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82. 5 ways to boost your revenue

Updated: Mar 21

Today is the last day of my Profit Lab Masterclass and we've just entered the last quarter of the year.

I look at business like a sport, we have to train to develop our skillset and work on it daily. As Beauty Therapists we are masters of our craft and continue to grow and develop. Do we all do the same in our businesses?

“Never rely on one source of income” - Warren Buffet

As some of you may know I used to run marathons, and I bring this up because the event finishes with a sprint. Any distance runner out there knows that you need a little left in the tank for a final burst at the end. This often is the difference between getting a personal best and just completing the event.

The same principles should be implemented in our businesses, it's quarter four and time to excellerate to the finish line to end the year strong. Some businesses may find October and November quieter months, but it's a great time to build community, offer masterclasses, promote special events, get involved within the community and put a marketing plan together for next year. The festive season is always busy but we can maintain that abundance all year round.

Here are five effective ways to boost your revenue:

1. Increase your marketing efforts:

~ Engage with clients on social media - like, comment and share, interact with other local businesses to cross pollinate your client base.

~ Get involved in community events - wear a t-shirt with you company name & logo to increase brand visibility (schools, clubs, sports teams and charities)

~ Offer goodie bag fillers at events or charity contributions to attract potential clients back into your business.

2. Expand your product or service offerings:

~ Launch a new treatment or product and service bundle (facial with aftercare package or a massage with homecare oil)

~ Offer a masterclass about how to use products or perform at home treatments (teenage skincare, anti-aging facial massage, makeup lesson)

~ Host an event - demo a treatment, include a goodie bag, drinks and nibbles, ticket the event, and offer a raffle to encourage clients back into your business and improve loyalty.

3. Improve your client retention:

It is cheaper to retain existing customers than to acquire new ones. Listen to podcast Episode 16 about the importance of maintaining an excellent reputation

~ Focus on providing excellent customer service - a warm welcome, follow up after treatments, give aftercare and thank them for supporting your business.

~ Offer a loyalty program - complimentary treatment, added value to purchase or free gift with product purchase.

~ implementing strategies to keep your customers engaged and satisfied - what's their next treatment, what is happening in your business, what products are being launched

This will not only boost client loyalty but also increase the likelihood of repeat bookings and purchases.

4. Optimize your pricing strategy:

~ Regularly review your net worth and measure it against where you want to be - join my next masterclass and when you register you’ll get a access to a🎙️Secret Podcast, 📝 Magic Number Equation and 📋 Profit Lab Guide

~ Research ways to save on utility bills and other expenses. This can be done monthly or quarterly but as a minimum an annual review will help boost your revenue

~ Know your numbers and price for profit. How much does it cost your business to perform each treatment, have you included all of your expenses before ensuring you have a 40-60% profit margin?

5. Simplify systems and procedures:

~ Automate your booking system and include appointment reminders, and follow up emails. A great way to gain client reviews and testimonials is to ask in their follow up email.

~ Identify and streamline any processes or operations that may be costing your business unnecessary time or money.

~ Strategise with your team to ensure treatments, policies and procedures are all consistent. Identify areas of improvement and train the team so the business runs more effectively.

Remember, these strategies may not work overnight, but by consistently implementing and monitoring them, you will drive revenue growth over time.

Thank you for reading. If this was of value please like and share it with others in your network. ~ Diana x

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