How to Make More Money: A Guide for Female Entrepreneurs
I’ve been helping women entrepreneurs make more money for over 8 years now, with targeted sales training. I’ve helped hundreds move to the six and multiple-six figure mark, and many to seven-figures.
As a result, people ask me all the time – how do I make more money? It’s interesting because as much as this can seem like a complicated question – the business fundamentals in it are quite simple. Note that I said simple, but not easy.
There are 3 ways to increase your income:
- Increase the quantities of products and services that you are currently selling.
- Raise your prices.
- Offer a new product or service.
In this article we are going to focus on how to increase the quantities of products and services you are selling. We’ll focus on raising prices and offering new products/services in future articles.
Ok, let’s start with the basics. You are either selling services or products or both.
Step 1 – Increase Sales Conversations:
In order to increase the quantities that are sold, you must increase the number of sales conversations in which you are selling those products or services. For physical products, you must increase the number of distributors.
Step 2 – Know Your Conversion Rate:
Know your conversion rate. Your conversion rate is the number of sales conversations you need to have in order to sell one client or one product. For example, a conversion rate of 1 out of 4 means that for every 4 conversations you have, you sell one client.
A sales conversation could also include: conversations with potential distributors, corporations or retail outlets. This will vary based on your business model.
I know, I know – if this is brand new to you – you won’t know this number yet. That’s OK, just start tracking your sales conversations each month starting today. Then calculate your conversion rate at the end of each month. I use a software called HighriseHQ to take notes and track my sales conversations. It works well to keep everything organized.
Oh, and what if you aren’t doing sales conversations? Get started, my friend. It’s the only way to bring in money. Aim for 3 sales conversations a week. If you need more help with learning how to do sales conversations, please check out RISE Business Academy.
Step 3 – Get Specific:
So, let’s get to the question at hand – if you want want to increase your quantities of products or services sold, you must increase the number of sales conversations that you are doing each month.
And it helps to be specific. So, if your conversion rate is 1 out of 4 and you want 3 new clients this month – you need to have 12 new sales conversations this month.
Remember, the universe loves specificity! The clearer you are about what you want – the more likely it is you’ll get it. Tracking your numbers makes this all very doable.
Breathe. You’re doing great!
Step 4 – Get Out There:
This is where marketing comes in – the purpose of marketing is to get in front of your ideal clients as much as possible. There are 10 different marketing strategies that I suggest in order to get in front of your ideal clients – to learn more of them, please check out our Done for You Marketing Calendar.
The top 3 strategies that I suggest with regards to putting yourself out in front of your market are speaking, sponsorships, and webinars. For speaking, find organizations where your ideal clients are hanging out and ask to speak there for free. Be sure to make a 10-minute offer for sales conversations at the end of your talk. For more information on speaking, please check out our Speaking Masterclass.
Sponsorships are when you purchase a table or a speaking spot at someone else’s event. Then you fill the room and get to chat with all the people who show up at the event. Be sure to set up sales conversations at your booth – don’t wait for after the event.
Webinars are online classes where you teach on a topic and then offer an opportunity to chat with you at the end of the webinar (sales conversations). The only caveat with webinars is that while you can do them at any point in your business, they are much more effective when you have an online list of over 1,000 people at least. So, don’t forget to start building your online list as you build your business each year.
The key to marketing is consistency! I suggest at least one speaking event per month, one sponsorship per quarter and one webinar per quarter. If you are really looking to increase quantities in your business, double or triple these numbers. We do as many as 4-5 speaking events and sponsorships per month.
I do suggest sticking to one webinar per quarter, since it takes quite a bit of time and energy to set one up. The key is that you want to keep increasing the number of people who register for your webinar each quarter. This causes an increase in the number of sales conversation requests that come from each webinar. Use the quarter to build your list and get out in front of new people so that numbers increase every time you offer a webinar.
Remember how I said this was simple, but not easy? The key here is that so many entrepreneurs get stuck in the thought of, “I don’t know what to do to make more money”. This becomes paralyzing and keeps them stuck in isolation and inaction. It’s also a brilliant way to hide.
You don’t have to hide anymore. Or stay in confusion. You know what to do. Your next step is to get out there. If you’re anything like most of the amazing people in my tribe, which I would guess you are, then I know that the world needs you!
Here’s to making more money and making this world look like a better place.
