3 tactics to make more money
You most likely have an ideal amount of money that you’d like to make in your mind… but how do you actually make that amount? It all comes down to reverse engineering, which is the process of setting a goal and working backwards to determine what you need to do to get to where you want to be.
Follow these steps below to see how you can make this happen!
set your revenue goal
Before you can even create your plan or list of steps, you need to know what your goal actually is so that you have something to work with. Whether it’s $10,000, $100,000, or $500,000, have a number in mind and stick to it.
Regardless of the amount, have a specific reason for reaching it. Do you want to buy a home? Go on a vacation? Pay yourself a higher salary? Whatever it may be, know why you’re doing what you’re doing.
determine how much you need to sell
Once you know how much money you want to make, it all comes down to knowing how much of each product or service of yours you need to sell in order to get there. Take your overall monthly goal, divide it by the cost of your product or service, and determine how much of that product or service you need to sell to reach that revenue level.
Take a look at this example of a $100,000 / year goal:
$100,000 per year requires making at least $8,333.33 per month. If you sell a service that’s worth $250 per month, that means you’d need to have about 34 clients to reach that goal. If working with 34 clients to make $100,000 seems impossible or unbearable, that’s an indication that you may need to raise your prices, allowing you to work less but make more.
Remember to factor in your expenses as you go!
develop a sales + marketing strategy
Now that you know how much money you want to make and how much you need to sell in order to get there, there’s only one step left: sell.
How exactly can you do that? Follow these methods:
Step up your marketing game through social media, email marketing, blogging, PR, and more so that you get seen in front of the right people.
Network with business owners who would be able to send you referrals.
Raise your prices to make more money without needing to work with more clients or sell more products.
Hire team members who can work on specific tasks for you so that you have more time to actually focus on sales and marketing.
Remember to be patient with the process and to come back to your revenue goal and product/service pricing and adjust as needed.