Last August I shared a great tip with you on how to make more money online.
This month I'm celebrating 10 years blogging, and the topic came up again recently in Brainstorming Hour, so I thought we'd revisit this topic - with some actionable tips on how to apply this super simple strategy to increase your revenue - fast.
As I mentioned in the original post, the habit of starting each day with a Money Task is what keeps my online business moving forward and consistently making money. The question came up this week, "How do you define Money Tasks?" GREAT question. I qualify mine in one of two ways: direct and indirect money tasks...
The reason I start each day off with a Money Task is simple: no matter what else happens, I'll have accomplished something that moves my business forward.
No matter how small the task, taking that daily action is what has kept my business (and revenue) growing consistently over the last 17+ years.
As I mentioned, there are two types of Money Tasks - direct and indirect.
Brainstorming information product ideas, or scouting new affiliations, would be indirect. Promoting one of those products = direct. Either way, you are taking an action toward strategically growing your business and/or your revenue.
How To Choose Money Tasks You Should Focus On:
The specific Money Tasks you focus on will depend on your business model AND on your current objectives. The first step is to figure out the ONE thing you really want to accomplish in your business - some major growth, launch or milestone.
Get a specific goal in mind.
Once you know WHAT you want to accomplish, you can easily outline the HOW.
You'll outline your Money Tasks around that one single objective, that main goal. Start by making a list of everything related to achieving that goal, then break each major part of the process down into micro-tasks (the smallest possible task).
How To Prioritize Your Money Tasks For Strategic Growth:
Once your have your objective or goal established, and the tasks to achieve that goal outlined, prioritize those tasks in the order that makes the most sense.
Let's say you're going to create an info-product, for example. Break it down into the smallest possible tasks, and put them in the order that makes the most sense, such as:
- Choose a topic
- Decide on a title
- Register the domain name
- Create a rough draft of the outline
- Turn your outline into a Table of Contents
- Use your Table of Contents to create Chapter Headers
- Make notes for each Chapter with ideas, or the main point
- Flesh out one chapter (rough draft only, edit later)
.... etc
This really helps you stay focused on your priorities, and move forward toward that one goal consistently by taking daily action... one task at a time. And by breaking it down into the simplest/smallest possible micro-task, you can work on the project in 15-30 minute Time Blocks without getting overwhelmed.
Examples of Direct and Indirect Money Tasks:
"Do you consider writing content for your own product/program a Money Task, or do you only count it when you're actually promoting the program?
If you do Public Speaking, is making contacts a valid thing to check off your list, or do you feel you actually have to get a commitment for an engagement before it qualifies? Does a blog post with an affiliate link count as a Money Task?"
Examples are really helpful, hey? 😀
The key difference between indirect and direct money tasks is whether it results in immediate revenue/profit (direct), or it's a task that will grow your business / increase your revenue long term (indirect).
Here are 20 specific examples of both direct and indirect money tasks that will help you grow your business and increase your revenue consistently:
- Direct: Publish a product review with a strong recommendation.
- Indirect: Tweak your opt-in copy to increase conversions.
- Direct: Email your list with a great offer/opportunity.
- Indirect: Set up a mailing list & add the opt-in form to your site/blog
- Direct: Create an autoresponder series for your mailing list.
- Indirect: Strategic Social Networking to increase your reach.
- Direct: Promote something specific via Social Media.
- Indirect: Brainstorm Info Product Ideas
- Direct: Set up a sales page with a buy button
- Indirect: Write/Outsource the sales copy for your product.
- Direct: Set up an affiliate program for your product/program.
- Indirect: Map out your marketing plan & promotion strategy.
- Direct: Recruit affiliates for your affiliate program.
- Indirect: Content Marketing to increase your traffic.
- Direct: Content Marketing with a monetized call-to-action.
- Indirect: Find, connect with & communicate with brands in your niche.
- Direct: Send a pitch/proposal to a merchant or brand.
- Indirect: Research, Studying/Learning something related to your goal.
- Direct: Setting up a Joint Venture.
- Indirect: Install the "Subscribe To Comments" plugin to increase engagement in your blog comment area, to build a more engaged/loyal readership.
These are just examples of course, and as I mentioned above your tasks/goals will depend on your business model. I try to do a "direct" Money Task every single day, but indirect Money Tasks are just as important for the overall growth of my business and revenue - so I generally choose the highest priority task I can do to move forward based on my current objectives.
What about you?
What do you consider key Money Tasks in YOUR business?
Best,
p.s. If you want your tasks laid out for you every single week, in order, to take your online business to maximum profit potential as quickly as possible... then you'll want to check out my Niche Success Blueprint Weekly Training Modules. 😉
It's a super easy way to stay on track, simply by studying your module and implementing the tasks you're sent each week. You'll love it!!
