7 WAYS TO DOUBLE YOUR INCOME WITHOUT BURNOUT
Hey Lucky Bee, it’s Denise Duffield-Thomas here, money mindset mentor, author and founder of the Money Bootcamp and today I’m going to talk to you about doubling your income over the next year.
Do you believe it’s possible?
But the question is, HOW do you do it without working twice as hard and burning yourself out?
I’m going to share with you the main strategies I’ve used to double my income which I’ve done many times over the last few years, and these techniques will work for you no matter where you’re at in business. Ready?
So! Let’s talk about how to double your income without doubling your workload or stress. In fact, it can be done by actually reducing the amount of work you do. I know you might not believe that right now, but it’s true.
Tip #1 Outsource
As an entrepreneur, you’re probably already working a LOT of hours. Maybe more than you ever did in a job. The best way to leverage and double your time is to outsource tasks so that you can focus on bringing in more money.
My friend Amber McCue calls it “cloning yourself”, because trying to do everything will absolutely cap your income.
You might have been THINKING about outsourcing for a long time, but maybe you’re scared of spending the money. The truth is that NOW is the time to actually implement outsourcing, and it doesn’t have to be all or nothing.
You can start small, for example:
- Book a house cleaner so you can focus less on cleaning and more on bringing in money using your skills and talents.
- Hire a Virtual Assistant to take care of your emails or your newsletter. My assistant started just 5 hours a week, and it freed me up to focus on other areas.
- Hire a bookkeeper, again, just a few hours a month will make you feel like you’re really in business
- Outsource your graphic design or your website upgrade. It doesn’t have to be hugely expensive, there are designers at all level of budget.
Start with outsourcing tasks you hate doing and use the time you’re saving to do more profitable work in your business.
Tip #2 Work ONLY in your Zone of Genius
Gay Hendricks coined this term, the Zone of Genius, which means being in flow with work that only you can do. For me, that’s communicating to my audience over video or in interviews – I can’t outsource that, but I can outsource pretty much everything else.
When you focus on working in your zone of genius and outsource the rest, you leverage your energy to create more income AND ease in your business.
BUT! So many entrepreneurs waste time and energy by trying to do EVERYTHING, even if you’re not really good at it OR (and this is key too), you might enjoy it, but it doesn’t make you any money.
For example - Don’t do your own books if it makes you cry. Don’t update your website yourself if it takes you forever and you have a breakdown over it every time. Nobody is paying you to clean your own toilet, vs working on your first book.
Let those things go to other people, who are actually GOOD at them, and focus on earning money in ways that are unique to you. Plus, don’t try and implement EVERY idea. Let some of them go, and go deep into your true work.
Tip #3 Increase your prices
The single quickest way to make more money is to increase your prices but it’s also the thing that women resist the most.
If you haven’t increased your prices for a while, then you’re definitely overdue to, especially if you’ve become even better at your work, or have recently upgraded your services.
And if you’re hesitating or procrastinating on raising your rates, then you’re dealing with money blocks for sure, and it’s super important to work on your mindset that you’re worth it. I’ve also got a ton of free resources and scripts
Tip #4 Create some VIP offerings
Every business can add some sort VIP offering for customers who want to work more deeply with you, or want extra perks like faster turnaround or personal attention.
There are many customers who will happily pay you for a premium service for a variety of reasons, and it’s an awesome way to double your income without working harder.
You can do this with:
- VIP days or intensives for people who want personalized attention or fast service.
- If you teach group classes, consider a VIP private option at a premium price. (For example, I have a private yoga instructor come to my house)
- Faster graphic or website design packaged solutions – if people want faster turnaround, that can be a premium service.
I buy things with VIP options all the time now; I’d rather pay a higher rate to get personalized attention or so I can jump the queue.
Tip #5 Monitor your time
Get real and honest on where you spend your time.
When you focus on income producing activities FIRST, you’ll find that you ask for the sale more often, and your income will go up without working harder.
It’s obvious but not always implemented. I often say that since having kids, my income has gone up because I’ve had to be so brutal with my time. But anyone can do this, just get real on how much money producing activity you really do.
Tip #6 Create passive income streams
One of the biggest ways to bring more money into your business without working harder is by creating passive income streams. When you do this, you only spend the creation time once, and then get paid for it over and over. It’s a no brainer when it comes to business.
The biggest impediment to creating passive income is your money blocks. SO many of us women procrastinate creating passive income because it goes against our ingrained beliefs that making money is hard work.
Don’t worry – I have lots of resources to help you with this (it’s actually the most common money block I see).
Lastly… Give yourself permission!
You have to give yourself permission to earn more without working harder.
Give yourself permission to profit from your talents.
Give yourself permission to double your income.
Your income limitations are purely self-perceived – your stories and beliefs can be changed.
If you need permission, then here it is: You are allowed to make money from doing what you love.
You’re allowed to double or triple or even quadruple your income easily.
And if you need help with your mindset, I’ve got an awesome resource for you.
As I said before, your money mindset is your biggest asset in making more income. If you’re experiencing money blocks, then watch my free money blocks workshop, which will help you clear your blockages to making more money, so it can be easy and fun. It’s available at denisedt.com/blocks.
Money blocks don’t have to derail you - you can embrace them and move on to creating a First Class life for you and your family.
It's your time and you're ready for the next step.
Get my Ultimate Guide to Pricing
In this downloadable PDF, I'm going to reveal so many awesome pricing strategy secrets - sign up to receive this Definitive Guide to Pricing direct to your inbox so you can refer to it whenever you need to increase your prices or bust through your next money block!