No matter how bad things are in your life and business right now…
…Whether the Corona Crisis killed your business, cost you your job, or slashed your revenue by 50%.
Resourceful, resilient, and relentless entrepreneurs are still finding ways to dominate the game around them and achieve record breaking income.
And so can you.
You might have to get creative and pivot your business.
And you might have to work a lot harder than you would have last year.
But you can still make 2023 a record breaking year if you’re willing to take action and keep pushing forward no matter what.
And today, I’m going to give you 7 simple tips to help you double your income in the Poor economy and grow your business faster than ever.
Know Your Numbers
“What gets measured gets managed”
You’re on a plane, flying out to complete a consultation with a client you recently closed.
After sitting down in your chair and watching the safety briefing (you’ve seen hundreds of times before), you hear a voice crackling over the intercom.
“This is your captain speaking. Just wanted to let you know that we’ve got a three-hour flight ahead of us…Unfortunately, um the gauges up here in the cockpit aren’t working and the mechanics can’t get an accurate reading on some of the pre-flight checklist numbers, but I’m pretty sure we have enough fuel. Enjoy your flight.”
Sounds crazy, right? Neither you nor I would ever trust a pilot to fly us across the country without knowing that he had enough fuel to get us to the destination safely.
Yet so many entrepreneurs do this exact thing in their business.
They blindly stumble around, guessing as to how much money they should spend on Facebook ads, what sort of affiliate commission they should offer, and how many expenses they can afford while staying profitable…and the result is always catastrophic.
Listen, to succeed in the game of business you must know your numbers.
- You wouldn’t allow a doctor to administer anesthesia without first calculating the dose for your procedure and bodyweight.
- You wouldn’t buy a house without knowing the exact price of the home, the interest rate charged by the bank, and the amount of property taxes owed each year.
So why would you run a business without knowing exactly:
- The cost to acquire a lead
- The cost to convert leads to customers
- The lifetime value of new customers
- The total amount of monthly expenses you have
If you don’t have at least a basic understanding of the numbers driving your business, you are playing with a self-imposed handicap.
By default, when you don’t know your numbers, you are making decisions based on your emotions, not logic.
You are guessing and firing shots in the dark.
And I don’t think I need to tell you this is not an effective way to achieve your goals.
So, if you have not done so already, sit down this week and learn your numbers.
Find and record the exact metrics behind your marketing, sales, and retention.
Because once you know your numbers, you can make the right decisions required to increase your income and grow your brand.
Never Lower Your Expectations, Shift Your Strategy
It’s ‘normal’ to experience downtimes in your business.
- Months where the revenue drops off inexplicably.
- Seasons where, due to the appearance of Santa and all his elves, customers just don’t buy the way they normally do.
And during these months it’s equally ‘normal’ to lower your expectations and strap yourself in for a few bumpy months.
But here’s the thing…
I know that you don’t want to be normal.
You don’t want to have a normal life or a normal business. You want to build an empire.
And empire builders aren’t the kinds of people to lower their expectations or accept anything less than the absolute best from themselves and their teams.
For example, my buddy Bedros Keuilian doesn’t allow the “slow” season during the last quarter of the year to slow down the speed with which he builds his empire.
Instead, doubles his marketing spend to ensure that his company continues to grow.
And, because he knows his numbers, he stays profitable even when he has to spend twice as much money to close a new franchisee.
In your business, you must do the same thing.
- How can you raise your expectations when others are lowering theirs?
- How can you get resourceful and find unique solutions to ensure your company prospers while others simply coast by?
- How can you shift your strategy to guarantee growth when the rest of your industry is flat lining.
In the same way that some of the biggest businesses are built and scaled during recessions, some of your greatest growth will come when you make the decision to double down on your efforts when others cut theirs in half.
Be a Creator, Not a Consumer
One of my favorite sayings of 2023 is: “You must stop using social media and start using business media.”
Too many people waste their lives scrolling and double tapping their days away on Instagram or Facebook when they could be building an empire and leaving a legacy.
Instead, I encourage all of my clients and readers to use social media platforms as business media platforms.
Use them as a tool to grow your income, expand your influence, and increase your impact instead of using it to entertain yourself and sedate the pain of your problems.
But this philosophy extends far beyond Instagram or any other social media channel.
You see, we live in a society that makes it very easy to be a consumer.
There are more than two million new blog posts published every day, billions of hours of videos available on YouTube, and countless posts and hilarious memes shared on social media.
And most people allow this abundance of content to prevent them from ever creating anything meaningful or valuable in their lives or businesses.
So in 2023, my challenge for you is simple.
Stop consuming and start creating.
Sure, you can still read books, listen to podcasts, and watch YouTube videos.
But be conscious in your consumption and commit to creating more than you consume.
- Instead of reading yet another article on fitness or business, write one yourself.
- Instead of listening to another podcast, find ten people to interview and start your own.
- Instead of watching an endless stream of motivational or educational videos, pull out your phone, hit record, and make one for your business.
The world belongs to the creators.
And when you create and market enough valuable content in your business (and have the right closing processes in place) the money will follow.
Choose Pain and Discipline Today to Achieve Freedom Tomorrow
Jim Rohn, one of the fathers of the personal development industry once said:
“We must all suffer one of two types of pain. The pain of discipline or the pain of regret. The difference is that discipline weighs ounces and regret weighs tons. And to catapult yourself to the next level of success and freedom, you must choose the pain of discipline.”
