Written for women over 40 who are considering going into business for themselves but truly have a fear of how to make that leap to reinvent themselves as entrepreneurs without going insane or broke in the process!
Many of us were taught to do well in school, get a great job, work hard, and you’ll eventually make a lot of money. This may be true, but there is a great limitation to working for someone else. Time. There are only so many hours in a week. No one can buy or create more.
Even doctors suffer from this limitation. The average physician makes a large salary, but there aren’t many that make a million dollars a year. Even a physician is swapping his time for money. He only gets paid while he’s seeing patients. He can’t see more than one at a time and he can’t see them while he’s asleep. The clock ultimately limits his income.
This is also true for consultants, dentists, lawyers, and CEOs.
If you want the opportunity to make a tremendous amount of money, it’s important to find ways to earn without your presence being necessary. Free yourself from the clock and your ability to earn is unlimited.
There are better ways:
Get paid more than once for the same work. Think about artists, authors, and musicians. In their respective businesses, they’re able to get paid repeatedly for the same work.
An author can write a book and then sell a million copies over the next 10 years. During that time, she may have written 20 more books. What could be better than getting paid multiple times for the same work?
What are some other businesses that can utilize this same strategy?
Do something that allows you to receive recurring payments. Leasing office space or other real estate to others keeps money coming in while you do other things. Building a website and leasing it is a similar strategy.
Be an investor. The great thing about stocks, bonds, mutual funds, and similar investments is the ability to make money with little work on your part. You’re essentially making money while you sleep. You could also loan money to others.
Outsource / arbitrage. Many people set up businesses and then outsource all the work. This is especially true online. For example, there are people that sell website building services. These same people then hire someone else at a reduced rate to do all the work.
Ghostwriters write many of the e-books sold on sites like Amazon.com. The listed author paid someone else to write the book. If you can successfully buy something for $X and sell it for $X+Y, you can potentially make money with little work.
Can you think of ways to make money from the work of others?
Create passive income. A website that sells an affiliate product can make money while you sleep and is a form of passive income. It’s not difficult to build a website that makes a mere $5/day, but keep in mind that’s over $1,800/yr.
Make a list of other ways you can make money passively.
Time is limitation for all of us. So far, no one has lived forever. But time doesn’t have to limit your income.Doctors, lawyers, and CEOs are paid well, but you have even great financial potential if you can break free from swapping your time for money.
Uncertainty stops many people. If you write a book or create a website, you’re not guaranteed to make any money at all. If you go to your job, you can expect to get paid on a regular basis. Courage and persistence are required.
Get started today and build an income stream that isn’t dependent on your time or presence. You’ll enjoy getting paid while you’re not at work!
If you work for yourself, your income naturally depends on your hourly rate. Of course, you’d love to make a better hourly wage. But how do you know if you’re being fairly paid?
Here are some tips on when you should (and shouldn’t!) raise your rate.
When You Should Raise Your Rates
Your skills or service have improved. If you can provide more value, raising your rates to reflect that is reasonable.
Supply and demand have changed for your service. If you’re booking yourself solid and turning away new clients, then you’re in an excellent position to charge more. Simply raise your rate until you’re getting the number of clients you want without having to decline new business.
You’re testing a new rate to gain information. Just be sure you have a plan if the higher fees don’t pan out.
If you want to reposition yourself. There’s nothing wrong with positioning yourself as a high-end consultant, but be sure you can deliver that type of service. You won’t last long if the quality of your work doesn’t match the prices you’re charging.
When Not to Raise Your Rates
There should always be a legitimate business reason for raising your rates. You might just want to earn more money, but that’s usually not justification for charging your clients more. Before making any rate changes, always look at your skills as well as supply and demand.
Frequently Made Mistakes
Never raising your rates. If you never raise your rates, then you’ll eventually be undercharging. Over time, that’s a lot of money that’s not making its way into your pocket.
Not testing. New clients are the best place to try out new rates. Keep your old clients at the old rates while you’re testing; you can always bump them up later. If the new hourly charge doesn’t work out, you’ll still have your old clients to fall back on.
Raising rates beyond what’s reasonable. If you’re just starting out, you can’t expect to charge the same as an expert. You’ll generally be more effective if you start at the lower end with your price until your client base is sufficient. Then you can start testing higher rates.
Changing too frequently. Your clients can’t plan your services into their budget if you’re always changing your rates around.
How to IncreaseYour Rates
Improve your services. You should constantly be trying to add value without significantly increasing your costs. The better your service, the more you should be able to charge.
