3 revenue generation - amazon s3...amp up your services add a premium product/service to your...

PROFIT & CHARGING BLUEPRINT

DIETITIAN BUSINESS

STARTUP TOOLKIT

© 2015 RD Entrepreneurs Academy

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IN THIS TRAINING VIDEO…

Revenue Generation 101

Meeting Your Profit Goals

Determine Your Prices

Profit & Tracking Management

Advanced Revenue Generation

Profit & Charging Blueprint

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REVENUE GENERATION

101


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PROFIT CLARITY

Understanding how your business makes money

Vital for utilizing your time appropriately

Set better prices

Know which product/services to expand upon

Revenue Generation 101 l Profit & Charging Blueprint

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HOW YOU MAKE MONEY

Product/Service

Writing/Speaking

Provide Expertise


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HOW YOU MAKE MONEY

Per visit/session packages

Per event

Individual Sales (product/service)

Per month

Insurance


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HOW TO ACCEPT PAYMENT

Prior to service/credit card to hold “appointment”

Point of service

Invoice/bill

Payment plans

Insurance


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PAYMENT PROCESSING

Cash/Check

Credit Card (Terminals/Readers)

Payment Buttons/Email Links

Invoice Services


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MEETING YOUR PROFIT

GOALS© 2015 RD Entrepreneurs Academy

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Meeting Your Profit Goals l Profit & Charging Blueprint

“MILLIONAIRES WRITE DOWN THEIR PROFIT GOALS

ONCE A DAY”. -DENISE DUFFIELD-THOMAS

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PROFIT GOALS

How much money do you want to make?

Being an entrepreneur means you have the ability to make more money, then you do working for someone else

Your profit goals are personal…and perfect!


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YOUR PROFIT GOALS

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3 PART PROFIT GOALS

Startup

Growing

Peak


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STARTUP

You will most likely make less money your 1st year

You are learning & growing

Goal: Profits for personal & business goals


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GROWING

Picking up steam

Process more efficient

Look at automation & delegation


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PEAK

Steady profits

Business = (at/close) Ultimate Dream State

Meeting PROFIT GOALS!


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IF YOU WORK EFFICIENTLY AND CONSISTENTLY, YOU

CAN START MAKING MONEY RIGHT OUT OF THE GATE

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PLANNING

Plan now for peak profits

Start 50,000

Goal 250,000

Growth=+50,000 yearly over 5 years


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DETERMINE YOUR

PRICES© 2015 RD Entrepreneurs Academy

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PRICING CONSIDERATIONS

Startup Costs

Operation Costs (Now + Future)

Profit Goals

Determine Your Prices l Profit & Charging Blueprint

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BUSINESS COST BREAKDOWNBusiness Formation

Business Banking

Insurance

Office Supplies

Legal or Professional Fees

Reference Materials

Licenses

Office Space

Resource Materials

Postage, Shipping

Travel

Computer/Software

Taxes-35-50%

Marketing Costs

Future Operating Costs (dream business)


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YOU ALSO NEED TO KNOW YOUR PERSONAL COSTS


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PERSONAL ASPECTS OF COST

What are your current expenses?

How much do you need to make to transition from full-time employee to entrepreneur?

How many hours per week do you want to spend in your business?

What is your profit goal for now? Future?


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RECOMMENDATION: SET AN HOURLY RATE AS YOUR BASE

FOR ALL PRICING


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HOURLY RATE

You’re prepared if someone asks

Establishes “costs” of other jobs

Confidently practice stating your hourly rate!


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PRICING EQUATION

Desired Income (take home)

Costs-Personal & Business

Time available for revenue generation

Now, let’s do some math!


