How to make more money without spending more time – or even working harder.
I’ve been working in marketing and business development for over a decade, and I’m sure there’s more than one way to do this. But I’ve found a method that works very well for me.
This method can be used for many different types of businesses, but for the sake of this post, I’m focusing on service-oriented businesses.
STEP 1: Understand the Value of Your Time
The first step is to understand the value of your time. This is different from “what’s your hourly rate” because you don’t want to just look at what you’re getting paid. You should also consider the value of your time to your employer, your customers, and yourself.
STEP 2: Find the Hidden Value in Your Time
The second step is to find the hidden value in your time. If you’re trying to make more money, you’ll want to figure out how to spend less time without losing value. There are many ways to do this, but here are a few examples:
Writing quality content
Researching keywords for your website
Building a strong email list
Finding a niche with high demand
STEP 3: Find a Method That Works for You
The third step is to find a method that works for you. You may want to follow the “do less, get more” mantra because it’s a simple way to make more money. But if that doesn’t work for you, there are other methods you can try.
For example, you can use this method for service-oriented businesses that require a lot of time to reach customers. You could take on more clients and be responsible for all aspects of their marketing (customer acquisition, lead generation, etc.). This is also a great method for freelancers or consultants who have to work for multiple clients at once.
STEP 4: Build Your Own Income Streams
The fourth step is to build your own income streams. Once you understand how much time you’re spending on each task, you can start to look for ways to automate it. Automating any of these tasks can free up a lot of your time so you can focus on other things.
For example, you could automate your blog or website content creation process. You could also automate your email list creation. Or you could start charging for services you offer in exchange for a higher price tag.
STEP 5: Grow Your Business
The fifth step is to grow your business. If you’ve been focusing on just adding more hours, you’ll want to shift your focus to growing your business. This means finding new ways to add value to your clients without necessarily adding more time to the equation.
This may mean taking on more clients or looking for ways to expand your niche. Or you may need to consider an entirely different business model.
STEP 6: Scale Up or Out
The sixth step is to scale up or out. You may have found a way to make more money, but if you’re spending too much time on one task, it’s time to start scaling up.
You can start by looking for ways to automate your process. Maybe you can automate your email list creation or lead generation.
Or you can look for a more efficient method of doing what you’re already doing. This could be anything from hiring a virtual assistant to outsourcing certain tasks.
STEP 7: Track Your Results
The seventh and final step is to track your results. Once you start to see an increase in income, it’s important to keep track of what you’re doing so you can continue to improve.
How much time are you spending on each task? How many leads are you generating? How much are you making per hour?
It’s also important to keep track of how much time you’re saving by automating. This will help you to make better decisions about the next steps you take. Thanks for reading!