Always over-deliver. Not only do you get great word-of-mouth advertising, you’ll have a much easier time raising your rates when the time comes.
Get testimonials. Anytime a client is obviously happy, ask for a testimonial. Put those testimonials on your marketing materials.
Truly care about your clients. When your clients can tell how much you care, you’re much more likely to keep their business and get referrals. Their referrals can bring plenty of new clients to test out your new rates.
Ultimately, rates are determined by the marketplace. Your job is to position yourself appropriately within that marketplace and then test higher rates when the time is right.
However, within what the marketplace will bear, the sky is the limit when setting your own rates. This is one of the best parts about working for yourself. Use these tips to raise your income as your expertise becomes more valuable. You deserve it!
There are plenty of opportunities to boost your income if you’re willing to hustle. A few hours each week can add significantly to your discretionary income. You’ll find a few ideas listed below, but come up with a list of your own ideas. With enough creativity, you might discover an untapped source of secondary income.
Boost your income starting tomorrow:
Be a part-time personal assistant. You can make phone calls, run errands, mow the grass, have the car washed, or pick up the kids. Think of all the things you wish you had help with. You can provide that to someone else. While there aren’t too many people that can use an assistant full-time, there are many people that could use and hour or two of help.
Rent your car. How much time do you actually spend driving it? The rest of the time it’s just sitting in the driveway dripping oil and serving as a target for birds. There are apps that will allow you to list and rent your car. Parkingspotter and Relayrides are two examples.
Knock on doors. A variety of organizations are looking for people to canvas neighborhoods and solicit donations or spread information. You can brush up on your social skills, too.
Bartender. With the right position, you can make a lot of money quickly. Take a class and learn how to mix your favorite drinks.
Clean houses. Some people actually like to clean. If you’re one of them, you’re in luck! Some people are too busy to clean and have the financial resources to pay someone else to do it. All you have to do is find each other. A few basic cleaning supplies are enough to get started.
Housesit.If you spend your evenings in front of the TV or playing on your computer anyway, do it at someone else’s house and get paid for it. There’s not much to do besides getting the mail.
Teach. Do you know yoga, algebra, or how to play the violin? Share your knowledge for a price. Use online classifieds or hand out a few fliers. Just a couple of students can provide a nice boost to your income.
Get a roommate. Split the rent and utilities. That can easily be upwards of $1,000 per month. All you have to do is give up some privacy and half the refrigerator. Be sure to take a shower before the hot water is gone.
Pet-sitter or dog walker. Pet sitters make around $25 per day. If you’re lucky enough to get a good dog, it’s an easy job. Dog walkers earn around $15 per 30-minute walk. A few clients can add to your income nicely. Look at rover.com.
Buy and sell things on Craigslist. People have traded their way from a used cell phone to a Porsche without spending a dime. Look for things selling at a low price. Purchase it and resell at a higher, more reasonable price.
There are always good deals to be found. You must be knowledgeable of the item, however. Do you know the typical price for a 1988 USA Peavey Predator guitar? Know the market value of what you’re buying and look for someone willing to do something silly.
A little extra income never hurt anyone. Think of other ways to boost your income. If you’re willing to work, you can create a second income that makes a big difference in your life. Find something that interests you and you’ll enjoy yourself more. Many of these tips can be put into action immediately.
Making money can be very difficult for some people. Even if you have a good job, you may not have enough to pay all of your bills and still have money left over. There’s a way around that, though. You can make some extra money in your spare time.
You don’t need to dedicate all your leisure time to making money, either. Just a few hours a week would be enough. You could use your evenings after dinner or a day on the weekend. It’s not about getting rich or replacing your day job – it’s just about having a little extra. Even fifty or a hundred dollars a week might make the difference between paying a bill or not.
Where Do Your Talents Lie?
Everyone is good at something. Even if you aren’t sure what kinds of talents you have, think about what you like to do. Do people compliment you on your singing voice? Your cooking? Your handy work? The compassion that you have for children or the elderly? You have the potential to make money from your passions, interests, and skills! It’s not as hard as a lot of people make it out to be.
What kinds of hobbies do you have? Do you write? Take pictures? Paint or draw? Can you teach or tutor others? Are you handy? Make a list of what you’re good at and what you enjoy doing – sometimes, these aren’t the same things.
Choose an activity from your list and then try these strategies to use this talent to produce income:
Advertise your services in the newspaper so you can find people who need help.
