Each year we make new resolutions about how we want to spend our time and what results we want to manifest from our efforts, but all too often we end up losing focus or getting distracted, and our goals never seem to happen. This year is going to be different, though, because I’m taking the top entrepreneur resolutions that I see come up time after time and am going to show you how to do it.
The ultimate goal, right? If you’re anything like me, you’ll be spending this month reviewing your sales from last year and setting an even higher goal for this year. Your business needs to keep growing to make sure it’s able to support you, your employees, and your ultimate goals.
So how are you going to increase sales?
It’s a hard question to answer, at least initially. Sometimes you can feel like you’ve been trying everything you can and nothing’s been working. Or maybe you feel like you’ve gone as far as you can in your niche and want to branch out but aren’t sure how.
First, I completely understand how you feel! I’ve felt the frustration of feeling like you’re trying everything but nothing sticks. I’ve also felt the sting of underwhelming completion (is that all there is to do here?). Both of those feelings, and all the other frustrations in between, can feel like you’ve been banging your head against a wall and can’t make any of it come to fruition.
But you can if you set a plan for success. So let’s get to it!
How to Increase Sales In Your Business
1. Set a SMART goal
“More sales” isn’t going to work. If you make one more transaction than you did last year then you’ve accomplished your goal, right? But I bet that wasn’t what you were going for, so go into your goal setting using the SMART method. SMART stands for Specific Measurable Achievable Relevant Timed. I cover this more in my goal-setting posts, but the gist is: if you want to have success and increase your sales, you’ve got to commit to a specific number that is a reasonable amount (I’d love if you made $1million in sales your first month in business, but it’s not an achievable goal for many of us) with a specific deadline. The more specific your goal, the better your plan of action will be to achieve it.
2. Re-evaluate your buckets of income
I read an article once that said successful bloggers (though I think it’s relevant for any entrepreneur) have at least 5 income streams for their businesses. I label them as “buckets of income” but it’s essentially the same. The goal is to have at least 5 avenues of income at all times so that if one slumps, you’ll have the other 4 streams to prop your business up. Mine, if you’re curious, are: advertising, affiliate sales, sponsored posts, print-on-demand merch, printables, e-books, courses, coaching, and the vintage line. It’s way more than 5, but it ensures the Amex bill gets paid every month easily.
3. Pivot your underperforming buckets
Once you’ve established where your money is coming from, start evaluating if your avenues are actually earning enough of a profit that your time should be spent on them. If you have buckets you hate to work on, or ones that are underperforming, then it’s time to either cut them loose and free up that time, or pivot your bucket into another method. For example, if you’ve been selling courses and e-books but the money isn’t coming in quickly, maybe it’s time to start utilizing your knowledge and book some speaking gigs or coaching clients. If you’re a product-based entrepreneur and one of your lines isn’t pulling its weight, decide if it’s time to discontinue it or market it to a new audience.
4. Ask your audience
What do your customers want? Where aren’t they being served that could be an easy way for you to jump in and earn some moolah? Reach out to your newsletter or social media fans and ask them for help. It may feel scary. I know a lot of us feel like we’re supposed to have this “know it all already” persona, but you’ll be so glad you engaged your audience and made them feel like they’re being listened to!
5. Increase your prices
The easiest (err, or not) method to increase your sales is to raise your prices. I say the “or not” because it’s something I see so many entrepreneurs afraid to do. You might be afraid that you’ll turn off your customers, or that they won’t see the value and you’ve priced yourself out of the market. But let me tell you: there is a reason premium pricing exists in the world. You can pay $100k for a Hermes bag or you could buy a house in the midwest US. You could drop $10 a month for a Planet Fitness membership, or you could drop $120 a month on barre classes.
Do you understand the difference? If you raise your prices you’ll either end up spending less time servicing nickel-and-dimers, thus freeing up your time to focus on other revenue streams, or you’ll begin to target a more upper echelon of clients who will pay for quality. Increasing your prices will be the best move you make to increase your sales this year!