If you have wanted to increase your small business’ capacity to earn more this week, month, quarter or until the end of the year these five tips are wanted you need. The insight I am providing is based on knowledge I have personally used, and wish was around when I launched my first company in 2009. A couple of years ago, I cracked the code to bring in $10,000 a month in digital sales. This was a game changer for my business mainly because I had to learn & do things I never did. However, before that, I remember the amount of money wasted. Thank you, Jesus, for deliverance. So what does this mean for your business you’re probably wondering. It means if I can bring $10,000 in a month living in a small town with a small social media following you can increase your small business’ capacity to earn more this year. Full disclaimer, I’m not saying you will make that in a day, week or month. Before you get on the internet streets saying “Tasha said.” Turning a profit in business is an achievement, and I want my audience to experience that.
Cut It, Cut It, Cut It
If you didn’t say that with your lip snarled and danced like Beyoncé, you ain’t real, but seriously you need to cut it. Your expense are too high, and it’s cutting into your profit margin. Let me provide two examples that almost anyone can relate to when it comes to expenses cutting into their profit margin. The first example will be if you own a t-shirt company. You have come up with the designs, sayings, built the website and more, but you outsource the printing of the shirts along with purchasing the shirts in small quantities. You are paying $7-15 for the shirts you paid for, and then you are paying for the designed to be printed on the item. Last year, a friend found a local t-shirt company that was going out of business, and she purchased a couple of pieces of their equipment. Next, she went to several workshops on how to utilize these pieces properly. This has saved her company thousands of dollars.
The next example will be if you have an online store that you are buying items wholesale for each season. You are probably going to market quarterly and receiving shipments from these middle men every month or so. What if, you and your other retail friends put your money together and went directly to the factories twice a year. These middle men selling to you at the fancy showrooms are getting them items from the factory. Get you an agent to help navigate the factories, and you’re saving your company’s money. To understand your expenses it’s best to utilize a bookkeeping software company, personally, I have used Go Daddy Bookkeeping for over 5 years.
Determine What You Do
It’s mind blowing to me that I can ask someone what they do, and I get hit with the um’s and like. It’s 2017, boo boo and you need to sell me in Snapchat 15 seconds or less. No really, in 5 minutes you should be able to tell someone who you are & what your business is. Ask me what I do.
I am a business consultant or strategist depending on the trendy word of the moment that helps newly formulated or existing business turn their aha moments in their mind to revenue driven companies not just on paper, but real life.
There are a plethora of business owners, creatives, bloggers and more not able to tell their story to individuals who are looking to support them. The art of story telling is a class every person who wants to be their boss needs to take. Know exactly what you want to achieve in business sets up apart from the rest because you have goals that need to be achieved daily. If you want to sell clothing, then you’re selling a lifestyle of happiness, confidence and more for the individual shopping with you.
Increase Your Pricing Shawty
If you are using words such as; Homemade, Made In The USA or produce locally, your product doesn’t need to be selling for $5, and you wonder why you are barely making it. When I first started in the business, I took a couple of “how much should be my product” cost classes that I found locally when I was living in Dallas. Too many times, business owners are trying to price just to land sales versus building a sustainable business model with their company. One thing, I work on with clients immediately when we first start after I have clarity regarding their vision is, raising their pricing across the board. In addition to that, we look at things that are not money makers, but things that are costing them more expenses. Take the time to look all your products or services to determine if you want to keep them or discontinue. If you’re planning on keeping certain items or service what would a 10% to 25% increase, do for your company bottom line?
Leverage Your Customers
Your paying customers are the best assets that your company has in its portfolio, and you’re not leveraging them to your business’ advantage. Every customer that shops your store or utilize your services should receive a follow up from you after 30 days. In every package, your customers should receive a next purchase card prompting them to order with you again in the next 15-30 days before that promo code expires. After sessions with one and one done consulting clients, I always ask would they mind sending me a testimonial about the service they received. You see now; I can take the testimonial they provide and share with my audience on social media, blog post, newsletter and on my website. The money that was made off one person helps me cultivate the relationship I need to create another funnel stream of income of another client that learned about my services because someone told them about me or they read the testimonial.
Know Your Numbers
Last year, I created a four part serious on this topic that you should read regarding making $35,000, $50,000, $75,000 and $100,000+ in sales. Too many people want to achieve x in sales but have no proven business model that helps them. It’s time to sit down and crunch the numbers in your business to figure out what is working and not working. When I decided to release digital products every month and give users the ability to purchase all the items for a one time for a limited time, changed my business model. It allowed me to increase my earnings monthly through passive income.
Increasing your business capacity to earn more is not hard, but it takes work to adjust when things are not working. I know people who have been in business for over three years and had yet to hit that number. Mainly, because they do not want to seek out advice to make the changes. If you want to scale your business this week to land sales, I would suggest getting your schedule together so you can win.