8 Ways to Earn More Without Working Harder

Conventional wisdom has it that there are only three ways to grow your business: find new customers, increase the amount of each sale to existing customers or get customers to buy more frequently. But I've seen business owners go blank when presented with those three options. So here is a more useful list of ways to increase your total revenues without in most cases having to put in more hours at the office.

1. Charge by the project rather than by the hour. Hourly fees are a death trap for the experienced professional. You get penalized for being able to zoom right in to the nub of the problem and its solution. If you are good at what you do, instead provide customized quotes for each whole project. Most clients prefer this anyhow, so that they know in advance what they will owe you. The exception is when you can't nail down the scope of the project before getting started; in that case alone, revert to hourly fees.

2. Boost your exclusivity and perceived value. If you emphasize that you don't sell to just anyone who shows up at your door, but you have certain criteria for the clients you choose to serve, people become more eager to engage your services. Likewise, if you drive home the value that you provide with testimonials, case studies, client lists and specific results you have achieved in the past, you'll get a greater return from all the marketing you're already doing.

3. Create higher-end, higher-priced programs and options. A photographer friend of mine learned that people enjoy options to select from, and they most like to select the next-to-most-expensive option. So to increase her income from framed family portraits, she simply offered a larger and more expensive frame as the biggest option. Customers were then more likely to choose the second biggest, which cost more than the previous second biggest frame.

4. Create a repeat-billing product or service instead of selling one-shot products or services. Get clients to sign on to some sort of ongoing service plan, and you get a longer, larger return from each of your marketing efforts. For the photographer, this could be a plan for enlargements tailored for a number of holidays spread throughout the year, such as Mother's Day, Father's Day, Christmas and Valentine's Day.

5. Revise your current products and services for a specialized market and charge more. Whatever the industry, people believe they have special needs and therefore they will pay more for products and services specifically for them. By making small and in many cases insignificant changes in your offerings, you can increase people's willingness to pay more for your items or your knowledge.

6. Sell related products and services - your own or someone else's - to current and past customers. Hair stylists easily sell mousse and conditioner to their clients, who want to look as great when they're on their own as they do when walking out of the salon. When people buy from you, what else do they typically need to enjoy a complete solution to their problem? Mark up the offerings of other service or product providers along with your own, and your total revenues go up.

7. Make it possible for clients to prepay and "stock up" on your services or products. I pay for the next winter's fuel each summer and get a lower price per gallon, and the fuel company gets lots more money earlier. Similarly, offer a slight discount for six months or a year's worth of your consulting services, and your cash flow can instantly improve.

8. Simply raise your prices. Most entrepreneurs charge too little and are thereby earning less than they could with every sale. Raise the price of your book from $17.95 to $19.95, or of your fee for cleaning teeth from $90 to $99. Usually there's little or no resistance from your market. Sometimes with a significant raise in prices, you lose some customers but revenues increase overall. That's the goal!

Marcia Yudkin is the author of 6 Steps to Free Publicity and 10 other books. She runs a private member site, MarketingforMore.com, which supports business owners who are growing their businesses. Learn how to avoid the most common pricing mistakes in her free report, "Charge More & Get It," available from http://www.marketingformore.com/survey.htm .

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Glasgow Daily Times

Workforce board discusses future strategic planning
Glasgow Daily Times
“I would like to spend February and April doing strategic planning with the board,” Boone said. “I really want to just be able to have the board think in terms of where we're going from here.” Boone said they have areas of focus within the strategic ...


Weatherford Democrat

County officials discuss strategic plan for growth
Weatherford Democrat
“I'm a firm believer in strategic planning and with all the growth you all are realizing throughout the county — not only in your incorporated cities, but in the unincorporated areas. What I would like to be able to do is work with you through the ...


Local News: Strategic plan for schools under review (11/15/18 ...
Shelbyville Times-Gazette
Bedford County Board of Education held a study session Monday night at the Central Office board room to review and discuss updates to the school system's ...

and more »

NE10 Announces Strategic Plan: Embracing Excellence
Southern Connecticut State University Athletics
MANSFIELD, Mass. - Northeast 10 Conference Commissioner Julie Ruppert today released the Conference's new Strategic Plan, Embracing Excellence, Strategic Vision 2019-2024, along with a revised Mission Statement and an innovative new Vision ...


