| Hi friends,
We’re going to get hyper-practical with some money strategy. You in?
The number one challenge people share with me when they sign up for business coaching or attend a workshop is this: I need to make more money! And that makes sense: A business cannot thrive without revenue, point blank. You know I also believe that money is just one part of true wealth – but it’s an important tool for building freedom-based lives.
Today, I want to offer 10 ways to generate more money in your business of one:
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Reduce expenses where you can. Do you track your business expenses? If not, it’s time to start! Use a credit card to pay for all of your business expenses, then look over the list at the end of each month. Are there subscriptions you can cancel? Tools you’re not using? Memberships you’ve forgotten about? Let ‘em go!
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Increase your rates *just a bit* with new clients. I like to think of raising your rates as a ladder. Each time you bring a new client in, ask for a bit more (even $50 is a great step). Over time, this makes a huge difference in your overall earnings. This also comes along with making sure you’re getting paid in accordance to the value you’re providing. (I have a revenue calculator for that, if you don’t know where to start!)
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Negotiate a raise with your current clients. The best way to make more is to raise your rates annually with the clients you love, or upsell them by offering another service that solves their problems. If you’re a coach, offer a workshop for your clients. If you’re a writer who edits, remind your clients that you can do both.
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Let your money grow. Put your estimated quarterly tax payments into a high interest savings account. I like Discover or Betterment, and have also heard that Ally Bank’s rates are solid. (Look for 5% interest or above.) You’ll make at least several hundred dollars extra each year just by doing this. And you should also be putting a bit of money into a retirement account if you can; even $100 per month into a ROTH IRA will add up.
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Offer expertise-driven work rather than trading dollars for hours. I talk a lot about this in my group coaching program, SUSTAIN. You’re used to being the technician (the one who does the practical work of writing or designing). But you need a strategic offer on your menu, too, and it should be priced high. It could be consulting or coaching. It could be workshops, a podcast or an e-book. Think about how you could share your expertise (your thinking brain) with the world.
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Create an intentional business structure (so you can save on taxes). I recently decided to set up a long-term partnership with Lettuce, a super-cool financial services company that works specifically with people like us (businesses of one) to navigate taxes more effectively. They’ll help analyze your current business setup, transition you to an S Corp if needed, then handle all aspects of your taxes and accounting (seriously). It’s like having a very low-cost bookkeeper and tax advisor, and it’ll save you thousands of dollars per year – which means you’ll be earning more! I’m kind of obsessed with the work they do and I think you will be too. (Their tax calculator is a great way to start.)
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Approach your finances as a steward. Instead of thinking about money as something that needed to be controlled, consider aiming for stewardship. An example of this would be spending your money in a way that’s aligned with your values, and slowing down purchases that make you feel frustrated. (For me, this is saying yes to shopping at farmer’s markets and no to Amazon purchases whenever I can help it.) This care-taking mentality can also look like using a budgeting tool such as YNAB. The goal: to tend to your money like the powerful tool it is.
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Solve your audience’s problems with a new service or offer. My coach is always telling me to create when I need to make more revenue. And she’s right! What can you create this month that would serve your people’s needs? (Hint: Ask them about their biggest challenges and you’ll get great direction!)
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Consider how you could reuse old content. All you writers and designers out there might consider repurposing articles, designs or content you have the rights to. Can you resell them? Could you set up an Etsy store with designs that are replicable? Or could you make a workshop you taught an online webinar for new customers? Remember that you don’t always have to start from scratch and you might have things to sell sitting right under your nose!
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Work on your money mindset. Last but not least, one of the best ways to make more money is to work on your money mindset. My coach, Amber Lilyestrom, wrote my favorite book on the topic. But there are dozens of other ways to do this work. It starts with looking at your financial blueprint: What tendencies did you pick up from your caregivers? And do you want to take them with you, or do you want to chart a new course?
Pick one item from this list and email me for accountability: How are you going to create a little experiment related to the item you chose this month?
The bottom line is that there are many ways to make money, and so much of that work starts with deciding to take an active stance on your financial approach, business structure and rates.
I’m here to support you (and I have a self-paced financial systems course called FLOW that you might love -- it's on sale for $9 right now -- plus we spend a ton of time on money stuff in my group coaching program, SUSTAIN).
Cheers,
Jenni
PS. Thanks to Lettuce for sponsoring all of the financial education work I’m doing for the next 3 months. Check out their offerings to see if your business is the right fit. |
