When we enter difficult times, be it a recession or a cost of living crisis, there’s often the urge to focus on cutting expenses.
Whilst some cost cutting can help, it’s often wiser to increase your income.
If you focus 80% of your time on increasing your income and 20% of your time on being efficient with your costs, it leaves you in a stronger position.
In this weeks blog we focus specific on How To Make More Money
Below are 9 Ways To Make More Money.
1. Set Income Goals
You’ll never make more money, if it’s not on your “Goal list”
When you set goals, you’re reminding yourself of your intentions.
Goal-Setting Is Linked to Higher Achievement
A 2015 study showed when people wrote down their goals, they were 33 percent more successful in achieving them than those who formulated outcomes in their heads.
The goal right at the top of my business goals is Financial.
And then everything below that is designed to make sure that goal happens.
Our marketing activity from Networking to Social Media to Blogging is all there to back up the financial goals
Is it your goal to generate more income this year?
2. Identify Your Income Generating Activities
80% of your results will come from 20% of your activities
That’s known as Pareto’s law
If you want to make more money you need to understand which are your most productive Income Generating Activities
In the world of Social Media Marketing there are over half a dozen channels you could be using – should you be using all of them
And that’s before you start adding traditional marketing such as Networking, Print Marketing, Door Knocking etc
My top income generating activities are LinkedIn, Blogging and Public Speaking
Which marketing works best for you?
3. Take Care Of Your Business Rather Than Your Ego
Take Care Of Your Business Rather Than Your Ego.
Income > Expenses + Cash Flow are the foundations of a great business.
Your flashy car on hire purchase, the pool table in the office, the staff growth which are really “free” apprentices, the column inches in the press, your alpha male chest beating posts on social media, your award wins, your turnover – ALL EGO
Winning more clients.
Keeping unnecessary expenses down.
That’s how you build a business!!!
4. Raise Your Prices
Raise your prices today!
You could honestly put your prices up by 10% today and the majority of your customers wouldn’t blink.
It’s all about the value you bring to the table.
With us our customers spend hundreds for social media training and as a result win thousands of £££s worth of business.
When did you last put up your prices?
Even the budget brands such as Wetherspoons, Iceland, Aldi and Greggs have put their prices up.
Why when you talk every day about the huge value and quality you bring – do you still have the same prices you had 5 years ago?
5. Partnerships / Referral Fees
How can you make it a win-win by partnering with others?
I want to paint a scenario in your head.
We offer social media training and help businesses grow via marketing.
Imagine if you could take 10-20% of / add 10-20% on every group booking you referred to us.
We’re happy because we spend less time marketing and networking.
You’re happy because you get to make an extra income.
This is exactly the sort of thing we can do with people / organisations who have large networks.
This is something you could do with us by emailing firstname.lastname@example.org
It’s also something you could look at for your business and partners.
6. Launch a New Service
Last month we launched our Tik Tok / Instagram Reels workshop.
It was the 1st new service offering we’d launched in about 5 years.
Importantly it’s not hugely competitive when it comes to google searches for the services in Manchester.
Times had changed and it’s important to move with them.
Whilst we love Twitter, a large percentage of businesses simply don’t care for Twitter Training in 2022 – 10 years ago it was our most popular course.
Which services could you launch / repackage that put you back in the centre of what’s happening in the market place?
Did you know …
“The average UK household spends about £900 each year after being influenced by online reviews”
Now honestly, I’d say it’s more than that when you incorporate bars, restaurants, tradesmen, professional services.
Google Reviews, Facebook Reviews, LinkedIn Reviews, Trustpilot and many more review sites are available.
More Reviews = More £££s in the bank.
I know because we’ve got 500+ reviews for Social Media Training and I can confidently say it’s one of the main reasons that people buy from us.
We’re a safe pair of hands.
What can you do to encourage more reviews?
Have you received a new customer review in the last month?
How many customer reviews do you have in total online?
8. Face 2 Face Networking
I love everything about online.
Training Via Zoom. Social Media 247. Digital Marketing.
But if you’re doing all of that and not doing Face 2 Face networking then you’re leaving £££s on the table.
Find a local networking group that works for you (there are about 3 or 4 key ones in our small town) and stick with it.
Turn up every month / week and get to know people. Have 121’s with people who you gel with.
Some 121’s will come to nothing.
Some 121’s will end up being the best supplier you’ve ever had.
Some 121’s will end up with you winning a new customer.
Some 121’s will end up with you forming a long-lasting partnership.
The simple fact is networking works and ends up with extra £££s either directly or indirectly.
If you’re not turning up then chances are your nearest competitors are winning business right under your nose.
9. Content Production At Scale
Since 1999 I’ve produced content at scale.
From blogs through to TikTok videos.
Everything we put out there through Altrincham HQ gains eyeballs and attention.
It takes people through the awareness > consideration > sales process.
When you turn up consistently you gain huge inroads into the market place.
Start producing content on a regular basis and see how your bank balance increases over time.
Is there anything you’d add to the 9 Ways To Make More Money list above
NEED HELP WITH SOCIAL MEDIA TRAINING FOR YOUR BUSINESS
Chat to us about Social Media Marketing for YOUR organisation , so we can better understand YOU and what will grow your organisation
We can chat about whether online or Face 2 Face is better for you
We can only find out what is unique to your business by chatting with you
We offer Social Media Training on
* TikTok / Instagram Reels
We can do this
* Corporate Workshops
* Group Workshops
* Face to Face or Via Zoom / Skype
Please call Alex on 07806774279 or email email@example.com