I have said this several times before, but it is truly something I am passionate about: my goal is to equip and empower female entrepreneurs to accumulate significant income that they can re-circulate back into family, church and community. I absolutely believe that this is the way change in the world is going to occur.
Because of my mission, I am committed to helping women stop trading their time for money and begin to focus on scalable revenue streams. For me, this looked like trading my in-person, one-on-one personal training sessions for my online bootcamps that meet the needs of hundreds of women at a time. Building scalable revenue will not only lead to greater financial success, but it allows you to help more people with your program and services.
Often, entrepreneurs like myself have so many ideas that they don’t know what to do with them all. While this can lead to several revenue streams, it can also lead to too many revenue streams. Too many revenue streams can easily keep you distracted from pouring into the most profitable revenue streams for your business. That’s why a large part of my business coaching focuses on helping clients cast a vision for their business, set specific financial goals, and put plans in place to meet those goals.
I truly believe that we are surrounded by data but starved for insight. We need to look at what the numbers are telling us and begin to make informed decisions.
Here are a few steps you can take to build a profitable business model in 2017:
Assess and iterate.
Look at your current streams of revenue and ask yourself what is scalable and what is truly profitable. The programs, services and products that are scalable and profitable are where you need to focus your time and energy in 2017.
Understand your money mindset.
First, do you have specific income goals for your business? If not, you have to believe in your product and services enough to start requiring them to perform. The only way to do that is to set a specific financial goal. However, the goal you set is likely going to be the goal you reach. If you think small, you are going to see small returns. If you think big, you will see big returns. And, I don’t mean this in a frufru, manifesting kind of way. I do, however, mean that setting a big financial goal and then reverse engineering exactly what it will take to reach that goal, is extremely important to growing a successful business. The bigger the goal, the more you will need to look for ways to create scalable products and services, because you will simply run out of time otherwise. Many of you need to work on your money mindset in the year to come, because, the sky is truly the limit in terms of what can be earned through an intentional, focused business model.
Kill the darlings.
Once you’ve set your goal, it is time to kill some darlings. This is hard friends. For me, this meant stopping something I loved: training clients one-on-one. However, once you get rid of streams of income that are sucking attention away from the scalable and the profitable, you will begin to see huge returns. In addition, you’ve got to begin to focus on just a few things and quit jumping around in terms of offerings. Choose some viable, scalable revenue streams and stick with them, building them and improving them as you grow. Too many extremely qualified professionals jump around from project to project, never fully honing in on one thing. This is a recipe for disaster friends!
Take control of your business finances and be in the know.
The data is in the numbers. If you don’t know the numbers then you won’t be able to make informed, intentional decisions for your business. So many female entrepreneurs I meet don’t have a grasp on their business finances. It is critical you are updating and checking on your financial spreadsheet daily. It is critical you are able to see progress toward your financial goals. It is critical you know exactly where your money is coming from and where your money is going.
In addition, many business owners don’t intentionally invest their earnings. Instead, they spend what they earn. It is absolutely critical that you begin to learn about how to effectively invest your money, even when your business is small and in its beginning stages.
If you want to truly see exponential growth in your business, you are going to have to look at the data, kill some darlings and begin to focus on scalable income streams. This isn’t always easy, and might mean giving up some of the things you love. But ultimately, it will help you focus on what is really working for your business; allowing you to serve more people than you ever could previously, when you were trading time for money. If you cast your vision, set your goals, and put your plan in place, you will be amazed to see the growth in both your finances and influence over the coming year!