I used to have a bad habit of creating new ways to generate money every month. None of my new offerings had earth-shattering results, but that didn’t stop me from trying to reinvent the wheel.
Apparently, I didn’t notice the pattern of working hard for little ROI. Everything changed when I decided to focus on the easy money.
I know many highly creative entrepreneurs who have similar issues. But then there’s the bunch that never try anything new and they’re overworked and underpaid, too.
Sometimes it takes a simple question to wake you up and be smart about how you increase your profits. The question that always works for me is, “Where does most of my money come from?” (Make sure you actually look at your bookkeeping reports before you answer.)
In my case, it’s my high-level mastermind programs and private coaching clients.
What about you?
Another great question to ask yourself is, “What’s the easiest way I make money?”
Now the obvious way to use this information is to focus your energy on the things where you make the most easy money. But what if you don’t enjoy the thing that makes you the most money? Or what if it’s not easy to make sales? Or what if it’s not time leveraged?
Ask yourself why it makes you the most money and you’ll have your next step.
My mastermind is great because it’s a one-time sale for which I receive payments from each participant for ten months. I don’t have to sell it over and over again. It also happens to be heavy on coaching which means less intense content creation for me. And coaching is the favorite part of my business.
In my case, I could focus on doing bigger masterminds or offer an additional one each year to generate easy money. Once a year I implement several marketing strategies to get the word out about my masterminds. Some of them are time intensive. And to complicate things, the way I filled my mastermind two years ago is different than what I did last year.
However, when I examine what really made those clients say HELL YES to me, all but one had previous experience with me or we’d had a personal phone conversation. Now I have my strategy theme: offer ways for people to get a personal experience with me.
That brings us to your final questions:
- What’s the easiest marketing strategy for people to fall in love with what I offer?
- How have they fallen for my offerings in the past?
- What feels fun, easy and congruent with my brand and values?
You should have a general roadmap to generate more easy money in your business once you answer these questions. The next step after that is to dive deeper into brainstorming how your marketing can be converted into more sales, using less time.
Don’t forget, this is supposed to be easy and fun. If you’re not inspired then you need to change your strategy.