25 Business Tips from a 25 years old woman
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Today, August 4th, 2018, it's my 25th birthday, yeah! So I decided to share some business tips with you guys!
1. Acknowledge your failures
Yes, I know it's hard. Just say "I know I just have negative income reports and they may look like a failure, but starting a business and monetize it is not easy, this is an on-going project". Owning your failures does not make you a failure, makes you a human, people fail all the time. The experts in their fields fail every day and they are doing their job for years & years.
2. Start an email list the moment you have your business idea
Damn, this is one that a lot of people fail at. They think "Oh, I must have 30 blog posts and 5 different content upgrades before I even start my email list".
No! The sooner, the better.
3. Do not spend too much time growing your social media accounts
those companies may change the way they work and how much content they show to your audience, so instead spend 80% of time grow your email list and 20% growing your social media accounts (or 0% if you personally do not care about social media).
4. Aim higher but do not forget that your work level has to match your goals
You can't work 1 hour/day and aim to make $1M in your first year, that may happen but the odds are probably 0.001%.
Aim to make a little more than you did on your day job and then keep growing from that.
5. Your products & services price should scare you
Just think about this, you spend a month creating a course to then sell it for $20. Yeah, that's something that you created and you can make money from it without doing much work, compared with services, but you are probably pricing this course way to low.
If you are comfortable asking for $20, charge $50.
And if you want to have an introduction product, this is a simple & cheap product that your audience can buy to get introduced to your content and the way you teach, the way to do is to create a basic package with less than half that course content and price it at $20 and then the full course is $50.
This way you have a $20 package and a $50 package.
The same applies to services if you want to coach people and make $5,000/month. You have to think how much coaching hours you can handle a month.
Let's say that you can handle 25 coaching calls of 1 hour each, this means you would have to price it at least $200/hour, to be able to make $5,000/month with your coaching services!
6. There are no rivals in this online business world
I think it's better to team up and host a webinar together or even promote each other product even if is in the same niche that to see someone as a "rival".
I personally do not have time to look at someone else's business and say: "I will never work with this person because we have similar products so this means I have a rival"
No, no, no!
Do it, and if that person ends up having a huge ego or bad personality at least you tried and now you can go back to doing your regular webinars and please, if that person is bad to you or say anything bad to you, do not give them the time of day.
7. Do as many webinars as you are comfortable to do
Webinars are cool but if you are not comfortable to speak for a long time or even show your face, webinars may be awful.
So my advice to you is to start slow, aim to do a webinar every two weeks and then move to once a week if you want to.
8. If you are comfortably okay with sharing your business income do it
Why? Because it keeps you motivated to keep working more and more. Having people that you have to show your work results too makes you work even harder to prove to them that you are not a one hit wonder.
9. Hire people that can do things that do not help your business grow
All of us have things that we have to do every day or every week that takes time of things that would make us money, so instead of spending your time and energy doing them, just hire someone.
This can be:
Responding to emails
Managing your social media accounts
Doing customer support
Create graphic images for your business
Taking care of your taxes and legal stuff
Getting & managing your affiliates
This does not mean that you have to hire someone full-time or spend thousands a month. No, start small. I advise you to download RescueTime, this tool measures how much time you spend on each website or even on app or programs on your computer, by the way, it's free! Then after a week analyze it and see where you spend the most time and see if that time translates into money. If you spend 4 hours a week on emails, you can hire someone just to do that. There are virtual assistants with small packages or even hourly services, that you can hire just for a week. Then after a week see if the money you spend on your virtual assistant helped you find the time to finally finish that product that is going to bring you twice as much as you spend with your assistant.
10. Do not feel ashamed to ask bigger bloggers/websites to partner in webinars or to promote your products
The reality is that you will never know if that person is truly going to say no to you if you never asked.
The worst scenario: They do not respond or they say no.
The best scenario: You have the opportunity to work with someone that you respect & admire and that as a large audience that can result in one of your best months!
I think sometimes you think these people are not real, they have all of this success and it's like we stop seeing them as people.
Just send an honest email and then whatever comes from it is going to help you be a better business owner. Also, if they say no or do not respond, it’s not necessary because of you, they have busy schedules and now it may not be a great time for them.
If the answer is “no”, thank them for their replay and ask if they may have an open day in the next couple of months. If they say that they have an open day 3 months from now, take it! Yes, it’s only 3 months from now. But you will have the opportunity to test your slides presentation in other webinars, change some things, like copy writing or even the bonuses offer and you will kick ass and really impress that person 3 months from now.
11. Do not try to have an online personality that does not match your real personality
It's hard to explain, but basically, people are going to like you or your content, someone is only going to like you and not care about your content, maybe they just do not care about your business niche and then there are people that like everything, you, the content, the personality, everything.
Sometimes is because you are what they want to become.
It's just like tv shows, we tend to like the characters that are the closest to our personality or with what we want to be in the future.
So, if you are putting this persona out, you need to:
Go all in
Not do it
And the reason why I say to not do it is just that you probably are not going to be able to keep doing forever. Is going to arrive a time in your life that you just feel disconnected from your own business and that's bad, really bad.
12. Fake it until you make it
Okay, I know this does not match what I just said above but here I'm not talking about personality or even faking to your audience.
What I'm saying is to tell all those doubts and excuses that you have in your mind or even around you (love partner, parents, friends, co-workers...) and for every time you or them say anything bad about your dream business & life, I want you to do the following:
Go to a place you feel comfortable, this can be your bedroom (if you have to deal with people being mean to you at a dinner party just wait until you get home).
