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How to Make Money as a Service-Based Business Owner ArticlesDigital Management and Leadership Written by Kate Toon This article was written by Kate Toon who will be presenting a webinar on social media advice on September th at am Australian Eastern Standard time. Register today! Just because you are a small business, agency, or freelancer doesn’t mean that you can’t dream big. After all, growing through innovation isn’t just for the big corporations. However, most people in service-based businesses seem to think that in business we must have that one big idea. The life changer. The amazing innovative product or service. The killer launch. The smash hit. That one magic thing that finally tips the balance in their favor, opens thefloodgates,and lets the cash flow in. But I disagree! For me it wasn’t one big idea that helped me reach six figures and beyond, but rather lots of small ideas. Little wins that added up over time. It was about fixing small failures and recognizing opportunities B2B Email List for improvement. Yes, it may sound less exciting and far from entrepreneurial, but for me mopping up the business crumbs rather than chasing the big fat bread bun worked. So, based on what I’ve learned, here are the ways I think a service-based business could make more money: Tip : Charge more Yes, I know this sounds pretty obvious: charge more, and you’ll make more money. But it’s amazing how hard some business owners find it to increase their rates. And often those rates are
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based on little more than a quick skim of their competitors’ rates and a passing thought about profit margins. They set their prices without a thought as to whether they’ll support their cost of living or give them a decent rate of profitability. I recommend upping your prices with inflation every year. But you should also consider a larger increase as your experience and abilities improve. Most clients and customers will wear aincrease without really noticing. It gets trickier at , so I prefer a strategy of incremental increases rather than a giant leap. Tip : Specialize We all know we’re happy to spend more on a specialist than on a generalist. I’ll wait three months and pay a premium to have a consultation with a renowned neurosurgeon. But I’m frustrated when I have to wait ten
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