Category: How-To Guides

One of the many issues business owners face is ‘bright shiny object’ syndrome, which leads to overwhelm, and then frustration because their business isn’t growing in the way that they hoped it would. A typical scenario I come across (in fact I’ve had several conversations with business owners about this) is that they are juggling getting their newsletter up and running; posting to their blog; creating products to sell via their website; and launch a membership program – all in addition to getting more clients. Do you see how it all becomes too much?

The solution to these problems is to know exactly where you are in your business – i.e. at which stage in the business growth process are you. Because, depending on which business growth stage you’re at, will determine where you need to focus your time. You’ll know exactly what to do first, what to do second, what to do third etc. No more following that bright shiny object!

Having been running my own online solo service business since November 2001, and working with many clients over the years (from start-up businesses to multiple six and seven-figure businesses), I have discovered that there is a very specific 3-step process to running a successful, long-term business.

I refer to these three steps at the 3 “Ms” to Online Business Management Success; and let me share that process with you here today:

Step 1: Manage

This is the foundational piece of your business growth and covers your core office organization systems:

• Filing Management
• Contact Management
• Financial Management

Once you have all these key systems in place you’re then ready for the next step in your business growth.

Step 2: Market

This is where you create visibility so that clients are drawn to you. You need to let your target market know about your business through creating a customized and automated online marketing system – and you’ll also want to include some offline marketing activities in this stage too.

Once your business has got to the stage where you are drawing potential clients into your business daily, and you’ve reached the bursting point in working one-on-one with your clients, then you’re ready to move into increasing profits and leveraging your time.

Step 3: Multiple Streams

The third, and final stage, in your business growth is where you repackage your expertise into various products and programs to leverage your time and increase profits. You’re not ready for this stage until you have the first two steps all in place. It’s no good creating information products if you don’t have anyone to market those products to. So before you rush out and create products ensure that you have a database of potential clients and customer who are ready and willing to buy your products.

To create a successful (read: profitable) long-term business you need to follow a plan. Follow the three steps I’ve shared with you here and you will not be tempted to go after the next ‘big idea’; instead you’ll know exactly what to focus on, when to focus on it, and what to do next.

In a nutshell, multiple streams of income means your business has more than one way to make money. For instance, you sell products and you sell services. Those are different streams of incomes. But that’s just the beginning. Below are 10 ideas of different income sources you can use to increase your business’s bottom line:

1. Sell a variety of services. Or you can bundle your services into packages depending on what your typical client is looking for. But be careful about this one. Don’t spread yourself too thin. You want to offer a few different services or a choice of packages but you don’t want too many options because it’s very difficult to market yourself effectively.

2. Sell your own products. These can be information products (books, home study courses, CDs, special reports, etc.) or they can be physical products. You can also group similar products into product lines. Then you can upsell, downsell or cross-sell products to different customers on your list.

3. Sell other people’s products (or services). Here’s where you become an affiliate. Basically how it works is once you’re approved to be an affiliate, you get your own link. Anytime someone uses that link and buys a product, you can a percentage of the sale. That percentage can be anywhere from 10 percent (mostly for services) to more than 50 percent.

Which leads me to my next tip:

4. Put together your own affiliate program. Now you can get other people to market your products and services, and the only time you pay them is when they actually sell something! How cool is that!

5. Create a teleclass, seminar, workshop or other event. This can be a one-time deal or a series of classes. (But if you do this, make sure you record it so you can sell those later.) The nice thing about this tip is it’s a good blend. You can reach groups of people at one time while at the same time providing a personal touch.

6. License one of your programs or services. This is a neat idea if it works in your business. (For instance, a coach could license tools or a program to other coaches.) I don’t know much about this one, but Suzanne Falter-Barnes sells a program that can teach you how to do it.

7. Create a paid membership site. Not only will you be getting regular income each month, but you’ll also building your customer base — people who are interested in purchasing your products and services. It’s much easier to sell to people who are already customers than to find new ones. Plus people like being a part of a community, and becoming a member of something is a good way to do it.

8. Start a continuity program. This is similar to a membership site where you charge a monthly fee for a product or service. Maybe you create a paid newsletter subscription or you offer monthly coaching calls or you interview successful people. Whatever it is, it’s something people find valuable enough to pay you a small, but regular, monthly fee.

