A note from Natalie: My team and I are taking a sabbatical for the remainder of the summer, so we’re bringing back some of our greatest hits for you to experience for the first time or enjoy again… Summer’s always a great time for catching up on reruns! We’ll be back in the fall with some amazing new episodes for you!
Today’s episode focuses on a reader question via Facebook. Rosie-Leigh, who is offering nutrition counseling through an online business, contacted me because she wants to know how to make more money in her business. Does this sound familiar?
She writes, “Natalie I’ve been working on my business full time for a year and I’m so passionate about what I do. I work so hard but I feel like I’m not really going anywhere and I’m barely making enough to cover the bills. Please help me turn my business and my passion into a money-making machine!”
So I did some digging, took a look at Rosie-Leigh’s website and her products and all that jazz, and today I’m hopefully going to point her (and you) in the right direction to earning more money in your online business.
Sometimes earning more money requires giving your business a little tough love. (Click to tweet!)
It might not be easy to hear, but in today’s episode I’ve got some very honest advice for Rosie-Leigh and anyone else out there who feels their business isn’t earning enough money. Ready to find out what’s really going on? Check it out:
To view this episode, click here: http://youtu.be/dFNZKznA9ek
For Rosie-Leigh or anyone who is trying to figure out why their business isn’t making more money, there are five important questions to ask yourself so you can make more money doing what you love:
- Do people easily understand how they can work with you? On your website, make sure you clearly outline what your customers will receive when they purchase a product or service package from your business. Don’t put the burden on your prospects to figure out what it is your offer or how to sign up for it.
- Are you in touch with your audience on a regular basis? I’m talking about weekly blog posts and regular updates on social media. When you get clear on your message, it becomes a lot easier to generate regular content that engages your audience in a meaningful way.
- Are all your products matching up with what your audience actually needs? If you’re a dietitian but your list-building freebie is a guide to being happy, that’s not going to jive with your prospective customers. Find out everything you can about your audience and then design your products and services to fit that niche.
- Do you know what your services are really worth? More than likely, you are selling yourself (and your business) short. When you provide a service like life coaching or nutrition counseling, you’re probably coming from a strong desire to help people and might even feel guilty about raising your rates. But, if you account for all the time you put into providing services to a client and the hourly rate comes out to something like 5 or 6 dollars an hour, something’s gotta change!
- Are you giving away the milk for free? Often times when you’re starting out it’s tempting to offer a free consultation, but that’s devaluing what you have to offer. The time you’re spending on consultations that aren’t generating money could be better spent developing products that people really want to buy.
Your actionable this week is to make sure you have a focused product plan that actually makes sense for the audience you want to reach and to ensure you have lower-tier products so people can get to know you better before asking them to invest in more expensive offerings, like 1-on-1 consulting.
Now it’s your turn: Let me know in a comment below which of the questions above resonate most strongly with you, and what you’re going to do to change things up and start earning more money in your business than ever before.