Imagine for a moment that you could double your bottom line. What would that do for you and your business?
You’re probably thinking, “Yeah, that would be awesome… But it’s never that easy!”
Ok, let’s suspend disbelief for a moment, because we’re going to raise the bar even higher.
What if you could do it both simply and quickly?
For most people it sounds like a magical far away fantasy where unicorns are dancing over rainbows made of Skittles…
Well, I’m here to tell you it’s not and this is one of the strategies from the UnHustled™ bag of tricks that could potentially double your revenues.
At its most basic there are only 3 ways to add to any bottom line:
- Increase the number of customers (more clients)
- Increase the frequency of purchases (more sales)
- Increase your average order value (more money)
Ok, not rocket science, right? That’s, all simple enough so far and pretty well known.
Now, strap in and stick with me for this next bit as we look at some numbers.
On the bright side, we do not need to break out the abacus unless you want to have a bit of fun flicking those beans around.
All you need to do to double your revenues is to increase each of the 3 areas by only 25%.
Ok, pause for a moment…
Let’s just have that sink in as this is a force multiplier.
A 25% increase is not a major shift from your existing baseline of operations.
A 25% increase is highly achievable.
Let’s look at those numbers in a little detail.
Firstly, let’s take a look at a simple example current situation. If you have 10 clients who make 10 purchases during the year at $10 each, you’re going to generate $1,000 in revenue.
With me so far?
Now, watch what happens when you increase each of these 3 elements by just 25%.
10 clients becomes 12.5
10 purchases becomes 12.5
$10 dollars becomes $12.5
12.5 x 12.5 x 12.5 = $1,953.12
I know, it’s not quite a doubling. But a 95% increase… close enough?
I trust you are starting to see is that having what most people consider a significant increase in revenues is not, in actual fact, that far-fetched.
Let’s see what happens when you add an expert twist to things and not just a teeny tiny 25%.
We know from our past research that experts and specialists typically get paid 84% more than regular folks who stay at the generalist “pile it high and sell it cheap” level.
Look at what happens when we just adjust the prices from a generalist's $10 to an expert's $18.40 (84% increase based on a study looking at specialist and non-specialist income levels)
$18.40 dollars per sale
12.5 x 12.5 x $18.4 = $2,875.00
That’s a further 129.4% increase and a total increase from the original base level of 187.5%
At this point, I believe that the kids like to say something along the lines of “Shut the Front Door!”
[Editor’s note… I was ready with the “beep” machine there just in case… He can get a little crazy sometimes.]
For fun, let’s take this even further (because we can) and take look at what happens when we factor in the expert level prices with 15 years’ experience.
In our internal research, it was also revealed in the long-term specialists and experts are paid 368% more than generalists.
So, let’s extrapolate this example based on this:
$36.80 dollars per sale
12.5 x 12.5 x $36.8 = $5,750.00
That’s another 100.0%+ increase from the last example and a total increase from the original base level of 475.0%
See how powerful these little force multipliers can become?
If you need to sit down for a second and let your breathing become normal, we get it.
Consider this. All we have done here is increase 2 of the 3 ways by 25% and then factored in what you should be getting paid as an expert in your field and an expert with several years-experience notched on the belt.
Nothing significant has been done, and yet, you are going to see a 475.0% increase for doing the same things you are doing now only you are getting paid what you are worth.
That’s quite spectacular, right?
At the most basic level you can nearly double your revenues with a small barely noticeable adjustment to what you are already currently doing but to really see exponential growth you need to start charging what you are worth.
Now, obviously we are using very small, yet simple numbers for illustrative purposes. Think about this in where you are right now in your business. A little effort here, a little effort there and you and dramatically magnify everything you are doing.
People tend to get trapped in their own personal self-inflicted business bubbles. However, a little push in the right direction can make the world of difference.
Welcome, to the UnHustled world…