Close your eyes and imagine your dream life (your morning routine, the design of your house, the city/town where you live, products and services that you sell...)
Now write everything down on a notebook
Every time you feel dobt or insecurity, read everything you put there!
Also every time you have an awesome day:
your first sale
your first dollar
your first positive income report
your first testimonial
Just take that feeling and putting in that notebook
That is going to be your happy journal, this way every time you feel that you have to go back to your 9 to 5, just read those words and fake it, put on a smile when you feel like crying but the most important: NEVER STOP WORKING.
I want to tell you a little secret, my parents hate my online business, yeah I said it, they hate it. Every time that I have an argument with them or everything they undermine my work, I just put on a smile and work & work. Because I know that one day this little small blog that was created from just an idea is going to bring me my dream life, teach awesome people, have a nice house, be able to keep revolutionize the online world.
Use all those bad words and bad looks that people give you every time you try to explain to them what you do for a living and transform them into fuel to improve your work and keep working.
13. Email people every day to become your affiliates
Yes, every day!
Even if your affiliates bring you $1,000/month in sales or more!
Because this is inconsistent income, this month an affiliate may work their butt off and bring in $5,000 in affiliate sales and next month barely brings in $100.
Also, if you are asking more people to be your affiliates and if they do accept is a different audience that you are reaching that probably did not know who you are.
14. Ask for help
Even the top bloggers that make 6 and 7 figures a year ask other bloggers for help, you may be the best person at creating and growing a membership business and another person may be great at building sales funnels, the first person may ask for help to the second person to create a sales funnel for the membership business, instead of just trying to figuring out, losing time and money.
15. Create business hours
Damn, this is one that I struggle so much.
I'm always working, even after dinner, I just go back to the computer and work for 2+ hours until I’m so tired that I could probably fall asleep on the keyboard.
I recommend having a start time, a lunch break, a snack break and an end time.
Start time: 9 AM
Lunch break: 1 PM
Snack break: 4 PM
End time: 6 PM.
16. Create a morning routine
Wake up at the same time every day (you may have a “wake up whatever time you want day”, for example, Sunday).
Example of a morning routine:
17. Create a night routine
To wake up at the same time every day, you must go to bed every day at the same time.
You should relax an hour before bed:
Take a hot shower
Get into a comfortable pajama
Read a book or meditate (or both)
Talk with your partner (if you have one)
Turn the electronics off
Make sure your bedroom is as dark as possible to make your brain easier to fall asleep.
18. Track everything in your business
Yes, I said it, everything.
Where does your revenue come from
Social media followers
Sales funnels conversions month by month
Expenses - Are you paying every month for something you never use?
Ads - Are they worth it?
Team - Do you have a budget to hire someone else to automate your business and take more work out of your hands so you have time to market your business?
19. Do not compare your beginning with someone middle
I know how hard is to post a negative income report or even a positive income report and feel short and small because there is someone out there making 6 figures a month or even sometimes 7 figures a month.
But do not compare your self with them. They were once the new kid in the block like you are now, you have so many things to learn until you reach that stage.
Also, you may not want to reach that stage, you may just have the ultimate goal of making 5 figures a month and that's great, if you have enough money for you, for taxes and for an emergency situation, it's fine!
20. Have a fixed task for each day
Monday: Live stream inside your Facebook group
Tuesday: Recording podcast episodes
Wednesday: Publish a blog post
Thursday: Host a webinar
Friday: Team meeting
This does not mean that you ONLY do this thing, no. This means you do this every week + what you have on your to-do list for that day.
21. Pick a weekday & time to brainstorm
There are people that belief mediating each morning is important to relax and focus on your business, I have the same opinion.
But I think you can also relax and focus on your business if you schedule a brainstorm session with yourself, where you just sit and write on your notebook or computer, ideas for upcoming products, new sales funnels, new partnerships and other things that will make your business grow.
22. Work out at least 3 times a week
If you are not the workout type of person, I advise you to buy a Fitbit and just go for a daily power walk, this is walking but with a little bit of power (hahaha), aim to reach 10,000 steps a day.
Also, the best way to have workout sessions into your work & life balance is to have fixed days where you workout, this does not mean you have to have a gym membership or even own a treadmill, you can just do a few workout videos on youtube, they are free and there's a lot of qualified people there.
Example of 3 times a week:
Monday & Wednesday & Friday
Tuesday & Thursday & Saturday
Let's say, you have the first schedule and you can not do your workout on Monday, I would do it on the following day, Tuesday, just a little workout and then do the same regular workout on Wednesday.
This way your brain understands that even when you can't do it, you still have to.
23. Always have 2 goals for your business
And the goals should be revenue and email subscribers. Decide how much money you want to earn this year, then divide by 12, that's the minimum that you have to do each month. Then decide how much email subscribers you want in your email list by the end of the year and divide by 12, that's the minimum that you have to get.
Now you just have to brainstorm what you need to do each month to reach these goals.
24. Save 10% of your income into a savings account
This is your emergency money in case you break a leg (I hope not) and you can't work for a few weeks or months.
Just think about this: If you make $10,000/month for a year it's $120,000. This means if you saved at least 10% of your income each month, you now have $12,000, that's one-month paycheck!
25. Put aside the taxes percentage each month
Let's say you pay 30% taxes of your income, if you make $1000 this month, that's $300 in taxes but if you earn $25,000 that's $7,500 in taxes.
You do not need to open a new bank account to save this, just keep it in your business account and know exactly how much of that money is to pay your taxes.