Today, we’re going to talk to you about finding the hidden money inside your business; right now, hiding inside your business, and it’s more than likely, you don’t even know it’s there. One of the things that I love the most, is that I get to teach you from direct experience, things that we’re living, breathing, and doing, right now in our businesses. We have seen a 25% increase in one of our companies during what some view as a very tough economy, and we’ve seen a 50% increase in another company, basically because we found the hidden money that was already there.
So, let’s review quickly. There are the only three things you need to know to achieve any goal, which includes your business goal. You need three tools. I want to talk to you today about one of those tools. One of those tools is understanding that there are two ways to make more money. There are only two ways to make more money in a business and there will only ever be two ways.
One is to reduce expenses. So, you go line by line, you start crossing things out. Well, even that takes you to a place where there is no more hope or no new place to go because you can only cut expenses so much. So, the two ways are, you can either decrease expenses or increase revenue. That’s one is more our favorite because that is an unending supply, that one doesn’t run out. So, that’s the one that we typically choose to go with.
Now, there are three ways that you can increase your revenue. You can get more customers. Well, the bottom line is we’re all trying to get more market share and competition is becoming more and more. So, that’s a little bit tough to do. You can certainly increase your prices and we all like the idea of that, but in a tight economy people, are a little bit wary about that, so that may not be the best plan.
The best plan for increasing revenue is to sell something different or differently to the people who are buying from you right now. Marketing 101 says, “Sell first to the people who are already buying from you, second to the people who once bought from you and last to the people who haven’t bought from you before.”
There are five new income streams for you hiding inside your business right now. It is simply to sell something different or differently to your existing customer database. Then, you offer them a product that enhances the different thing that you sold them that’s going to get an even better result for them. Third, you start offering that as a second choice to the prospects that are coming in to buy from your original business. The fourth one is you offer an ancillary product or service, something that gets them an even better result. Lastly, you can actually increase the size of your market, not just your market share, but increase the size of your market.
Now, just to clear up any confusion, let me give you just a couple of examples. We own a health club, so we sell weight loss. Personal training, too, but let me keep it simple, make it weight loss to our existing database. We have a system, so we say to that health club member, “The result that you came in to achieve was what?” Ninety percent say weight loss. So, then we offer that weight loss program. Now, a gym membership sells for around $700, but a weight loss membership sells for around $2,000. You do that math. Then, we sell them a product that even more enhances the result of that weight loss program. That product, well their first thing between $60 and $100 per month, per member.
Now, we also offer to the people coming into join the gym because this one was the database, the existing database, we also offer people coming in to join the gym a two choice presentation. So, now they can enroll in the gym or they can enroll and get the results that they wanted, the bigger, better results. We also offer them programs like thinner thighs or absolutely abs, awesome arms, get rid of cellulite, you get the picture, an ancillary program that will get them an even better result. Then, lastly, we market out to the community, not just our gym, but our weight loss program also.
Well, the bottom line is an increase that’s 50% higher than what we were seeing before. I’ve helped dance studios, health food stores, retail stores, athletic shoe stores, retail stores, construction businesses, marketing companies… this works for anything.
The bottom line is if you add these five new income streams that are hiding inside your business right now, you’re going to find more money. We went over this at our Power to Prosper event, so if you want to find those five new income streams inside your business, no matter what kind of business you have, click here to get access to those recordings.