Steps To Take When You Aren’t Making Enough Money In Your Business

"Steps To Take When You Aren’t Making Enough Money In Your Business"

Introduction:

• In today's episode, we will discuss crucial steps to take when you find yourself struggling with insufficient income in your business.
• It's a common challenge for entrepreneurs who are scraping by and lack consistency in their earnings.

Segment 1: Mindset and the Foundation of Cash Flowing Strategies:

• The importance of addressing mindset and financial strategies when facing income challenges.
• The three foundational steps to start with:
  • First: Prioritize savings as the initial step in securing your financial foundation.
  • Second: Embrace a long-term perspective and focus on taking small, manageable steps.
  • Third: Recognize that making $25 is a stepping stone to making $100, illustrating the significance of starting small.

Segment 2: Tip #1 - Recurring Revenue:

• The first tip for increasing income: Establishing recurring revenue through a 90-day coaching program.
• Exploring how to create, structure, and sell such a program to benefit both you and your clients.
• The systems, emails, and tools to facilitate progress and success in your program.

Segment 3: Tip #2 - Profit Goals and Financial Discipline:

• The importance of understanding your profit goals, aiming for a 15-30% profit margin.
• Setting clear financial goals and practicing financial discipline by not spending everything you make.
• The recommendation to avoid hefty upfront expenses in your business or ensure you can cash flow your expenses.

Segment 4: Tip #3 - Balancing a Side Business:

• The advice to build your business alongside your day job.
• Effective time management strategies, including prioritizing revenue-generating tasks.
• Balancing your entrepreneurial ambitions with your existing job responsibilities.

Segment 5: Tip #4 - Money Tracking and Appreciation:

• The value of tracking the money coming into your business and appreciating all forms of income, including discounts and deals.
• How this practice can provide a more positive perspective on your finances and boost your financial confidence.

Segment 6: Tip #5 - Setting Deadlines and Taking Action:

• The importance of creating deadlines to initiate action and propel your business forward.
• How setting clear timeframes can break the cycle of inaction and move you towards your income goals.
• Encouragement to set specific deadlines and hold yourself accountable.

Conclusion:

• A summary of the key steps to take when your business isn't generating enough income.
• A reminder that financial success is achievable with the right mindset, strategic planning, and consistent effort.
• Encouragement to implement these tips and start your journey toward a more prosperous business.