Post your information on Craigslist, Kijiji, and online classified ad sites where people hire others.
Start a website or blog where you can offer your talents and services.
Network with others who do the same things, so you can get ideas and advice.
Attend community events and hand out business cards.
Create a portfolio of your work and start showing it to others.
You never know when you might be able to make a connection that leads to something great. If you’re not prepared, that chance could slip away. Rather than wait for that moment, be ready in advance.
Start preparing now, knowing that making money in your spare time could take a little while. It may not happen overnight, but it will happen when you remain committed to it.
Yes, Attitude Does Matter
Remember that how you act can make a huge difference in whether someone hires you to do something. Even if you’re the best in the business, a bad attitude won’t get you very far. Stay positive, even when you get turned down for work.
Keep your head up and continue to improve. When people see that you’re committed to making money in your spare time and you’re actively looking for work, you’ll find people who will buy from you or hire you to do something. Get letters of reference from people who hire you and use them in your portfolio to show future customers.
Word of mouth is also vital, so do your best job every time. If you make a mistake, admit it, and then work to make it right. People appreciate honesty, and you’ll get more work from those who see that you’re a quality person with the right mindset. These attributes can actually help you go farther than the actual level of talent you have.
So let your talents inspire you, rev up your can-do attitude, and you may be surprised how easy it really is to bring in some extra money in your spare time!
Being successful in MLM is challenging, but the great thing about it is that it doesn’t take any special talent. It does take some hard work and an intelligent approach to growing your business. Once you have those in place, you can look forward to an exciting experience!
Follow these steps to get off to a fast start:
Make a decision. Nothing significant can happen until you make the decision to do something. Making a decision means that you cut yourself off from all other possibilities. So decide that you’re going to be successful and that no challenge can stop you from moving forwardin your business.
Schedule your time. Most folks decide to fit their MLM activities around everything else. That is, they do it whenever they have time. This is the wrong approach. You should schedule this work just like you would anything else that’s important to you. Make a schedule and stick to it.
Consider spending about 80% of your time growing your business and 20% learning more. Most people tend to do it just the opposite and are never successful because of it. Track how much time you’re actually spending on activities that can make you money.
Get a success team. Surround yourself with like-minded people that are successful at what you’re trying to do. Find some people locally if you can; use an online community if you must. It keeps the motivation high, and you have a source to turn to for answers. Remember that this is part of the 20% and not the 80%.
Limit your prospecting. After you tell your friends, family, and neighbors what you’re up to, give most of the prospecting a rest. There are better ways to spend your time.
Market. One of the M’s in MLM is for marketing. This is where you should spend a lot of your 80%. Marketing is the ultimate source of your success. Whether you’re looking for downline members or customers, it’s a lot easier to convert leads to dollars when the leads are contacting you. Trying to turn a cold call / cold approach into a payday is tough!
Utilize technology. The great thing about the Internet, Twitter, Facebook, and other technology is the tremendous leverage. They’re essentially free and allow you to reach a large number of people.
Find a successful mentor. A successful mentor is someone that started where you are and has reached where you want to be. Don’t get a mentor that makes $1,000 a month if you want to make $10,000 a month. Spend some time and find the right person.
Keep in mind that the most successful MLM-ers don’t waste a lot of time. You might want to offer them something besides the benefit of a warm fuzzy feeling. Maybe you could do some work for them. Maybe you can give them a percentage. Be prepared to reciprocate your time.
MLM is a great business for those that are determined and take intelligent action. While there are no shortcuts, there are plenty of less than direct routes to get to where you want to go. Follow these tips and you can get off to a fast start. That first check is closer than you think.
If you’re lucky, you’ve already discovered many of your passions and get to spend much of your time enjoying things that bring you excitement and joy. However, maybe you’ve not yet connected with activities, skills, and interests that ignite your passion.
It takes time, soul-searching, and some life experience to identify your true passions. These prompts are written to tap into your wants, needs, desires, and fantasies. Have fun with them and discover what you can add to your life that will fill it with delight.
What’s the one thing I’ve always wanted to do? Consider what would need to happen in order for you to carry through with this long-sought wish. Make a plan and get started.
If I could spend today doing whatever I desire, what would it be? Let your mind go. It could be something related to your work, your home, or simply a lark.
Where do I really want to live? What city and what type of residence? Perhaps you’re already fulfilling this passion and you do live in your true first choice. If not, ponder the possibilities of moving to a place you’ll love.
