In the world of entrepreneurship your mind is always focused on how to generate more revenue to increase your bottom line. Of course there isn’t anything wrong with that but like everything else, there is a more effective way to reach your business goals. I’ve personally tried a few times to increase revenue that were not successful. Giving myself time to evaluate my actions and learn from them. I’d like to share a few components to consider before you do the same.
1 | Keep your brand and mission in mind
The world is not ready for you to be a life coach, swim instructor, and fitness guru all at the same time. Your brand, be it business or personal should all stem from your purpose. You may enjoy all of the above but it doesn’t mean you need to make a business out of them. Pick one commonality between what you enjoy, build the one that you are most passionate about, grow that into a solid business, and THEN expand based on your audiences needs, as opposed to what you think will make you a quick dollar.
2 | Try Streamlining
Sometimes increasing your bottom line doesn’t involve adding another product or service. It may actually involve doing the opposite. As a cosmetologist for 14+ years there a lot of different services that I could offer but lately I have alleviated a handful that no longer serves for the best use of my time. I’ve found that finding a niche, even if you think it’s a small market, will help you narrow your focus and marketing efforts to gain a more exclusive customer base that are willing to pay for your expertise.
3 | Identify the real issue
Be honest, what’s the real reason you want to add a new product or service? If you notice a decrease in your numbers it may be a sign that a wheel is squeaking that needs some oil. Sometimes we don’t notice practices that we’ve changed or altered but we notice those numbers going down. I usually send out monthly updates to my client base but somehow I overlooked doing it for 3 months straight UNTIL I noticed my appointments weren’t booked out as far in advance as they usually are. Real eye opener for me that those monthly Newsletters are important!
Bottom line is, don’t just do things in your business that you think are going to make you more money if it doesn’t fit into your purpose, business model, and plan. It’s best to do things with passion and not greed. Trust me, the market place will know the difference.
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