Working less and earning more sounds like a dream. Something meant for those born with money. However, it is possible to meet your financial needs without overworking. Here is how to create more ease around making money in your business.
1. Raise your prices
Raising your prices is the easiest way to work less and make more money. This may sound easy in theory but there are a lot of things to consider to ensure that you raise your prices at the right time and in a practical way. According to Forbes.com here are three signs that you’re ready to add another digit or two to your rate.
Look at your success rate: If your conversion rate is between 75 and 80 per cent you’re ready to raise your rates.
Have your clients reached their goals: Consider the success of your client or customers. If people you’ve worked with have a high success rate because of you, you can increase your demand by raising your rates.
If you haven’t raised your price in a long time: Staying at the same price point may have worked for Costco’s rotisserie chicken, but that doesn’t mean it’ll work for you. Raising your rates over time allows you to stay afloat in a fluctuating economy. It also helps you attract more high-paying clients while giving your more time and resources to deliver a better product or service.
2. Hire help
Many small business owners start off doing everything. From providing the product or service to accounting and marketing, you wear many hats. Once your business gets off the ground and you start generating a steady stream of clients it’s ok to hire out. Whatever task you least enjoy doing, there is a virtual assistant, an accountant, or an unemployed cousin that is willing to do that work for you.
By hiring help to do the administrative tasks you can focus on delivering the best product or service you have to offer.
3. Change your mindset
Hustle culture has brainwashed most of us to believe that we must work day and night to earn a decent amount of money. According to Milena Regos Founder of Unhustle, one way to change your mindset is to replace the thoughts you have as a result of toxic hustle culture.
For example instead of being concerned about the fear of missing out, or FOMO, consider the joy of missing out, or JOMO. By not filling every second of your day with work, what other joyful things can you experience? Remember that rest and relaxation are also important in securing the bag.
A mindset change has made the most significant difference in Ruth Alade’s work. As a Sales Coach she says “from my experience, money comes to me easily whenever I’m grounded in that belief. New ideas which create money, also come to me when I’m in that belief.”
Alade further advises other business owners to change their mindset by “consistently looking for reasons to believe that money flows to you easily. Look for the little things in everyday life, the $10 you found tucked away in your drawer, the refund you weren’t expecting. The idea is to stay in the belief and look for all the reasons around you to back up that belief.”
4. Create passive income
Creating a passive income is one of the best ways to make more money by working less. Although it will require some work up-front after that, it can provide consistent cash flow. Many entrepreneurs have created passive income by creating courses and selling eBooks/workbooks.