12 ways you are leaving money on the table in your solopreneur business
Does making enough money in your business keep you up at night?
When you are under pressure to bring home the bacon (ie make some money) or prove to anyone around you that it is a business you are running and not a hobby, it is very easy to panic, or make judgements on whether your business is even viable.
Holding onto the emotion and self judgement around how much money you business makes, spends and has left over as profit can keep you stuck, and a lot of small business owners don’t talk about the metrics in their business because of the shame and embarrassment they feel, especially when comparing themselves to others.
It is so important to understand where YOU are in your business journey, what kind of business YOU want to build, and the resources YOU have to do that with….and then to stay in your own lane.
Over 100 small business owners have taken part in my FREE Audit, “What kind of business are you REALLY running” and I am not surprised by the data.
Only 8% of respondents said that their business generated the kind of money they wanted it to.
What I have learned from almost 30 years in business is that success is a journey, nobody is EVER an overnight success, and the setting up of sustainable and profitable income streams (especially multiples off) can take time.
Its like investing…small amounts over time create the compound effect….but facing up to your current reality is the first step, and so my list of 12 ways you are leaving money on the table is by no means designed to make you feel bad, but is more a framework for you to think about all that extra glorious money you could be making.
Let’s jump in.
- Get clear on how much money you want to make…not having a target means you don’t know where to aim for, or if you are making progress or not. your ambition will dictate your model, the way you show up, your price point and so much more. People don’t like setting targets and missing them, so its OK to have interim targets. But committing to an income goal and designing your business offerings and your day to day activities around that will unlock wealth.
- Track your incomings...people tend to hyper-focus on outgoings, but I think tracking every penny of money and value (stuff we get for free that still helps grow our business), helps us to take note of the possibilities and to practuce gratitude. If we can segment that into the various income streams we can start to spot trends. Around 70% of my income comes from delivering group programs, 10% from VIP clients, 10% from investments, and around 10% from affiliate fees and book royalties. One year I tracked over £100K in freebies…including a trip to Euro Disney.
- Set up an email list and email your customers frequently. I am always amazed at how many solopreneurs put this off…I have a funny story from a decade ago where I had over a million hits on my website and I didn’t have an opt-in in place…major fail. I am running a training and “GET IT DONE” session on this next month, so get in touch if you’d like to get involved.
- ASK FOR THE SALE...people don’t need your news, what they need to know is how your products and services can help them. Don’t be afraid to tell people what they can buy. And NOT just once.
- STOP collecting people who will never buy. When people come into your world they probably have the problem you help your clients with, so why keep them waiting? Think about the average time it takes for someone to decide to buy from you, and how many people are in your world for ever and NEVER buy…focus on the first group, and get them to buy sooner.
- Ask your clients what they need and what they want. Sometimes our language misses the mark and we just need to tweak our marketing or the way we deliver our stuff, to suit our existing fans.
- Have more conversations. Speak to your ideal client. You can’t expect people to find you…you have to actively go out and find them. Social media posting alone doesn’t work, its the conversations we have over the phone, in peoples inboxes and on zooms that often lead to a sale.
- If you love to read become an Amazon affiliate (did I mention I have a new book out?). I am always recommending books to people, and I make between £500 and £1000 a month from recommending books I am currently reading, and other bits of equipment and stationary. This also works for all sorts of other products.
- Do an audit of your online presence, if someone was having a nose around your stuff…what doesn’t make sense, where are you losing your credibility? Is it easy for people to buy from you? Ask someone you trust to do this audit for you if that is easier.
- Be explicit about your pricing...my Solopreneur Success Roadmap costs £1000 …and yes there are payment plans available for those that need it. Transparency helps build trust.
- Give your ideas and expertise away freely, but not your time or access to you. The world is not short of information…but bespoke information and advice (and access to you) is what people will pay you for if you are an expert, coach, or consultant. Show people some of what you know.
- Stop wasting your most important asset…TIME, most things you take a year to do you could have done in 6, and 50% (and thats being generous) of the stuff you do day to day in your business doesn’t lead to a sale. If making more money is a priority, make making money more of a priority.
Making money isn’t the be-all and end-all in business.
There are 5 metrics for success that I measure…which I speak about in my new book How NOT to be Broke...and income is only one of them.
I also talk about building a secure business, one that provides safety today, as well as the possibility of success (by whichever metrics you measure) in the future.
Nobody deserves to feel broke as a result of pursuing their dreams, so keeping on top of your money stuff NOW is a good start.
want to join the how not to be broke sales challenge?
Come and join a bunch of other ambitious solopreneurs as we get behind the psychology and the activation of doing sales, and making some proper money in our business.
We kick things off with a workshop on Monday 25th at 2pm, which is all about “Bouncing Back” from financial crisis, and then its a week of live training 12pm-1pm from Monday 2nd October to Friday 7th October…and a whole heap of action taking.
How much money could you make?
Looking for a business legacy strategist?
If you are a solopreneur doing all of the doing, AND all of the thinking, and have got yourself in a bit of a pickle. I might be able to help. As a business legacy strategist I help solopreneurs to get clear on their vision, their strategy and the best tactics to deploy, but most importantly I help them turn their ideas into sustained, successsful action…and before it’s too late and they have run out of time or steam to reach their full potential.
I have been a solopreneur for close to 30 years, and have been supporting freelancers, artists, coaches, creatives, experts, speakers and sole traders of all kinds of proffesions for more than 20 years. I am a keynote speaker on the topics of productivity, purpose and profits and the author of the book How NOT to be Broke.