Do you work so many hours at your job that the only thing you do after work is rest?
And after working all of those hours, do you often think you will make enough money to pay your bills or save for the future, only to find out you cannot do either?
In this article, we solve that dilemma with a strategy that is little known using skills you already have but don’t apply to your advantage.
Right now your default is probably to work your way to success in your business manually, one step at a time. What would you do if someone taught you how to get to the next level by skipping some of those steps? In such a way that you could move forward working fewer hours while doubling what you make now? Would you take it?
Well, hold onto your seats, we are about to show you how to forge a new path to success in your freelance or agency business which will double its revenue and growth potential while allowing you more time and freedom to enjoy life.
Bonus: Download the Double Your Business Checklist.
Includes additional strategies & examples not listed in this post.
Photo by Estée Janssens on Unsplash
We know you are busy running your freelance or agency business and trying to grow your company to the best of your ability. You have followed all the steps taught to you in Business Entrepreneurship 101 and that's part of the problem.
A common pain of startups after an exhilarating first surge of early adopters is a long and frustrating plateau of slow growth, where it seems like nothing you do will get your business to profitability. Too many entrepreneurs don’t know what to do at this point, largely accounting for that disappointing 50 percent of startups that fail in the first five years, according to Gallup.
Don’t be a part of the failing 50% statistic listed above. Not when we are offering you a way to avoid business traps, downfalls, and mistakes. We realize we have all made the mistakes listed below when we started our own business. This list is applied to all businesses, no matter what service or product you provide. Which one of the symptoms below do you think is causing your business setbacks?
How will you dig yourself out of the hole you made for your business? We have a way you can do just that and it is a strategically proven method which most people in business are aware of yet fail to use. If you can stay the course on what we give you below, you will double your business while working less and earning more.
The goal is to increase your total sales revenue, which is the product of your total number of customers multiplied by the average spend per customer.
Total Sales Revenue
Total # of Customers x Average Spend Per Customer
For example, say I have 1,000 customers and their average spend is $1,000.
My total sales revenue is 1,000 multiplied by $1000 which equals $1,000,000.
Traditionally, to double your business you can either double the amount of customers or double their average spend.
Double Your Revenue - Traditional
[ 2 x Total # of Customers ] x Average Spend Per Customer
OR
Total # of Customers x [ 2 x Average Spend Per Customer ]
So 2,000 customers with an average spend of $1,000 equals $2,000,000 in total sales revenue.
Or, 1,000 customers with an average spend of $2,000 equals $2,000,000 in total sales revenue.
However, you can distribute your effort by increasing both measures by 50%.
Doing so allows you to work less while earning more.
Double Your Revenue - Work Less, Earn More
[ 1.5 x Total # of Customers ] x [ 1.5 x Average Spend Per Customer ]
Thus 1,500 customers with an average spend of $1,500 equals $2,250,000.
Technically only an increase of 42% is required, but it’s easier to remember 50%.
So how do you put this into action?
Let us start with a productive first step by explaining how you can distribute your efforts to get more customers while encouraging them to spend more.
As a bonus tip, consider giving a customer something extra that adds value to their purchase, but doesn’t cost you that much to give. Statistics show that customer perks help to generate more revenue for your business.
For example, when you have a loyal customer they usually convert and spend money on services and brands they trust. The more loyal the customer, the more they spend. Finally, in the U.S. 40% of online shoppers of products and services come from repeat customers.
To double your income, you just have to ask yourself two questions:
By focusing on these two questions, you'll be able to grow your business more rapidly. However, for your business to grow, you have to act. By failing to do anything, you end up doing nothing and you'll never be able to get your business off of the ground.
If you’re struggling to grow your business or even curious how you can start your own, schedule a free 30-minute consultation to make real progress today.
Related Content:
Curious how to make money building websites from home? Check out Code Your Way to $5K.
Hear more about how to double your income as a I chat with James Rose on Agency Highway, Episode 27.
As seen on Fox Business News, Entrepreneur, and other national media outlets, Hahna Kane Latonick has founded Invent With Code to help web developers go from $0 to $10K with their freelance developer business over 90 days, so that they have more time, money, and freedom to live life on their own terms.