With billions of people using the internet and social media every day, there has never been a better time to generate revenue as an entrepreneur. Yet, if you spend any amount of time in entrepreneurial groups online, you see the same story being played out.
An entrepreneur created a platform around an idea. The idea may even be good. They spend lots of time creating every part of their business the way the leaders in their industry told them they should. But they’re making little to no money in their business. They’re frustrated and can’t figure out what they’re doing wrong.
They ask questions and pounce on any opportunity that looks like it could lead to income. They chase trends and shiny objects because they hope it will lead to “the one thing” they can do to crack the income-generation code. This may be where you are in business, but you don’t have to stay there. With today’s tools, technology and access, you can make your first six figures this year.
Here are five tactics any entrepreneur can use to make their first six figures, no matter what industry you’re in.
1. Build a diverse audience.
In times past, marketing your business was slower, harder and more expensive. Today, it can be as simple as posting a sales message on your social media channels. But the easy access to potential leads can make you lazy. You can settle into a comfortable place where you rely on what’s working.
For many entrepreneurs these days, that’s social media marketing. In the past, it was SEO. One algorithm change and entire businesses crumble. To make serious income in your business, you need to build a diverse audience using multiple strategies.
You want to use social media marketing (organic and paid), email marketing, SEO, publicity, webinars, content in multiple places and video. Your customer base doesn’t consume content in just one place, so don’t put all your eggs in one basket. Use all of the portals available to you. Build your audience in multiple ways so your business won’t suffer if something happens on one of your portals.
2. Create premium products and services for every stage.
You have to create products and services to generate revenue, but it’s not a one-size-fits-all situation. You want offerings from the lowest tier all the way to highest-end offerings. You may get cold traffic that’s interested but they’re not sure — you have to build trust. A low-priced product (less than $20) is a good way to get them in your funnel. Once someone spends money with you and gets value, it’s likely they will spend again.
You need higher-end offerings for those in your audience who are ready for the more advanced training. Cover all your bases. Don’t be afraid to create products and services priced higher than $10,000. Selling a few higher-priced offerings will lead to six figures fairly quickly.
3. Build multiple revenue streams and passive income.
Just like building a diverse audience, you want diverse revenue streams. Building your business around a few major clients leaves you vulnerable if those clients stop doing business with you.
We live in the Information Age. You can make income offering courses, coaching, consulting, paid speaking, membership websites, paid webinars, books, digital information products and paid content creation. Some of these can be passive income sources which will help you scale. Being diverse is how you’ll grow a business that’s more than just you.
4. Stop wasting your time.
It’s easy to get caught up in the busy work. You are always “working” on your business instead of doing the things that lead to revenue. Without a plan this “work” could be networking or consuming too much free content. You can spend days doing things that won’t lead to your revenue goals.
Get honest with yourself about how you spend your time. Create a plan for how you’ll spend each day, week, month and year. Stop hopping on calls with every entrepreneur who asks. Stop responding to every email and social media message that comes to you. Time is your most precious resource — treat it that way. You’ll never reach the six-figure mark in your business if you spend all your time busy with the things that don’t lead to income.