The first step is to take a look at your credit card bills. Are they drowning your monthly budget? Do you need to spend so much? Analyse your credit card spending and cut down the credit card expenses, memberships, and subscriptions you don’t need.
Find less expensive alternatives to your current software and tools to boost your profitability. For example, you can check out AppSumo, where you get the best deals on software and tools. Likewise, hiring a white label partner can be more cost-effective than working with multiple freelancers.
Whether an SEO tool or a white label partner, if you want to use these services in the foreseeable future, pay upfront for a year or so to save money. For example, at E2M, by paying for a quarter upfront, you can get a 10% discount, which directly translates into your savings.
Running an office space is expensive. But as remote work becomes the new normal, you don’t have to pay for overheads like utilities, rent, furniture, hardware, and maintenance. It makes sense to get rid of your office space or minimise it if your work culture is also becoming remote.
You will need at least one recurring revenue stream to increase your profits. You can turn one of your services into a monthly service model or launch a new service with more stable revenue. For example, you can turn copywriting services into content as a service business model.
While you should target new customers as it helps expand your business, it is an expensive endeavour. Fortunately, upselling is a more cost-effective way to streamline your revenue. So, focus on upselling to your existing customers to increase your profits.
Keeping your costs low may undermine the value of your work. You should price your services based on their value. But make sure to show your customers how the price hike will benefit them. And don’t forget to analyse your customers before doing it.
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