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Publish Date : May 14, 2021

Ep. 21 – Generate Paychecks on YOUR Terms

Owning a business isn't just about hitting some glorified 6 or 7 figure revenue goals. It's about generating PAYCHECKS on your own terms! To do that, you need to be making PROFIT! Stay tuned for some simple profit hacks that'll keep more of your cash in your bank account – where it belongs!

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One of the reasons I talk about "cash flow" and "profit" so much is because there are a LOT of business owners out there who bring in money hand over fist… but then it slips through their fingers like The Joker eluding The Dark Knight! {I'M BATMAN}

But there are easy ways to put more of the cash you generate from your biz in your pocket - watch and learn for 3 tips that'll boost your income fast!

Tip #1: Increase Prices

Pricing is a touchy subject for a lot of entrepreneurs. They want to be "affordable" and they don't want to "outprice themselves"… yet they're not making enough to justify their hard work. If you're delivering exceptional value, your buyers won't lose their minds over a price increase! And that means an instant bump in your "take-home pay"! Look: The truth is the lower your prices are, the more volume you'll have to sell to hit your income goals. If you want to make $1M with a $1000 offer, you'd have to make 1000 sales. But let's say you're selling a $10K, you'd only have to sell it to 100 people to hit that $1M mark. That's WAY easier! So when you increase your prices, NOT ONLY do you take home more profit, but you also decrease your workload too! Win-win!

Tip #2 Reduce Expenses

Profit is Sales Minus Expenses, so it makes sense if you want to increase your profit, you need to either increase your sales, as we just talked about, OR decrease your expenses. I tend to reduce my expenses by always choosing flat-fee pricing with my virtual assistants and team mebers. I never pay hourly, because I want to always know what to expect that way I can project my expenses into the future. I also reduce my expenses by leveraging automation and systems to do the work for me, rather than paying a VA to do the work manually. Automation saves me both effort and expenses. Take a couple hours to review your expenses over the past few months, and I'll bet you'll see plenty of places where you can "trim the fat."

Tip #3 Decrease Deliverables

Now, I'm not saying "give less value." What I'm saying is to deliver that value as efficiently as possible, so that you can reduce the time and resources necessary for fulfilling your offers. Thereby, ultimately increasing your hourly rate. For example, imagine you are currently making $10,000 per month and you're having to work 40 hours per week or 160 hours per month to make that happen. Techincally, you are making around $63 per hour. Now imagine you reduce your weekly coaching calls from 60 minutes per call to 30 minutes per call, saving you let's say - 10 hours per week. Now you're only working 120 hours per month and your hourly rate becomes $84/hour. You increase your hourly rate by $20 per hour just by making one small tweak to your deliverables!

If you're looking for more super-powered strategies for growing not just your revenue but your PROFIT... click the button below this video to schedule a call with myself or one of our Market Like A Nerd super coaches - Our zone of genius is in helping YOU make more money while working less, so that you can have a business that is not only profitable, but also balanced. You can tap into that genius by clicking the button below and scheduling today.

Talk soon!

 

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