In a perfect world, as an entrepreneur, you’re spending the time doing the things you enjoy most while bringing the money you need into the business. But can following your passion be a profitable endeavor too?
Good news: Yes!
A few key steps will help, so here’s how passion and profit can continually live on the same page for your business – and your happiness overall.
Start by thinking about what you need every month from a dollar perspective to be happy and support yourself.
Next take a look at all your service and product offerings. Say you have ten different services with various prices associated with each one. In the context of your revenue stream, which of these provide the biggest contribution to that bottom line? Where do you have the most profit, and what do you sell the most of?
Now, which of your services and products do you love most. It might not be the most expensive, or the most time consuming, or event the most popular, but take a minute to think about what part of the business YOU enjoy.
Putting it all together
We have 3 categories:
- Products/ services that are profitable.
- Products/ services that we sell a lot of.
- Products/ services that we are passionate about.
With this knowledge, let’s put together a plan and goal of how to structure our business to make our bank accounts and our souls happy.
Here are some questions to help you get started:
- What products/ services should you be selling?
- How can you change your focus to be more profitable?
- Where do you need to change your process to be more efficient?
- These questions and these numbers will fundamentally change what you sell, prioritize and approach your business.
Here is a great example: You have your lower ticket items that you have to sell more of compared to higher priced items. Then you have your higher ticket items that you don’t have to sell as many of but…they may be harder to sell due to cost. But what if there’s the kind of item in the middle that not only excites you but also helps you meet your financial goals? Might there be an opportunity in focusing on selling this particular product alone?
Now let’s review where you are as a result of this adjustment:
- You’re prepared to go back out into the world selling a service that you truly enjoy most.
- You can spend time in only those places where you believe you have an opportunity to talk exclusively about that service you love– not everything you could do. Which, by the way, helps focus you on the audience you want most too.
- You probably don’t have to sell an extraordinary amount of that service to meet your goals– certainly nowhere near as much as your lowest priced services. This gives you a very quantifiable number to meet each month, each quarter, each year.
How do you know if you’re on the right track? When I work with entrepreneurs on their pricing, it’s amazing how the ensuing effort to them eventually feels…effortless. You should have the same feeling: If you select a profitable service that reflects your passion, it almost won’t feel like work.
Of course, having a helping hand from a support team can make a huge difference in your momentum to move forward. So let Officeheads be that inspiration when you need it most. We can help you realize the joy of bringing your passion and profit together at last with a solid financial engine that works behind you. Take charge of the direction of your business like never before with Officeheads today. Call us at 847.866.8877.