Many people believe that in order to earn more you need to work more hours. But this is not true at all. Some business owners are able to work a few hours with high revenue levels. It is all based on how well you organise your business and schedule your time. Here are just a few tricks to help you work less and earn more.
Automate Your Admin
Many business owners spend the bulk of their time attending to administrative matters. What many business owners fail to realise is that they can automate most of this administrative work using the digital software. For example, accounting software could automatically calculate your taxes and expenses for you. HR software, however, may be able to design staff rotas for you, in addition to, tracking holiday and sick leave.
When shopping around for software, read reviews and download free trials. There are many all-in-one software packages that can handle multiple administrative tasks. These may be able to keep all your administrative work in one place rather than using multiple programs. Spending less time on administrative tasks allows you to utilise your time to make money by discovering new revenue sources.
Another way to free up time is to outsource various tasks to other companies. If you are tired of spending time on DIY marketing, you can hire a digital marketing company to do it. Similarly, if you spend too much time answering phone calls, you can outsource to a phone answering company. They will respond to your incoming calls for you and forward the more important calls to you.
Basically, any task can be outsourced. You will have to pay extra money to use the services of external companies. However, by freeing up time, you may have more opportunities to generate additional business revenue in the process. Outsourcing is great for tasks that are not only time-consuming but complex. For example, why attempt to fix your computers when you can hire an IT technician to do it for you?
Find Sources Of Passive Income
When it comes to making more money, consider creating some passive forms of income. These are methods of making money that does not involve putting in hours of physical labour. For example, investing is a popular form of passive income. Many business owners will invest some profits into property, shares, peer to peer lending or cryptocurrency ventures. Although these investments may require a big initial payment, you will make a return through small regular payments.
Additionally, setting up a subscription service for clients is another way of earning a passive income. This may allow customers to pay a set amount each month in exchange for discounts on your products and services. Also, a third way to make a passive income is through ad revenue. If your website receives enough visitors, you can begin to earn revenue each time someone clicks on the ads. It is also possible to create YouTube videos that receive ad revenue after a certain amount of views. In fact, many business owners have set up successful business vlogs which earns more money than their initial business idea.
Another way to make a lot of money while working fewer hours is to go niche. It is possible to charge more for niche services because they have limited demand. In other words, for every customer that you do receive, the greater the profit. Targeting a niche can mean investing a little more time into marketing. But you do not have to spend huge amounts of time marketing to find clientele in your niche.
Streamline Your Services
Many company owners make the mistake of offering too many services. Some customers may never select any of these services. Yet, you may have spent money and time on the resources for these services. A common example of service saturation is a large menu in a restaurant. For every selection on the menu, you must stock ingredients and tools, do certain prep work and provide employee training.
Instead of offering a large number of services, focus on the services that are most popular. As a result, you will not waste time on services for no one desires. In addition to saving time and money, streamlining your services can allow you to greatly hone your skills.
Schedule Work For The Right Time
Timing can also play a big part when it comes to working less and earning more. Many restaurants are only open in the evening. There may not be enough customers in the day to justify staying open during these hours. Staying open in the evenings may allow you to work fewer hours; however, it may also earn you additional revenue by building up demand for that time slot. You may also be able to schedule more manpower for that period rather than scheduling your staff for longer shifts.
Many businesses set specific times for providing helplines to prevent ringing phones throughout the day. This allows employees to complete core tasks without the interruptions. Lastly, something to consider – certain customers may become angry for having a select timeframe for customer service. So, ensure that you consider the needs of the consumer as well.