4 ways to increase your revenue
Everybody wants to make money in their business right? Either that or they are running a charity. But making the money always seems to be the hard part for many entrepreneurs because we do not talk about money or understand how money works (but that is for another blog post!). There are some tried and tested ways to make more money in your business and increase your revenue. I want to share with you just 4 ways:
1. Look at what you are offering and determine if the prices need to be raised.
(Yes you will lose a few clients but you will gain better clients in the long run!) Do that immediately. Raising your prices means that you will attract higher-paying clients who value what you are selling them. Do not get caught up thinking that charging less will give you more clients. In fact, the opposite is true. Raising your prices also means you may be able to work with fewer people and still earn the money you want and increase your revenue.
2. What product or service are you presently offering that sells the most?
Sell more of it by talking about it more, give your clients more info about it and get more people to buy it. It is your number 1 seller for a reason. This means you have to be very intuned with your clientele and your inventory. The product that sells the most and flies off the shelf fastest is the one you should be producing the most of. If you make 100 soaps and they all sell out in 1 week and you have a line of people trying to buy more, then you need to make more soaps and sell more of them every week (raise your prices!)
3. Are you offering enough things?
Meaning, are you selling more than 1 thing at a time? It is a myth that you should be selling 1 thing at a time. Sell as much as 2 or 3 things at a time so you have multiple streams coming in and you are not depending on just 1 sale. When you are running ads, sending out emails, or doing videos, it is okay to sell more than 1 thing because your clients are at different stages of the buying process with you. Some need a low-end product, some a mid-range, and some a high end. You should be selling all of them. The key is to know where to sell each one of these things. One can be sold in your FB group, another via your email list, and still another in collaboration with another entrepreneur. Do not depend on the sale of 1 thing to give you the revenue you desire.
It’s time you create a sales funnel! Let me tell you why- 3 reasons you need a sales funnel
4. Offer weekly or monthly package deals.
So instead of a month-by-month sale, offer a 3-month package which they can pay over a period of time. That way you can guarantee money is coming in even 90 days from now. This works well especially for service providers like consultants. For hairdressers and nail techs for example ensure that your clients book their next appointments in advance so you are guaranteeing that you are always booked. If you sell a product, you know how long it lasts on average, so ensure that your strategy includes a follow-up system so they buy another item from you before their last bottle is completed. And combine services or products. This way you get a larger revenue jump than if you were trying to sell each item individually.
Now that you have these 4 steps to take, let’s commit to implementing them in your business today!
