The life changer.
The amazing innovative product or service.
The killer launch.
The smash hit.
That one magic thing that finally tips the balance in their favor, opens the floodgates,and lets the cash flow in.
But I disagree! For me it wasn’t one big idea that helped me reach six figures (and beyond), but rather lots of small ideas. Little wins that added up over time.
It was about fixing small failures and recognizing opportunities for improvement.
Yes, it may sound less exciting and far from entrepreneurial, but for me mopping up the business crumbs rather than chasing the middle east mobile number list 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 1: 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 rollover images in emails 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 usa ceo 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 10% increase without really noticing. It gets trickier at 20%, so I prefer a strategy of incremental increases rather than a giant leap.
Tip 2: Specialize
We all know we’re 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 y
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.