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INCOME DESIRED (PROFIT GOAL) X

35-50%=

TOTAL REVENUE

➗

HOURS ALLOTTED FOR REVENUE GENERATION=

HOURLY RATE


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EXAMPLE


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PRICING EQUATION

Yearly Desired Income = 100,000

Monthly = ~8,500 (rounded from 8,333)

25 hours per week; 100 hours per month


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$8,500 (MONTHLY PROFIT GOAL)

X

35%=

$11,475 (TOTAL REVENUE) (8,500 + 2,975)

➗

100 HOURS (25/WEEK) (REV GEN ALLOTMENT)=

~$114.75 (~$115) / PER HOUR


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$8,500 (MONTHLY PROFIT GOAL)

X

50%=

$12,750 (TOTAL REVENUE) (8,500 + 4,250)

➗

100 HOURS (25/WEEK) (REV GEN ALLOTMENT)=

$127.50 (~$130)


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HOURLY RATE: ~$115-130/HOUR


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UNDERCHARGING

Per Hour Rate: $50

100 hours per month for rev gen

Take Home: $5,000

After Taxes: 2,500-3,250

Annual Take Home: 32,000-39,000


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PROFIT & TRACKING

MANAGEMENT


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WHAT SHOULD YOU BE TRACKING?

Profits

Costs

Time

Profit & Tracking Management l Profit & Charging Blueprint

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PROFITS/COSTS

What’s coming in vs what’s going out?

Track all products separately

Need to understand profits & costs of every product/service you offer


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TIME MANAGEMENT

Where are you spending your time?

Revenue Generation vs Non-Revenue Generation Tasks

How long does it REALLY take you to develop, market and deliver your product/service?


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CASE STUDY


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CASE STUDY

Cynthia provides health coaching+ yoga instructor Health Coaching

15 client hours per week; 60 hours/mo $125/session

Yoga

3-1 hour classes per week; 12 hours/mo $75 monthly membership


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Cynthia Case Study Development Delievery Marketing

Health Coaching

Time: 15 hrs Money: $50


Earned: $7.5K


Yoga Sessions



Earned: $2,250


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USE THIS INFORMATION

Use this case study in your business

Don’t just look at overall profit, consider all variables

Above all, do what you enjoy the most


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ADVANCED REVENUE

GENERATION


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HOW TO MAKE MORE MONEY

More clients

Charge more

Scale your business

Advanced Revenue Generation l Profit & Charging Blueprint

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CHARGE MORE

Increase rates if you started out charging too little

Amp up your services

Add a premium product/service to your business


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INCREASE PRICES

Keep good clients, flushes out dead weight clients

Allows more room in your schedule for better paying client

Negotiate, if able


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AMPED UP SERVICES

Adding additional “touches” that amp up quality

Do what works best for your clients

Cover your costs


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IDEAS

Thank you notes!

Text message reminders

Grocery store tour, pantry clean out

Weekly recipe/grocery list emails

Answer email Q’s


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PREMIUM PRICING

No cookie cutter product/services

Make doing business with you an experience

Partner to provide an over the top experience


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PARTNER UP

You + athletic trainer + chef

You + personal stylist + life coach

You + biz coach + social media guru

You + yoga + acupuncturist

You + other health pro (MD, PT, Massage Therapist)

You + Chef


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SCALE YOUR BUSINESS:

ALLOWS YOU TO INCREASE PROFITS VIA OFFERING A PRODUCT/SERVICE THAT

REQUIRES LESS TIME FROM YOU, BUT PROVIDES A SUBSIDY

TO YOUR BUSINESS INCOME.


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HOW TO SCALE

Groups

Physical product

Affiliate

Partnering

Digital Product

Membership Service


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WRAP UP


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KEY POINTS

Knowing how you use your time is as important as how much you charge

Charge appropriate prices from day one

Understand your business/personal costs & profit goals

Scaling your business will help you maximize your profits!

Wrap Up l Profit & Charging Blueprint

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NEXT UPBusiness Launch & Growth


The importance of marketing

Content development for your unique business

Developing an actionable promotion plan

How to grow your business with client feedback

Why and what you should be tracking in your business?

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