This One Tip Could Double Your Business Profits
This One Tip Could Double Your Income
In the eleventh month of running my online freelance writing business I discovered I could have doubled my income for the year by making one simple change to my business. I could have implemented this change in my second month and added 60% more in revenue to my bottom line. But, I resisted because I thought I knew better. (Insert massive face palm here).
Most of my freelance writing consisted of two main products. These were cover letters and resumes. Now when I say cover letter it’s important to make the distinction between a run of the mill one page cover letter and a personal essay based on set criteria dictating why they need to hire you. I’m talking about the latter.
These cover letters were hard work. They involved more research, a longer phone interview and took more time to write. I estimated these took at least twice as long as the resumes to write and since they were nearly the same price I rejected tones of this work to focus on resumes instead. This was a smart idea because it meant I was making more money per hour.
Well, it would have been a smart idea if it wasn’t for two things. I’d never actually tracked how much time it took to write a resume vs a cover letter and I only tracked my total advertising spend – not how much was spent on each product individually. Whoops!
In month 11 I decided I was going to track every minute of my time down to the last second in order to work out which tasks I should outsource to a Virtual Assistant. What I discovered was nothing short of amazing. Not only did the cover letters take less time to write, they had lower return rates and cost 50% less in advertising.
In fact by switching my focus to cover letters instead of resumes I could have added another 60% to my bottom line.
So here’s a tip that may seem obvious but is overlooked by many. In your second month of business track every minute of your time for a month so you know exactly where it goes. It doesn’t have to be complicated. I tracked mine using the stop watch on my iPhone and an Excel spreadsheet that broke my tasks into my two product categories.
You may just double your income.