Are you self-employed, running your own small business either full-time or on the side, and just not sure how to give yourself a raise?
I know, it sounds silly to many, but in truth the savvy business owner knows where money goes and how fine the margin of profit is after operating expenses, insurance, paying employees, etc, are all factored in.
If you're in this situation, here are tips for giving yourself a raise. Although they might not all work for you, I would venture that at least two of these ideas could be a perfectly feasible way to give you the financial boost you need.
1. Find more tax breaks
2. Increase your client base, or expanding it to a new niche, or more affluent market
3. Increase your rates or prices
4. Identify a new niche or more affluent client base - a new or more affluent niche (having more money to spend) can be a quick way to hit the bottom line quickly.
5. Offer courses, training, or tutorials - online universities and programs are cropping up everywhere. You could develop and teach courses at your local university, or through online providers like Udemy.com or Coursera.com.
6. Provide consulting advice to another organization or online - as a business owner you have skills, strengths, experience and expertise that are valuable. In our global market, fully connected by the internet, your value can help not only local organizations with similar challenges but customers on the internet and abroad.
7. Cut expenses - the flip side of making more money is wasting less of the money you already get. This sounds simple enough, but few business owners really take the art of subtraction and streamlining far enough - leaving lots of room for improvement and savings. A great way to do this is to 1. Map out your business processes and 2. Apply the Lean tool known as Value Stream Mapping. If you haven't heard of lean, it started in Toyota's manufacturing plants, as a method of eliminating every wasteful step in their processes, to essentially reduce scrap and excessive steps to the bare minimum, making them highly efficient and more profitable.
I could share more, but try these for starters and let me know what works for you.
Coach Baez has helped hundreds of clients level up their careers and lives. In this blog he shares some of his best tips and lessons learned through his years of coaching.