Money. It’s something that we think about. Some of us think about it too often, but we all think about it one way or the other. Many people aspire to earn full-time incomes and have financial independence.
Sure enough, not everyone earns a full-time income. And not all of the people who make a full-time income do so with a smile. Making a full-time income by doing what you love to do involves putting in the work. However, there are common pitfalls that prevent most people from making enough money. Here are the big five:
#1: They Only Want The Money For The Sake Of Having It
Don’t think about having money for the sake of having money. Instead, think of what the money you are after would give you. Think about the financial independence, the ability to buy more things, and the ability to use your money to make the world a better place.
Most people don’t establish a strong WHY for making the money. Making money for the sake of making it isn’t good enough. Financial independence is a start, but you can dig deeper. What would financial independence allow you to do that you can’t do now?
The deeper you go, the more fuel you will add to the fire. Soon enough, you will approach your work with more motivation than before.
#2: Money Is At The Forefront Of Everything
The moment you put money at the forefront of everything else is the moment you don’t get as much of it. Some people in the desperate scramble to make revenue may create subpar products and charge high prices for them. They want the money immediately, so quantity and high prices seem like the logical option—at least on the surface.
Providing value is more important than having a quantity of products. Building the relationship between you and your customers in which you focus on helping the customer is more valuable than building the relationship just for the sake of making money.
If you only engage with your audience to get their dollar bills, then they will catch on. If you engage with your audience because you actually care for them, then the people in your audience will be more likely to buy your products.
It is too common for people who aren’t making money to doubt themselves. They blame their lack of expertise and/or certain circumstances that prevent them from making money. Blaming in this regard results in you staying in the pit of despair for a longer period of time.
Doubting yourself will hinder your progress and keep you in that pit longer. The only way to get out of that pit is by climbing out of it. Just ask The Dark Knight.
#4: They Aren’t Putting In The Right Work
Whether willing or unwilling, the people who don’t make enough money often are not putting in enough productive work. We are good at putting in work, but productive work is a different story.
Most people like to believe that all work is productive. However, that is not the case. Certain work that you do is just busy work that takes time out of your day. As my social media audience grew larger, continuing the growth became busy work. My social media audience was growing but my income was not changing.
As a result, I focused all of my attention on Twitter and eventually outsourced most of the activity on all of my social networks.
Now I focus more of my time on creating and marketing my training courses.
In our constantly busy lives, we put in a lot of work. Creating the distinction between busy work and productive work allows you to identify where you need to spend your time.
Spending time on one activity means sacrificing some of the time you could have spent on another activity. This is the economic concept of an opportunity cost. You could be losing out on the opportunity of a lifetime because you are not utilizing your time wisely.
Sometimes, we know what we must do to move forward, but we don’t find the time to make it happen in our schedules. Don’t be that person.
#5: Exploration Without Commitment
If your strategy is to pursue shiny object after shiny object, then prepare for disappointment. Many people fall prey to shiny object syndrome in which they do a lot of exploration but don’t commit to anything.
It’s like shopping at Macy’s for two hours without buying any clothing. It’s like spending two hours looking for the best trails in your area but then not running on any of those trails. Basically, it’s a waste of time.
You need to do some exploration to find the right opportunity for you. However, you must also drop the anchor when you find an opportunity that appeals to you.
You don’t have to drop the anchor many times, but you have to drop it eventually. I don’t drop the anchor often. The first time I truly dropped the anchor was when I decided to focus most of my time on Twitter. Over 250,000 followers later, I am happy that I temporarily ditched all of my other social media accounts.
For better or for worse, we think about money. If we could earn a dollar every time we thought of money, some of us would be millionaires just for that.
We want money, but in order to get what we are looking for, our thinking pattern must change. Instead of making money just for the sake of making money, go deep and ask yourself what the money would do for you.
As you go deep and motivate yourself to make more money, remind yourself that money is a good servant but a bad master. Don’t let the thought of making money become the forefront of everything that you will do. Your work will be less enjoyable and you will think more about what you don’t have than what you actually have. When we focus on what we do not have, we get discouraged.
Making money does require putting in the work, but it also requires approaching money-making with a different perspective from the traditional one.
Which of these reasons resonates with you the most? Did I miss any reasons why people don’t make enough money? Have any tips to share? Sound off in the comments section below.
