The Only Three Ways to Increase Money Coming Into Your Business

Written by Karen E. Hipp


The Only Three Ways to Increase Money Coming Into Your Business

In my consulting business, I'm often asked for ideas to get more customers i.e.;money) into their business. There are hundreds of ways to do this, but let's go back a step and look atrepparttar basics of what that is, before we get crazy with all kinds of ideas. Long-term growth and profits can only come by increasing money flow into your business and there's really only three ways to do it.

1. Get more new customers. 2. Increaserepparttar 121354 average dollar amount each customer spends. 3. Get your customer to buy more often.

That's it. #1 is pretty obvious. It's what I'm requested to do for my clients allrepparttar 121355 time;get them more customers. However,repparttar 121356 reality ofrepparttar 121357 situation is that what they really want is more money and getting new customers is certainly one way to do it.

You can do this in two ways. Raising prices is one. But, and I know this could be a sensitive area, can you reasonably increase your price points? The only proven way to know if this will work is to check your competitors prices orrepparttar 121358 industry average. Now, if you offer exceptional additions or services than your competitor, you can charge more. But every advertising and image message you send must say WHY you are worthrepparttar 121359 price and point outrepparttar 121360 advantages over other products or services. The cheapest is almost always notrepparttar 121361 best. You'd be surprised atrepparttar 121362 impact a small increase can have on your gross profits by only 5% or 10%.

Ponder these figures:

Let's say you have one product that you sell for 50.00. You raiserepparttar 121363 price ofrepparttar 121364 product by only 5% to $52.50. Your average customer purchases this product 4 times a year, so that's $10 extra per year, per customer. You get about 500 customers per year(500 customers x $10 extra dollars per customer per year) =$5,000. I don't know many people who would turn down an extra $5,000.

But, again, let me caution you. Do your homework and be justified in raisingrepparttar 121365 price. If you feel your current price is right on target, consider adding an additional service to raiserepparttar 121366 price (that is not time consuming). Most people will not balk at a 5% or even 10% increase. Usingrepparttar 121367 above example, let's say you raiserepparttar 121368 price ofrepparttar 121369 product 10% to $55.00. Doingrepparttar 121370 math that's $10,000 more dollars a year in your pocket. Price Points are so important to businesses that you can even hire a price consultant to do this research for you who will suggestrepparttar 121371 right price. Experiment and try this with some of your products.

"The BLACK HOLE Of Internet Marketing"

Written by Jo McNamara


You can’t wait to get up inrepparttar morning to get onrepparttar 121353 computer. You devour ezines. You can’t learn enough in a day. When you’re not onrepparttar 121354 computer, your mind is composing headlines and ad copy; material for articles. Each evening you reluctantly turn offrepparttar 121355 computer or maybe you’re still happily at it untilrepparttar 121356 wee hours ofrepparttar 121357 morning.

Then one day it happens...you get out of bed andrepparttar 121358 thought of getting nearrepparttar 121359 computer makes your stomach queasy. You begin thinking maybe you should get that root canal your dentist has been bugging you about forrepparttar 121360 last six months. Gee, wasn’t my carpet beige at one time, not gray? Maybe I should clean house; mowrepparttar 121361 yard; do my 2000 taxes. Anything...anything...but get onrepparttar 121362 computer.

My friend, you’ve fallen intorepparttar 121363 "Black Hole" of Internet marketing. It’s a place where you are totally apathetic about online promotion; you just don’t want to have anything to do with it.

The first time it happened to me, I had just returned from a tranquil week inrepparttar 121364 mountains of Tennessee. I thought I would return to my computer with a huge appetite for marketing. To my surprise and dismay, I just didn’t want to get back onrepparttar 121365 computer and my routine of spending 10-12 hours a day doing allrepparttar 121366 things we do.

I came out of that period realizing that I needed to moderate my time onrepparttar 121367 computer and to do that; I would need to start working smarter, not harder. Sorepparttar 121368 "Black Hole" episode wasn’t a bad thing. I learned from it.

I think anyone who is passionate (obsessive?) about Net marketing goes through this in varying degrees. And everyone deals with it differently. Some are able to "bully" their way through these episodes. That doesn’t work for me because then marketing becomes something I HAVE to do instead of something I WANT to do.

I have fallen intorepparttar 121369 "Black Hole" a few more times and have no doubt I will again inrepparttar 121370 future. This is how I have learned to get through it:

1. I subscribe to 125+ ezines. I receiverepparttar 121371 majority of them in several different HotMail accounts so I don’t overload my main email account. I will set my HotMail accounts up not to receive and automatically delete any incoming mail. This prevents bouncebacks and I won’t lose my subscriptions. I know I’m going through a temporary phase and when I get through it, I can open my accounts back up.

2. I go torepparttar 121372 library and check out a bunch of books. For me,repparttar 121373 more Stephen King and John Grisham,repparttar 121374 better. I spend my afternoons with my butt firmly planted onrepparttar 121375 couch (one cat on my chest and one on my legs) with a bag of potato chips within easy reach.

3. I give my house what I call a "5-star" cleaning. Now you have to understand I HATE housework. Hated it when I was a kid and woke up every Saturday to my mother yelling, "Jo Ann, time to get up. We have a lot of cleaning to do." Please, just shoot me now! As I get older, my distaste for housework only increases. But it’s one of those things I need to do just so I can shut up that "nag voice" in my head.

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