want
I am always shocked to find out that some small businesses never poll their own customers or social media followers. Without asking them for help, you’ll never know what future business model is going to be profitable. But, if you figure out what your client wants at the outset, then its easy to create an online product or course to give to them. Don’t spend your time on what YOU think is a brilliant idea if it isn’t going to pay off. Give your clients what they want!