Are you leaving money on the table?
We are talking to the business owners, independent contractors, mompreneurs and all women solopreneurs this month. As the summer is over and the families are back home and ready for the new school year, many entrepreneurs choose September to refocus and recommit to their business goals. We will be focused on business growth this month, so we can all grow our businesses together.
This first week, I would like to talk about business growth by developing new streams of income. This can apply to you if you own a business and are looking to develop new revenue streams, or if you have a job and are considering a side hustle to increase your income. Whether you have a business already or just considering one, you need to have a goal that motivates you to do the work, so you can succeed.
Once you have a goal, you are set to start working on your business. The next step is to make a plan for it. If you already have a business, you probably already did this, but if your business is still just an idea in your mind (or on paper), you need to give some deep thought, put on paper and then make clear what your values are - personal and in business. You write down your business vision and mission; they should be reflected in your business goals.
This will help you stay focused when you feel an inkling of the S.O.S. (shining object syndrome) - a condition quite common to the entrepreneurs. Too many times we all start new paths in business because we think that the new idea can be our next big success, because we get excited for the new opportunity and because we want to try multiple things when we think more stuff done will bring more money. While these ideas and opinions are not necessarily a bad things and are not necessarily wrong, they are not conducive to high levels of income.
The best way I can illustrate this point is to paint a picture: if the income is in a bag in the middle and each of the ways you choose to get the money to come to you is a direction you pull the bag, you will not be able to drag the bag in any direction. You will move a few steps in one direction and then another few steps in a different direction, but will never make great progress in any direction.
If you focus on what thing and make progress in that direction, then you move the money bag in that direction for a while. You can always pivot and make changes in your business, then you will make progress in that other direction. You can add as make revenue streams as you want, as many times as you want, as long as you are committed to each new direction at the time that you are working on it.
The best way to make sure you stay true to your values is to ensure your actions are aligned with your mission and vision. As long as you focus on the goals that contribute to your mission, your actions will fall in line. Your actions will lead the money bag in the direction you are going.
Let's go into more ideas next week.