154 - Profit Margin - a podcast by Rob Krueger
from 2016-03-21T07:30
Profit Margin
There are countless resources out there on the topic of profit margin. Just search Google and be instantly overwhelmed with 1 million great ideas to increase your profit margin. If I had to break it down into three parts I could easily do so. I am the kind of person that often only uses logic in many aspects of my life and when it comes to your profit margin I don’t change one bit. There are a lot of thing to think about within each of my three main points but definitely worth a quick read. At the very least worth a listen, maybe even twice.
- Look at your current profit margins
- What do you make from each job
- What do you pay out for each job
- What is it to pay yourself for each portion of every job
- Things you must have to do the job well
- Things you may be spending more than you need on
- Account for waste
- See the gross profit margin
- And prepare for change
- Cut costs
- Anywhere and everywhere you can cut cost, Do It!
- Save $5 a month on your internet service provider
- Eliminate your land line and go completely mobile
- Split a product with a fellow photographer
- Drink more water and less soda and beer – ANYTHING!!!
- Raise prices
- Be firm on your price
- If you take a cash discount that can help the sale
- Eliminate any specials/coupons
- Do not fold back to your old pricing to book a gig
Conserve your marketing budget!
Only use what you know works for you
Increase productivity!
You or an employee – make more of an effort to produce more from your time
Reevaluate often!
Happy Shooting!
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