Jul 15, 2020
Do you want to increase your revenue? Do you want to have the financial freedom to live the life you deserve? In this episode of Solopreneur Money, I share my five steps to help you increase your revenue and build your business!
If you want to earn more money take your business to the next level, this episode is a must-hear!
You will want to hear this episode if you are interested in...
- Owning up to what you don't know [00:52]
- Pulling your expenses and looking at the big picture [1:52]
- Figuring out your average cost per client [2:25]
- Analyzing your data to understand where your money is going [3:19]
- How to accurately price your services [3:34]
- Building a plan to make sure all of your clients are profitable [4:32]
- Execute a plan to create more revenue [4:59]
- The five steps to help you generate more revenue [5:38]
You will increase revenue with these five steps
Ask yourself these questions: How much does it cost to run your business? What is your profitability? Is your pay your only profit?
The first step to mastering your finances is owning up to what you don't know. There's no shame in not knowing how to do something!
You will learn to understand your business's financials with these five easy steps. When you implement them, you will make your business even more profitable:
- Step one: Your total expenses for the prior year and cost per client or customer,
- Step two: Understanding your revenue by calculating revenue by client
- Step three: Analyze your data and do quick math to find your profit margin
- Step four: Develop a better plan that will help you make necessary changes
- Step five: Execute the plan to better your business
Additionally, when you price your services consider the following:
- ⅓ should go to overhead like software and other fixed expenses
- ⅓ should go to payroll including yours and those you outsource
- ⅓ should be focused solely on profit.
When you consider these factors, you will have a clear understanding of what you should be charging your clients.
What to change to build your business
What can you control? To start, you can decrease your expenses and increase your revenue for each client!
To make this change, start with one thing and then work from there. What is the easiest place you can affect change? Raise your prices on unprofitable clients! Draft a letter to them, letting them know about the fee increase.
Don't be embarrassed if your business isn't performing how you want. When you make these changes, you'll reap the rewards and live the life you deserve.
How to take action and build your business
Take action with what you've learned. You can have the freedom you desire with your business by implementing these five steps. These tips can help you turn your business around and generate more revenue from each of your clients.
- Figure out your revenue and expenses
- Understand your revenue and cost per client
- Analyze your situation
- Build a plan to improve your situation
- Execute your plan
Visit my website for a FREE PDF calculator and other useful resources to help you reach your financial goals. You can also email me for more information or schedule a consultation by visiting my website. All links are shared below.
Resources Mentioned
- FREE downloadable PDF Calculator
Connect With Gabe Nelson
- www.GabeNelsonFinancial.com/contact
- FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
- EMAIL: Gabe (at) GabeNelsonFinancial.com
- Follow Gabe on LinkedIn
- Follow Gabe on Twitter: @GabeNelson1
- Follow Gabe on Facebook
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