How to Increase Your Revenue by 30%
I’m assuming that most of you reading this own a small business, rent a chair at a salon, you’re a freelance makeup artist, or you have some sort of a side hustle. Even if you don’t own a business, chances are that this could be helpful information in other aspects of your life. This was one of my latest topics on my Facebook LIVE. Did you miss it? You can catch it here.
This information will help you increase revenue by at least 30%.
So many people struggle with how to grow their revenue. I have witnessed so many people hit the ground running when they start their business, but as time goes by, they realize that once all of the hype is over, they have no idea how to run a business and continue to grow. Including growing profits.
Let’s dive right in…Do you like sales? Chances are, you said NO! But here’s the thing, you’re going to have to get comfortable with sales. f you have a business are you are selling something. Whether it’s a product or service, you are. It is so shocking how many people are in business and are terrified of selling! Especially small business owners, but how do you plan to stay in business?
Yes, there are negatives associated with salespeople, but what you need to realize is that we are all selling something, and as long as you don’t do it in a creepy salesy way or taking advantage of people by pushing things on them that they don’t need or can’t afford, you shouldn’t feel weird about it! Especially if it is a product you believe in.
You have to learn how to be ok with the fact that you sell for a living. Think of it this way, whenever something feels difficult, rather than living in fear, make a commitment to gain knowledge. It is probably because it’s outside of your comfort zone because you haven’t found a way that works for you. Take it upon yourself to find the information you need, whether its books, YouTube videos, or perhaps a podcast to learn how to do this better. There is so much information waiting for you to find it!
Those that were successful before, will always create content to teach others how to do it. All you have to do is seek out the information. Sometimes we need the information to take it to the next level, beyond the basics. You need to know your product, you’ve got to have someone to sell it to, & a plan on how you get the information to them. It can be through social media, in person, or direct mail, or whatever….the basics.
What you need to understand how to go beyond the basics. Be ok with being a salesperson. I believe that you need to change the way you look at it. I think of myself as a solutionist who provides solutions for those looking for them. People love to buy but hate to be sold. I provide them with products and services that they are looking for that I know will help!
According to author Jay Abraham, there are 3 ways you can grow a business-only 3 real ways. With that being said, there may be many things you can execute within the three categories.
3 Ways to Grow a Business
- Increase the number of clients that you have-This is the most common one that almost every business owner focuses on. If you do this, obviously you will have more revenue coming in.Challenge: Could you increase your current number of clients by 10%? If you currently have 10 clients, could you add 1 more in the current quarter? If you have 20, increase by 2?
How are you going to get there?
Brainstorm and think of all of the things you could do to do this. Do you need to talk to more people, do you have to grow your social media, do you need to send out more emails, can you watch any trainings or read anything that may help you do this? How about podcasts? There are so many resources and ways that you can increase your customers by just 10%, but chances are you haven’t written them all out and tested them to find out how they work.
2. Increase your average transaction with your customer-
Did you notice, this doesn’t require you to find more people. One of the easiest ways to generate more revenue is to sell more to your existing clientele. It is so much easier to sell to the clients that already know and trust you, then it is to find new ones.
Challenge: Can you increase your transaction value by 10%?
How much does the average person spend? If they spend $100, that would be another $10. You’re going to try to up-sell to add just a little more to their ticket.
How are you going to do this?
What is your favorite product? What is something that has made a difference with something in your life. Don’t prejudge and assume their budget. Why do we feel bad, if you know it’s something that will help them why wouldn’t you tell them about it? If it’s something you love, all you have to do is share why you love it. Not everyone will want it, but all you have to do is increase by some clients.
- Increase the number of times that your customer buys from you-
How often does your customer buy from you? Is it once a month, every 3 months? How often is it? Most of the time, all we need to do is ask. Have you sent a follow up email, have you sent a letter in the mail, did you send a thank you? How is your follow-up? Who are they?A great business person cares about growing a community, you need to care more about your clients than you do making money from them. Create relationships with your clients. Do you know about your clients? What they like? Do you have their spouse’s information to recommend products and services that you know they like? The key is to know your customer so well that you have information to send a follow up. If you know how you can service people and add value, that is how you increase sales.Challenge: Can you increase the number of times your current clients buy from you by 10%? What would that look like for you and your business? What actions can you take to make that happen?
How will you do this?
Send a quick message-if too much time has gone by reach out to them. If you know they would want to come in and forgot to make an appointment, reach out! Let them know that you know how busy they get, but also know how they like to keep their hair a certain length, or color often, etc. just fill in the blank.
Here is an example: “I noticed you haven’t booked your next appointment, so I thought I’d reach out and let you know my upcoming openings, so I can get you in.” Give them the feeling that you are taking care of them not for your own sake. There’s so many things I could say about this, but just remember that the fortune is in the follow up…
How do you increase your revenue by 30?
If you can increase each one of those categories by 10%, then that is 30%. Challenge you to sit down and look at your business in all 3 sections. Start there. I honestly think that you can increase it even more by focusing on just these three things.
Please start taking your business seriously!! Take note of where your business is and where it is going. Stop downplaying something that is important to you. You are capable of great things. You can’t be afraid of doing it wrong and not even trying. Stop making excuses. Everything that you want to know how to do in your business exists in the internet for free. Your ignorance on this topic is a choice. It’s time to take action. Don’t wait…JUST DO IT!! I believe in you, you’ve got this!
Oh, I almost forgot! For those of you that don’t have a business or a side hustle, consider getting one! You wouldn’t believe the advantages you’ll get all around by having one. Check out my article: WHY YOU SHOULD CONSIDER A SIDE HUSTLE-UNLESS YOU LIKE LIVING PAYCHECK TO PAYCHECK!