An unbelievable fact about any business is that there’s no limit to your income. Perhaps you don’t know this yet.
Many entrepreneurs have been looking for ways to double their business income and start earning more. Unfortunately, no answer online could be satisfying enough, as entrepreneurs and writers keep repeating the same usual guidelines over and over.
Sit back. I have carefully provided this guide for you. This isn’t a random or usual personal finance guide.
I have considered businesses (big and small) by researching and experimenting with this guide (Ultimate Guide to Double Your Business Income and Start Earning More) on most of them as a business strategy.
The results were impressive and encouraging.
This guide focuses more on strategies rather than tactics to improve sales and generate much more income.
At times, entrepreneurs or business owners think they’re doing fine because their businesses seem to be thriving, they manage to pay off debts, they pay up employees, and there’s little dropping into their pocket to sustain themselves.
However, this isn’t the goal! Why should you live on such little income when you can simply apply this guide to double your business income and start earning more? You should aim higher.
Bonus: Do you know about these 20 Best Business Ideas to Make Money (Online and Offline)?
How to Double Your Business Income
Tweak Circumstance to Boost Sales
To double your business income simply means to improve sales and make more money. The first thing to do to boost your sales is to change the circumstance of business income and sales. How do you do this?
Customers won’t just start paying you for no reason or pay extra instead of the average price of a product or service. But what if I told you it’s possible to make them do so.
For instance, if you’re asked to steal candy from a candy store, would you? “No!” That’ll be your answer.
The thought of getting caught and embarrassed alone will open your mouth to push out the big “No”.
Now, what if you’re asked to steal from a candy store, and get $1 million as a reward. Will you do it?
I know what’s on your mind right now. This same thing happens to everyone, including your customers, consumers, or clients.
Buyers or customers will first analyze themselves and calculate the expenses (output difficulty or risk) before making any payment; their account, how much you’re offering, what would be their gain, does it worth extra bucks?
All these are thoughts that fill up any client’s mind before making a payment.
All you have to do is give them a good reason to drop those extra bucks, just like the guy who would take $1 million to steal candy.
I know you can’t directly go around asking. Nevertheless, there is a better way to communicate this to customers to make them comply.
Give irresistible discounts and offers on particular products and services in such a way it won’t affect your business income negatively.
You can select a few products or services that have been driving sales the most recently, and give good discounts on them. This is an effective way to boost sales.
Let’s do the maths.
Your selected product = Product A Product Price = 3
Average daily sales = 10 Average monthly sales = 300
Average daily income = 30 Average monthly income = 900
After implementing guide 1
Your selected product = Product A Product Price = 2.5
Average daily sales = 20 Average monthly sales = 600
Average daily income = 50 Average monthly income = 1500
Check out the income difference, with a little change. It is best to implement this strategy on products or services driving reasonable sales to your business already, as this tends to be a verification that your product or service already appeals to your customers. It’ll make them demand more.
Applying this strategy with products and services that drive less or no sales will be less effective.
Also, be sure to have enough in-store and a reliable supplier so you can keep up as soon as consumer demand picks up.
Invest More on the Most Productive Aspects
Entrepreneurs often make the mistake of focusing too much and too long on a less productive aspect of the business.
Although this is good, yet, if you start drowning all your income in that one aspect, you’d be losing tons of money.
Why not invest that fund in a more productive aspect of your business. I would love to tell you what works and what doesn’t in your business.
Unfortunately, you own your business, and you know it better than I do.
Look out for where you’ve been investing too much money, have been less productive, and aren’t showing signs of being productive anytime sooner.
Note that I am not saying you should kill that part of the business or invest less in it. That part could be the spine of your business; don’t rip it off.
Simply keep the investment minimal to keep sustaining it, and put in the extra fund in the primary source of productivity.
Make Competitors Your Mirror
This is one of my secrets as an entrepreneur. I don’t compete with my competitors. To me, it’s like trying to surpass your reflection in a mirror. It’s futile. Do you know why?
I’m already more than my reflection in the mirror, that’s why I’m more reasonable, and it keeps doing whatever I do.
I apply the same thing to my competitors. So I do the same thing I do to my mirror to them. I use them to check for my errors or business flaws and quickly adjust and improve.
Don’t see your competitors as just competitors. Instead, use them to check your speed ( i mean business growth and development) and adjust the areas that should be fixed.
Look out for products and services you have in common, then quickly improve on them. Customers will prefer your product to others and patronize you more.
You’ll have fewer customers of that particular product or service to share with your competitors, thereby driving more sales to your business.
Connect Best with Customers
As less important as this might sound, it’s a great strategy to maximize your profit and double your income. When you meet with customers, you can build a connection with them and inform them of your latest product.
According to my analysis and research, I found out that a better connection with your customers or buyers can boost a business income by 10% – 30%.
Imagine you earning 10% – 30% more. Isn’t that great? Aside from being able to tell and show your customers your new product, you can also tell them more about the existing ones.
As an entrepreneur, a direct advertisement should be an area of specialty for you.
Make customers know more about the market, what product is selling the most, what product will be out of stock soon because of the high demand, the value and gain in it for them for buying more.
