Most female entrepreneurs struggle to generate the amount of income that they need to cover their monthly expenses. Today we want to teach you how to discover your financial sweet spot so you can live the life you’ve always imagined.
Did you know that money is the number one cause of small business stress? The fear of not having enough is real. It’s especially troubling when you are the person responsible for supporting your family and the families of those on your team.
What Is Your Financial Sweet Spot? Your financial sweet spot is financial number in your business where you can comfortably pay all of your expenses and still invest in your company. You goal should always be to get to a position of overflow. Overflow is where you can not only invest in your company, but also invest in others by launching philanthropic giving campaigns or by simply hiring employees, although for managing them, Time tracking software is a great option as this allows you to track what employees are doing and for how long, for more on these see this which is easily the best time tracking software.
How to Discover Your Financial Sweet Spot in Your Business?
Finding your sweet spot all all starts with taking an assessment of your business income. You must find out where most of it is coming from in your business. Then you must do some analysis of all revenue centers in your business and make adjustments where necessary.
Figure out which products are services are bringing in the most income and also which ones are not. Then figure out when did you generate the most income and ask yourself, was it seasonal or was it from a sale? This will be very telling.
Also, as you are analyzing your business products and services, ask yourself are you pricing your products right
3 Ways to Increase Your Financial Sweet Spot…
- Bundle your products or services. Figure out if there is a way to bundle some of your products together for an even higher prices? You can often times ask your audience directly if they would like to see some products bundled. Either way, you can always test it with a small group to see how it is received.
- Test Higher Pricing. Oddly enough sometimes higher priced items perform better than lower priced products or services. The only way to find out if your product could stand up to a higher price is to test it out.
- Add Upsells to your offers. An upsell could be a paid product or a free bonus item to increase the perceived value of a product or service.
These are all the types of training and coaching that you receive when you become a member of the Network for Women in Business. We are closing the doors for membership on March 13th 2020 and one of the things we will discuss over the next weeks are ways to increase your income via strategies like those listed above and by other suggesting add-ons like created mastermind events or membership offerings and continuity programs that will allow you to receive consistent income on a monthly basis.
One of the things that we’re committed to doing is assisting female entrepreneurs in finding the joy again in their business. We want you to be able to run a stress-free business that you enjoy and generates income. Become a member today.