I used to have a bad habit of creating new ways to generate money every month. None of my new offerings had earth-shattering results, but that didn't stop me from trying to reinvent the wheel. Apparently, I didn't notice the pattern of working hard for little ROI.
I know many highly creative entrepreneurs who have similar issues. But then there's the bunch that never tries anything new and they're overworked and underpaid, too.
Sometimes it takes a simple question to wake you up and be smart about how you increase your profits. The question that always works for me is, "Where does most of my money come from?" (Make sure you actually look at your bookkeeping reports before you answer.)
In my case, it's my high-level mastermind programs and private coaching clients.
What about you?
Another great question to ask yourself is, "What's the easiest way I make money?"
Now the obvious way to use this information is to focus your energy on the things where you make the most money in the easiest way. But what if you don't enjoy the thing that makes you the most money? Or what if it's not easy to make sales? Or what if it's not time leveraged?
Ask yourself why it makes you the most money and you'll have your next step.
My mastermind is great because it's a one-time sale for which I receive payments from each participant for ten months. I don't have to sell it over and over again. It also happens to be heavy on coaching which means less intense content creation for me. And coaching is the favorite part of my business.
It’s one thing to charge enough for your services and products but does that come with a trade off in your mind?
Random acts of action in your business will lead to a fast death for profits. You may have this disease without realizing it. Often, entrepreneurs are learning business building strategies from many different sources and ending up with a big pile of ‘stuff’. They pick strategies from the pile and begin implementing without a blueprint.
I remember the exact moment that my current coaching format popped into my head. I was doing a visualization during my second workshop at the Coaches Training Institute. I clearly saw myself coaching ten clients at $1000 a month. I was working in depth with them and loving how much time I could offer them.
If you’d like to get a big juicy project moving forward and have a great time doing it, today is your lucky day.
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