This is an effective way to maximize sales and double your income.
Add Extra Features to Your Business
Why is your business wearing pants when you can decorate them with fancy clothing? Adding more features to your business will improve your sales.
There’s a lot of useful features you can add to your business to improve sales and double your business income.
Your business will determine the needed feature. All you have to do is look for a way to satisfy your customers better, help them reach you quickly, and help them get your product easily.
You can add an excellent feature like delivery. When you start delivering products and services directly to customers and buyers, you can charge a fair amount and start earning more.
Although delivery isn’t an easy feature of marketing, you may have to start first with clients and buyers in your locality before expanding to other distant locations.
Yet, it’s one of the most efficient ways to boost sales and double your income. The new feature of your business could be something entirely different.
Just make sure you can ease customers’ and buyers’ stress and get paid for it.
Note that if the cost of delivery or the new feature is too expensive customers or buyers won’t be interested.
Execute a Better Pricing Strategy
You can interpret this as a “slight increase in product or service cost”. Don’t just kick up the price of a product or service. Else, you’d be sending away potential customers and clients.
A slight and almost unnoticeable increase in product and service could be your key to earning more. For instance, the cost for product or service ‘A’ was $0.90. You can slightly increase the price to $0.95 or $1.
However, note that this pricing strategy works best with scarce products or services. Imagine only two or three markets are offering a particular product, and they are far apart.
Customers and clients won’t mind the slight increase in your cost. As usual, they’ll calculate the risk and expenses to go to another far away from the market just to get the same product or service, and they will realize how much they’ve got to lose.
Also, a better pricing strategy doesn’t only include a slight increase in scarce or rare products and services. You should as well reduce the cost of some products.
This is the trick. Check for products that have got more profit, slightly decrease it ( this will reduce your profit).
Now, inform customers and clients of the new price. You can also tell them about this when you meet directly with them or send them emails.
Just make sure no one else is offering a lesser price to yours. Let customers know that the offer won’t last for long (which may not be true, it’s only a marketing strategy), this immediately gives them the sense of “I shouldn’t miss out”.
Note this is best effective with products and services already driving sales.
With this, sales will increase because customers will buy more, and it’ll double your business income.
You shouldn’t reduce the quality or quantity of the product or service because of this. Consumers, customers, or buyers are always very sensitive to changes in product or service quality and quantity.
Note: This strategy is similar to promo, but it isn’t because as soon as the money starts rolling in, you wouldn’t want to stop its source.
Moreover, customers will soon get used to buying more, and your business or market will be tagged as the best with affordable prices.
Minimize Tax to Maximize Income
Tax payment is one of the significant sources of a business’s financial output. Try to set up your business in locations that pay less tax; most of those places are even very profitable for business set up.
You can find such places, mostly in Africa and Asia.
Millionaires and Billionaires keep tabs on tax strategies. You can do the same. About 60 companies paid $0 legally in the 2018 tax year.
Some of these companies include Amazon, Chevron, General Motors, Halliburton, Delta. With just a -5% tax rate, their US income was summed up to about $79 billion.
You can employ tax experts to help you out with this. They’ll help you with creating strategies that can be very effective in minimizing your tax payment.
It is one of the biggest problems of entrepreneurs and business owners. However, there are two sides to this.
There are profitable debt and non-profitable debts. Let me explain.
A profitable debt isn’t just any debt; in fact, it’s a debt that prominent and expert entrepreneurs will gladly welcome. Why?
The money taken on credit is often used for investment and other purposes to yield profit surely. In this case, there’s an 85% – 100% chance of profiting.
Unlike the non – profitable debt, entrepreneurs often use such funds on investment and purposes with a 50 – 50 chance or less of being profitable. Funds like this also come with very high-interest rates.
This is like gambling. Although Millionaire and serious entrepreneurs take risks, still, they don’t believe in luck and jackpot. They understand cash flow-income and expenses.
Here, the focus is non – profitable debts. Try as much as possible to avoid it. Too much debt can minimize your income or drown your business.
Don’t postpone debt payments you can make without hurting your account or on-going investment. If you do, there’ll be too much debt to pay later, and you won’t be able to double your business income.
Focus More on Assets than Liabilities
The goal is to get rich, not act costly. Extravagant lifestyle is a virus in the bloodstream of entrepreneurs, limiting and slowly killing them and their businesses.
Thomas Stanley mentioned in one of his books that 86% of non-millionaires have the most prestigious brand of cars as toys.
It is against the widespread belief that the wealthiest people own the most exotic cars. The most significant users of expensive cars are aspiring millionaires.
Millionaires and expert entrepreneurs don’t spend money on things without a guarantee of being profitable now or later; premium cars or jewelry that tend to drop in value in a couple of years.
Try to spend less on expensive jewelry luxurious cars, and unnecessary or irrelevant spending. Instead, invest more in assets that will appreciate. It is an excellent way to double your business income.
Unlimited Income Targeting
This is simple. Make your targeted income limitless. Although you should know and evaluate the expected revenue.
Still, do not limit your business and yourself by limiting your targeted income.
The secret to double your income isn’t a secret. You just have to know where to look and what to do.