4 Tips to Increase Profits
We all want to make more money. While an at-home business seems like a great idea for many moms, often, it is treated as a hobby and they never see any profit.
By all accounts, business grows, but where does the extra money go? These tips will help ensure you have more money and see real profit.
1. Read and Apply the Profit First System
The book, Profit First, is a game-changer for all business owners and absolutely improves profits. Why? Because with this system you start with profits.
How is that possible? Easy, take 1% from whatever comes in and put it in your profit account. Then keep increasing it.
There is more to the system than that. Think about it though, do you really think you will miss that 1%?
No, you won’t. You’ll adjust and if you do 2% the following month, 3% the next month etc eventually, you are running your business better and actually have profits to show for it.
2. Focus on the Biggest Money Makers
Often, we get distracted by shiny new ideas or what our competition is doing and start adding new products or copying others. Instead, take the time to review your business and look at what brings in the most money.
Are there things only you can do in the business? What things bring in the most money? How can you focus on those to make even more?
Anything that doesn’t completely require you, start to outsource so you can focus on the important things only you can do and make more money.
On top of recognizing where the business should focus, what it should market more and freeing up your time, you also improve other areas of the business.
You are not an expert in everything. Outsourcing enables you to get experts to do the work, usually faster and better than you can, thus increasing profits again.
Don’t be fooled into thinking you can do it all. What if something happens to you? Create systems, evaluate what only you can do and what makes the most money and look at what you can outsource.
3. Brainstorm and Fill a Need
I know the last tip tells you to focus and you do need to do that. Once you have done that and see what is bringing in the most money, do some brainstorming to see how you can increase it or if there are ways to do it better/fill a need.
Think about if there are any gaps in the market you can easily fill while still maintaining the core income and business. These need to be things that are easy to implement or easy to outsource to bring in more revenue.
For example, eBooks, courses, printables etc for online businesses. These can be completely outsourced from creation through to marketing and yet can be a great income stream.
With product-based businesses, is there a way to tweak the product for a wider audience or a specific event? Can you collaborate with other businesses, cross-promote and get more sales that way?
4. Increase Marketing and PR
Review your marketing strategy and if you don’t have one, make one. There is so much information out there about how to create a marketing strategy and free tutorials to learn each platform.
Think about your target market (customers), where they spend their time e.g. which social media platforms do they use? Are they watching TV, listening to specific podcasts etc?
Get clear on their age, interests, life in general then create content that will appeal to them.
Pushing sales on social media isn’t going to result in great conversions. Providing valuable content, having a plan, collaborating and doing great PR will.