Making more money is such a common goal for business owners. I’d venture to say that every business owner wants to make more money. However, turning that dream into a reality isn’t always as easy as it sounds. Sales is a detailed process with a lot of factors, so there is always something that can be tweaked or refined to bring in the dough.
Sure, you could always increase your pricing, but you risk pricing yourself out of the market. You could take on more clients, but you then risk stretching your team (and yourself) too thin. These can both be great options when the situation is right, but they’re not always the best choices for every business.
If your prices are stable in your market and your calendar is already packed until eternity, here are a few ways you can earn more money without overcharging or overworking.
- Learn to enhance the client experience with upselling.
- Showcase curated styles for a visual experience.
- Upgrade your office to match your offerings.
- Refine your proposals to connect with customers.
- Consider expanding your business.
Let’s discuss in more detail below:
Learn (and Teach) to Upsell
Upselling often gets a bad rap, but it’s a great way to enhance the client experience while increasing revenue per sale. The key to upselling is having products or services that can complement one another. For example, if you have some gorgeous farm tables in stock, centerpieces, and other table décor items, these are all a natural way to upsell a client. If you have a sales team, train them on how to identify situations in which they can entice the client to invest more for a better product at the end of the day.
Showcase Curated Styles
Event design is a highly visual field, and clients are more likely to be sold on something if they can touch and feel it in person. If you have a showroom, you’re already on top of this. If you don’t, bring some items out of the warehouse to showcase in your office. This idea supports upselling by drawing your clients into a “look” as opposed to individual items. Perhaps they came into pick out linens, but it will be hard for them to turn down the expertly curated chargers, china, and flatware that are on display.
Upgrade Your Office
Office renovations may be on the lower end of your priority list, but they can make a difference in how much you earn per sale. You can’t sell luxury rentals out of an office that feels like it hasn’t been updated in decades. Your office fixtures need to match your brand; if clients are visiting, they need to feel comfortable and welcomed by their surroundings. After all, you’re in the hospitality industry— a coffee station and some upscale furniture go a long way in telling your client that you’re serious about your business. While you’re at it, mount some photos of your inventory from past events to inspire clients and further boost your revenue. Professionalism can make all the difference when making an impression on a client.
Refine Your Proposal
Proposals that are stuffy or confusing don’t hit the mark with most clients. Make sure your proposal is one that grabs your clients’ attention and makes them wonder, “What else could we do?”. I recommend including photos from past events to show your work in a real-world setting, especially those that align with the client’s vision. Add captions detailing the items in the picture, then weave in other custom suggestions for their event. The more you can personalize your proposal for each client, the better you’ll connect with them and earn their trust.
There are many ways you can grow your company and increase your bottom line. Perhaps you’re considering moving to a larger warehouse to accommodate more inventory. Maybe it’s a new product line or service you’ve dreamed of adding to your repertoire. You could even be thinking about opening up another location to reach new markets. Regardless, growth is a direct way to bring in more money.
Just be cautious about growing too fast; do your due diligence to prepare for any significant moves instead of jumping in. Ensure that you have the mental capacity, financial resources, and manpower to support your expansion. When growth is on the horizon, it’s always best to be proactive about where you want to be and how you will get there.