Well yesterday I was asked a very interesting question which I am pleased to say I answered correctly! What was it? Well do you consider yourself to have a business or just a job in a business? Well like most of us I expect I proudly answered I have a business (three in fact lol)! I am pleased to say after a little further explanation by the questioner afterwards I was actually correct, but it appears that most so called business owners don’t actually have a true business but just a job that they have created for themselves!
Think about it for a minute…
Now consider these questions…
1. Can you walk away (for an extended time) from your business at any time and still receive a good income from it?
2. Would there still be a business if you were hit by a bus tomorrow?
3. Do you have income streams in the business which actually involve no work on your part?
4. Do you have multiple income streams? More than one method of gaining income in your business?
Can you honestly answer all those questions with a big huge smiley YES! If you can then you actually have a business if not then sorry folks you just have a job that you have created for yourself.
You as one person or several if you have staff can only manage so much work or so many contracts at a time. So your income will always be limited by that and also relient upon you to work constantly for that income. Now look at your business and think how can you introduce new income streams/passive income streams to your business that would actually increase your income without further work by you or even your staff.
I have made a few suggestions for you below but I am sure you can all think of ones personalised to your own individual businesses and just think of the rewards – new car or even an extra holiday eventually!
My suggestions –
1. Write a eBook which you can sell on your website – its all automated with PayPal and shopping carts to process without you even knowing untill the income is in your account!
2. Partner other complimentary businesses and offer your own clients these services for an affiliation fee/referral fee from the other business – again this can be fully automated!
3. Create a self study course based upon your profession eg cake decorators are you missing out on the percentage of clients that want to do their own wedding cakes or cant afford your services? Then create a course and sell it – again fully automated using PayPal and autoresponders to send out the e-course in emails once a day or once a week, etc
4. Photographers partner a high quality printer and get commission on photo calenders, books, etc
Come on folk lets build our businesses to make them real businesses and create real income levels with no limits!
by Elizabeth Graney, Hants Biz Coach, IFEWP & National Weddings