10 Business Growth Hacks to Rocket Your Work from Home Business

10 Business Growth Hacks to Rocket Your Work from Home Business


If your side hustle isn’t making as much
money as you expected, I’ve got 10 business hacks to break you out of that funk and make
more money. I’ve used each of these ten ideas to grow
my monthly income from nothing to over $10,000 a month in just a few years. We’re talking growing your home business
to make more money today on Let’s Talk Money! Beat debt. Make money. Make your money work for you. Creating the financial future you deserve. Let’s Talk Money. Joseph Hogue with the Let’s Talk Money channel
here on YouTube. I want to send a special shout out to everyone
in the community, thank you for taking a little of your time to be here today. If you’re not part of the community yet,
just click that little red subscribe button. It’s free and you’ll never miss an episode. If you’ve been watching our side hustle
series, you discovered in that first video how to find the perfect work from home idea
for you. We talked about narrowing that list of 101
side hustle ideas and which one fits your goals. Then in the second video, I showed you how
to find more time in a busy schedule. I revealed those five productivity hacks to
get more from that time. But we’ve still got one more challenge to
your work from home success. In that survey of the community a few weeks
ago, you told me another hurdle was managing and growing your side hustle. That’s what we’re going to do in this
video, show you how to grow a side hustle to replace your 9-to-5 job. Whether you’re just starting out or have
hit a plateau in your profits, I’ve got 10 hacks that will drive your income higher. First though, I want to go back to your feedback
here. What has been your biggest obstacle to starting
or growing a side hustle idea? What are those one or two reasons that have
stood in your way? This helps to give me ideas for what videos
are going to help you the most so scroll down and share those in the comments below. The first hack and this one is going to help
you build up that income to the point you can quit your job is using the freelancer
to entrepreneur model. In any side hustle, whether it be selling
online or tech development or blogging, there are skills you can freelance. We’re talking doing projects and regular
work for others for $30 and $40 an hour. This is how I started, doing freelance investment
analysis and writing in 2012 while I built up my own blogs and online assets. The power of this hack is that you start making
money immediately with freelancing while your own business grows to make that long-term
money. You can find side jobs on sites like Upwork
or other apps for freelancers. That freelancing money will mean you make
that transition to full-time work from home much faster and can really start to build
your business. Next here is to shift from a one-to-one business
model to one-to-many. This one is about growing your income, taking
it to that next level after you’ve started. I know a lot of you are going to start out
doing coaching or consulting or even that freelance model where you help one customer
at a time. That’s fine to start and it means you can
provide some great customer service. The problem is you’re always going to be
trading your time for money. You’re limited to the money you make by
your available time. You need to increase the number of customers
you serve in that time. There’s two ways you can shift to a one-to-many
business model. First, if you’re doing consulting or something
like that, you can start doing group consulting or masterminds. Instead of a call with just one person, you
meet with four or five at a time. Now maybe you drop your rates a little since
it’s not that one-on-one service but you’re still making much more money. For example, if you charge $50 an hour for
one-on-one coaching, you can drop that to $35 an hour for groups of four and boost your
income by almost three-fold! The other way to move to that one-to-many
model is to template as much as possible in your consulting or products. So I’m thinking here, if you have a report
you provide to clients, then you make as much of it as possible a standard report. From there, you can just fill in the spaces
customized for each client. This is what we did when I worked as an economist
for the State of Iowa. We had reports to produce for dozens of regions
and sometimes 99 counties. The only way we could get it done was to create
a standard report and then fill in the customized pieces for each. The third hack, and this is one I see most
new business owners miss, is reinvesting in your business. I know the idea is to pay your bills with
the side hustle, to quit your job and live off your work from home business. Don’t fall into the trap made by so many
entrepreneurs, spending all your profits. You need to aggressively reinvest, especially
in those first few years. I’m talking buying software, products you
can sell, assets and bringing on people to help grow the business. There’s a huge shift in the new service
economy and today’s side hustle opportunities versus the old school models. Something that shocked me reading Phil Knight’s
memoir of growing Nike and Richard Branson’s autobiography is how close to bankruptcy these
companies were for years, even decades. They reinvested every penny back into the
business, Nike doubled its sales every year for nearly a decade. That meant they almost never had free cash
flow and it put their business at risk but I there’s a lesson here for today’s entrepreneurs. In a lot of those side hustle ideas we talked
about in the first video, you’ve got almost no business costs. In a lot of online businesses, you can take
almost all your revenue and use it for your own personal living expenses. Take it out of the company and spend it. That is NOT going to grow your business! You don’t have to reinvest every penny but
