From entrepreneurial, but for me mopping

jahidur555

Up the business crumbs rather than chasing the big fat bread bun worked. So, based on what I’ve learned, here are the ways I think a service-based business could make more money: Tip : Charge more Yes, I know this sounds pretty obvious: charge more, and you’ll make more money. But it’s amazing how hard some business owners find it to increase their rates. And often those rates are based on little more than a quick skim of their competitors’ rates and a passing thought about profit margins. They set their prices without a thought as to whether they’ll support their cost of living or give them a decent rate of profitability. I recommend upping your prices with inflation every year. But you should also consider a larger increase as your


experience and abilities improve. Most clients and customers will wear a  increase without really noticing. It gets trickier at , so I prefer a strategy of incremental increases rather than a giant leap. Tip : Specialize We all know we’re B2B Email List happy to spend more on a specialist than on a generalist. I’ll wait three months and pay a premium to have a consultation with a renowned neurosurgeon. But I’m frustrated when I have to wait ten minutes to see my low-cost family doctor. Specializing can help you: Skill up on your area of expertise Build a reputation in the market for what you do Streamline your marketing so you can focus on your core customers Clean up pricing and processes. While it may feel scary to say, “We only work with these people”, keep





in mind that you don’t have to do that. Instead, you can reframe it as “We work with x, y and z, but specialize in helping people do y”. This lets you stay broad enough to take on customers as you need them, but specialize enough to charge a premium for your best services or products. Tip : Create recurring income Nearly every business owner I speak to says their first goal is to replace the income they had in their old job. That makes sense. While we love the freedom and autonomy of working for ourselves, we miss the regular salary. A steady, regular income can help us feel safe and secure. It creates .