There are only 3 ways to make more money.
Of these, one of the ways is one that every one tries to do, one is a step always ignored and one of the ways is usually procrastinated on or avoided.
1. You can sell more - this is the one everyone wants to do. How do I sell more to more customers? How do I convert more? I do I sell more products to each customer? This step is the one we all want because we think it is the easiest, but getting new customers is hard and expensive and there is a limit to how much one customer will take. The more products, the more customers, the more potential profit, but there is more to it than this one step.
2. You can charge more. We all avoid this one. I have been through and help set up do many price increases and each and every time sales swore it wouldn't work. It always did. People avoid this one because you gave to lay the ground work, show customers why you deserve a price increase, and then sell it. It is done every day, trust me and you need to learn it. I know companies that haven't increased prices in four years! Do you know what the price if gas was four years ago? Think of the money left on the table by you avoiding the work.
3. This is the one everyone forgets, particularly when talking about on line business, and it is the most important one;
you need to do it for less. You make money when you buy, not when you sell. Find ways to buy raw materials for less, improve freight, server costs, hosting, virtual assistants, travel costs, any that takes your hard earned money. Any money saved goes straight to the bottom line, aka, your profit margin. The more efficient, the more cost effective, the more money you make.
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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