This week's business tip: According to research, entrepreneurs who have a written business plan grow 30% faster than their peers. The process of writing a business plan allows you to flush through your millions of ideas to create a roadmap for reaching your income goals. Take action: Write down three revenue streams and your income goals for each stream. Need help figuring out your revenue streams? Keep reading.
At the end of each year, I reflect on my accomplishments and identify areas for improvement. I choose one full day to turn off all of my electronics---no social media, no email, no phone---to sit outside in nature with my journal.
Last year, I headed to my local rose garden to meditate, plan my business goals and brainstorm a strategy to achieve them. While I was happy with my accomplishments in 2014, there were a lot of areas that I wanted to improve.
My focus: How do I increase my revenue in a way that still allows me to live my free lifestyle?
I diversified my revenue streams.
Up until that point I had mostly worked with small business clients who I absolutely adore. However, the money I felt comfortable charging another small business owner was much less than I wanted to earn.
I could have decided to work with hundreds of small business owners in order to increase my revenue. But, that would have reduced my ability to live a free lifestyle because I would be servicing my clients 24/7.
That's when I decided to work with larger businesses as a consultant with an expertise in connecting them with millennials and women business owners.
I was providing the same service to these large companies as I was to small businesses (helping them figure out how to increase their earnings & exposure), but on a much larger scale with a slightly different focus. And at a much higher pay rate.
In my business plan, I wrote down how much I wanted to earn from this new revenue stream and how I wanted to position my new services.
And it worked. I secured a number of clients including a $18,000 contract. SO fabulous.
Your challenge this week:
Brainstorm three revenue streams for your business in 2016 and your income goals for each stream. Then write your business plan to reach these goals. If you get stuck, check out my "Write your business plan in 7 days" workshop.
Cheers to your wealth and wellness,
Want to work 1:1 with me on your business plan?
Want me to review your business plan and help you create a plan for your revenue streams? Click here to book your session.
Danetha Doe (@danethadoe) is a celebrity business strategist and recognized as one of the Top 40 under 40 accounting professionals by CPA Practice Advisor in 2015. For more business tips, click here to sign up for her weekly newsletter.