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5 Steps on How to bulletproof your business and maximise your earning potential

A long time ago I learned if we want to make money, we need to create different income streams. As women in business, a global pandemic certainly was not in our thoughts when doing the swot analysis in our business plans. Probably if re-writing our business plan today it most definitely would play a big part of that plan, especially when identifying threats and opportunities .

As we re-adjust to current circumstances, the realisation and the need to redefine business, we also learn to maximise earning potential even when going through a pandemic or a financial crisis.

Opportunity

Opportunity is the word I am personally using to describe how I feel about the current situation, and opportunity to make my business better and especially my finances flowing –  I’ve come up with 5 steps that can support us to bulletproof our business .

There are the opportunities that we make and the ones that we take, here are my 5 steps to bulletproof your business and maximise your earning potential.

Step 1 – You are your brand

  • You are your brand; you are your business
  • People buy from People; hence the reason Personal Branding is one of the most important things in our business .
  •  In order to create a great personal brand, make sure you are authentic by staying true to yourself and congruent with your vision and mission for your business
  • How you do anything is how you do everything. Caring for yourself, is crucial to ensure authenticity.
  • This can easily be achieved through making sure you are fit and healthy and that you practice good habits that benefit your overall wellbeing and happiness
  • Healthy habits can be meditation, exercise, eating a balanced diet, yoga practice, journaling and so on .

Step 2 – Diversify your offering

  • If you are currently offering only one product or service in your business, it is time to diversify your offering and start offering more than one product or service.
  • This is not meant to distract you from your main focus in your business, it is there to support you in maximising your earning potential.
  • There are several ways how you can increase your offering .
    • One suggestion is to start multilevel marketing or affiliate marketing alongside your business.

This can support you not only with cash flow, but it will also give your business exposure, and you will definitely build an even stronger network.

This is not for everyone, however many people I know run successful MLM businesses and even through the pandemic are achieving their best sales .

  • Another way to diversify your offering is to enumerate the skills you have developed over the years, which may also be offered to your audience.

For example, I have trained as a graphic designer before being introduced to HR and Coaching, I have also a passion for Tapping (EFT) which is something I often offer my clients.  Your skills or as I like to call it YOUR GIFTS must be shared with your audience .

Everything is interconnected, and it can be part of your business.

Step 3 – Your network is your net worth

  • There is someone out there already doing what you are doing. What makes your business unique – is you. Collaborate, buy from others, learn from others and sell your products.
  • This is part of your self-development journey it is continuous it never ends .
  • Check what other people are doing, engage with them, learn from them, offer your services to them.
  • Genuinely connect with people.

One saying that I have adopted to be true for me is that ‘Connection is not perfection’, the more you connect the more you learn about people and they also get to learn about you. People buy from you and not just your product or service.

Step 4 – Upcycle your products

  • Recycle your content and re-package your products and services making them available to your clients .
  • For example, let’s say 3 years ago you created and delivered a training programme. The videos are archived in a folder somewhere on your computer. Repackage and offer this to your clients.

Every product, service or training that you have ever created should be made available for purchase, the work has already been done and this can create a nice passive income flow, which will support maximising your earning potential .

Step 5 – Maximise your income potential

Once you implement the previous 4 steps, you should be seeing an increase in your income depending on the diversity of products and services the money will come in in different ways, however, it will be flowing from different streams.

Split your earnings into 5 different pots

1 – Rents and bills – take the money for your rent/ mortgage and bills

2 – Self-development – allocate some money for your continuous learning and development

3 – Savings – Save some money for holidays or other leisure activities

4 – Investment – my recommendation is to invest some money in the stock market, bonds. This is the best way for making your money grow through the compound effect.  It takes time to see the results as this is a long term investment and commitment, not a quick fix to get extra cash.

5 – Paying it forward – it is the right thing to do, many people are not as fortunate as you, the joy of giving makes it come back to you.

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