About Lynn Terry
Hi Lynn,
I have learned a lot of things from you over the years but I believe this list of 20 examples is one of the most valuable lists that I can remember being shared.
Thank you very much for all you share with us.
Have a great evening. Monna
Thank you Monna - I'm so glad you enjoyed this post and found the list useful! 😀
Indeed. I enjoyed the examples as well.
Along with the clear distinction between direct and indirect money tasks. 🙂
It's a very valuable list.
I'm really glad to hear that, Daniel! 🙂
Hi Lynn.
Thanks for the examples. A great help as I was getting a little confused between the two.
Great BH hour last week by the way. 🙂
Thanks Kerry, I really enjoyed it as well. 😉 I don't worry too much about indirect vs direct, so long as I am consistently working toward that end objective, and do *something* (no matter how small) that takes me closer to that goal every.single.day.
This article is great.
So valuable, in fact, that I copied and printed the 20 bullet points. They're now hanging on my wall as my daily go-to.
Thanks!
Great to hear, Bo! 😀 I'm sure the list will vary depending on your business and your goals, but it's good to have something as a starting point, then revise it from there to suit your needs. 😉
"Content Marketing with a monetized call-to-action" - would a blog post qualify in this category? The reason I am asking if I start my day out creating a blog post and then linking to a squeeze page with the goal of increasing my mailing list - would this be considered a direct money task or indirect money task.
Thanks for sharing Lynn - awesome article. 🙂
It would be "indirect" in my book as you're building your list - which ultimately leads to increased revenue (long term, not immediate). Not that it matters, it's growth either way! And that's the name of the game. 😉
I guess unless your mailing list has an monetized autoresponder series that would monetize any new subscribers immediately? 🙂
I think that might count as "direct".
Great point! 😉
Great to do list Lynn. Little baby steps each day for monetization will definitely lead to long term results. I'm not sure about doing it for just 15 minutes daily though since I put hours daily into social networks, commenting on blogs, writing Prs/blogs and finally doing more research to improve my affiliate program.
The goal is always the same which is to build a true residual money stream for all involved but in my experience has shown that you meet so many different personalities during the process that keeping the same routine is very difficult. the end result of which is always spending more time online than one would expect.
Agree or disagree Lynn? 🙂
You bring up a great point, Maurice. It's very easy to get swept into the "time suck" (down the rabbit hole) which is why it helps to start your day with a single, focused micro-task with a very specific objective. BEFORE you start in on your "work". 😉 This action is what keeps my business moving forward strategically, and keeps me from getting "lost in the noise" - which can keep you from ever reaching your true goals.
Lynn,
Thank you for covering so much detail on this topic. I was confused and going 'round and 'round in circles trying to figure what whether the activity I was working on was a Money Task or not. I ended up staying "busy" but not very productive.
You've broken the circle of confusion for me and now I can get back on a straighter path toward actual revenue instead of trying to decide whether I did it right - or not.
Thanks for all you do. Looking forward to seeing you soon.
Teresa
Busy vs Productive is a great topic. See Maurice's comment and my reply above. 😉 Thanks again for inspiring this blog post, Teresa! 😀 *cheers*
Awesome list! I'm going to take Bo's suggestion and print it out.
This really cements the concept of money tasks in my mind.
Thanks!
I'm glad to hear it, Sherry! 😀
Thanks for taking the time to create this list. It's a great reminder of what's most important in growing your business. I gotta add one..creating and promoting a video for your target market.
That's a great one! I'm sure we could add hundreds of "micro tasks" to the list of examples I shared above - but I agree, video is a great way to increase your reach!
This is probably by far my favorite post from you and I've been following your work for years. How to actually START MAKING MONEY is what people really want to know. Thanks for the post. Great job..!
Thank you Shawn! 😀 I'm really glad you enjoyed it. I have tons of posts on the topic, but I also have a step-by-step blueprint (NicheSuccessBlueprint.com) that walks you through the entire first year of creating a sustainable online business - from start to maximum profit potential. It's one of my FAVORITE projects, and everyone is LOVING it so far!
I'm considering teaching it "live" workshop-style in 2015, so stay tuned. 😉 *cheers*
What a great post Lynn. Prioritizing so that the majority of our time is spent on money tasks is probably one of the hardest things we have to do. The examples were great and I liked the post so much that I have selected you for "Today's Out of this World Recommended Read"!
Glennette Goodbread, Owner
Premium Web Design and Hosting
Thank you for the recommendation, Glennette - very much appreciated!! 😀
Thanks for this post Lynn, you have made the difference between direct and indirect money tasks very clear for me and I am sure this is going to help me straighten things out!
Glad to hear it, Kostas! It's such an important point, a key to moving forward and growing your business consistently.
