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Being a blogger has many challenges. Often at the top of the list is cash flow and where your money comes from.
The goal is to have a steady stream of income coming into your business so that you don’t find yourself making 5K one month only to make 1K the next. The goal is to minimize these peaks and valleys and instead create a more predictable income stream.
The sooner you take control of where your money is coming from and how much you keep, the better off you will be. It won’t matter if the economy is rising or falling, you’ll have a plan to manage any economic cycle.
What’s the trick? To take an active role in ensuring you are creating the business income you want, as opposed to sitting back and passively waiting for the money to arrive.
7 Simple Strategies To Get Control of Your Business Income
1. Know Where The Money Comes From
Do you know where your money comes from? Do you have multiple streams of income or are you reliant on just one? If you have only one stream of income, I suggest that you start to look at ways to create multiple streams of revenue.
As a blogger, it may be time to look at creative ways to bring in more money. You could develop a program, create an information product, and join an affiliate program or some other avenue to create more money. Additionally, if you can offer 1 to 1 services because you have specific, credible and useful information to share with other bloggers, this could dramatically increase your revenue.
2. Find The Money Leaks In Your Business
Every business has money leaks, especially if you’re not paying attention. Maybe you’re paying for a membership that you don’t use. Maybe that person you’re paying by the hour takes too long to complete tasks, costing you hundreds of dollars. Money leaks right out of our hands and back account when we don’t scrutinize where are money goes. Find your money leaks and plug them, so that you can have more money in your business.
And while you’re at it, look at the money leaks in your life as well. You will be amazed when you start looking and evaluating where you waste money how much you can save over the course of a year.
3. Stop Using Negative Money Language
Spending money is always a choice about what you are prioritizing and what you value. But, when you say things like, “I can’t afford it” or “I don’t have the money” it tells the universe that you are not open to receiving the money it’s trying to give you. These statements are constricting, limiting and are based in scarcity and lack.
Instead, say things like: “I am worth it” or “I choose to invest in myself and my business”. Not only is the language really important, but what’s behind the language – the mindset, that’s really important too. Start focusing on what you say and stop using language that sends the wrong message to the universe.
If you need help with this, consider joining the 30 Day Money Mindset Challenge!
4. Value and Pricing Go Hand In Hand
Most women bloggers undervalue their products/services. I bet that when you started your business you looked to your competition to determine the price. The problem with this methodology is most business owners undervalue and under price themselves so you perpetuate that same mistake.
Take a look at your current prices. Is it time for a review? Find a way to offer greater value to your clients for a higher price and everyone wins. Be careful here: You want to be able to charge your worth and still be able to look yourself in the mirror. If you are concerned only with the price you charge and leave little thought to the value you provide, you might end up feeling like a fraud.
5. Track Your Income Daily!
I learned this trick from my mentor and I have to say it works brilliantly! This is so easy and you’re going to love it!
Every day, I track how much money I bring in from every income stream. I use an excel spreadsheet to accomplish this task, but simple paper and pencil will do the trick.
At first you may think you don’t bring in enough money to track it, but don’t worry that will all change over time. When you pay attention to money in this positive, abundant and grateful way, more of it will flow to you faster. Everyone I know that has used this trick reports making more money faster than they ever dreamed possible. If you don’t bring any money in on a given day, don’t put a zero in the space, just a dash.
6. Know Your Hot Button Money Issues
We were all raised with certain beliefs about money. These beliefs came from what we learned from our parents. Most of these limiting beliefs and old values just don’t serve us any longer, but many people don’t know how to rid themselves of the past. Don’t worry, this is totally normal and you can do something about it. When you notice a money block, or negativity around a money issue, be willing to take a closer look. Try to figure out what’s holding you back. Start shifting your mindset and free yourself from those limiting money beliefs so that you can transform your business.
7. Get Help Where Needed
More times than not, I meet women entrepreneurs who have no idea what their cash flow looks like. Why? Because they don’t have a handle on their books. I hate doing my books, that’s why I have someone else do them for me. This way I always know how much I have coming in and how much I have going out the door. My expenses are at my fingertips which allows me to make informed decisions about expenditures. It also helps me to know if I am on track or not in reaching my money goals. If you hate bookkeeping as much as I do, do yourself a favor and hire someone to take care of this for you. You won’t regret it.
[tweetthis remove_twitter_handles=”true”]Having Control Over Your Money Simply Means Finding Creative Solutions To Your Situation[/tweetthis]
Your income can only grow to the extent that you do. If you keep ignoring money, letting it flow out of your account with no regard to spending and saving, then you will be doomed to have money control you instead of you controlling it. Follow these simple tips to have the control necessary to make more money.
Remember it need not be complicated. Look at what works and what doesn’t and be willing to make the changes. Keep it simple and it will be effective!