By ANNA FREEMAN GREER
You are an entrepreneur or small business owner working around the clock. There’s just not enough time to get it all done. And considering how hard you are working, you really should be making more money. Does this sound familiar?
Before considering making a new hire or continuing to run you ragged trying to get it all done, consider these three steps to working less and making more.
(1) Charge More
When I started my first business back in 2009, I was taking any client that walked in the door to get my business off the ground. Soon I had more work than I knew what to do with but my business had literally taken over my life. I was caught between a rock and a hard place where I had more work than I could personally handle but not necessarily enough work to make a full time hire. I soon realized that I could charge more but take on fewer clients and actually increase my revenue.
Asking for more money is difficult for many. But remember this – When you are spending time on client matters, time is being taken away from your family and personal time. Your time is valuable. Your expertise is valuable. Charge more for it.
(2) Lower Overhead
As you launch your new business it is easy to get caught up in the new of it all. You want to buy a new computer and printer, new letterhead, new office supplies. Or, you may have signed up for all of the newest office software or training programs.
Many expenses are necessary. However, as your business grows and changes, you may not need all of the expenses you are currently paying for each month. To decide what is no longer necessary, list all of your business expenses. If the expense does not save you time or make you money, get rid of it.
In today’s high tech world, it may be possible to work from home instead of renting a large office space. Can you use your cell phone instead of paying for an expensive phone system?
Finally, for the necessary expenses that you are required to keep paying, consider a lower priced option that provides the same benefits or call and negotiate a new contract. Items such as Wi-Fi and phone service can be easily re-negotiated into a lower monthly payment.
(3) Create Passive Income
Do you have a service-based business? If so, consider creating an e-book or an online course that can be created once and sold over and over on your website. Can you add affiliate links or ads to your company website? Get creative. It’s okay to be different from the competition. It’s actually a very good thing.
The goal of every entrepreneur or new business owner is to make big profits. This doesn’t happen overnight and is the result of many hours of hard work. But you can work smarter, not harder. And as a result you’ll work less and make more.
Anna Freeman Greer describes herself as “entrepreneur first, attorney second.” After starting and building her own law practice in 2009, she quickly realized her passion for helping other entrepreneurs and small business owners launch and grow their respective businesses. Visit her at www.annafreemangreer.com.