Wondering how to increase profits…without adding more to your plate?
I get it! Running a business is a lot of work.
From coming up with brilliant ideas for products or services.
To marketing them in a competitive online space.
And of course the ongoing task of growing and scaling your business.
And after a long hard day of work – do you ever find yourself wondering…
“Is there a way I could do less, but profit more?”
And I’m here to tell you…yes, there is.
Today, we’re going to dive into how you can increase your profits AND decrease your workload with a few easy tips.
The reason I’ve decided to bring this up in our blog is that a really good friend, colleague, and mentor and I had a great conversation about it recently.
This friend of mine has a fantastic group coaching program.
Every new session fills up right away and people leave with amazing results and high satisfaction.
He is making a great, consistent profit from this offer.
He also has a one-to-one coaching service.
And again – he is consistently booking clients and filling up his one-to-one roster.
He was struggling with his middle offer. To find a program for people who have finished the group program and aren’t quite ready for the one-to-one model.
He said to me:
“Listen, I’m making a great profit on my other two offers, but this middle offer is just draining my energy and making no profit! What should I do?”
And I immediately said:
“Get rid of it.”
I’m not going to lie, I think he was pretty shocked that I didn’t have some kind of marketing suggestion that would help him sell this middle offer.
But I explained to him that the market is telling him the answer.
He has two offers that are selling out and making him a huge profit – but he is leaking energy on this offer that no one is buying.
So this is where the “less work” comes in.
I encouraged him to stop working so hard on something that was not growing his business and turning a profit.
Because he already has proof of two offers that are selling so well – he needs to keep all his energy and resources going to those popular, profitable offers.
Let’s Break it Down
When you want to increase profits, it’s key to look at some numbers.
When it comes to profitability the fact of the matter is that 20% of your products or services will generate 80% of your revenue.
And with that in mind, you’ll see how my friend’s business is a perfect example of this.
You will always have one or two star offers that make up most of your income.
And that’s normal.
It’s totally okay.
In fact – it’s GREAT.
Because it gives you a sense of which offers you need to give the most energy and resources to.
For some people that number is even more surprising.
Some businesses will find that 5% of their offers make up 95% of their revenue.
And when you take a look at your numbers and see how few offers are pulling most of the weight – it might be time to throw out offers that are costing you your valuable time and energy.
Two Tips To Help You Work Less And Profit More
I get it – we can’t all have the good fortune that my friend has.
Where his offers are just doing so well that he just has to get rid of the offers that aren’t selling and focus on growing the ones that are.
But I want to give you some tips for how to increase profits without adding more to your plate when it comes to marketing your offers:
#1 Test Your Offers
A lot of entrepreneurs feel like they need to have every little detail of their offer ready to go before they start marketing it.
But that is one easy way to end up working MORE…and making less.
Because you have no proof that the market is even interested in your offer.
Listen, I’m not saying that you should create a huge marketing campaign for an idea you jotted down on a napkin yesterday…
Let’s say you want to start a coaching program.
Don’t spend hours and hours of your valuable time recording lessons without knowing if anyone will end up watching them!
Map out your course, market your idea and once you’ve got some buyers – go ahead and pour your heart and soul into making that offer a reality.
Testing your offers protects you from leaking your precious resources into offers that won’t turn any profit.
And remember: there will be some winners and some losers.
Not every offer will be a success.
And as entrepreneurs who are always coming up with innovative ideas for a living – we have to let go of our egos sometimes.
Not everything we come up with will produce buyers and that’s okay.
So long as you haven’t wasted time and money before proving it!
And if you don’t have proof that the market is ready to buy, simply don’t sell it.
Protect your time. Protect your energy. And prioritize offers that make you a profit.
# 2 Look Back At Past Offers
If you want to know how to increase profits while doing less work – take a look at what has already worked in the past.
Don’t try to reinvent the wheel.
If you’ve had offers sell out in the past, bring them back!
In fact – one of the very first things I’d recommend that you do is look back at your PayPal or Stripe account.
Take a look at the biggest peaks in revenue over the last few years or even months.
What were you offering at that time and how can you bring that offer back again?
Because bringing back an old offer means doing less work.
You’re not starting from scratch.
You don’t have to wonder if people will buy it.
You can feel confident that the foundation is there and all you have to do is get it up and running again.
And if you have an offer that you want to test or an old offer you want to re-launch, and you want some marketing support we’ve got just the thing.
Check out this class that will help you do less and increase your profits through Facebook advertising.
This class is completely FREE but the lessons you’ll learn in the class are responsible for over 100 million dollars in revenue for our clients.
So don’t miss out the opportunity to take this class and if you have any questions feel free to reach out by sending us a DM on Instagram!