If you’re an entrepreneur, the question of how to make more money is one you probably ask yourself every week. It’s common, and I highly suggest this type of self-talk, because it means that you’re on route to helping more people and growing your business as a result. The problem is, most entrepreneurs get lost trying to “do” and “be” everything at once in order to increase their revenue, which is unsustainable. Instead, here are some actionable strategies for you to make more money as an entrepreneur — without burning out.
By Shaylene Cameron
Know your numbers
The goal of running your own business is to create a life you love and profit while doing it. This starts with being clear on the cost of operating your business. Consider your basic overhead: office rent, internet, phone, website, online platforms, conferences, payroll, etc. Also factor in other, more variable expenses, such as education, personal coaching, advertising etc.
Be clear on what you do
Have you ever asked an entrepreneur what they do for a living and their response takes three minutes to explain? We always want to avoid confusing a potential client when talking about our business. So let’s create a clear elevator pitch to talk about what it is that you do.
Here’s a short template I use with some clients:
I help____(your niche) who wrestle/struggle with ______(niche’s problem) have ______(desired solution) and (desired solution).
Here’s an example:
I help female entrepreneurs who struggle with enrolling clients have 10k months and still time for themselves.
Treat yourself like an employee
This is huge! I want you to start viewing yourself as an employee in your own company. Imagine you work for a CEO and she asks you to finish a deadline by 6:00 pm. What do you do? Finish that deadline! Hold yourself to the same expectations you would any other employee or contractor.
Schedule “me” time
Scheduling alone time is the most powerful thing you can do for your business. The top 1% of high-performers place as much emphasis on their personal life as they do on their business.
Take time to grab a cup of tea, snuggle up with a book, call a friend, take a trip. I suggest scheduling (yes, scheduling) something for yourself once a week to nurture your soul. This is where creativity flows and financial attitudes shift.
Train your mind for positivity
Entrepreneurs have a higher risk-threshold than most. We’ve got the tendency to jump and open the parachute on the way down. Given this nature, you’ll likely have more mental and emotional ‘ups and downs’ than someone in a 9-5 role. So, creating a sense and feeling of mental/emotional security is vital to long-term gain. A simple strategy you can use: choose an affirmation that is positive and about you and say it as often as possible.
Some simple affirmations could be:
I approve of myself, I’m an amazing money manager, I always pay myself first, Money flows to me easily.
Develop a referral system
Most people think getting a referral is the product of luck or chance. But, you can create an organized referral system and make it a win-win for everyone.
First steps to set up a referral program:
1) Create an agreement with specific guidelines on what your role is and what the referrer’s role is. Be sure to see legal representation to ensure you have everything you need.
2) Established some sort of value-exchange. For example, if you get a client, they receive coaching or money in return.
Joint Venture Partners
Partnerships with people in similar industries to you are going to be your biggest asset. When you’re searching for partners, think “community” instead of competition. Joining forces and resources is a powerful way to leverage your business.
Start with these steps:
1) Make a list of and research 10 potential partners that you’d like to partner with
2) Contact them and share your interest in becoming a joint venture partner. Be sure to mention why you think you’re a good match.
3) Arrange a date to speak and schedule it in your calendar.
Use these tools as the foundation of your business before adding any more work to your to-do list.
Shaylene Cameron is the CEO and Founder at Shaylene Cameron Mentoring. After driving over $1 million in B2C sales, managing a team of 12, and teaching everything from prospecting to client sales, Shaylene quit at the top of her game. Now, she helps coaches and service-based entrepreneurs have a positive impact AND create more wealth in their businesses. You can reach her at [email protected].