Seven Low Cost Ways to Build Business Profits

If you're working On Your Business, here are seven low cost ways to build more profits:

1. Update Content and Sell Your Premium Content: This was one of the first things I worked on. I've been writing articles, reports, curriculum, workshops, telecourses, and much more for the last 8 years. I didn't realized how much information I had created. Especially after workshops or telecourses, my attendees want the information for future reference. Sometimes it was available but most of it I considered my premium content and wasn't ready to make it available to the public. If you're a strategic business owner like me, you should have tons of premium content as well. It's time to update your topics and package your premium content into saleable products.

2. Finally Complete Your Internet Strategy: These days there are so many components you could use to create your Internet Strategy. Because there are so many people using the Internet, it’s beneficial to plan your Internet activities strategically. A Web site expands your business's reach, helping you execute your business and marketing goals. An Internet Strategy will help you plan, implement, promote, and use your site to build a community, sell products or services, share content, or some combination of these things. There are seven steps in creating and implementing an Internet Strategy, some of them include, determine internet goals and use based on the business goals, pick your web site structure, decide on marketing and promotion, track and measure Results. These may seem common knowledge but have you created a good Internet strategy that you can follow, track, and change as necessary?

3. Format Your Information Management System: An Information Management System is more than about getting organized; it’s a system developed to keep you become effective, efficient and energized by getting organized. It’s a multipart tool for managing your business, actions, and priorities each business day. At the heart of your IMS is learning how to prioritize, which should lead to action. When you prioritize, you make sure your business activities stay close to the money.

There are 3 areas to focus on when creating a workable IMS:

Get organized, so you can think more clearly.

Set goals so you can prioritize and stay focused on the right things.

Streamline processes by utilizing technology to eliminate useless work and finish work quicker.

Work on getting organized this summer so that you can tread lightly come fall with no heavy organization weight on your shoulders.

4. Create a Product From Your CORE Service: You’ve heard this before but you can use the summer to actually do it. If you’re a service business it’s imperative to create and package your service into a stand alone product. It’s much harder to be profitable with just one dimension of service, you must create multiple streams of income and productizing your service is easy to implement. If you evaluate most online marketers, they’ve turned their service business into a money-generating product business.

For example, if you provide event planning services, you could create a manual for the event planning industry on “how to organize events that leave lasting impressions.” You could sell these manuals to new event planners that are just getting their feet wet in the industry or you could sell to the general public. You could also create an audio CD, a Telecourse, and an in person workshop as add on products. The options are limitless!

5. Create a Service From Your CORE Product: This is the same as number four, but instead you create a service as an add on to the products you sell. For example, if you own a retail store and you sell one of a kind merchandise, create a service that includes packaging, delivery, follow up, and a subscription to your new ezine, ‘merchandise insights.’ You can create a membership and members get this service free, non-members are charged a nominal fee and it’s actually free to become a member. This format creates value for your customer and will keep them coming back and most importantly provide plenty of referrals. Again, the options are limitless!

6. Write an eBook or Report on Ten Ways to Use a (Your Type of Business): I got this idea from my lovely prospects. I always get asked, “How do I choose the right advisor to help me with my business?” Of course I would just provide the information based on my experience and based on how I work with clients. Then it dawned on me, how many other entrepreneurs would like this type of information? I thought, ‘you will never know unless you create it.’ So I have a new special report called, “The Top Ten Things to Know About Getting Help for Your Small Business.” It didn’t take me long to write it because its information I’ve been giving for years. So, create a report or ebook detailing a top ten things to know topic, related to what you do or otherwise. It can actually help your CORE target understand how to work with you.

7. Take Awesome Vacations and Forget About it All: Another option, take a break and come back rejuvenated. Relaxation and rejuvenation can work wonders for profits. Why? It allows you to clear out the clutter in your brain so that all those creative juices can come alive. It’s also healthy. Maybe you remember the article I wrote a while back about how I didn’t realize how exhausted I was and I woke up and could not see! I was completely drained and didn’t know it. So taking a vacation from the business can force you to be healthier and work on yourself vs. the business. In turn, you will feel motivated, refreshed, relaxed and rejuvenated – basically ready to take on the world!

Take some time now to decide what you want to focus your business activity on this Fall. Once you do plan it out and move on.

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