In this business news update:
00:15 – Controversial, but it works
01:21 – This is how you get paid twice
01:34 – See for yourself
James Schramko here with part three of my business profit tip series. In the first part, I talked about adding a high price product to your product lineup. In the second part, I talked about adding a recurring element to your product lineup. And in today’s episode, I’m going to tell you a pretty unknown secret that is really really helpful if you have a business. It’s going to create you profit so watch on.
An Unexpected Business Tip
Alright so this is part three. This is probably a not expected tip and maybe a little controversial. But what you should do is look for your product services lineup, and find something that you can sell that people may never use. What?! Yeah, find something that you can sell that people may never consume or use.
An example of this: I have an Internet subscription to connect to the Internet from my house. Each month it allows me up to 500 gigabytes allowance. Now if I only use 50 gigabytes or a hundred gigabytes, the other 400 gigabytes just vanish. They go away. And the chances are, I’m not going to miss them because I’ve paid for them but i’m not using them.
Same with my telephone bill. I get a capped plan that allows me to use up to X amount of calls or SMSs. Now if I don’t use it all, it just disappears. So, the telephone company and the Internet service provider are on to something pretty tricky.
Getting Paid Twice For The Same Resource
What could you provide a supply that people pay for but don’t necessarily use. They can use it if they want. But if they don’t, it’s not a big deal for you and it’s not a big deal for them.
So an example of that might be selling hourly packages for a service that you do. Instead of just selling appointment by appointment, sell blocks of 10 appointments, or blocks of 10 hours. And now when people buy that, a) you get paid upfront; b) you’ve never had to deliver all of the hours at the same time as when you get paid; and c) a lot of people will probably just disappear and not even consume those hours which you can resell because you have capacity to someone else and get paid twice for the same resource.
So, hope you’ve enjoyed this tip. I’d love to get your comments on this. This is typical of the sort of stuff I talk about inside SuperFastBusiness and SilverCircle which are my business coaching memberships.
I look forward to catching up with you on the next lesson. I’m James Schramko.
Please leave your comments below.