Ways to make more money in 2021.
If 2020 showed us anything, quite literally on a global level, it’s that we may not be as secure as we thought we were, financially.
Now, I fully realize that not everyone has the privilege or even the capacity to think about how to make more money, create more streams of income, or create a larger nest egg for when shit goes sideways.
But, a fair amount of people, do. And can. That’s who I am speaking to today.
If you have a business or a side hustle. This one is for you.
Even if you don’t, this episode may be helpful.
I was fortunate enough to continue growing my biz through the pandemic (which mind you, we’re still in, here in the states anyway). But that doesn’t mean I didn’t think about what would happen if I lost my client base, and thus, my income.
It’s an unsettling thought.
The plus side to having your own business, or side hustle, is that you have freedom to pivot. Even if it is forced upon you. Your employment likely doesn’t depend on the government mandates. And that’s a beautiful, beautiful thing.
This is also a reason that I am SO FOR people building side hustles and/or having multiple streams of income no matter what. This is doable even if you work a normal, 9-5 or simply aren’t self employed.
Having multiple streams of income is generally a safe bet – again, if you have the capacity to do so.
This does not have to be huge or monumental. You don’t have to create new programs or a full blown course. Though, you certainly CAN.
Working with brands is a great way to do this. While affiliate marketing is not the bulk of my personal income, it certainly is a nice trickle of extra income. Especially when times get rough.
If there is a brand you’d like to work with, reach out to them. Ask, or apply to be an ambassador. The worst that happens, is they say no.
Another way to create streams of income is to create a new product or course, or even branch of your business. It benefits me to coach strength and conditioning, as well as business. I am also aware, if I needed to, I could become a style YouTuber and blogger. I love hair, make up and style, or I could build out a planner and sell it. There are options, if I truly ever had to rebuild, and you better believe I have 100% thought about this.
Looking at worst case scenarios and how you would come back from them is one of the BEST TOOLS I ever learned. And I learned it from Tim Ferris in the Four Hour Work Week, which I highly suggest you read.
It’s applicable to those who work in an office or a 9-5 job as well.
So, you can reach out to brands and focus on affiliate marketing, or create new products/services.
You can also invest. Anytime you can make your money make you more money, you’re winning. You’d obviously want to consult with a financial advisor in order to do this safely and effectively.
If you don’t have a side hustle, but you have a hobby, or something you enjoy doing, then ask if there is a way to monetize that? Again, I am speaking to those wanting to make more money in 2021 and willing to put in the necessary work to do so.
Looking for ways to create multiple streams of income is the ticket.
With that, let’s say you have one high end offer. It’s expensive, and you don’t need many clients in order to make a solid income. Great.
Now, your offer pyramid is where we do a few things:
Now, I don’t suggest offer pyramids until you’ve nailed your higher ticket offers and philosophy. But we’re talking about how to make more money, here. And having multiple offers is a grand way to do so.
Yes, saving money makes you money because you keep more of in your bank. Fairly simple.
This is something I learned from a business standpoint in the book, Profit First. It is always a goal to keep my operating expenses as low as possible.
Admittedly, I have become less strict as my business has grown. But my overhead to run this business is VERY LOW. And that keeps my profit margin HIGH. This means more money in the biz, and in my bank.
I am all for aligning your spending with your goals. That can include getting your nails done, or eating expensive food. I am not saying to cut out things that bring you joy. I am saying to look at where you’re sending, that you truly don’t need to be. What is not a hell yes for you money and life goals? Eliminate or minimize that, if possible.
The next one is kind of a doorway to making more money.
Yes, it takes time to streamline and automate. I mean, to set it all up. But once it’s set up, then it creates space for you to either make new products or to increase revenue. Or it creates space in general. Ideally, spent looking for ways to make you more money.
In the same breath is the next tip for making more money in 2021.
Not, your physical fat. This might be confusing to some. So I want to be very clear.
Look at what makes you money – whether in your biz or your side hustle.
Then look at everything you do in your biz. All of the tasks.
What ACTUALLY and DIRECTLY makes you money, is likely 1-2 things. Am I right?
So, I don’t want to cut off all other tasks. But maybe look at what is not necessary right now. Do you need to be blogging? Or designing a full blown website? Writing weekly newsletters? Developing another offer when you can’t even sell your first one?
I don’t know. Only you can analyze and answer this.
All I know, is that yes, you need to be building an audience and providing free content somewhere. BUT THAT CAN BE ONE PLACE. Only Instagram. Period. So in your biz, you create IG content, talk about your offer, fill ‘er up, and serve your clients. THAT’S IT.
This is what I am getting at. If you want to make more money, if you want to fill your roster and scale, you need to cut off the fat, and focus your energy where it will MAKE. YOU. MORE. MONEY.
Another grand way to create more income for yourself is to charge for guest coaching or podcast appearances. Sure, people will tell you no. And maybe the pure exposure is worth it for you, to do guest appearances for free.
But there will come a time when it’s not. When you can either focus on your biz and make money, or someone can pay your media package. Just something to think about.
There is of course, discretion with that as well. If my biz BFF wants me to be on their podcast or coach for them, I’d likely do it for free. If the exposure is not worth it to me, I’d send my media package and charge for my knowledge and value to their audience.
Maybe I’ll change my mind in the future. But I definitely took and will be implementing Topsie VandenBosch’s Cut The Check course on pitching, creating and sending your media packages.
So that would essentially be another stream of income for you. Just something to explore if you’d never considered it before!
Lastly and perhaps the simplest way to make more money…
Now, don’t just go tripling your prices with no rhyme or reason. But if it is justified, by all means increase your price points. You can either add value and increase price, or increase if you are now undercharging.
This can be a touchy subject and there things to consider.
You can increase your price but grandfather old members in at their current rate.
Or you can inform clients that prices are going up, and give them a chance to leave if they like.
Also, you can add pricing tiers and have different value at each price point. So they pay more for a client portal, or more calls with you, etc.
As with all of these, it’s just something to think about. If you’re leaving profit on the table, how can you stop doing that?
Alright! I think that’s all I have for this mini episode.
A few ways to make more money in 2021.
Start a side hustle, create multiple streams of income, check your spending, save if you can, explore investing, and/or increase your pricing/change your pricing structure.
The goal is always more money in the back and less money left on the table.
Hope this helped get your wheels turning for 2021 and creating potential safety, and stability in your finances.
I am by no means an expert. So take all this for what it’s worth!
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I'm an adventurous introvert from Vancouver, Washington who lives on sleep + "me time." I'm a lover of lifting weights, dinosaurs, real talk and traveling with my husband. I am here to help you move better, lift more, bust the myths of the fitness industry, and inspire you to love the process.
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