If you’re building a business, you’re in the weeds. You’re doing the work and you’re putting in the hours.
That’s great because it helps you grow, but it also makes it really hard to think big picture. You know you want a business that lets you spend more time with your family, have more financial security, own a home, or just do work that you don’t hate.
To do all of that, though, you need a profitable business. You have to know that your business revenue will exceed your expenses — and leave enough for you to pay yourself generously.
While there are plenty of strategies out there to help you increase your business income, you may have tried some of them. Digital products, courses, evergreen funnels, you name it.
Sometimes, those do increase your income. Other times, they just increase your expenses. So today, I’m going to share what I’ve learned over the last 8 years about increasing business income and creating a stable, profitable business.
For so many years, I spent most of my money (that came from revenue) on taxes and contractors. I’m not saying this was the wrong approach. Obviously, you have to pay taxes and contractors help cut down on the workload.
But it wasn’t until I started investing my money into things like networking, coaches, and masterminds that I felt like things really took off.
I won’t say that it was a “cost-conscious” investment. It DID require a lot of money. But the money I made in return? Tenfold. Investing back into your businesses will always pay off!
Just make sure you have the right budget and strategy in place so you can see returns versus getting into unnecessary debt.
Creating a second business is what really gave me the confidence to sell the first. I knew I didn’t have to take the first offer that came to me when I put The Contract Shop® up for sale. Why? Because I had the Christina Scalera brand to back me up.
Because I was an established business owner, I was able to ask for more and more and more, until I finally got the price I wanted for The Contract Shop®. It essentially gave me some “street cred” to show buyers that it was a worthwhile purchase.
And that’s what having an additional business venture can do for you. When you want to pivot, it gives you the flexibility to do so. It helps you not get tied down to just that one stream of income and rely on that alone for all your money.
This usually felt like a luxury, but now it’s really become more of a need. And I don’t just mean a VA or copywriter, I also mean outsourcing for other areas of your life.
For example, the house we just bought in Colorado had some construction-type fixes that needed to be taken care of before it could be rented out. Do I know how to do any of that? Absolutely not. So…I outsourced it. And it saved me a lot of time and headaches. It was well worth the money.
Even just hiring something like a home management team to help you out with this around the house can be so impactful. You’ll find that you have more time to focus on your business, and can manage your time a little bit better.
Which ultimately means, you have time to make more money!
I only wish that I had gotten into real estate earlier in life. And while there are a lot of naysayers out there saying that housing prices are too high, rates are too low, high, whatever, I can say that so far, so good. Yes the market fluctuates, but I can say that I am really excited about my two properties — one here in Washington and one in Colorado.
If real estate is something you’re interested in, I’d suggest finding a good mortgage broker. They’ll help you find the rate that’s best for you because there are a lot of considerations that go into these rates.
There’s no harm, no foul because if you decide not to do anything with that information, you can just move along. But if you do, you can find a realtor and begin the process of buying!
I know passive income is something that’s been really popular the last few years, but did you know there are actually so many ways you can do that?
I know I’m a big D-Commerce™ girl, but I’ve actually found that diversifying my passive income with things other than digital products has been a game changer.