Recently I reached a huge milestone - my first 5 figure income in one month! I’ve been working with a financial coach who has really helped me to understand the numbers side of my business. (Thanks coach!)
Anyway, I was sharing the news with the moms in my mastermind group (by the way, you can check out our mom mastermind group free for 7 days here!) and they asked what bits of advice my coach gave me and what I was doing differently that helped to make the difference.
So here’s what I learned/did differently that helped me get my first 5 figure income month!
Realization 1) Being busy does not equal making money
I was working my business all backwards. I was more in the passenger seat just doing stuff to make clients happy and taking what jobs came my way.
NOW I am a woman with a vision who is in charge!
- I have a big exciting financial goal (one that gets me totally pumped)
- I took a look at what activities really made me the most money in my business and focused on those
- Then I broke down my yearly financial goal into how much per day I needed to make to meet that goal
- Then I figured out how many hours I needed to work per day to make that amount of money.
- Once I realized I only needed 3 billable hours a day to make my financial dreams come true, I was like “heck, I could do that!”
Realization 2) I wasted a lot of time on non-money making activities
- I made a list of everything I do in a day
- Then I put a star next to the things that made me money
- I took note of the stuff someone else could do for me
- I now keep a time log everyday. When I start my day, I write the time.
- When I start work for a project, I note the start and stop times.
- When I answer email, I write that down.
- Now I am more accountable for how I spend my time
Realization 3) I was doing things for clients I didn’t bill for and that I plain forgot to bill - so just writing this down helped me to realize how much time I really was spending on client stuff and bill what I was worth
Realization 4) I was seriously undercharging. I checked around, and there were other “monkey” web designers who knew absolutely nothing about marketing online or writing web copy that were charging more than me. So I gave myself a $30/hr raise!
Realization 5) I put the billable activities FIRST in my day. The other stuff can fit in whatever left over time I have. This has helped me stay focused and do the money making stuff first.
Realization 6) I had no clue how profitable I was on a given day. If you want to make money, you need to know your financials. Now I spend a lot more time looking at everything - what makes me money, what things are really costing me in terms of expenses, and what the resulting profit was. I am feeling much more confident that I know what is going on in my business.
So that’s it. While I know a lot about marketing and starting businesses, no one ever really taught me the whole business management, reviewing your financials piece. With some mentoring, my financial coach helped me really kick up my income by learning what to pay attention to, how to manage things differently, and helping me do the right things to make it happen.
It’s like for the first time understand how to set and reach goals. Before I always felt like I was setting “in the air” goals and just hoping I would reach them. Now, the way I laid it out, it’s like a recipe. I know exactly what I need to do, how much of it to do, and how much money I will earn by doing it. It’s just a matter of staying focused.
Hope that helps inspire the rest of you. You don’t have to be a fancy guru to earn big money. You just need to know what to do.
Are you ready to join the 5 figure club with me?
Share your thoughts or big money making secrets here.
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