Making significant income depends on a lot of things, many of which may not seem all that obvious when you are just getting started. Marketing, hustle, demand, and customer service all matter in the long run, but the greatest predictors of how much money you will make lie in some unlikely places.
Timing in the Marketplace
I have preached timing in the marketplace for years now, and the more clients I work with through my business mentorship programs, the more convinced of this factor I become. You could have the most incredible product or service, an unrivaled work ethic, and all of the fancy marketing in the world, and still not make a profit if the marketplace isn’t ready. If you have been implementing sound marketing, have an exceptional product and are working your tail off to no avail, then it might be time to throw in the towel, or consider a sharp right turn. However, there are some businesses, products and services that are so close to a tipping point, that it would be silly not to jump in and capitalize on that momentum. Finding a sweet spot with timing in the marketplace is a huge predictor of how much money someone will actually make.
Mindset is a huge predictor of future income, but not in a frufru, millennial, manifestation type of way. Your financial outcomes are directly tied to your mindset and your financial reality will be a direct reflection of what you believe to be possible. There are three components to a mindset that translates into significant income:
- Confidence - Confidence comes from forward motion. You can’t wait for confidence to strike before taking action, you have to just start moving; confidence will eventually find its way to you. Operating with confidence is a huge mindset piece that predicts income.
- Abundance - Believing that there are plenty of clients to go around is essential to building a successful business. Women who worry that there won’t be enough to go around will undoubtedly resort to desperate marketing tactics, and push people away. Building a significant income comes out of believing that one person’s success does not negate your own.
- Upper Limit -Many women have an upper limit problem when they enter into an entrepreneurial venture. This can often lead to self sabotage, and keeps many women from getting to the next level. An upper limit problem commonly occurs because women are afraid that if they begin to earn more money, they will experience criticism, or failure. Unless you change your mindset about your own limits, you will continue to run your business in small ways...making a significant income goal a challenge. The Big Leap is a book that really fleshes this out, and was helpful to me in understanding this issue for both myself and my clients.
Mindset is a huge component to building a successful business, and a significant income. Unless you begin to change your beliefs, you will continue to operate in accordance with them, and your bottom line will suffer in the long run!
Money Management and Goal Setting
One of the biggest predictors of future income is specificity of financial goals, and the ability to manage money. When I meet with a potential mentorship client who has no clear financial goal and is just doing this business thing for “fun”, I know immediately that they won’t be successful. This entrepreneurial stuff is friggin’ hard...why in the world would anyone just do this for “fun”? If you have plenty of money, and the ability to earn more, then why would you not earn more and give back? Why would you not build a thriving business, so you can do more good in the world?
Furthermore, if you don’t have clear goals to reverse engineer, you will constantly be shooting in the dark, and wasting your time. If you don’t know how much money is coming in, and how much you are spending then you simply cannot expect to be successful. You have to have a firm pulse on your finances and a clear direction with specific goals for the future. Otherwise, what in the world are you doing?
Once all of these things are in place, you can work on implementing strategies that work, to grow your business and your bottom line. But without these three things, you simply cannot expect to make a significant income, today or ever. If you feel like you’ve been wasting your time, and need to make a sharp right turn or that you are at a tipping point and ready to implement cutting edge strategies that work, then my business mentorship program is likely a great fit for you. To find out more, schedule a free consult call to determine if you would be a good fit. Please be aware that this program is a $5000 investment, so only schedule a call if that is an investment you are willing to make!