I love how specific this post is Lynn! Sometimes it's easy to get wrapped up in the minutia and forget what makes the income wheel spin.
Thanks so much for putting it together.
Thank you Carrie! I agree with you on that - it's definitely easy to get buried in the tasks and the business maintenance. Starting the day off with a Money Task at least gets you started on the right foot every day, even if things get a little distracting or disorganized as the day goes on. Which can easily happen. 😉
Thanks for the list here Lynn. I've also got caught up in wondering 'is this a money task'? This clarification helps a lot. Today I have an absolute direct money task to work on, so looking forward to moving forward with that.
cheers,
Fay
I'm glad the clarification helped, Fay! I'm like everyone else - I have endless tasks on my list(s). It can be overwhelming. By choosing and focusing on a single Money Task first every day, I find it really gives me a good solid start to the day.
It has to become a habit. You have to sit down and say "Payday time! What ONE thing am I going to do today to improve my revenue and/or grow my business?" Then... do it. 😀
Hi Lynn,
All are super solid tips. For me, detaching a bit from monetizing and simply over delivering in all I do, from posting comments on blogs, to publishing my posts, has helped me monetize my blog with increasingly less effort and with less focus on monetizing.
When I started my new blog, Blogging from Paradise, I had a way cool topic and story. I'm writing for bloggers who want to retire to a life of island hopping through smart blogging, just like I have.
But I knew that going above and beyond in the blogger outreach and post depth departments were the factors that would make my blog really pop. I published three, 2500 word or longer, in depth posts weekly and started to post in depth, thorough, helpful comments on authority blogs.
When I released my new eBook 2 weeks ago my sales were solid right off of the bat. I scored a few awesome endorsements from world renowned, famous folks both in my niche, and heck, the one dude is just an online and offline celebrity. Anyway, the habit of over delivering and of telling my story in all that I do helped me detach from money outcomes, which of course helped me make more money through new freelance writing gigs, eBook sales and through other channels as well.
Like you noted Lynn, tweaking an opt in form, or placing it in a different spot, can be an indirect way to boost your cash flow and stuff like getting super clear on your ideal reader can put your monetizing efforts into overdrive.
Thanks for the smart post Lynn.
Tweeting in a bit.
Ryan
Thanks for the tweet, Ryan. Loved your comments on over-delivering! A great addition to the discussion here. 😉 And congrats on your success, what a great topic! *cheers*
Hi Lynn
Great examples which I am printing out.
For me, publishing product reviews, having an opt-in list, strategic social networking, promoting something specific thru SM, set up affiliate programs, content marketing, finding and connecting with brands, for now.
In the future, I am looking at Datafeedr, and doing an info product.
Little by little I'm gaining followers and by interacting with them on sm it leads to other ideas and new ways to promote my site. Every day, weekends too, I'm at it!
Great advice, thanks! Alice
You're making great progress, Alice. 😉 I love following your growth through our group!!
Increasing revenue has never been easy to do. The process is long and you have to know the nuts and bolts before hitting the bulls eye and increase the revenue.
Increasing the number of customers, average transaction size, the frequency of transactions per customer, and raising your prices.
Lynn, the 20 simple tasks is helpful; however, it is easier said than done. Smart marketers only prevail, I must say.
Interesting and great article to wrap it up!
Thanks!
Your post has been shared on Kingged.com, IM social bookmarking site, enabling me to find this good piece.
Interesting, Metz - I don't actually agree though. I'd say it's *consistent* marketers (vs smart marketers) that prevail. The key is simply to be both consistent and persistent - and to focus only on what matters most.
It's easy to get overwhelmed and caught up in all the technical details. Personally I'm all for the "act fast" method - then test & revise as you go. I shared my thoughts on that here: http://www.clicknewz.com/7921/act-fast/ if you're interested.
It's truly easy enough to write a short report or create a valuable checklist download, create a paypal buy button, and publish a blog post that features that offer. Simple! 😀
Lynn,
I know it's important to set Money Tasks as your highest priority. But for me, it's so easy to get distracted. I need to get my butt in the chair and write the material that matters the most. Sitting down is easy. Not getting distracted isn't. That's where I hit a wall.
Thanks for the tips!
Scott
Great point, Scott - and one I know A LOT of people struggle with. You're definitely not alone on that one. 😉 I am also very easily distracted so I have to actually force myself to focus on a single task at hand. I turn off my second monitor, turn off the sound on my mobile, close email, turn on some music, and "go through the motions" until I get into it.
Every time I feel tempted to check email, check my phone, open a new tab, etc I have to stop myself and even say out loud "finish this first".
It helps to micro-task too, so that tasks aren't overwhelming or don't take hours and hours. One of my most recent blog posts for example - took me three different "sit down" sessions to complete. I drafted out the outline and notes and featured image the first time. The second time I sat down and fleshed out the content. The third time I edited & formatted - and finally published it.
