Income Generating Activities

income activities

As solopreneurs we make choices everyday as to the best use of our time.  And there are more than enough activities to choose from that eats away the hours we have to devote to our businesses.  Many of those hours are spent providing the service that we offer to our clients.  Because we are typically passionate about that product or service we become experts in our fields.  The sad truth is that being an expert does not equal being financially successful.  And although it is not the money that drives us it is the money that allows us to continue our endeavors. We must learn how to incorporate income generating activities on a daily basis.
I did a quick survey of successful solopreneurs to ask what types of income generating activities they do and how much time do they spend in that area of their business.  I have always believed that the 80/20 principle applies to these activities and I believe my quick survey proved me right.
This is what I learned.  Although they all came from a different perspective as to what was effective for their business the amount of time they spend on these activities is about the same.  I received similar responses that they spend anywhere from 20-30% of their time and/or responses like they always do at least one activity each day for marketing and sales.  Activities such as warm and cold calls, networking with their target market, writing sales copy and getting it in front of their target market were all activities the different individuals do on a consistent basis that generates the results they are looking for.
If you look at your own business how much time do you honestly spend on income generating activities?  If it is less than 20% of your week you might want to look at restructuring your time.  If the financially successful solopreneur spends up to 30% of their time looking for new business I would follow their example in your own business.  And if you believe that you are spending that amount of time but you are not experiencing the income as a result you need to do some research.
The first research I would recommend is that you track your activities for a week.  You may find that although you think you are spending enough time in reality you are not.  However, if you find that you are honestly putting the time in then you must evaluate the activities themselves.  Learn what your numbers are.  If you are not converting enough contacts to sales determine where the weak link is.  Do you need to improve your closing skills, increase your number of prospects or are the prospects you are attracting the correct target market?  Successful business owners are always looking at their results and determining where and how they can improve.  Need help in this area get outside assistance that can look at your situatiion with a fresh set of eyes.
Create a prosperous day.

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