EASY WAYS TO MAKE MONEY


The sole purpose of starting a business is to make profit, there is no business without profit. Still, despite this obvious rule, some wannabe entrepreneurs get lost along the way. They get caught up in the "busyness" of running a business and the incessant drive to keep the cash register ringing continuously. And in that regard, they will have made the mistake of thinking that "making sales" means "making money."
Its not too late to start your own business and make money, Avoid chasing sales by offering deep discounts that do nothing but cut your profit to the bone. Avoid handing out products and services you can’t afford.

Here are some easy tips on how to build your own business even before the year runs out.
VALUE FOR PRICE: regardless of how many companies you have to compete with, don’t reduce your price to attract customers. It is important that you give value for the price you demand. Don’t be scared that the price for your product and services would not attract customers. Your main concern should be giving people the equivalent value for the price you demand.

FIGURE OUT THE RIGHT PRODUCTS: If you’ve got different products and service offerings, then you likely have different profit-making potentials. When you know the margin difference between your products, you’ll know which of them bring you the greatest profit. You can then significantly increase the amount of money you make this year by working with your team to push products and services with a higher margin.

REDUCE YOUR DISCOUNT RATE: an unaffordable discount just to attract customers is a wrong idea for business.  Kill the discounts and focus on value because the numbers show us that returning customers are where your profits are at. In fact, a customer that has purchased from you at least twice before is nine times more likely to come back than a first time customer. Why offer a discount when this customer is willing to purchase?  Rather, focus on adding value to your products and services.

IMPROVE PRODUCTIVITY: do you notice a number of people in your team that are not adding value to your business, don’t be shy to trim down on the number of staff if they are unproductive. Focus on converting their money or salary into more products and service and watch your business get better.

Its never too late to start a business of your own and it is never too late to prevent your business from failing. Consider the following tips to make your business a more profitable one.