Four actionable tips for entrepreneurs looking to raise their bottom line
“So, how much do you make?” This question can certainly sting if you’re a struggling entrepreneur.
The fact remains, however, that you probably have the potential to improve your bottom line regardless of your industry. For example, not all lawyers make six figure salaries: even in traditionally “well-paid” fields there’s potential room for growth and diversity.
If you feel that you could be making more money or are struggling to make ends meet, consider the following steps you can take to give your bottom line a boost and ultimately build a more lucrative business.
Make the Most of Your Experience
If you’ve done business in the past, chances are you have the marketing firepower to snag more clients in the future.
Social proof is among the most powerful psychological triggers in marketing which helps you answer one huge question for your clients: are you the real deal? By showing off your satisfied customers and what you’ve actually done as a business, you break down any potential skepticism concerning what you’re worth.
There is no one-size-fits-all to showing off your past experience, but here are some solid suggestions:
- Pick out the best reviews and feedback for your business via social media comments, emails and blog posts
- Ask former clients for a testimonial via email and let them know that you’re going to put it on your site
- Use positive results from your clients as case studies to post on your blog
In short, social proof lets potential customers know that you’re the real deal at a glance.
Play the Role of a Professional
Much of your success as an entrepreneur today is rooted in your business’ online presence. As a result, you need to make sure that your website looks clean, sleek and professional (think: use an paid WordPress theme instead of a cheap Wix page). Similarly, use high-quality images of yourself via social media and be mindful of what you put out in the open for your potential clients to see.
Think about it like this: if your clients and customers think of you as a part-timer that isn’t serious about what they’re doing, that’s exactly how you’ll get paid.
Become a Teacher
Educating your peers and customers about your industry via content is a surefire way to cement yourself as an authority figure. Whether through regular blogging or strategic blog commenting on the posts of big-wigs in your industry, showing off what you know through how-to content can go a long way toward attracting higher-quality clients and standing out from the crowd.
Regularly Measure Time Versus Money
The old adage of “time is money” may seem cliché; however, you need to make sure that the work that you currently do makes sense given the time that you put in. Make a point to regularly assess your rates and which projects are netting you the most income: if you suspect that a project is wasting your time or you could bump up your rates, you’re probably right.
Making more money doesn’t mean reinventing the wheel or ripping your business apart, but rather positioning yourself as an expert. These small steps may seem like much; however, you may be surprised at how much they can improve your bottom line.