One of the hardest financial lessons I’ve had to learn as a business owner is how to make more money. Truth be told, it’s also been one of my hardest personal lessons.
It should be no surprise, then, that I’m really good at teaching people how to earn more in their businesses. It only makes sense that I’m good at teaching what I had to learn the hard way. I also know the struggles on a personal level, so I can relate to my coaching clients and help them move forward.
That being said, I’ve noticed there are a few strategies that can help business owners make more money in their businesses almost immediately. In this article, I’m laying out exactly what they are.
Stop doing things for free.
If you want to make more money, you need to stop doing things for free. While there may have been a time where doing free work had it’s purpose, at some point, it’s just counterproductive.
For example, I spoke for free for a long time to get my name out there. That will be changing in 2018. Same goes for getting on a plane. Unless I’m getting paid I likely won’t do it anymore.
Raise your rates.
I changed my coaching packages this year. I also raised my rates to the highest they’ve ever been. To give you an idea, I’m charging slightly more than what a former coach charged me for three months on a monthly basis.
And you know what? People pay it. Not only do they pay it, but the quality of people has improved as well. More money and less headaches.
I’m also charging more than ever for writing and the same thing happens – better clients, less headaches, more money.
Ask for the money that is owed to you.
Between moving and dealing with a hurricane shortly afterward, my books got all messed up. My brain was (rightfully) somewhere else and as a result client payments slipped through the cracks. Now that I’m back in the game, I’ve been much more aggressive about getting those invoices paid.
While this technically isn’t earning, it does affect your ability to make more money. If you are on top of what you already earned, how do you expect to be able to earn more?
Say no more often.
In the beginning, business owners tend to take on a lot to get their names out there. Just like with doing things for free, eventually, this gets old and becomes counterproductive. If your time is all tied up you can’t make money.
This is why you need to get clear on what you will be saying no to so you can focus on how to make more money. Truthfully, saying no has become one of my favorite things to do. I’ve said no to teleseminars and helping to organize events because neither of these things has proven to put money in my pocket.
You can make more money, and you can do it rather quickly by implementing these strategies. At the end of the day, it’s really about making money a priority and then saying no to the things that won’t help you get there.