How does one increase their home business earnings from $10,000 a year to $100,000 a year? Here are eight (8) tips that can help you increase the income of your small or home based business:
1. Push yourself to succeed.
Be more driven. However, this does not mean that you have to double your work hours. Instead, you need to work much smarter. Manage your time well, making sure that you have a healthy balance between work and your personal life. Keep on learning, whether from books, seminars, training, or even interviews with other business owners. Anything you can do to enhance your knowledge and understanding of your industry will help increase your income.
2. Review your existing products and services.
There are a lot of benefits in tweaking or reinventing your business. If you want to increase your income, the worst thing that you can do is to keep the status quo. Think out of the box. Innovate and constantly question the assumptions of how you do your business. Make a list of what you offer and how you offer them, look at your industry and competitors, and come up with plans on how you can change and innovate.
3. More efficiently turn your visitors to customers.
Finding ways to increase income does not always mean that you have to spend more in marketing or advertising your business. Even with the current volume of your Main Street store or website traffic, there are ways to increase the income of your business. Change the layout and design of your business and make it more welcoming to those who drop by. Tighten the landing pages of your website, even experimenting on the colors and design scheme that will entice visitors to purchase from your business.
4. Be on the lookout for opportunities.
Opportunities abound; you just have to find the best for your business. Look for opportunities that will come to your table — whether these are new ways of doing things, developments in the industry and marketplace, low prices, or new contacts. Opportunities can also come from your customers, when they talk of what they want, their dissatisfaction with what’s out there today, and what they want and need.
5. Develop productive partnerships.
Sometimes, you can’t grow your business alone and you will need the right partner to spur the growth. While the process involves a great deal of time, partnerships can help open new markets for your business, increase your capabilities and even boost your credibility in the industry.
6. Focus on income boosting activities.
Run the business, and do not let it run you. Dedicate most of your time on tasks that will help boost your income and revenues. Don’t be sidetracked with time-wasting activities. Subcontract some of the tasks, particularly those where you lack the technical expertise
7. Keep an eye on your competition.
To increase your income, you need to convince your target market to buy from you, and not your competitors. The only way to do this effectively is to find out how they do things, and whether these strategies work for them. Knowing what your competitors do will allow you to develop better strategies for your business. Plus, the knowledge can help you come up with something different and unique compared to your competitors that will help set your business apart in the eyes of your market.
8. Get a mentor.
A mentor or business adviser can provide you with advice on how to steer your business to increase its income. They can offer you their experiences and knowledge to help you avoid mistakes and grow your business at a a much faster rate than you alone could have done.