5 Ways To Make More Money In Business
When people get into business to make money, you’ve set yourself up to fail.
Let me say that again, if you’re in business to make money, you will fail.
Think of Scrooge; a Christmas story of a miser who builds up money. He never feels secure and never feels happy with what he has. He makes himself and everyone around him miserable.
The opposite mentality is to “make MORE money than you currently are today.”
If you can make an extra $10 in a day, then you’ve smashed your goal. And once you’ve smashed it, the goal is open-ended so you can still make more than your previous income plus $10. Now you shoot for an extra $100 or $1000 next month.
You can set these goals over quarters or even years. “This year I want to make $20k freelancing over the $15k I made last year. Then, I can reinvest the extra cash in new equipment or marketing.”
Below are five tips that you can put into action today to continue building your business towards revenue growth.
Master Your Craft
You are not going to be able to run a successful service-based business if you lack the desire to master your field. If you get into it just to make money or quit something else, you’re going to get tired and your willpower is going to run dry.
The road to mastery is brutal and takes loads of hard work. It is, however, the path that you begin to appreciate. The closer you think you get towards mastering your craft, the more you realize that mastering something is relative. There is no attainable perfection. You just get a tiny bit better in each iteration. Realizing that you’re meant to enjoy the path and not the destination, is how you master life. You can now enjoy the path to mastering any new skill or talent. You’ll have legs that can run forever while your competition wonders how you just keep jogging along.
When your craft becomes a work of art, you will be able to charge more for your services.
When you begin to master your craft, you also dial in your process. You know how long it takes to make widget A or how much correspondence a client will need leading up to a project. You begin to see all of the time and expense costs on a single project.
At this stage, the idea of what your client’s life will look like when they work with you becomes more important than figuring out how much you are charging by the hour. Your time’s value becomes more valuable as your process becomes streamlined because you’ll make fewer mistakes, you’ll get the work done faster, and there is less risk for your client to commit to hiring you.
Have your clients/customers pay you to learn something. We aren’t as excited to do something when we’re not good enough at it. It’s a self-conscious voice in our head that wants to do and be our best. You have to jump in and do it. Take on a paid job you don’t think you know how to do but you could figure out. It’s really fun when you get paid to do something you had no idea how to do before and now you can more confidently charge for it going forward.
Forums and Communities
Forums have long been a place where like-minded people gather. It was one of the first public uses of the internet way back in the day. The idea hasn’t changed much, but the avenues in which provide forums today have evolved. We have many different places to find pockets of people who potentially could use our software, purchase our product, or use our services.
We’re naturally social beings and that’s why we tend to gather in places on the web. You’ll find a younger crowd on Instagram. A more technical and opinionated group on Reddit. And lastly, you’ll find that the biggest and most active group of forums is on Facebook. Facebook groups are designed to connect like-minded people together. Though I prefer the ranking and strict moderating within Reddit, the unfiltered and quick nature of a Facebook community allows for a diverse conversation at a rapid pace.
Look for a community of users that might need your service. If you provide headshots for Iguanas, look for a group of Iguana lovers. Post nice pictures every now and then and people will like a comment. The most important thing to remember is that people can sniff out when you are trying to abuse the community. You can get posts deleted or your account removed from groups if you are going to places saying “BOOK MY SERVICES”. The takeaway here is to be a genuine member of the community. Your best business is going to come from people that you did right by.
There is no reversal to finding communities. Business requires people talking and communicated with each other in order to exist. Isolation will choke your business to death.
Build a Bulletproof Brand
Your brand is your reputation. It will determine how people respect and treat you before you’ve even had the chance to provide them a quote of service. When you are just getting started in the business, this is mainly going to depend on your professionalism in corresponding with them and how you are messaging with them. If you are prompt and organized, you create the precedence that your service will be delivered on time. If you’ve been in business a while and are receiving referrals from word of mouth, the people doing the referring are going to be setting the tone of how your future clients view you.
Be known for something. At Dubsado people get the message that we are always updating and innovating. It’s something that’s very true; we work our butts off to release new features and have systems built around being productive and bug-free. We also always remind our community that something is around the corner. But sometimes we go a full month where we haven’t released something. Normally this happens when it’s a larger project and we have all of our resources on it. Since we’ve built up the projection of being an industry leader in innovation and new features, it becomes almost impossible for someone to complain about something we’re lacking. The voice in the back of their mind or even our community reminds them, “Dubsado is working on it.”
