As an entrepreneur, you likely dream of doubling, or even tripling, your revenue. Because when you make more money, you’re able to put more money back into the business and essentially taking it to the next level.
Luckily, there are a few simple steps you can take to make that dream a reality. Follow these essential steps to double or triple your income this year.
Raise your prices
If you want to increase your revenue, the first thing you need to evaluate is your current pricing. Take a look at what you offer and how it’s priced. Is there room to increase the pricing? Or maybe there’s something you can do to cut down on your time spent on certain activities, which could ultimately
Create and sell a digital product
Wouldn’t it be nice if money just came your way without you putting in much effort? That reality is possible with passive income. Passive income is money that you get without being actively involved, like a rental property, for example. When it comes to business, however, a seamless way to use your skills or expertise towards passive income is through digital products.
Digital products can range from anything like a free download, a how-to guide, or even an ebook, and can be paid or free. If you are wanting to generate a passive income from digital products, it would be a good idea to take advantage of both free and paid products. Free downloads build your credibility by giving your audience a taste of the expertise or experience you can provide them. This will help increase the chance that they will want to purchase another product from you.
Personal connections are one of the most valuable yet overlooked ways of getting more work or new customers. If you want to increase your revenue, one of the best places to turn to is your personal network. Simply putting yourself out there or reminding people what you do can open many doors. You never know who in your network might need your service or product, or know someone who does!
If you want to grow your network, start by attending networking events in your area. Building face-to-face connections builds trust — introducing yourself to a stranger and letting them know what your business is can go a long way. Or, if you aren’t keen on the idea of meeting new people in person, you can also find connections through online spaces like Facebook groups.
Re-work your schedule
Time is the most valuable thing we have. So it only makes sense that making the most of your time can ultimately make you more money. When it comes to working efficiently, gone are the days of multi-tasking — it’s all about time blocking.
Time blocking means setting aside a certain amount of time to specific tasks. Instead of bouncing around from tab to tab and thinking about a million different tasks at once, focusing on one task at a time is a much more efficient way to channel your time and energy. Additionally, by streamlining your schedule you’re giving yourself more time to focus on tasks that bring you more revenue.
Hummingbird Collective offers web design, blogging, SEO, and other digital marketing services to small businesses and nonprofits in the Denver area and beyond. We love working with passionate organizations who are ready to take the next step in their digital marketing efforts. Reach out to us online for more information about our digital marketing packages, or call us at (719) 422-5198 to tell us more about your story!