When you're the boss, there are so many things that can distract you from your goals. To be successful in your online business, you have to define and focus on income generating activities to make your business the best it can be.
There are support tasks that you should perform, in addition to bottom line, sales supporting tasks that MUST be done if you plan to earn income.
If you have no customers and you're not earning money, you don't have a business, you have a hobby. So it's critical to the success of your business that you incorporate activities that lead to sale into your daily routine.
One of the first steps you should take when creating a list of your income generating activities is to separate the administrative tasks that have an indirect effect on your ability to earn, from the sales and lead generation tasks that have a direct effect on your ability to earn.
The sales and lead generation tasks should take center stage each day to ensure that you earn consistent income from your business.
Since each business is different, I can't claim to know which specific tasks you'll need to perform to make your business thrive. But I can give you a few ideas that will help you identify and build on the tasks that will lead to success.
This article will outline the activities that will lead to success. We'll give you a few ideas that will help you outline income generating activities, and spend your time in the most productive way.
Video: Income Generating Activities
Start with Your Daily Income Goals
You started your business to earn consistent income, right? So let's start with your income goals. How much do you want to make each day? And what steps can you take to ensure that you make that amount?
At the end of each day you want to ask yourself "what income generating activities did I perform to help me reach my daily income goal of $_______".
To determine how much you should make each day to reach your goals, let's take the dollar amount you want to earn each day and reverse engineer the amount you will need to make each day to reach that goal.
For example, if you need to make $500 per day, you would divide 500 by the selling price of your product or service. That will give you the number of units you will need to sell per day to reach your goals.
If your product or service sells for $20, you would need to sell 25 units per day ($500 ÷ 20) to reach your daily goal.
Next, you will need to determine the number of people you'll need to reach each day to sell 25 units of your product.
To get full instructions on how to reverse engineer the path to your income goals check out our detailed article.
Income Goals Checklist:
Improve Your Work Life Balance
Ensure that you’re doing what you’re supposed to at the right time to reach your home and business goals.
Next, list the tasks that you'll need to perform each day to ensure that you sell 25 (or the required number) units consistently. Write out policies and procedures that will ensure that you reach your goals.
Another thing you can do to make your online business more efficient is to automate critical tasks like lead generation, sales and follow up to save time, allowing you to focus on growing your business.
It's Time to Document:
Income Generating Activities and Priorities
The great thing about working from home is that you’re the boss. There’s no one telling you what to do or how to do it. You have no timeline, your commute is cut and you don’t have to worry about what to wear to work.
On the flipside, it’s all up to you. If you don’t do anything with your business, nothing will happen. To be successful, you have to figure out the daily tasks that will lead to your success.
Your income generating activities and daily tasks will depend on your goals, the nature of your business, the amount of time you have to devote to your business, and your sales goals.
Here are some basic steps you can take each day to turn your dreams into a reality. They are also steps that you will grow and cultivate during the course of running your business to make it grow and thrive.
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18 Productivity Tips That Boost Your Work Day Performance.
Would you like to know how to get more done when you work remotely, work in a cubicle, or work at home for your own business? Are you letting distractions rule your day? Are you finding it impossible to focus on important projects?
Work Smarter Not Harder is your personal guide for helping you on your journey to increased productivity and better work habits.
Don't Start Sleeping In Quite Yet...
I know you're probably thinking this doesn't sound right... One of the biggest reasons working at home is so attractive is that you can work when you want. You see book titles like The 4 Hour Workweek and pictures of people on the beach, and you're thinking THAT is what you signed up for.
While you'll have flexibility working at home, you don't want to get swept up and away by doing nothing or working sporadically. If you do, it will be reflected in your business.
Once your business is established, running smoothly and earning the income you set out to make, you can automate or even contract out some of your tasks so that you will have more time freedom.
And it's easy to get caught up in a false sense of security from one or two good months of income.. You have to keep the momentum going.
Think of it this way... The more you learn and the "smarter" you work today, the more likely it will be that you can leave the job you hate and work from any location.
Success didn't happen overnight for 99.9% of the people you see online. If you read many of their stories, you'll see that they had struggles and challenges that led to their success.
1. Start with a Basic Plan - Determine the basic tasks that you should accomplish in your business to keep the lights on and money coming into your business.
If you're just starting out, your business needs your attention on a daily basis to get you to the place where you're working 4 hours a week.
In fact, you may work more hours in the beginning to reach your goals. That's why it's important to shorten your learning curve and set things up in a way that will enable you to start earning real income as soon as possible.
