Did you know that it’s entirely possible, that there are huge, windfall profits right under your nose?
Well, it is! In today’s post I’m going to show you how to find them. I’m also going to share how this helped a small business owner go from being 90 days away from bankruptcy, to enjoying his most successful year ever.
The windfall profits that are under your nose
Most business owners are oblivious to windfall profits, which are right under their noses. Many go through financial hardship, when they could be earning a fortune.
It’s all because they fail to understand this simple truth.
The fastest and most effective way to generate additional, highly profitable revenue, is NOT to go looking for new clients or customers.
Gaining new customers can be very time consuming. In some industries, the process from initial contact with a new client, to cleared funds in your bank account, can be months… many months. Yes, developing new clients needs to be an ongoing part of your business development, but it’s not the fastest or most profitable way to generate a huge increase in your revenues and profits.
The fastest way to gain highly profitable revenue for your business, is to look for new ways to serve your existing (and former) customers or clients. Developing a new service or product, which they will want, may take a little work, but the pay off is huge.
Because you already have the trust of your clients. You already have a trading relationship with them. The invoicing and paperwork is already in place. It’s very easy for them to do additional business with you.
Also… you know what their needs are. You know what challenges they face. In other words, you already know what additional services or products they want and need.
Here’s how I made this work for a small business owner.
I used this idea to help a friend of mine, whose IT maintenance business was just 60 days away from bankruptcy. Following 2 years where his revenues and profits fell, he was in real trouble and needed to make money… quickly!
I explained to him, what I have just shared with you… that the place to look for answers was with his clients. So, we spent a couple of hours examining the needs and wants of his clients, until we came up with a totally new service, which could be up and running in 48 hours. The idea was for him to offer his clients an off-site, data back-up service. This is pretty common now, but back then the idea was still new and hardly any of his clients had it covered.
The service was paid for, annually in advance, if they wanted the best deal. He’d found a reliable, highly respected data back-up provider and negotiated a great deal for his clients. I then wrote the marketing email with the offer and we hit send.
Over the next hour, every business he’d provided IT services to received the email. He started to get people calling and emailing him to subscribe to the service within minutes. Almost 45% of his client base signed up within 9 days. This generated £20,000 (around $30,000 USD), in pure profit. A further 17% signed up over the coming 3 months. This was repeat income too!
In 9 days, this hard working small business owner went from almost going broke, to enjoying his most profitable trading period ever.
We went on to create around half a dozen new services, one of which was even more successful. In total, he generated almost £100,000 (around $150,000 USD) in additional, high profit income that year. It changed his life, by giving him the means to grow a very successful, expanding and highly profitable business.
Making it work for you and your business
Your success at this will depend on a number of factors. These include:
- How many current and former clients you have.
- How well you know the needs and wants of your clients.
- How good you are at coming up with new ideas. The best ideas are not always the most obvious.
- How good you are at marketing the new service.
- How good your rapport is with your clients and former clients.
Without a doubt, this is one of the most powerful business development ideas out there. It’s perfect, whether you desperately need to make money quickly or you’d just like to be of more service to people and make a lot more money in the process.
It requires a little thought, some creativity and hard work. That’s not too big a price for you to pay, for what can be, and often is, life changing results.
PS: You may find this useful. It’s a case study of how I created and marketed a new service.