Income growing too slowly? Here are 5 things you can do about it

Feel like you're doing all the things but your monthly income just isn't increasing? This is totally normal and growing a business can take a while. In today's episode, I'm sharing 5 things that you can do *now* to help build your income.

– Why understanding the income equation will help you to identify the cause/s of your slow income growth.
– How being clear on the strategy behind how you sell will help you to navigate ways to grow your income.
– The importance of using your free content to attract the right people into your audience.
– Using other ways to create a quick cash injection into your business.

 

 
Today, I am sharing a couple of things that you can implement in your business when you find yourself in that position of your income, just not growing as quickly as you would like. And I've been here before in my business, you know, that point where you are doing all of the things and yet that income is just not growing. You're just not making the sales that you want to be making. And I do want to say, this is totally normal. Growing a business can take a while and even at each new level, it's totally normal to have little plateaus. 

So if you are at this place where you're finding it really difficult to grow your business and you're struggling to grow your income beyond what it is right now, I want you to know that this is a totally normal stage that will probably happen multiple times in your business and that there are a couple of things you can start to do about it.

 

#1: You can identify the cause of your slow income growth. 

Now, there's this lovely income equation that I come back to whenever I think that this person's not making enough sales in their business which one of the parts of the income equation is it? And the income equation is the number of people who are seeing your offers multiplied by the conversion rate.

So the percentage of those people who then convert multiplied by their lifetime value. So how much they spend with you over their lifetime with your business or with your brand, that equals your income. And to grow your income, you need to increase at least one of these three things, otherwise it's not going to grow.

Maybe your audience don't have the particular problem that you're trying to solve with your offer or maybe nobody really wants the transformation that your offer is delivering. And this can be really tough to hear, I know. Like, I've created offers in the past where they didn't solve a problem or they didn't articulate how they solved the problem for the right person. And that led to them not converting.

Or if you are converting them and you are growing your audience, then are they coming back to buy from you again and again? That's the lifetime value piece. And if they're not, if they're not consistently coming back, then that means you need to be consistently trying to reach new people to then convert them into the offers that you do have and that's pretty exhausting to always have to reach new people to grow your income. 

Like, yes, growing your audience is going to be a non negotiable part of your business, but we also want to make sure that when we grow the audience, they are staying with us for as long as possible. They're coming back over and over again. We're helping them over and over again. 

 

#2: Get clear on the strategy behind what you are selling. 

This is a really common problem. I will see somebody, they'll say, my income isn't growing and the reason why it's not growing is because they really only have maybe a one-on-one way that you can work with them and maybe one course and both of those offers solve the exact same problem. 

The easier way to do it is thinking about what other problems might they have that you can solve for them. Maybe problems that they might have before they work with you. 

 

#3: Be strategic with your free content to ensure that you are attracting the right people into your audience and nurturing those people into buyers.

The content that you share will determine who your business attracts and if you are sharing loads of how to content and free tips and tricks, this is probably not moving them closer to buying from you. It might also be attracting the wrong people. It might be attracting freebie seekers and that kind of content is also unremarkable. 

Everyone else in your industry is sharing that kind of content. So you're not going to stand out because you're also sharing the same how to's and the same tips and tricks. So instead ask yourself, what remarkable content can you share to stand out to attract the right people and to nurture those people into buyers.

 

#4: Launch something for a cash injection. 

Now, this doesn't have to be something brand new. You can launch something that you've already got. You can launch an existing offer. If you have an existing offer that is sitting there and it's on your website and it's just not selling the way you want it to, could you launch that again?

If you don't have an existing offer that you can launch again, could you create a low hanging fruit offer and launch that? Something that's really easy for you to create and that solves a really specific pain point your ideal client has right now. Or maybe alternatively, if you don't want to do a low hanging fruit offer, maybe you've been sitting on an idea for a course or a program.

You've been sitting on this idea for so long and you haven't had the time to outline it and create it and do all of that. Maybe you could launch that to your audience. And if people buy it, then you create it. You teach it week by week live rather than filming the entire thing before you know, if anyone's going to pay for it. 

 

#5: Audit your time. 

Where is all of your time going? If you don't have enough hours in the day, it's really important that you know where every single one of these hours is going because it's really easy for them to just slip away from us and then we finish the day and it's like, I have no idea what I even did today. 

So where are you spending your time? Is it going towards income generating tasks or are you spending it on things that make you feel productive but actually don't move the needle in your business? 

A really fun exercise is to go through and categorize all of the things on your to do list into 10 000 tasks, and ask yourself, is this a 10 task? Something like checking your emails might be a 10 task. Doing a sales call might be a 1, 000 task or building out your webinar that's going to sell your course, that's a 1, 000 task because that's going to generate lots of money in your business versus replying to an email that probably isn't going to make any kind of difference.

And in the meantime, so those are the things that you can do to start to grow your bit your income, but in the meantime, what I want you to know is you need to get really good at budgeting and minimising those operating expenses. You need to know your cash flow. That is the most important part is knowing how much cash do you have in the bank.

What outgoings are going to go out and what is going to come in in the meantime because once you know your cash flow, then you can make appropriate decisions rather than blindly guessing like, oh, I think I can afford that, or I'm not sure you, you need to know like, can you or can't you? 

And then the last thing I want to say is stay focused on that vision. So know what you are still working towards, even when you feel like you are stuck in the middle of it and you don't know what that next step is. Keep focused on that vision because that is what will keep you motivated even when it gets a little bit more challenging. 

 

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