Today’s episode is about Day 2 for my five mini podcast series of the Next Level Challenge. I will be talking about increasing your income.
A lot of business owners are not quite sure how they could earn an extra income especially when they’re just starting out, or they might have had a break, or they’ve just had to stop or they’re just never really get the wheels going but once they get the momentum, they then start to see more revenue coming through.
There are business owners who are a bit of a spender in their personal life so they also have the tendency to spend a lot more on their business. They will see investing in their business as the core thing which then results in their business becoming an Expense Center. There are also some who are super careful and really tight in their spendings so there’s lots of revenue in the business but they’re paying themselves very little. They’ve got a lot of money left in the business, but they don’t always pay themselves very much.
The real issues in terms of money in the business comes when people are looking for more risk, respectively, rather than the future of their business and so they don’t plan. They don’t think about revenue streams that could be out there. They also don’t look at their existing client base who are currently paying to keep the business going.
We have the tendency to not take a step back or step out to look at what other things we could be doing in our business to grow. We need to consider growing our income and in the increase in our income, profits come. Putting our focus on looking for ways we can improve our revenue and net profit allow us to pay ourselves more.
Here are links you need to check out:
Sign up to Next Level Challenge: https://wealthstrategist.kartra.com/page/nextlevelchallenge
Facebook Group for the challenge: https://www.facebook.com/groups/womensmoneymastery