you need to be finding new projects and assets that will help grow your sales in the future. Now I’d say a minimum to reinvest would
be 25% of your profits but I’ve seen a lot of entrepreneurs that aim for putting 50%
of their profits back into the business. Fourth business hack and this is a fun one,
go to a conference or connect with a mastermind group. I started going to an annual conference of
financial bloggers in 2015 and I can honestly say it’s meant the difference between success
and failure for my business. Besides learning constantly from this group,
it’s a source of motivation and support that you just don’t get much with an online
business. Traveling to a conference can be a pretty
big expense. Remember you can deduct that off your business
income for taxes but it might be a year or two before you can afford it. Highly recommend it though, find a conference
in your niche and get to know the people. Less expensive but also worth it is joining
a mastermind group. This is a small group, usually four or five
business owners, that meet weekly or bi-weekly to help brainstorm and work through problems. Now we talked earlier about setting up your
own groups for clients but you can find these mastermind groups that don’t charge as well. Sometimes if the group is set up by a superstar
or if they do a lot of work managing the group, maybe they’ll charge a monthly fee but a
lot of times these are just a group of friends doing a group call. Just like the conference idea, this is so
much more than just the advice and extra money you’ll make. And you will grow your business. These groups are like getting three or four
business consultants for free. But the groups are also a great source of
motivation and support. The next business hack is going to be learning
to say NO! Always be thinking about that 80/20 rule of
business. That’s the Pareto Principle that says 20%
of your work produces 80% of the results but it also means that other 80% of your effort
is only producing 20% of the results. We talked a little about this in the last
video on getting the most from your limited time and there’s two ways it can help grow
your business. First is to understanding that part of your
business, the work that produces the most profit. For me, it’s getting down and creating these
videos and writing blog posts. I can do all the social media posting, answering
emails and tracking analytics I want but if I’m not doing that core part of creating
videos, I’m not going to grow my business. Once you understand the 20% of your business
that produces the most growth, you can shift more time to doing that. Reevaluate some of the other tasks and maybe
even cut them out completely. You might even start saying no to clients. I started out in that freelancer model but
started shifting to focus on my own business within a couple of years. It was at that point that I had to start cutting
freelance clients to free up the time for higher-profit projects. This is a tough one for a lot of entrepreneurs. It feels weird to cut a client but understand
those time limits and that spending time on higher-profit projects means more money. It’s not a matter of working more hours,
it’s a matter of allocating your time for the fastest growth. We’ve got five more business hacks left
but if you’re likin’ the video and the information, do me a favor and tap that thumbs
up button below. Start spending two hours a week planning and
creating a strategy. As a new freelancer or entrepreneur, a lot
of times it’s all you can do to keep up with the work you have. You’ve got a list of weekly work that consumes
all your time. Running four blogs and a YouTube channel,
sometimes it feels like a race just to get my three videos and blog posts done each week. But getting trapped into this weekly routine
means you’re not growing like you could. If you’re just doing enough to keep your
head above water, you’re not swimming to the shore and it’s always going to feel
like you’re drowning. Put strategy on your schedule. It doesn’t have to be a lot of time, maybe
a couple of hours each week. Best practice would be to do it just before
a mastermind group so you can bounce your ideas off the group. During this strategy session each week, think
about your process for each task and how to improve it. How can you make each task faster and better? Think about the different income sources you’re
using, how to prioritize the best and grow them. Create those short-term weekly and monthly
goals that will motivate you and feed into your long-term business goals. Our seventh business hack is to start creating
marketing funnels. We talked about these funnels in our video
on affiliate marketing but it really applies to any business and any product. A marketing funnel is the process you use
to guide visitors from that first connection with your business to a regular customer. I see so many business owners spend thousands
on ads, so many bloggers just drop their affiliate link or a link to their course in an article. None of them make any sales and they wonder
why. We see thousands of commercials every day
and people have become blind to it. You might get one out of 30 people on your
website to click on a link and maybe one out of every 30 of those to actually become a
customer. That’s about one-tenth of a percent, one
in 900 potential customers actually helping to grow your bottom line. Or better stated, that’s 899 missed opportunities
for every sale. With a marketing funnel though, you grab people
early with a low- or a no-commitment action. Maybe you offer a free download or group consultation. This gets them onto your list, gives them
something of value and starts that relationship. You build that relationship, that trust, over
a few emails. Get to know that person’s needs through
link tracking in the emails. You help guide them through the decision-making
process by offering comparisons and talking pros and cons. By the time you’re done, those cold leads
