The main reason that some people take opportunities when they arise, and others do not, is that some people are ready.
They have their business plan ready and all they need to do is take advantage of the opportunities.
Where can you find the right business plan?
If your business is based in the United States - click here
If your business is based in the U.K. - click here
Ideas To Action.
Part 47 - Increasing Revenues.
There are only four ways to increase your businesses revenue:
- Increase the number of customers that your business has.
- Increase the average transaction size.
- Increase the frequency of transactions per customer.
- Increase your prices.
Here’s how to apply these strategies in your business:
- Increasing the number of customers means you’re trying to bring more people through the doors of your business or to your website. This strategy is relatively straightforward: more leads will equal more sales, which (assuming the average transaction size stays the same), will bring in more money.
- Increasing average transaction size means you’re trying to get each customer in to purchase more. This is typically done through a process called upselling. When a customer purchases a product, you offer them deals on other products or value-added-services. The more they purchase, the more they spend, and the more revenue you collect.
- Increasing the frequency of transactions per customer means encouraging people to purchase from you more often. If your average customer buys from you once a month, offer them deals and additional products and services once a week. The more frequently they interact, the more revenue your business will bring in, assuming the average transaction size stays the same.
- Raising your prices means you will collect more revenue from every purchase a customer makes. Assuming your volume, average transaction size, and frequency stay the same, raising your prices will bring in more revenue for the same amount of effort.
For any business to work well, care must be taken to make firm, workable plans. With a well thought out business, you will be able to generate multiple streams of revenue. Without planning your business may turn into a wasteland as customers, employees, investors and even your suppliers become increasingly unsure about what your business is actually about.
The crucial point of planning your business is to optimize it for revenue.
Creating your businesses next stream of income is a simple, step-by-step process, which you can arrange to start bringing you monthly income faster than you might realize is possible.
- Establish financial security. Do not focus your time and energy into building a second stream of income until your primary source is secure. Whether you have a day job or own your own business, focus on establishing and securing a primary monthly income that will support your expenses before you pursue other steps.
- Clarify your unique value. Figure out the knowledge, experience, ability or solution you have that others will value and might pay your business for. Remember, what might be common knowledge to you is not for other people.
- Knowledge is the one thing you can increase very quickly. One reason people succeed is that they have knowledge other people do not have. You pay your lawyer or your doctor for the knowledge and skills you lack. Increase your knowledge in a specific area, and you will simultaneously increase the value that others will pay you for, either to teach them what you know or apply your knowledge on their behalf.
- Identify your market. Determine whom your business is best qualified to serve. Based on the value your business can add for others or the problems you can help people solve, who will pay you for the value or solution you can provide?
- Build a community. Create an added-value deliverable such as a free report, an ebook, an audio or a video training so that people will happily provide their email address in exchange for the value your business provides.
- Ask your community about their desires. Ask open-ended questions to help you later brainstorm or offer multiple choices if you have already thought about what your business can provide.
- Create a solution. This could be a physical or digital product (a book, an audio, a video, a written training program or software) or a service.
- Plan the launch. Build anticipation so that people are willing to camp out in front of stores for weeks to be the first in line.
Ideas To Action - next
A Great Business did not just happen - It was planned that way.