Where would I like to visit? Perhaps you’re harboring a secret yearning to visit Washington, D.C. or Westminster Abbey in London. The streets of Hong Kong may be calling your name or even the Grand Canyon. Can you make it happen?
What do I talk about doing but never do it? In a conversation, you might state something like, “For the last 10 years, I’ve really wanted to take a cruise to the Caribbean.”
What are the reasons I don’t go after my dreams? Explore within yourself why you haven’t pursued the life you want. Can you do something differently to help bring your dreams to life?
How will I finish the sentence, “More than anything, before I die, I want to ___________?” Say it out loud and fill in the blank. Then, figure out a way to accomplish your wish.
What are the things in my life that I would like to get rid of? If you’re discovering you don’t love everything about your life, maybe it’s time to do some “housecleaning.” Make a list of the ways you’d like your life to change.
Which people in my life inspire me and why?It’s important to know who inspires you so you can spend more time with them. What is it about them that lights you up so much? Decide to take every step to be inspired more often.
If I were to make just one radical change in my life right now to make life better, what would it be? Your answer to this question will really open up your possibilities. Moving to a bigger city might really spice up your life. Getting more education might be a goal—plus you’ll likely make more money.
You’ll be happier if you chase your dreams. Make 1 change.
How do I feel when I put all my effort into accomplishing one of my goals? Notice these feelings. You’ll no doubt want to experience them more often.
How do I feel whenever I achieve a life goal? Awesome, probably.
What’s missing from my life? Answering this question requires considerable soul-searching.
Who are my biggest supporters? It’s wise to know the people that will stand behind you and help you pursue your passions, no matter what.
Who gets in the way of me achieving my goals? In order to find your true passions, you might be required to disengage from those who wish to counteract your efforts.
If you take the time to thoroughly ponder each of these questions, you’ll be pleased with what you discover. Your true passions are inside you, just waiting to be let loose to bring you excitement, joy, and fulfillment.
Entrepreneurship is the way of the future! It may be the answer to the personal success that you’ve been looking for all along. Becoming an entrepreneur is the most effective path to building an empire. And building an empire is a surefire way to achieve your dreams.
If that’s what you want, you have to start somewhere. Becoming an entrepreneur requires a lot of effort on your part. But you’ll be beyond happy when you’re at the end of the road.
If you have limited entrepreneurial know-how, use this checklist to get on the correct path:
Buy into a business idea. Commit wholeheartedly, and for the long haul. This doesn’t necessarily mean putting down financial capital. Make an emotional and educated investment into whatever the business concept may be.
Researching your business idea is crucial to success. Is anybody else doing it? What’s the usual market response to similar ideas?
Identify a target audience. Who wants your product or service? Naturally, you’ll need to be able to identify them. It’s safe to say that a business without a target audience may not do very well!
When you determine your target audience upfront, you can focus on building a marketing plan.
Find ways to start small. It’s exciting to have big ideas for your business. But it’s also wise to start small. Start researching and designing launch plans, financing, and other key elements to get it going, with plans for expanding as profits allow.
Some of today’s biggest businesses started as tiny “hole-in-the-wall” operations. For example, Steve Jobs built computers in his garage. This may be the approach for you since it’s your first entrepreneurship.
Your bank might be offering you impressive financing. But do you really need all that startup capital? Keep your head on and only take what you really need. The less debt you have at the onset, the easier it is to see profits.
Think evolution.The businesses with the greatest success are the ones that constantly reinvent themselves. You’ll need to have that eye of longevity in order to build a good business model.
Your business idea might be for bottled water today. But who says it can’t evolve to other bottled beverages tomorrow? This is the kind of thought to put into your startup business.
Get involved in the process. Getting involved in the process can mean a lot of things, depending on the type of entrepreneurship.
Understand the numbers. The dollars and cents are the main determining factors in how well the business is doing.
Stay on top of every aspect of the startup project. It’s great to have experts on board, but it’s an even better idea to know what they’re doing!
At this point, you’re probably already starting to feel excited! Getting your business idea off the ground is a challenging, but rewarding, experience. Once you stick to this general planning sequence, you’ll likely pull it off successfully.
Nobody dreams bigger dreams for you than you do! Live those dreams out and create the empire you always wanted. It’s yours for the taking.
Would your small business benefit from a higher rate of cash flow? It’s possible to increase it through several business strategies.
Try these strategies to increase your cash flow:
Reduce your spending. Decreasing your spending is one way to increase your small business cash flow.