First impressions are important - everyone knows that. There’s something special that goes on in the brain when meeting someone for the first time. A gate opens up in our minds and suddenly we are extra perceptive. We can smell better, hear better, and we have a fresh perspective on things. It’s a natural state like when two dogs first meet each other. You can see them look at each other. They pause for a second and enter the “judging” stage. Then they wander around each other in circles smelling various things. We do the same thing because it allowed our ancestors time to find out if something was going to kill them or not. Today it determines whether we’re going to like someone or want nothing to do with them.
The first impression is going to imprint in your customers’ mind with a stain of permanence. Don’t mess up your initial contact with a client. Instead, utilize this effect to make it undeniable that “you mean business” or that “this person’s service is amazing.”
Many people get into freelancing because they are pretty good at something. They begin to fantasize of what it will be like when they are making $1M in revenue in their first year of business and how good it’s going to feel when you finally get to tell your boss to eff-off. This rush you get about dreaming on the future is going to be something that could ruin your reputation if you enter the market too soon.
When you run into something you don’t understand, you’ll wish that you had waited and truly gotten the education you need.
Self Worth / Confidence
Believing in yourself is fluffy self-help advice, but there’s no other way to put it. You will NEVER believe in yourself as much as you should in life. Self-awareness is something we’ll always need to work on, but the more we practice it the more we are capable of anything.
Confident people go way further in life than doubters. I’ve seen some truly dumb people accomplish things in life. Hear me out: Because they are dumb, they can’t think through all of the issues all the way. They don’t experience the anxiety from what they are facing because they don’t fully understand it. That’s why when they go after their mission, they accomplish it. They don’t care about what’s on the other side of the closed door, they simply open it with confidence.
People pick up how confident someone is from non-verbal cues. Even someone’s writing can create an air of confidence. When you find a balance between being too humble and being cocky, people will have greater respect your efforts. Even though they might not always book with you purely because your confidence, your own self-worth will be a pedestal from which they start to judge your work from. It can make a solid foundation for you to present your message on.
Beware of being too confident in an area where you haven’t earned it. If you pretend to be confident in something you don’t know or can’t readily learn, you will appear to your clients as a liar and deceiver. Even though you may have honest intentions in appearing confident, make sure you have the follow through to back it up with the actual ability to execute.
Patience / Delayed Gratification
There are some businesses that appear to be an overnight success, but almost every time I thought that a business took off really fast, it was only because I and a bulk of other customers had only heard of them recently.
Companies like Intercom that have been around since 2012. Early adopters and people that see a company’s vision early on will take note of what they are doing and will actually help the company spread their mission by word of mouth and feedback to the application. These early customers are the best kind of investors. They give value to the business not only through paying their fees but also for believing in something before it’s a smash hit. By the time the company is a smash hit and everyone knows about it, the new people coming on think it was easy. In reality, the company worked their ass off to get to where they are, waited for the right opportunities, and made good decisions over the span of years.
Patience is a major key to your life success and a lot of how you handle patience is what your parents taught you early in life. There are many studies on delayed gratification, for example, the Marshmallow Test conducted by Walter Mischel at Stanford University in the late 1960’s:
Children were placed in a room by themselves with a single marshmallow on a plate in front of them. They could have one now, or wait 15 minutes and have a second one. The study followed up over the following 10-15 years with both sets of children: the ones that ate the single marshmallow and the ones that were able to wait the full 15 minutes to receive 2. The children that were able to wait for 2 marshmallows over time developed the following better coping skills, higher SAT scores, lower BMI, lower divorce rates, and lower rates of addiction. The children that were able to wait for the longest were identified as those that had been taught strategies for dealing with patience and temptation.
Sometimes people wait around gloating that they are patient people when in reality they are lazy. Life isn’t going to hand success to you. Real hard work and determination are needed to be applied in conjunction with patience.
There are times where you need to stop being patient and attack with everything you have. Embrace the feeling of lack in your life. That empty gut you feel there’s a void for, don’t wait around waiting for it to fill up. Find a hobby, passion, or profession that you enjoy doing and don’t stop. Let the fact that your life will end one day motivate you to get as much done in a day as possible.
The best advice isn't tied to direct action. Long term investments are always more fruitful than some get rich quick scheme. Same goes for ideas. Challenge yourself to be honest with yourselves, your communities, your businesses, your abilities, your motivations and your willingness.
If you go for your goal with only dollar signs in your eyes, hitting each growth opportunity on your journey will feel only like a nuisance. In reality, these are our greatest opportunities to become something so much more. Those growth opportunities make us the type of entrepreneurs who can handle not only keeping our eyes on providing real value but also making lots of money too.
Don’t take shortcuts. Don’t make sacrifices in quality that will hurt you 3 years from now, if it means an extra buck tomorrow. Put in the hard, unavoidable work. Practice, fail, practice again and master these 5 ideas. You’ll be on your way to revenue goals and so much more.