Things to Do When Starting Your Business:
Determine how many product units you'll need to sell each day to reach your income goals
Select and Build a Platform or Central Hub
Create Written Procedures
Set up a Budget
Set up a Lead Generation System
Set up Google Analytics
2. Communicate with New and Prospective Customers. Speaking to your prospects and customers with valuable information on a daily basis, establishes new relationships and helps solidify old ones.
For existing customers, it keeps the relationship alive. You want your business (brand) to be front and center in the minds of your customers. It's important to provide useful information to keep customers engaged.
Getting your message out to prospects on a daily basis gives you an opportunity to reach a new audience, a never ending pipeline of people to talk to about your business
The more you know about your target audience, (prospective customers), the more you will be able to speak their language and address their needs.
If you don't address your customer's needs, your business will suffer. Without income; in essence, you have no business. There are many smart people with great intentions who have online "businesses", that have never made a dime.
Things You Can Do Daily:
Generate and Follow up with Leads
Pick a Phone App You Can Use to Jot Down Content Ideas
Respond to Email/Text Inquiries
Create and Post Content
3. Stay Focused and Eliminate Distractions - When working from home there can be many distractions. Post your work hours in a place where it is accessible to family and let friends know you won't be available during that time.
Cut off the TV and any distractions.
It's important that you stay focused during your work hours to accomplish everything you set out to do. The phone, if you have small children at home, other family members require your time, and it can cause your business to suffer.
That’s why it’s very important to have a dedicated space that is peaceful and quiet so that you can focus on the things that will help you grow your business. Once you determine the time of day that you'll work, guard it with your life. Make yourself unavailable during that time, the same way you would if you were working for an outside employer.
Things You Can Do to Be Productive:
Turn off the TV in your Workspace
Limit Social Media to Business Only Income Generating Activities
Take 10 Minutes Each Day to Prioritize the Items on Your Daily Task List
Work While the Kids Nap or Have a Designated Person to Sit with Them
Designate Someone to Handle Deliveries During Working Hours
Pick Blocks of Time That You Aren't Available to Talk on the Phone
If You Have an Office, Close the Door
Use a Planner to Stay Organized
There will be a million things on TV, or on social media that will take your attention away from your business. If you're at home friends and family that are available during the day may want to get together during the time that you should be working. Avoid these things until you have completed your daily plan.
4. Personal Development - Invest in yourself! Do something for yourself each day so that you can be your best for your family at home and your business family. If you can, have a day each week that is designated specifically for you to read a book, watch a video, have a massage, go to networking events, and focus on self improvement.
You have to be in good overall shape (mind, body, spirit) to make great business decisions and create the work at home lifestyle that will meet your needs.
If you're not currently in a good place, invest in books, videos and other materials on topics like motivation, fitness, positive thinking, success stories, overcoming adversity, productivity, solving problems and tapping into your creativity. Personal development is also key to your success.
Things You Can Do Monthly:
Invest in Sales and Marketing Courses
Focus on a Hobby
Follow Industry Trends
Improve Systems and Procedures
Network with Those
in Your Industry
Watch Business Related Videos
Tweak Your Lead Generation System
5. Business Management - What is the process used to make widgets or sell whatever it is you're selling? Do you have written procedures for crafting your products and services?
Have you thought about using an affordable online business planning and tracking software program like LivePlan (integrates with Quickbooks) to help with planning and running your business?
Write down the procedures, equipment and supplies needed for each task that goes into creating your product or service.
Documenting procedures will give your business more structure and allow you to figure out what makes sense, where the dots are not connecting and what to eliminate.
You may decide that you don't have the time or desire to perform all the tasks needed to run your online business. It will be much easier to hand a contractor a set of procedures when you're ready to add additional staff to your business.
You will have expenses that go along with running your business. Do you have a separate bank account dedicated to business income and expenses? If not, you should get one.
Are you devoting time to figuring out how much you're spending? Do you have a written method or software like Quickbooks to track your business expenses?
Are you running daily, weekly or monthly reports to get a snapshot of your business from an operations and financial viewpoint?
Some of these activities (like paying bills) may only occur once a month, but they should be incorporated into your daily schedule.
Things You Can Do Weekly:
Purchase Supplies and Materials
Create/Maintain/Tweak Your Income Generating Process
Check Google Analytics Reports
Generate Weekly Sales and Income Reports for Each Income Source
Track Business Finances
Perform Daily/Weekly Maintenance on Equipment and Resources
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