I may be the only weird person that would break down a simple task like writing a blog post to that extreme, but there are days that it's the only way it will get done! 😛
Hi Lynn & Scott,
I'm with you both! Sitting down isn't hard - staying focused is another ball game altogether....
I so need to get into the habit of breaking down my tasks. I look at the size of them and get quite overwhelmed sometimes and I know that that can be what sets me on a mission to do, see and look at everything except what I sat down for.
Breaking down blog posts.... Now that's a handy idea! It can take me all day to write a blog post. Sometimes longer. If I can get into the habit of breaking it down, and ticking off each part, then it won't feel as though I'm not getting anywhere.
Thanks Lynn 🙂
You're welcome, Sue! I find it to be incredibly helpful to micro-task... to break down any task to the smallest possible "bit". Then I can easily do one part if I have a few quick minutes to spare - while I'm waiting on the kids before we walk out the door, as just one example.
It's SO much easier to devote 5-10 minutes to something, than to sit down KNOWING it's going to suck up 5-10 hours lol. 🙂 *cheers*
Hi Lynn,
A great post again! Yeah, i agree with your point that money is the only thing through which we can push upward. Thanks a lot for sharing your awesome tips to boost revenue!
Regards
Mesothelioma Help & Resources
I strongly disagree with no insult intended Govind. Lynn isn't using any money to move upward right now. She is simply writing to help people which establishes her brand. Start writing whether through blogs, Ezines or Pr's and you can do the same.
Need material to write about? Just go to Google Alerts and get some delivered to your inbox that relates to your niche. Read the blogs when they come in and start commenting with links to your own published works.
It won't cost you money but it will cost you some time! 🙂
Hi Lynn,
I'm one of the 1st ones to sign up for your excellent Niche Success Blueprint course. Brilliant, BTW...
I use Google Alerts for my niche blog and every Sat. I get an interesting, and authority post just from that week's alerts. Great tip.
Stay casual,
Edward Thorpe
Thank you, Edward - I'm so glad you're enjoying the Niche Success Blueprint! 😀
Google Alerts is definitely a great resource.
To be clear, I'm not entirely focused on money. Save the years it was a matter of keeping food on the table - work or starve - which is okay too. Money Tasks are still important though. You can learn WHY in my recent post on Passive Income: http://www.clicknewz.com/10636/is-passive-income-a-myth/ where I share some very personal stories on the topic of "money"...
*cheers*
Hey there Lynn, very nice post and list. I've taken a couple weeks off my online work to organize my daily tasks list with marketing and also goals for what I want to accomplish by years end. Only 4 months till end of the year! :)Thanks Lynn for this post, it has made me think hard about my money making goals. =)
We're now in the 4th quarter, so I'm guessing that time spent planning and brainstorming is already paying off by now. 😉 Smart! I'm in the process of doing the same as we close out this year and look ahead to a brand new year full of potential and opportunity! 😀 *cheers*
So many tasks so little time-thanks for the great tips!
True, Robert - time is always an issue! I just keep on keeping on, one task at a time, one day at a time. Consistently moving forward is the key. 🙂 No matter how slow you move, no matter how long it takes you - as long as you're moving forward! *cheers*
I think this is my favorite post from you. I need to start doing more money tasks to get my business back on track.
Thank you, Alyssa 🙂 It was a fun post to write!
Hi Lynn,
I loved the above post but I have a question in mind, I need an answer from you. What do you think about placing Google ads on a website with all content that is with PLR(Private label rights)? Please tell me about the solution at my site in case I forget to check this post again.
Thanks in advance though.
My answer: you aren't likely to earn very much money using that method...
Thanks for sharing this insightful post. 🙂
It's all too often that we get wrapped up in the 'busy-ness' of things, that sometimes we mistake activity for accomplishment.
Looking through this list gave me a good reminder of the "direct money tasks" I need to start the day with tomorrow. 😉
That's so true - busy does not equal productive. Or profitable, lol.
This is great Lynn! As a student of your Niche Success Blueprint you are great at breaking tasks down into simple bite sized chunks of actionable steps!
That's a high compliment, Deena - thanks! I'm SO glad to hear you're enjoying the http://www.NicheSuccessBlueprint.com training modules. 🙂
As always, you cut to the chase and really deliver content that is valuable and implementable. I'm going to print out this list and refer to it daily.
Thank you Elizabeth! You might put it into Evernote (or your favorite word processor) and edit it to suit your usual tasks and/or your own priorities for YOUR business model. It should serve as a good base to work with. 🙂 *cheers*
Hey, Lynn amazing information you have poured into this article I am going to bookmark this. I love the part where you have taught me how to prioritize the money task to increase revenue. Thanks for sharing this amazing article.
Regards
Suryakant