Bouldercityreview

City redefines goals through new strategic plan
Bouldercityreview
City Council is hoping to vote on its new strategic plan in December after hearing from the community and the consulting firm helping with the project. The plan will update its Envision 2020 and reflect the current priorities of the mayor and council ...


Journal Times

Elmwood Park launches Strategic Planning Committee
Journal Times
ELMWOOD PARK — The Elmwood Park Village Board has given the green light for the village administrator to launch a strategic planning process — establishing a 4-month window to put together a road map for five years' worth of road repairs, building ...

and more »

The Planner

Principal Planning Officer Strategic Planning
The Planner
With delivery of the adopted Maidstone Local Plan underway, Maidstone Local Plan Review now commencing and the Community Infrastructure Levy now in effect, this is a great time to join our experienced and expanding Strategic Planning Team. You will ...


Winters Express

City to hold first of five strategic planning workshops on Wednesday
Winters Express
The City of Winters will host its first of several strategic planning workshops Wednesday evening as officials look to update portions of the city's general plan. The first meeting will deal with the topic of city infrastructure needs and goals ...


AroundtheO

Parking and transportation seeks input for strategic planning
AroundtheO
Regardless of how people commute to campus — by car, bike, bus or foot — the UO Department of Parking and Transportation invites comments while undergoing its first strategic planning process under the leadership of new director, David Reesor.


The Western Star

Businessman Blaine Hussey impressed with Stephenville strategic planning process
The Western Star
Blaine Hussey said a citizen engagement process held as part of the Town of Stephenville development of a strategic plan was an excellent exercise. The first “Shape Our Future” community engagement focus group discussion on Natural Resources took ...

and more »
Google News

Troubled Waters Require Capable Leaders at the Helm

Canada's lean leaders need to look beyond the horizon and... Read More

Are You Aware of Planning in Business?

Human beings are rational agents. Rationality endorses one to take... Read More

Connecting Your Offline Business to Your Online Business

These may sound like no brainers, but you'd be surprised.... Read More

Business Process Methodologies

I've either been involved with or held a process-related role... Read More

How To Leverage Your Current Ideas And Products Into Multiple Revenue Streams

Diversify - to make diverse, give variety, to balance, to... Read More

Do You Really Need a Business Plan?

"I don't need a business plan."Neither did Alice in Wonderland."Would... Read More

Take A Systems View To Ensure Your Business Stays Healthy

How are you feeling today? Good, not so good, great?... Read More

How to Achieve E-commerce Success ?You Gotta Plan!

Before becoming a netpreneaur, I was an entrepreneur. First, I... Read More

Thinking Like A Farmer

One of the difficulties we face in our industrialized age... Read More

Art of Succession Planning

Succession planning, like any business acumen, is both an art... Read More

Business Plan Financial Projections: Stop Worrying About Being Right...

Business plan financial projections seem daunting because they are so... Read More

Business Ideas: 3 Smart Ways To Generate Profitable Business Ideas Anytime

Creativity is one of the greatest tools for success in... Read More

Business Planning and the ?Bozo? Factor

"Bozo" ? A clown with a forlorn look, always finding... Read More

Why Six Sigma Will Work in Healthcare

If ever there were an industry where we want zero... Read More

Mining Market Data

With a heightened awareness of opportunity, ideas can often be... Read More

Akron OH; A great place to do business

When looking at Akron carefully one cannot help but notice... Read More

Abstract thought on Business Strategy and Nature

Here is an abstract thought on studying nature and the... Read More

Why Do a Business Plan?

To Grow (Catapult) Your Business That's Why.When it's in your... Read More

Designing an Efficient Distribution System

Let us look at a few of the big distribution... Read More

6 Changes You Can Make to Increase Business Profits

I read once that something like 30 percent of all... Read More

Top 10 Tips to Create A Business Plan! (For People Who Hate Business Plans)

One of the key challenges for any business is to... Read More

The Accountability/Alignment Process: Three Steps to an Accountable Organization

The Accountability/Alignment Process: Three Steps to an Accountable Organization Generating... Read More

Be Like Bill - Think!

Twice a year, Bill Gates goes to a remote island... Read More

Elite Positioning Brings Higher Profits

Imagine spending the same amount of money on marketing and... Read More

Shortening Product Life Cycle!

The current state of the available technology at the disposal... Read More