The first step to implementing this strategy is to carefully analyze all of your business spending. How much do your office supplies and electrical bills cost every month? How much do you pay for insurance, employee salaries, and other bills?
After analyzing your spending, look for areas that can be reduced. However, it’s important to approach spending cuts carefully because pay cuts can drive away employees. In addition, if you try new services to save money, the quality may not be the same.
Extend discounts for fast payments. If you’re trying to encourage your customers to pay faster to increase your cash flow, then discounts for fast payments may help.
The discount doesn’t have to be large, but customers may appreciate a small amount of savings. Try several payment plans with different discount levels to reach more clients.
Watch your inventory. Are you investing a large portion of your cash into inventory?
Inventory may be the lifeline of your small business, but you don’t want it to destroy your cash flow. The boxes of shirts, candles, or other items you sell shouldn’t sit in warehouses for decades.
Find a balance between having enough inventory to satisfy customer needs and having too much.
Raise your prices. Are you keeping up with inflation? You might be able to raise prices on your products and services to keep up with the market.
Higher prices can lead to more cash flow, but they may also scare away customers. Find a balance that works for your business and your customers.
Consider collection agencies. Do you have a large number of customers who haven’t paid their bills?
Collection agencies can help you recover a portion of the unpaid bills. They charge a fee and take a percentage of the money. However, you may not have the time to pursue the customers who haven’t paid.
Consider court. For larger amounts, you may have to get a lawyer and take your customers to court for unpaid bills. This is one way to make your cash flow higher because it can force them to pay their overdue bills.
Offer prepayment rewards. You can offer a variety of rewards ranging from discounts to extra products. You can make a special rewards program with gift cards or other items.
Customers who prepay for large packages, services, or multiple items could receive extra rewards. These rewards can encourage them to stay and keep buying your products or services.
Your small business may benefit from more cash flow. Creating a customer rewards program with sales, discounts, and other special rewards is always a good idea to expand your customer base and gain loyalty to your business. Incorporate several of these strategies into your business operations to discover what works best for you.
Your amazing business idea may need funds to be successful. However, it’s not easy to finance a startup in a sea of competitors.
Consider many sources for your startup funds:
Use your own finances. Instead of getting a loan or borrowing from others, see if you can finance your startup with funds you save or gather.
Do you have savings that can be used to fund your new business?
Do you have items or services you can sell to raise money? This may take awhile, but you might feel more comfortable delaying the launch of your company a bit while you earn the money to get it started.
Ask friends and family to help. Do your family and friends think that the startup idea is a good investment that will bring high returns? If you have support from these sources, they might be interested in loaning you the startup funds or investing in your new business.
Your friends or family members can become lenders, partners, or investors in the startup.
They can contribute to the financial side, but they may also want to be involved in other areas. It’s important to negotiate an arrangement that you feel comfortable with.
Use crowdfunding. There are multiple online crowdfunding platforms, such as Peerbackers, Kickstarter, Indiegogo, RocketHub, and others, that can help you raise money. These websites let you share your startup idea with the public. Then, the public can donate money in return for items, services, or a share in the company,
One key to success on a crowdfunding platform is to have a unique story.
You can raise money for your startup and introduce your product or service at the same time.
Keep in mind that these platforms are filled with competitors, and it’s not easy to get all the funding you need. A successful campaign on these platforms usually includes social media and marketing efforts.
Enter startup contests. Big brands and investors sometimes have contests for startups. These contests put you in front of big names who are interested in investing.
They help you get recognition while you learn from other startups. You also have the chance to fine-tune your ideas to make them more appealing to investors.
Seek angel investors. Angel investors want to help new companies and make a profit in the long term. They have large sources of money, so your startup may be able to get all of its funding in one area.
Angel investors tend to ask for a portion of your company or shares. They may ask to be partners or have control over startup decisions.
Because of their financial commitment, they have a vested interest in your success and want to ensure that your new business brings in high returns.
Consider financial institution loans. Banks, credit unions, and other sources may offer you a business or personal loan to fund your idea. They may require collateral and ask detailed financial records and other information about the startup.
Small business loans are a popular choice among startups.
Before you get a loan, consider the fees and interest on the loan.
What if your business doesn’t bring in enough profit to repay the loan? How will you repay it? It’s important to have a Plan B.
Launching a startup is an exciting time! Follow a profitable business plan and keep your eye on the profits so your new business can repay the startup funds as soon as possible and move on to providing you the returns you deserve.