Which product or service makes you the most money in your business? Do you even know this?
If you have lots and lots of products and services in your business, you need to really think about focusing that down, and knowing which ones really make you money. But do you know how much money they each make?
If you offer one to one consultancy, is that actually worth doing? If you do a course, is that worth doing?
I want you to think about how which products and services in your business make the most money. And then you can make some conscious decisions about the best way to manage your business.
Start by looking at the split of your revenue. Look at your revenue for the last 12 months ideally, but whatever you can pull out. Look at how much you made from each of your products, how much time they took you take you to deliver each time.
Let's say you have one to one consultancy. Look at how much one to one time you actually spent and how much revenue you took, versus also how much effort it takes to do these things.
I was talking to a client the other day, who's a coach. And she was saying that she doesn't love doing the one to many things, like courses, workshops and group programmes. She wants to do the one to one. So the one to many should be more expensive, because she doesn’t enjoy doing workshops and courses.
Don't do things if you don't love them.
Do the easy things and ditch the money drains
I also just want you to go away and think about which things bring you joy, which things really work in your business, which things flow with ease.
But also to look at those things that don't make any money. If you are selling a course and it's not making you any money, you need to put the price up.
Or maybe it's not the right course. How many of something do you need to sell to make it worthwhile? I sell masterclasses at £27, which are a great seller for me and very popular. But I have to sell quite a lot of those to make it worth doing.
Part of making them work for me is that I have them set so that they can go on an evergreen sequence once I've sold them live once.
Think about how you might make more of some of the things that you've already got in your business, rather than creating something new all the time.
Go away and do an audit of all the things you have in your business. And work out whether they are worth continuing to do. Try to find the things you enjoy and that make money – the holy grail! Bin things you don't enjoy.
At the moment where a lot of us are restricted by home schooling, and by the pandemic in general, think about what makes you good money in your business and what's easy to do and that you can deliver quickly and easily.
If you're restricted by time, do something that earns you more money quickly. And don't look too far forwards at the moment just look a month or so ahead.
We don't know when the school is going to go back or when things lockdown is going to ease. Don't plan too far ahead and manage your energy.
Today, I want you to think about managing your products and services so that you know which ones make you the money and which ones don't. And then you can make decisions about doing things that don't bring in money that you love. Or things that make you a lot of money that you don't love so much. And you have to balance that out in your business.
It might be that you need to put up the price on the thing you love doing, or keep doing something that you don’t enjoy whilst you build up the thing you do enjoy much more. It's a balancing act in your business between things you love and things that make money. What you really want is the sweet spot which is “I love doing this“ and it makes me bucket loads of money.
If you want help with any of this, just come and give me a chat. I'd really like to hear from you.