Small business owners know how hard it is to make a healthy profit, especially in the first years when you are still struggling to secure a list of regular clients and a team to delegate your projects.
But did you know it is actually harder for women in business? According to this study run by Freshbooks -the accounting software company- self-employed women gain 28% less than self-employed men.
While they seem happier and have a better work-life balance, 20% of the businesswomen surveyed say they have to charge less than their male equivalents to get and keep clients.
Is that a good strategy for the long run? Maybe not. That’s why I’ll share with you 5 tips to scale your business and earn more money:
Adjust your costs
it’s time to revisit your structural costs sheet and update your product or service price according to the market.
You can also add a small charge to the final price to cover unexpected expenses, extra material, or delays. This will help you build a money net to overcompensate if necessary.
Edit your client list
Is there a client that won’t accept your new prices? Let them go kindly. That way, you will have room for better clients that will appreciate your business and expertise.
Take that extra focus and dedicate it to attracting new high-end partnerships.
Think about “premium”
Product or service-oriented, any business can offer a premium version of what the client needs. Design a top-tier pack or experience and raise the charge.
This way, you can take on fewer clients, do better work with them, and make more money in the process.
Don’t rely on paper
Eliminate waste, optimize your time, and help the environment in one step! Using paper to file and save information can be inefficient, as it can get lost or damaged.
Moreover, you can use online tools or automation. These programs will help you declutter and save money over time.
Value your time
you need to charge for one of your most valuable resources in business: time. If you offer a service that requires hours to budget, build or display, you need to add it up when setting the price.
Do you have any other tips to make more money? Send me a DM on Instagram @lauraleebotsacos and let’s talk about it!
Check out my clean beauty brand Apollo and Artemis Beauty.
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