Listen, I won’t lie and tell you that making more money while working less is going to be easy.
It’s hard to wake up early, go to the gym every week, work long hours in your business to build momentum, set boundaries in your work and life, and do the things necessary to build an empire.
But you know what’s harder?
Lying on your deathbed wishing that you could go back and do it all over again.
Wasting your life in pursuit of pleasure over fulfillment and dying with regret that you didn’t live to the fullest of your potential and have a meaningful impact on the planet.
Regardless of your lot in life or the success you achieve, life is going to be hard and it’s going to be filled with pain.
So choose the pain of discipline over the pain of regret.
This is the only prescription for living the life you truly want.
Stop Discounting Your Greatness
I was on a call with a client who had recently started a health and nutrition coaching company.
She was in incredible shape, had her meal planning and prepping perfectly dialed in, knew exactly how to train in the gym for optimal results, and had so much knowledge about biology and physiology that you would have assumed she had a Ph.D.
Yet, while we were on the call, she told me this.
“Craig, I just don’t understand why people would pay me to teach them this stuff…I mean, doesn’t everyone already know this?”
You see, we all have this “stupid human trick” of assuming that just because something comes easily to us or because we’ve developed expertise and skills in a certain area that everyone else has too.
But we couldn’t be more wrong.
When I first made the leap from Turbulence Training to online business coaching, I struggled with this myself.
I assumed that people just knew how to plan their days, structure their weeks, and tap into the “fast cash profit activators” lying dormant in their business.
But, after a few coaching calls, I realized that just because I knew all of these things, didn’t mean other people did too.
To take your business to the next level in 2023, you must STOP discounting your greatness.
Stop assuming that other people know the things you know and can do the things you can do, because most of them can’t.
Your biggest strength is someone else’s greatest weakness.
And when you hold back, when you discount your greatness and hide your gifts from the world, you are preventing them from accessing the solution and the system they need to solve their biggest problems.
The simple fact of the matter is that most people only have 2-3 areas of expertise in their life and business.
- One person might be great at relationships but have no idea what they’re doing in the gym.
- Another might be great at making money but lack the systems they need to keep and grow that money.
- Others lack the basic interpersonal skills to navigate romantic relationships and hold down a long term partner.
Whatever you’re good at…whatever your area of expertise, there is someone out there who is struggling with that area of their life and needs to solve their problems.
Stop discounting your greatness and commit to using your gifts to help others.
Break Out of Your Boxes
In 2010, I was the textbook definition of an introvert.
When staying at hotels, I would ask for a room on the first floor so I didn’t have to stand in an elevator and talk to people.
When I attended conferences and masterminds (that often cost upwards of $10,000), I would go to my room the second the speakers finished their presentation and actively avoid the networking portion of the events.
And when a stranger did try and talk to me?
I would respond with curt one sentence answers–the kind you’d expect to hear when you ask Siri how the weather is today.
For years, I put myself in the “introvert box” and believed the lie that I simply wasn’t a social person. And for years, this pattern and blatant lie I told myself held me back from achieving the success and lifestyle I desired.
- Today, I tell jokes to strangers on the elevator.
- I attend every networking dinner and luncheon I can.
- And I do my best to actively engage with the people I encounter.
The results, in my life and business, have been astronomical.
- I’ve made more money,
- created more powerful connections,
- and closed more clients because I trained myself to become an extrovert.
And to build your empire and leave your legacy, you must do the same thing.
Now, maybe you haven’t put yourself into the introvert box, but you’ve convinced yourself that you’re lazy, or low-energy, or “bad at sales,” or “not a good writer.”
Whatever box you’ve built around yourself, you must first identify it, and then do whatever it takes to destroy it.
Another great example is when Bedros decided to run a marathon.
Now, Bedros is a big guy and, if you were to look at him, he definitely does not look like the kind of person built for distance or speed. And for years, Bedros told himself the same story.
Even though he wanted to run a marathon to test his mental strength and overcome a mental obstacle, he procrastinated on his goal because he believed the label lie that said, “I’m built for lifting weights, not running long distances.”
Until one day, he decided that enough was enough.
He called up one of his employees (who was an avid runner) and asked her to sign him up for the next marathon she was running–which was in 6 weeks.
He trained hard, showed up, and completed the marathon, obliterating his label lie and proving to himself that he was capable of doing anything he set his mind to.
But what about you?
What’s the box that you’ve placed yourself in? What limiting beliefs have ruled your life and stopped you from achieving the success you desire?
Take a few minutes right now to write them down now.
Once you have your list, I want you to identify ONE action step or goal that would successfully “break the box” and prove to yourself that your limiting beliefs are just that–beliefs.
Got it? Great!
Now go and take action on what you wrote down and jump out of your box.
If you will do this, your life and business will change in ways you can’t imagine.
Gain Clarity with A Workable Plan
Brian Tracy says that…
“A genius without a roadmap will get lost in any country. But an average person with a roadmap will find their way to any destination.”
To double your revenue in 2023 and build the business and lifestyle you desire, you must have a proven roadmap to get you there.
You must have a plan and a blueprint to help you break down your big audacious goals into small manageable action steps you can complete each day.
Conclusion & Summary:
That’s it for today. I hope I have been of help to you.
What are your thoughts on this article? Share them in the comments section below.
This article originally appeared on Early To Rise. A website commited to Health, Wealth and a Life well lived.
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