Tag Archives: residual income

5 ways to increase your earning potential as an entrepreneur

20 Jul

In previous posts I established the limitations of self-employment and the restrictions it can have on your earning potential.

But the question is…how can you increase your earning potential as an entrepreneur?

Delegation

First up is delegation. Having people work for you not only helps to spread the work load but allows your business to reach a wider range of people. Bringing people on board to work for you gives you more time to focus on working ON the business, rather than IN it!

Systems

Now that you’ve taken yourself out the equation you can replace it with systems. Creating a system is a great way to ensure your business remains running even when you’re not there. The success of the business is no longer solely reliant on you, it is now reliant on the system. This ensures that your business can be run and managed by anyone. This is advantageous because it helps to create continuity.

Distribution

If done correctly, distribution can take your business from 0 – 100 ! If you have a product your main aim should be to put it in front of as many people as possible. That way it increases your chances of sales. No matter the idea or product, with the right marketing and distribution your business can take off! Obviously it takes a lot of hard work but when you look at the examples of successful businesses you can see they have mastered the art of distribution e.g McDonald’s.

Ownership

This way is more for the creative ventures such as writing, painting, music etc. By creating a unique product which you claim ownership over, means you have the right to sell this on for profit. This means that even after the original effort has been completed you can still benefit from the work you put in. For example, writing a book may take you months or even years to complete but if written well, could provide you with regular income for years to come.

Repeatable services

Creating a business that requires your client to come back month after month will help provide your business with a steady income stream. For example, monthly subscription services are a great way to gain that commitment from customers. It not only provides customers with a guaranteed service but it also helps stabilise business income. Gaining commitment from customers through direct debits is desirable to help generate a regular income for your business.


So there you have it! 5 ways to get you thinking about increasing your earning potential as an entrepreneur. All of these suggestions can contribute to your set up for a lifetime of residual income.

Please share any more tips below!

Natalie

Reflections of a mum-to-be; Stay at home mum?

27 Apr

With only 3 months to go until the arrival of my baby girl I’m already considering what life will be like once she’s here. I’m trying to envision how much my life will change. I’ve spoken to other mothers about what it’s like to be a mum and most have said there’s no experience like it. One mother said her priorities and perspective on life completely changed. I do wonder what she actually meant. How did it change?

[I’m not expecting to understand this until it happens…but I do still wonder.]

But as an ambitious young woman with my whole life ahead of me, I’m left with a set of priorities to sort through. First up, the decision between being a full-time mother and pursuing a career seems to top the list. It’s a decision most mothers have to battle with. It’s an additional pressure that most men don’t even have to consider. I can understand that we as women struggle with this decision because we can see both options have value. But the difficulty arises when we’re forced to choose one option. But I always think is it necessary to choose one or the other? Can we not do it all?

I’ve been asking myself all these questions lately…

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At my midwife appointment

However, I feel that society doesn’t value the option of being a ‘stay at home’ mum. There always seems to be a negative connotation associated with it. It’s often seen as the less ambitious option and the dare I say ‘easier’ option. But I don’t believe that to be true. Being a full time mother is just as valuable as pursuing a career, except that you’re directly contributing to your children’s lives. It’s an investment for the future.

For me, contributing directly into my family’s lives is much more appealing and that’s why I’m leaning towards becoming a ‘stay at home’ mum (whatever that may turn out to mean). But I want to be at home with my daughter as much as I can. I want to teach her and educate her on the things school won’t. I just want to be there for her.

I decided a year ago that I didn’t want to go back into full time employment, (although I picked up part-time jobs along the way my focus was still to pursue business). Not much has changed, although now there is a baby in the mix, I still don’t feel the push to go back into full time employment. This is why I’m currently building a business that will ultimately provide residual income. Once this starts working for me (and it will) it will give me the freedom I need to be with my family.

So don’t worry I don’t plan to relinquish my ambitious nature but in fact I plan to incorporate it into motherhood. So to all the ‘stay at home’ mums, I salute you. I’ll be joining you soon!

“My why isn’t just about me anymore. It’s about her.”

Nat x

Check out the first post in this series