9. Sell ads on your web site or e-zine or whatever. This one is probably not going to make you rich, but it could turn into a nice little income stream depending on how many people are looking at your e-zine or web site.

10. Use Adsense. This is when you allow Google to place its pay-per-click ads on your web site or blog. In return, every time someone clicks on one of those ads, Google will pay you a percentage. Pretty nifty program, huh? Anyhow, I do think this is one you have to be a little careful with. Most of the time I don’t think people clicking away from your web site is a good thing (especially since they’ll be going to one of your competitors). But there are times when this is very appropriate. For instance, maybe you’ve developed a web site or blog around a hobby. Or maybe you build a web site or blog for the express reason of selling Adsense. Once it’s set up, you just ca^sh the checks.

Exercise — Find time to create multiple income streams

Probably the hardest part of creating multiple income streams is finding the time, especially when your primary business is service-based. So, now that you know how important it is, how are you going to find the time to start doing it?

Here are a few ideas to get you thinking:

• Hire a virtual assistant (VA) or bookkeeper to take care of some tasks you have no business doing anyway.
• Create systems in your business so you can complete business tasks faster and more efficiently.
• Raise your prices so you can take on fewer clients and make more money.
• Dedicate a Saturday or Sunday to working on your business. (Be careful with this one as you could very quickly end up burning yourself out.)

Get a pen and paper and do some brainstorming to see how you can find more time to start creating more income streams.

Have you ever noticed how you feel after a coaching session?

Are you energized and focused?
Or are you feeling drained and unsure?

It was not long after I finished my coach training.

I was eager to show the world how amazing coaching is.  I just wanted to coach; I didn’t care who, I didn’t care what issues, I didn’t think about what I was actually interested in.

I just wanted to coach.

I would tell people about my qualifications and my previous work experience.  My enthusiasm did get me a few clients.  Each one was completely different to the next.  They were recommended by friends or relatives and they were willing to give me a chance.

One client was having relationship difficulties; she was trying to figure out whether to get divorced.  Another was looking for a partner, desperate to meet someone and have a child.  One client told me his business was failing; another was in the wrong job.

I still loved the coaching but more often than not I was frustrated, exhausted and unclear as to whether the coaching was having any impact at all. 

I was certainly not in my element (by the way, check out Ken Robinson’s excellent book ‘The Element’).

Then I discovered my story…what I’m really good at and what I’m really passionate about.

And it made a huge difference to my business.  In fact, I started seeing that my coaching is a business, not a practice, not a hobby but a real business…and of course, I started attracting clients that were ideal.

What does ideal client mean?  The kinds of clients that you LOVE working with, that have incredibly breakthroughs from working with you so that you have impact and they have success, and you both end up energized and excited by your sessions together.

Do you have clients like this?  Do you have enough of them?

I realized that I need to help people find their story.  It’s the key to attracting clients, not just any clients but the ones you absolutely love to work with! 

You see when you tell your story, your expertise shines through.  Your passion and drive is so compelling and you are completely present.  And of course, I’m talking about your real story, not something made up for fun or to try and convince someone of something.  I’m talking about the story of you – the real ‘why’ of what you do and who you are!

You discovered your productivity trigger and transformed your first hour to be more productive. The third question to answer as you increase sales and achieve greater productivity so you leave the office earlier to do what you love with those you love is this:

How do I limit technology’s intrusion on my productivity?

Marilyn vos Savant says, “Working in an office with an array of electronic devices is like trying to get something done at home with half a dozen small children around. The calls for attention are constant.”

Technology intrudes with a creep, then leaps onto the stage of our productivity; seizing the starring role. Greater productivity is essential to your Work Positive lifestyle which means you daily recognize the creep and create boundaries that limit it.

You’re in a team meeting. Your desk phone rings. Do you read the Caller ID and decide about answering?

You’re working on your computer on an important project. Is your e-mail open? Is it set on automatic?

What if you’re with a customer and your smartphone buzzes with a call? Do you take it?

Multi-tasking is a productivity buster. The myth is you do more. The reality is you do less and what you do get done is less well.

