When starting a business, there are so. many. things. you have to learn that your brain feels like it will melt.
But over time as you become more established, you still learn a lot but you have more room to observe, assess and reflect to help you navigate the future of your business.
Now you probably know that I preach how much you should be focusing on the money making tasks right from Day 1 until you’re making a stable income from your business, and that won’t ever change.
But today I wanted to share with you 5 money lessons that I’ve learned over the years that might help you navigate the future of your business a little better. Let’s go!
The more organized you are, the more money you make:
No, I don’t mean your level of tidiness = more money. 😂 I mean your processes in making money, managing money and manifesting money all have to have an organized system to function properly to be profitable. Even though I am unorganized in a lot of things in life, my business systems run like a well oiled machine, I’ve automated most of my finances to pay myself first and for manifesting money, the organization is in my daily money practice. This congruency is what creates the flow of money in all areas.
ACTION: Look at your current systems for making sales in your business. How are they currently organized? How can they be more organized, streamlined or structured?
80% of your sales come from 20% of your strategies:
You might have a lot of different strategies that you use to generate income, be it sales funnels, sales calls or sales emails. But when you start to look at percentages, you’ll find the majority of your sales come via one or two strategy. This is your golden ticket to more profit with the same effort.
In saying that, if you’d like to learn different types of sales strategies to sell your digital products, The 6-Figure Society would be perfect for you. Make sure you check it out!
ACTION: What is the sales strategy you use that is creating 80% of your sales? How can you expand that strategy to bring in more sales without increasing more effort?
A clear ROI must always be at the forefront of the business:
This isn’t as technical as it sounds. To simplify, it means you have to have a reason for the things you do in business (i.e to make sales, to gather new subscribers or followers etc..)
The first couple of years in business, I ran with every single idea I came up with. Whether it was a Facebook Group, a giveaway or a free challenge, I would roll it out without considering what the return on investment (calculated by dividing the profit earned on an investment by the cost of that investment) would be.
In time, I learned that this was a mistake. There has to be a financial reason for why you’re doing what you’re doing in your business. You can easily get lost in tasks and activities that are not producing results to warrant continuing that activity, and that wasted effort has a knock-on effect of making significantly less income for the business which halts your businesses progress overall. Remember the 80/20 rule? Focus on that.
ACTION: Every time you want run a promotion or conduct a free webinar or challenge, ask yourself – Will this action contribute to 80% of the profit? What is the cost benefit? What is the true ROI?
Your prices need to increase over time:
Think of yourself and your work as a stock investment. With inflation your value increases and so your prices must follow suit. Inflation in the price of access to you can come about from many factors such as, you’re the cheapest in your industry, you have strong sway in the marketplace, you’re overworked from high demand, business costs have increased, your delivered value is higher than the price or your skill set has advanced.
This is why you will need to increase your prices for your premium offers like private coaching, masterminds and even signature programs over time because the price of what is costs to access you will go up in value.
ACTION: Look at your business from its position in the market to the yearly costs to your own skillset and calculate whether you need to increase your prices.
Don’t decide what other people can afford:
How many times have you discounted or backed out of selling your product or service because you didn’t think anyone could afford it?
We’ve all done it. But, this mindset only hurts your business.
There is a buyer for every price point, and your price points will make the right people for your products and services feel comfortable about their investments. Don’t let your mindset sabotage your business.
If you’re finding that your thoughts and behaviours are really getting in the way of your ability to make money, come and join me in The Rich Babe Society where I help you stop sabotaging yourself, break through your income plateau and reach your next-level money goals.
ACTION: When setting prices, instead of worrying about who can afford it, ask yourself what the results or impact your product or service creates and how much is that worth?
So there you go, 5 quick money lessons that I hope help you understand money making in business a little more.
