How to Make More Money as a Business Owner
Here’s an unsurprising fact: “how to make more money” is a pretty popular Google search phrase. What does that mean for you?
It means you’re not the only one who wants to see that bank balance rising, of course – and I see a lot of value in helping agency owners make that happen.
Now, if there’s one thing I know about agency owners, it’s that we don’t have time to mess around experimenting with Google OR reading long-winded article intros. We want to make more money fast, so here it is: your quick-reference guide to topping up your agency revenue.
Choose your business model carefully
Okay, so choosing or changing your business model might not be quick, but it is important, especially if you’re starting something new. Why? The business model you choose affects your margins, scaling opportunities, and earning potential – the good news is that you can always make the switch to another model later on.
Here’s your plain-English explanation of three common business models:
Sole practitioner: you’re a lone wolf. Who needs teammates? You’re capable enough to do it all by yourself. The only downside is that you might miss the opportunity to grow and scale.
Agile agency: you’re a sole practitioner who brings in freelancers to help out. You enjoy pole-vaulting in your spare time (optional).
Traditional agency: this is considered a standard business model for agencies. You have permanent staff who get paid a wage or a salary in exchange for their work.
- Do your research and switch business models if necessary.
<h2>Make your USP irresistible</h2>
We all want to stand out from the crowd. Some of us do it by getting tattoos or dyeing our hair *creative* colors, but if you want to grow your business, you’ll need a slightly more concrete approach. Your USP, or “unique selling proposition”, is sort of like a completely unique tattoo and hair dye combo for your business; it captures imaginations, hearts, and (ideally) banking information by showing your prospects exactly what sets you apart. You can usually determine a brand’s USP by looking at the slogan or website copy, and once you see what’s on the market, you’ll also see the unmet needs. These holes just waiting to be filled by someone with the ability to do the job faster, at higher quality, or with that priceless personal touch (hint: that’s you).
Hire the right people
You might be the head of your business, but your employees are the body, and it’s up to you to make sure all of the limbs are working properly! Any effective agency requires a range of particular skillsets. For example, you’ll need a client director with an eye for opportunity and risk, and salespeople who can qualify leads faster than you can say, “Good news! We have a new lead.” With great team members comes a variety of skills and brand new opportunities for growth, but there’s one more thing to keep in mind: culture fit. Finding employees who fill your office with energy, happiness, and the smell of freshly-made coffee is almost as important as filling your skills quota, so aim for a balance.
- Take an audit of job performance
- Consider new ways to enhance your company culture
- Review your job advertisements for any vacant positions
Think past the main P
You’ve probably heard that marketing consists mainly of the four Ps – product, place, price, and promotion. As tempting as it can be to focus exclusively on promotion, the other elements should be JUST as Prominent. After all, marketing is about much more than the clever promotions send us into a frenzy in shopping malls. It’s about creating memorable experiences for your customers, and there are so many ways to do that. Try launching a new product that creates its own buzz or changing your pricing model, and enjoy a few easy wins!
- Brainstorm a list of new potential products or services
- Consider whether your pricing model is working for your agency
Here’s the bottom line. Bringing extra money into your agency can be challenging, but there are always opportunities for growth. Besides, anything beats sitting at your desk and Googling “how to make more money”, right? Right.)
If you’re STRESSING about finances right now, you’re not alone – but there is plenty of good advice out there…starting with my blog on strengthening the financial foundation of your business. Take a deep breath, make yourself a cup of tea, and click here to check it out!