Ep 009: Income Follows ImpactAug 26, 2020
Many times when we entrepreneurs start a new business, we’re so focused on making the business profitable from the start that we forget the whole reason we started the business in the first place OR in some cases, we never really figure out our impact to begin with, and that’s not starting your business off on a steady foundation.
Income follows impact and the two are directly related to each other, but by putting your efforts on one side over the other can really put a damper on your success. We’re going to talk about how to increase our impact which will directly increase our income.
Freedom Makers, I have a FREE web class dedicated to teaching you how to become a financially free SAHM which will show you how to increase your impact, income, and freedom so you can work from home without having to sacrifice time with your kids. If this sounds like something that interests you head on over to momsfreedommaker.com/webclass for more information!
When I first thought about starting an online business I was really only concerned about making money from home so I didn’t have to go back to a day job.
I spent weeks learning the tactics and strategies, put in the work and built the business.
But, when it came to running it I was left feeling lost, because it didn’t impact anyone’s life. I didn’t have enough drive to even want to grow the business because its impact was unclear to me. I also struggled to make ends meet financially because people weren’t very interested in the product.
I soon learned that impact must be the number one force to not only keep yourself passionate about the business but to ignite passion in your customers and clients too! Without this, you’re just another person online trying to make money without giving back in a greater way…
So I went back to the drawing board.
Too many businesses are built just to earn an income, too many products are created just to make money, and to be honest, they usually don’t stand the test of time.
Think about a few businesses or brands that you’re loyal to. There’s most likely a reason you use them time and time again. Maybe they donate profits to a charity, use reusable packaging, watch their environmental footprint or have a mission greater than just making a buck. Or maybe they have directly impacted your life and made it better in some way, or helped you through something that would have been hard to figure out on your own.
These brands and entrepreneurs haven’t just thought about how to make money, they’ve thought about how they can create a movement and increase the positive impact they have on the world and the aftermath of that is loyal customers such as yourself.
I’m a sucker for any company or brand that gives back to the environment or wildlife in some way so for Steve and I’s anniversary this year I found these awesome bracelets that donate a percentage of each sale to charity and plant a piece of coral as well. I thought this was such a neat idea and they have little capsules in the bracelet where they fill one with sand from where they planted the coral and you can fill the other one with sand from your special place.
The gift had so much more meaning and thought put into it then me just picking up some random matching bracelets for us. And I’m willing to share that with you, because I felt good about purchasing them!
I promise you their businesses wouldn’t have the same effect if they weren’t focused on their impact.
With much importance on impact, how do we transition from a money mindset to one of creating a movement around impacting others?
When we impact others' lives or the world around us in a positive way, we’re making a mark much larger than just another comma in our checking accounts. We’re making a difference that will outlive any amount of money we make from our businesses.
Take best-selling books, for example, they impact the lives of so many people that they continue selling long after the author is gone.
Not only did this book bring the author passive income after writing it, but it’s still paying their family for years to come.
That’s the power of impact.
Creating an impact takes your business to the next level and gives you a reason to scale it. You’ll have a greater passion for growing it because you know that by doing so you’re able to change the lives of many others in some way.
When you create something that helps people and has an impact on their lives, that impact is what’s going to keep sales flowing.
Not the other way around.
With so much competition in the world of business, the best thing you can do to stand out is focused on the impact you’re going to have. This can be your skills or expertise you can use to help others or what your business gives back – maybe you donate to nonprofits, build schools in Kenya or support some other cause.
How excited you would be to grow a business if it aligned with something that you, yourself are super passionate about?!
Now, think about the last time you watched a good movie or read a good book, you most likely told someone about it as a recommendation because it had some sort of impact on you.
Word of mouth is the best way for you to gain loyalty from customers and happens when you impact their lives. You don’t go telling people to see a movie that had no impact on you…
When people start to feel the effects of what you’re doing in their lives, you’ll create customers for life who are walking testimonials who love talking about what it is you do, because it changed their life.
What happens to your business when you start increasing your impact?
Your business starts to stand out, your loyal customer base grows, you withstand the test of time and your income increases.
You build something of true value for yourself and others.
When you start adding more impact and giving back in a greater way you’re also able to charge more money for your goods or services because the value behind them increases!
If your product, your service, your coaching program or what your consulting on or what you have expertise in – if your product delivers business-changing or life-changing results for your client then you are in an impactful business.
Remember this: income follows impact.
Look, if you can change someone's life or business, why wouldn’t they want to pay you more to get these results?
If there’s someone out there struggling to get the results you can offer them through your product or service, you need to make sure you can get it in front of them and if they see the value, they will pay you for it.
So our first focus isn’t about making a lot of money, it’s about finding people who want the result that we can provide them and who are willing to pay for that. And like we said the income will follow that impact.
Like I said before when I thought about starting my business I was all about making money.
This wasn’t just money for myself though, I’m not really money motivated, it was money I was putting away to open up a nonprofit and give back in some sort of way.
I thought this would be enough to drive me to grow the business, because I personally knew what I would do with the money once it started to flow. But, the income and business still weren’t connected. No one knew that’s what I was doing it for because it wasn’t a part of my businesses mission. Therefore, by me focusing on income, it was covering up the true reason behind why I wanted the money which was impact.
As soon as I flipped the two around and started focusing on a greater impact, my income started to increase.
So while you may have a charitable cause or some reason you want more money – we still need to focus on the impact you can have on others over the income you’re looking to make. What you choose to do with the income can be added as a part of your story to encourage others to work with you if they resonate with it or share your beliefs.
You want to build a movement based on the impact you’re having on the world and those who’ve found you.
So remember Freedom Makers, focus on the impact you can have on others lives by offering them a good or service that will solve some sort of problem and the income will flow to you much easier.
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