Strategies to Increase Profit in YOUR Business
At the Sensible Business Owner, we are all about increasing profit! But what does that mean exactly?
Increasing profit can happen in many different ways. Such as by reducing expenses, reducing taxes, increasing your customer base, and having multiple types of revenue streams in your business.
1. Reduce Expenses
2. Reduce Taxes
3. Increase Customer Base
- Acquiring new customers
- Selling additional products or services to current & past clients
4. Different revenue streams:
Having different types of revenue streams in one business can at times require creative thinking. Different revenue streams can come in many forms. Such as one-to-one, one-to-many, done-for-you work, digital products, and physical products such as a book.
If you only offer one-to-one work, can you take the system you are already using and create a one-to-many offering?
Do you have proven strategies that you can use to create a DIY product? This is perfect for a service-based business. Usually, the person that purchases a DIY offer is not someone that will purchase your full-service offer. And the price point is typically substantially lower which helps to lower the barrier to entry. Acquiring customers that you wouldn’t have otherwise.
For instance, a marketing firm that specializes in social media could have one-to-one customers, and a program teaching others their strategy in a one-to-many model. They could also sell digital products such as a course on a social media platform, or offer a low-ticket strategy guide for those DIYers.
All of these suggestions, would increase profit and allow you to serve a wider audience. And some of them are one and done! The strategy guide is created once and can be sold over and over again. You will need to update it as strategies change but for the most part, you can sell it every day and not have to think about it. The same rings true for a course.
Another great result of a low-ticket offer is that it can help build the know, like, and trust factor for customers who aren’t willing to pay hundreds or thousands of dollars to a stranger. I wouldn’t build an entire business around low-ticket offers but they can be a component of your sales strategy.
Do you have multiple revenue streams? If not, have any of these suggestions given you an a-hah moment? Let us know in the comments.
~ Brandon & Christi are successful business owners who enjoy traveling and making a mess in the kitchen with their two daughters.
The article is for informational purposes only and should not be construed as business, accounting or legal advice. Details are subject to change without notice.
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