The last 3 months I’ve seen the monthly revenue from my side businesses increase by 30%. And it’s really because of one thing…and I’m going to share that one thing in this blog post.
First, some background…
My wife Jill is a night nurse. She works part-time, 2 to 3 days per week, but she works the night shift. So she leaves at 10:30 at night and gets home around 8am which is when I’m heading out the door to go to work.
We also have 3 young kids she has to watch during the day. So during the summer when they aren’t in school, you might be wondering “when does she sleep?”. Well, she doesn’t…or at least not for more than 2-3 hours.
It will get easier now that 2 out of our 3 kids head to school, but that still leaves our 18 month old that she has to take care of.
So it’s gotten to the point where things are just too hectic with the kids and my wife walking around like a zombie…I decided it was time to step it up even more and see if I can boost my side business revenue so she can cut back her hours to 1-2 days per week. I’m also trying to step it up in my career because the more business I can bring into the company, the more I can earn.
OK, so I’m going on more about family than I intended to, but I’m trying to set the back story for what’s fueling me to create more revenue. I’m also learning that the WHY behind your goals is so important. Like Simon Sinek said.
Using me as an example:
Make more money is not very compelling…but make more money so my wife can cut back her hours and simplify things for the both of us is very compelling.
My Game Plan That is Working
I decided I wanted to make this happen in June and I gave myself to mid-January 2017 to make it a reality. My strategy — and here comes the #1 thing — is 80% of my time is spent on revenue-generating activities.
Now this only works if you have systems in place to take you away from the nitty gritty of your side business. If you’re not there yet, you HAVE to get there. Once you get out of the nitty gritty, the thought of going back is not only painful, but impossible.
By nitty gritty I mean executing all the details of your business. The exact meaning of this will vary from business to business, but the bottom line is that, as the captain of your cruise line, you want to be focusing on guiding your ship and getting new passengers, not cleaning your ship or feeding your guests.
The Key Thing to Focus On
I’ve noticed a 30% increase in revenue by focusing 80% of my time on activities drive my side hustle forward — both in revenue and strategy. When you focus the majority of your time on activities that push the needle forward, you’ll be amazed at how well things, overall, go your way.
To paint a better picture, here is some of what I’ve been focusing on:
- Adding new services to my side business (example).
- Finding new strategic partners
- Prospecting for business via Craigslist
- Prospecting for business via client referrals (testing refer.com)
- Setting up a profile on Thumbtack and paying for opportunities (liking it so far)
There’s 2 lessons I hope this blog post conveyed:
- Having a strong “why” behind making more money with your side business will help you grow it much faster.
- To experience stronger growth, focus the majority of your time on revenue-generating and strategic tasks.
Thanks for reading!