Twitter, just as all social networks, is a double-edged sword. Twitter can provide many opportunities, but it can also take up too much of our time. Small business owners constantly want to utilize social networks like Twitter but rarely have enough time to do so.
Twitter is the main reason I became a digital marketing expert. Once I got comfortable with Twitter, it was easier to get comfortable with the other social networks. In addition to the comfort, most of the interviews and guest blogging opportunities came directly from people who first saw me on Twitter.
Then time became a factor. During my junior year of high school, I had so little time for my business that the only thing I could focus on was Twitter. I saw the growth of my audience and was happy. However, I wasn’t fully utilizing the revenue generating opportunities.
Many small business owners find themselves on the seesaw with social media activity on one side and revenue generating activity (quicker revenue versus long-term revenue and social proof you get from social media) on the other side.
No matter how much you try, you won’t perfectly balance on the seesaw. Unless you have freelancers working for you.
The most significant decision I have made for my business in 2015 was outsourcing my workload. The only thing I do on Twitter now is engage with my followers. Virtually everything else I do on Twitter is outsourced.
This one decision has saved me an enormous amount of time. I want you to see similar results. Here’s what you need to outsource in your Twitter strategy:
#1: Prewritten Tweets
Many Twitter users find themselves tweeting the same type of content. Some Twitter users find themselves tweeting the same tweets in a cycle. If you are not one of these two Twitter users, you may find it difficult to schedule any tweets at all.
Regardless of which type of tweeter you are, outsourcing that work solves the problem. All of my tweets are scheduled by someone else. That saves me 15 minutes per day. 15 minutes per day may not seem like a lot, but the crumbs add up.
We all want to be successful on social media. Therefore, it only makes sense to look at successful social media accounts. Take a look at The Huffington Post’s account. Arriana Huffington does not publish the tweets that show up on @HuffingtonPost.
All of the top brands have social media management teams. However, you don’t need to be as big as The Huffington Post to outsource your tweets. You can find a freelancer on a place like Fiverr or UpWork. Then tell the freelancer what types of tweets you want them to write and publish on your account. Be specific.
Then you can devote your time towards other areas of your business. If you find yourself tweeting multiple on-the-fly tweets, you can potentially anticipate those tweets (i.e. if you know you will tweet affiliate links for the next three weeks) and tell the freelancer to schedule the tweets.
#2: Audience Growth
Imagine gaining hundreds of Twitter followers every day without being on Twitter every day. Just a year ago, I thought this was impossible. I thought I would have to put in all of the work to grow my Twitter audience.
Then I hired a freelancer and told him what to do. Now that part of my strategy is automated. This decision allowed me to save an extra 30 minutes per day.
Remember how those small crumbs add up. Now I’m saving 45 minutes per day (and Twitter isn’t the only thing I outsourced so I save more time than 45 minutes).
Learn how to grow your audience and examine how your freelancer grows your audience. That way, you are bound to achieve rapid audience growth without putting in any time.
#3: Account Problems
One of my CSV files had a bug where apostrophes were replaced by question marks. Here’s what happened:
Original Tweet: 5 Ways To Boost Your Blog’s Traffic
With The Bug: 5 Ways To Boost Your Blog??s Traffic
I told my freelancer (the one who schedules my tweets) about the problem. I proposed some ideas about why the problem occurs and then my freelancer was on it.
I no longer worry about these issues because I have a team around me putting in the time to fix these issues.
Engagement is the one thing on this list that I will never outsource. For some people however, it may be a good idea to outsource the interaction between your account and your followers. That depends on the amount of interaction your account receives each day and if you feel comfortable with someone interacting with them for you.
If you don’t interact with your followers because you don’t have the time, then outsource this part of your Twitter strategy. It’s better for your Twitter interaction to get outsourced than it is for no interaction to happen at all. Be very careful with this one. Make sure you set very clear expectations with this one.
Outsourcing your Twitter strategy will open up more time that you can repurpose towards other areas in your business. When you choose to outsource your Twitter strategy, the only thing you must do is make sure your freelancers are doing their work.
In the beginning, never assume that you and your freelancers are on the same page. It is usual for miscommunications to occur in the beginning until you and your freelancers get into a groove. Look over their work and make sure they are doing a great job.
What are your thoughts about outsourcing your Twitter strategy? What do you want to start outsourcing? Do you have any ideas for other parts of the Twitter strategy that you believe should get outsourced? Sound off in the comments section below.