Updated: Apr 16
April 8, 2021
By Marcia Riner
As a small business owner, you may be wondering how to make more money for your company. You're not alone. Most small businesses struggle with finding ways to grow their income and revenue streams. There are many different ways that you can make more money in your business, but we've found 7 methods worth considering:
1. Put your prices up
When was the last time you increased your price? Unless you are truly in a highly commoditized market, there is no race to the lowest price. The best way for you to increase your price is to add enough value that your buyers can't pass up the offer.
2. Make a list of all the things you do for free and start charging for them
You know you give away stuff all the time. Think about the last time you worked for free. Limit those to very occasional and charge for the rest. The list should include services that you don't normally charge for. ie Notary, Delivery, or Annual Reviews. Your time is worth money! If you don't want to charge for them, then add the list to the value of your offer, and as in #1, raise your prices.
3. Get an assistant to help with tasks that are time-consuming or not in your genius
Only do tasks that only YOU are qualified for. Avoid tasks that someone else could or should be doing. By having someone else do them, they are freeing up your time to do more high-value tasks that can increase your income. If your hourly is $300 and your assistant is $20, you just made $280 for the hour that they did the task for you. Virtual Assistants can be paid without taxes and benefits too.
4. Offer your services and products online
Most people are comfortable making purchases online. What service or product can you offer online? We're not competing with Amazon here, but making it easy for your customer to get what they want without having to visit you. If you provide a service, what are some of the steps that they can do on their own before they get to you? Maybe you have a course up your sleeves. Now is a profitable time to investigate taking your business online.
5. Sell products in addition to services or visa verse
What complementary solutions can you offer your customer to improve or deepen their relationship with you? Maybe it's a tool that helps with the service. It could be a service that compliments your product. You could anticipate the next challenge that they will face and deliver the solution before they realize they needed it. Having multiple solutions creates more possible income from the same customer
6. Offer discounts on certain days or times of day (e.g., "10% off Mondays")
Everyone loves a deal. Offer special time-sensitive discounts that will attract someone to act right then. Also, offer a discount when times are normally slower. Try a new customer discount. Consider it a cost to acquire a new customer. Especially if you offer a repeat service.
7. Invest in marketing
Marketing is the best way to grow your income! Invest your time & money in growing your company. Spreading the word about your company creates new customers and those customers create more income. Simple math. The challenge is to make your marketing pay off. Make sure you are marketing to your ideal customer and you are solving their biggest problem. People tend to pay sooner to remove a problem than to feed a desire.
Marcia Riner is a Profit & Business Strategies with Trajectory Consulting. She helps small business owners create a highly profitable business and valuable business asset. Want more profitable ideas? Subscribe for her new blog below.