Here are three actions to take today to increase your productivity and limit technology’s intrusion:

Establish Technology Schedule

Set up specific times when you employ various technology. Answer email on a schedule—a certain block and time yourself. Turn off the automatic updating feature on your computer and smartphone’s email. Forward requests best answered by a team member. Listen to voicemails and return calls on a schedule.

Engage Selectively

Your phone may be smart, but you’re not when selecting how to engage. Social media is a marvelous relationship-building tool. Use it. Monetize it.

But do you really need a notification when someone wants to connect on LinkedIn? Or, updates their status on Facebook? Or, tweets a rant about an airline?

Engage selectively with those in your primary sphere of influence. Clients, team members, and family members are top drawer. The rest are also-ran’s for your attention.

Your productivity is at stake. Want to increase sales and get out of the office earlier? Create boundaries with your smartphone with categories for interaction. Engage selectively.

Execute with the “OFF” Button

You pay for technology services. They are to serve you, not vice versa. Turn them totally off at designated times to innovate and create. A buzz, bing, or bleep dams up your flow for broadening outcomes and developing a new mindset. Avoid drying up your creative stream by pressing the “off” button.

Create boundaries around your technology that allow you to focus completely on what is most important and enjoy your increase in sales with greater productivity which gets you of the office earlier to play with your family and friends—your new Work Positive lifestyle!

About the Author: 

Dr. Joey Faucette is the #1 Amazon best-selling author of Work Positive in a Negative World (Entrepreneur Press), coach, and speaker who help professionals discover success in the silver lining of their business and achieve their dreams. Discover more at www.ListentoLife.org/speaking.

I usually focus on the “whys” of building an email list, but today I thought I’d focus on the how. Building an email list requires marketing, and the primary function of marketing is to drive visitors to your website so they can sign up. And once you get to this point, it’s time to put the “Know, Like and Trust Factor” into action.

Here are a few useful ideas for building your email list.

1. Make it as easy as possible. The best way to make signing up easy is to include a signup box on every page, and it’s best to have the box on the same location throughout your site. Include a brief call to action so that your visitors will know exactly what they get.

2. Keep it simple. Many small business owners make the mistake of asking for too much information in their email list signup forms. With every piece of information you ask for, you increase the chance that the person will just surf away without signing up. So start with the bare minimum-name and email address-and ask other questions later.

3. Have a good squeeze page. When arriving at a website through one of your online marketing channels, most people make the decision to stay or go within the first few seconds. Design your squeeze page with this in mind. Make it clear and simple so your visitors are easily oriented. Include only one call to action.

4. Have an irresistible offer. If you are offering the visitor something, make your offer clear and results-oriented. Remember, people aren’t going to be concerned about who you are or your process. They mainly want to know what value they will receive. That’s what will compel them to take action.

5. Put your offer in your email signature. Make sure all the emails you send out include a link back to your landing page. Include the link in your email signature along with your compelling offer. This way, everyone you reach out to will have a clear understanding of what you offer.

6. Provide genuine value. No one wants to receive an email or newsletter that is short on actual content, so be sure to pack your mailing with useful things. I like to recommend the 80/20 rule. Basically, 80% of the content of your email or newsletter should be pure content with no sales or calls to action. The other 20% is reserved for your sales pitch or call to action.

7. Ask your subscribers to forward. A newsletter is all about building business. Your current clients already know about the value of your content, but what about new people? A good way to bring in new subscribers is to recommend that your current subscribers forward your email to others, especially if they find it helpful.

8. Use an opt-in box with your contact form. If you have a contact page on your website, be sure to make it very easy for anyone contacting you to sign up for your newsletter. Odds are good that if they’re reaching out to you, they probably want to be included on your list.

9. Monitor your unsubscribe rates. Many business owners like to ignore their unsubscribe rate, but it’s actually a useful stat to follow. If you think you are providing great content but your unsubscribe rate suggests otherwise, then it’s time to make some tweaks. Doing so quickly can limit any damage.

10. Remind subscribers to confirm. With permission-based marketing, subscribers need to not only sign up but also confirm their subscription by clicking a link in their email inbox. Most people will have no trouble with this, but it helps to provide a reminder. Send every person who signs up to your list to a thank you page that reminds them they’ll need to confirm their email address. This will increase their likelihood of following through.

If you have all these steps in place, then it’s time to move on to the marketing phase of your promotion.