have become contacts. I guarantee, develop a marketing funnel around
your products or affiliates and you’ll convert ten-times the number of customers. I’m going to link to that video series on
creating these funnels below in the video description so make sure you check that out. Eventually every business owner needs to start
thinking about building a team and outsourcing. Over half the business owners in a survey
by VisualCapitalist reported being able to grow their business 20% by outsourcing just
10% of the work. So this isn’t about spending money, it’s
about investing in something that will help you grow. Again I’m going to refer to our second video
in the series were we talked about the difference between Deep Work and Shallow Work. Deep work is that 20% of the work that drives
80% of your progress. On the other hand, shallow work, is the less
important tasks. We’re talking the 80% of the work that maybe
only accounts for 20% of the results. So this fits in here when deciding what to
outsource or what to hire out as well. A lot of those shallow work tasks are routine,
fairly easy and can be outsource cheaply. For example, you can go on Upwork and find
thousands of freelancers to answer email, create graphics and manage little tasks. So you start building a team to do these little
tasks. You might also outsource some of the tasks
that are important but you don’t enjoy or maybe don’t have that professional skill
set to do it well. One of the most important tenets I got from
Phil Knight’s book Shoe Dog, something he repeats quite a few times, he says “Don’t
tell people how to do things, tell them what to do and let them surprise you with the results.” It’s a powerful idea in hiring and outsourcing. Instead of hiring for skills, look for people
with a drive and a passion to help you grow your business. Then give them a task. Don’t micro-manage, telling them exactly
how to do it. Then let them surprise you with the results. It’s a brilliant way of finding those few
people out there that will take your business to the next level. The ones that don’t share your drive, that
need to be told how to do everything and can’t surprise you with the results, cut them fast. You’ll eventually find that long-term hire
that will be worth ten-times their pay. Our ninth business hack is to start creating
your own products. I see so many YouTube creators, so many bloggers
and other entrepreneurs relying almost exclusively on advertising and other people’s products. Don’t get me wrong, ads are a nice chunk
of change for the channel and I make a few thousand a month on affiliate sales. But you will never grow your business, you
will never make as much as you can while relying on someone else to pay you. Another lesson from the story of Nike, and
I promise this is the last one, but the company spent a decade as a distributor for a Japanese
shoe company. For ten years, Nike which was then called
Blue Ribbon, was pretty much just a salesman for someone else’s shoes. It wasn’t until the company started producing
its own shoes, its own products, that it grew into the $132 billion behemoth it is today. Get off that hamster wheel of affiliates,
sponsors and ads. Create your own products whether they be books
and courses or physical products. Our next business hack is the simplest, raise
your rates. It’s a common story in business, especially
work from home models, you start charging lower rates to get your side hustle off the
ground. You fully intend to raise your rates eventually
but just doesn’t seem to happen. Pretty soon, you’re swamped with work, still
not making enough to quit your day job and get frustrated that this work from home thing
ain’t workin’. And we’re not just talking about raising
your rates for new customers. I understand you don’t want to make existing
customers mad but that doesn’t mean they shouldn’t pay a fair price for your service. A solution might be to raise rates on existing
customers a certain percentage, say 10%, but raise your rates for new customers a higher
amount like 20% or more. You’ll have some customers get mad and some
will leave. You might not get as many new ones as you
were but you’ll make more money. You’ll have more time to give your remaining
customers better service and you’ll make more money. I’m putting two videos here on the right,
one on creating your first online course and another for making money with affiliates. These are two of the best income sources I
use and I’m guiding you step-by-step through each so check those out. Don’t forget to tap that subscribe button
and join the community here on Let’s Talk Money!

10 comments

  1. Not enough time for a side hustle? ⏱️ 5 Hacks to Find More Time without Sacrificing Fun! https://youtu.be/jnJaTUJPiaI

  2. My view is that for me the opportunity lies in buying a badly run website/blog/store and doing a complete makeover … The problem is I have no idea where or who to turn to …

    You mention the idea but still I dont know how to execute it … I havent yet found any courses or a reliable person to learn this particular method from … Since you aint teaching it I dont know where to go .. Guess I should type it in youtube and see what comes up

  3. Well organized data with clear direction on how to jump start or get your homebased to the next level. Thanks for helpful content as always

  4. After I got out the Marines I went to school thinking I’d want to do counseling. Let’s just say I fell out of love with that but not in time to choose a different degree path. I’m working for a school now that will pay for my grad program. I was thinking about a MS in Accountancy. What are your thoughts? I’m thinking it will give greater opportunity to work from home and flexibility, and definitely increase our income so we can start saving and investing wisely.

    Ps. Love your channel. I seriously learn so much.

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