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How to be more profitable.
I got a great question from one of my YouTube viewers,
Ricardo, love you guys!
Wrote in to say he's got a business.
"Can you tell me what I can do to make it more profitable? Thank you!"
So, Ricardo, there's a few things you can do. Remember, if you're looking at profit,
we're looking at how much we're making, our revenue, minus our costs. That gives us profit.
I'm not going to focus on the costs side of things, you want to try to keep your costs as low as you can.
But let's focus more on the revenue side, ok? How do we bring in more business for our company?
Here's a few things, I'm going to give you some tips to help you. Here we go!
Number 1: Increase your prices.
What are you charging right now and how can you increase your prices?
Because most entrepreneurs, what we do is we undercut ourselves, we never charge
what we're worth. You can increase your prices 20-30% and you'll end up
making more money overall, even if you lose a few of your bad clients.
So think about how you can increase your prices for what you charge, ok?
The next thing, think about how to increase the quantity of the order.
So when they're coming for you, they're coming to you once a month, whatever it is,
they're spending $500. "How do I get them to spend $1,000?"
How can you sell them more of what you're selling right now?
Get them spending $1,000 instead of $500 every month.
The 3rd thing is increase the frequency.
So as they're coming once a month, how do you get them to buy from you twice a month?
Get them coming back to buy the same thing more often.
And then the last one is adding variety.
So how can you add more products and services to what you're doing right now?
So you're selling 1 thing, can you sell 2 or 3? So when someone's coming in,
they're buying lots of stuff and they're coming to your place more often.
So those are a few ways. Ok?
Profitability is important, right? You've got to make money, you've got to feed yourself.
And the easiest way, typically, is increasing your prices.
Offering tons of value and increasing your prices because we do, typically, tend to
undercut what we bring to the table.
So make sure you bring an incredible value and then charge what you're worth.
But if you've done that and you're still looking to expand then look at the other options:
Bigger quantities, more frequent and new products and services.
Believe!
For those of you watching and liked the video, thumbs up below.
If you want to see more, if you have a question, you have a comment leave it below,
I'll make a video response.
Thank you so much! I'll see you soon.
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