- Sidepiece
- Posts
- 6 Ways to Increase Revenue and Profit
6 Ways to Increase Revenue and Profit
We want you to make money…lots of it.
Grace Lemire
August 01, 2023
Hey y’all,
We want you to make money…lots of it.
Featured Opportunities
We’ve got 7 incredible opportunities for ya this week! We also keep a much more in-depth list here.
Seems like it’s for a home textile company. Open to FT as well.
Looking for writers that specialize in lifestyle, holiday, and gifting content. Must be US based.
Covering topics related to immigration, visas, and legal travel requirements to/from the US.
The poster didn’t give much information about this gig., but he’s the owner and creative director of a strategy and design agency. Looking for a video editor to help a client.
Contra is looking for a NY-based photographer for an event on August 17th. Budget of $1,000 to $5,000.
If you’re 21+ and can show up to visits on time, Papa Pals is a solid side hustle. You get paid to connect with elderly folks to provide companionship, help around the house, shopping, and transportation.
If you’re a master at something — whether that’s art, navigating your local city, or raising sheep — host an Airbnb Experience around it. You can host experiences in-person or online under pretty much any topic. You also set the price and times you’re available to host, so it’s super flexible.
6 Ways to Increase Revenue and Profit
Whether you’re making a steady income, struggling to land clients, or overbooked, it’s a good idea to revisit how you’re making money. You might find that a creative approach unlocks a whole new level of income for you.
#1: Maximize Your Revenue Streams
We’re not saying you need to take on 27 jobs, but having multiple income streams can help create financial stability. This is because you won’t have to rely on any one income source to keep cash flowing in.
Passive income streams — like selling a digital download — can also increase your revenue without having to increase your working hours. Keep in mind, though, the most income streams, the more transition time in between. Find a balance.
#2: Revisit Your Rates Periodically
As time goes, it’s easy to get complacent with your rates, whether you work a full-time salaried role or set your own rates as an entrepreneur. Either way, make sure to revisit your rates every 6 months to a year. If you have gained new skills, or if your rates are below market value for your skillset, it’s time to increase them.
For full-time roles, you can figure out your market rate by looking at salary data on Glassdoor. For freelancers, check out this freelance rate database.
#3: Switch from Hourly to Retainer
One of the most important changes you can make to increase your revenue is switching from an hourly to retainer model. On an hourly model, as you get better at something (and therefore faster), you get penalized.
Let’s say you book a project for 10 hours per week at $30/hour. You take the first month to get into the swing of things with your client, and by the end of it, the tasks you initially agreed to aren’t taking you as long.
Now, you’re either working fewer hours (aka making less $) or you’re asking the client for more tasks to fill the time (aka work that’s outside of the scope you gave them a rate for). With a retainer, you agree upon a flat rate for a specific set of deliverables. Doesn’t matter how long it takes you to get done, you get paid that rate.
#4: Introduce a Passive Product
Passive products allow you to make money in the background without having to actively sell the product to make sales. Passive products can be anything — like a guide to writing your own landing page copy, a website design template, an e-book about your industry, selling designs on stickers or sweatshirts, or selling an online course on something you’re knowledgeable on.
#5: Offer a High-Ticket Service like a VIP Day
VIP Days are genius for certain industries, like designers, SEO strategists, and any kind of consultant. A VIP Day is an in-depth, one to two-day service where you help a client through a specific project or through meeting a specific goal.
For example, Sarah Jane Burt offers VIP Copywriting Days for $3,000. It includes a 60-minute strategy call, ready-to-go copy within 48 hours, and up to two rounds of revisions.
#6: Focus on Referrals and Recommendations
Spending a few hours every week hunting down new clients isn’t sustainable. At some point, you want the majority of your clients to be coming from referrals/recommendations and networking.
Ask your clients to leave feedback on your LinkedIn or in a feedback form for your website/portfolio. (We dare ya…go ask a few of your past or current clients for a review after you finish reading this.)
And if they ask for ways to support you/your business after a project ends, there is no shame in letting them know you value a referral if they know of anyone who might need your services.
Helpful Resources
Our founder, whose freelance business made $500k/year, said acing proposals is also key to landing high-paying clients. She created this proposal template in our Notion Pack for you all to use.
Tracking revenue, expenses, and profit is also incredibly important. It’s challenging to see what’s working and what isn’t if you don’t know your numbers. I like using the Boost app to track mine.
What I’m Thinking About
Each of us is programmed with specific money beliefs, or scripts. For the longest time, I felt like I could never gain full control of my money — it always felt too scarce no matter how much I had.
Truth is, I did have enough. I was just locked in scarcity mode, creating a self-fulfilling prophecy. What are your money scripts? What were you taught about money?
Next week, we’ll dive into a mini lesson on the neuroscience behind money beliefs so you can:
Identify your money scripts
Take action to rewire them
Experience more financial success
See ya next week,
Grace
