As I changed in just 6 months business failure into $ 1 million | Businessman

Most entrepreneurs will not disappoint, because they fail about the bad idea because they bleed money in a way they even realize. I know because I was there. My company broke even, but no matter how much effort I made, I couldn’t grow around the ceiling. The sale was coming, the target was not.

It took six months of concentrated execution before I turned things, and when I did it, I hit the first $ 1 million in the back. Not by working harder, but by re -establishing five profits that have released my business all the time.

This is an accurate playing book that I used practical, driven by numbers and designed to instantly connect the revenue holes.

^{Profit leak no. 1: Customers came but stayed}

Most businesses focus on getting new customers to retain those they already have. This is a massive incorrect position because getting a new crazy cost five times or even six times more than to keep the existing one.

Here’s what I have changed to ensure that my customers are maintained:

• Introduced with loyalty offer. I sent my previous customers an e -mail offered “VIP exclusive” that allowed them to access the new product time – 30% of them returned to the purchase.
• Built an automated tracking system. I set emails after buying (with zero extra effort) to re-involve customers, propose related products and offer discount codes.
• Made it easier to refund. I thought that my back would make my back making money. Poorly. When I picked up this process, trust increased sharply and repeated purchases increased by 21%.

This change increased the customer’s maintenance by 35% and added $ 210,000 in annual income without spending an advertisement.

Related: 10 learned from the failure of my first acquisition

^{Profit 2: Running advertisements without a website optimized conversion}

I spent thousands for advertising – driving on my website – but people left without buying. My advertising spending was high, but my return was abysmal.

Here’s what I fixed:

• Red -up page of the cash register. I removed unnecessary steps, simplified the payment process, and added the “Buy Now” button above the fold.
• Added Live Chat Support. Visitors who had questions have transformed 40% more often after chatting with repetition.
• Has accelerated my website. At 1 second delay at the load time, a 7% decrease in conversions can cause. I optimized my site and my conversion rate jumped from 2.3% to 4.8% overnight.

I earned $ 1,500 for every $ 1,000 I had spent on ads before. After these changes, these advertising expenses brought $ 3,800.

^{Profit leak #3: I had too many products but no bestsellers}

More options equal more sales, right? Poorly. Studies show that too many options cripple customers who help them buy.

Here’s what I did instead:

• Identified my best -selling products. I analyzed sales data and found that 80% of my income came from only 20% of my products.
• He killed insufficient powerful players. Instead of storing 50 or more items, I focused on the 10 best -selling items that customers really wanted.
• A deficiency built and urgency. I limited the shares and created notifications of “back in stock” that increased the request.

By lowering 30% of my inventory, I reduced storage costs, increased profit margins by 22% and streamlined my marketing focus.

^{Profit leak #4: I did not recall what I was Gerth}

For years I have been terrified by raising prices. I thought that if I accused more, people would holiday.

But what I learned is this: people don’t buy on the basis of price. They buy on the basis of perceived value.

Here’s what I did:

• Increased prices by 20% – AIM added pierced value. I wasn’t just for the price; I improved the packaging, added bonuses, and created “premium” versions of my best -selling products.
• Tested Price Psychology. Instead of $ 50, I appreciated it for $ 49 (Charm Pricking) and introduced the “Bundle Deals”, which looked like higher prices like theft.
• Used competing benchmarking. I was the cheapest, but I was placed as the best value.

The sales volume did not decrease, the goal of my profit per unit jumped by 27%and in six months added a profit another $ 310,000.

^{Profit leak #5: relying on one returned current}

One of the biggest mistakes that entrepreneurs make? Relying on one source of return. If this current dries, your business also.

Here’s what I changed:

• Added a subscription model. Instead of selling one -time products, I introduced myself to a monthly subscription for my best customers. Within three months I had 700 subscribers who paid $ 29/month to create a predictable income flow.
• Created an information product. I changed my business knowledge into an online race and sold them to my e -mail list. Within 30 days I earned $ 85,000 from a digital product with zero inventory.
• Started a partnership. I said goodbye to the additional brand so I could cross our products and bring 7,000 new customers in one campaign.

This diversification strategy has added revenue for another $ 450,000 in six months.

Related: why failure is essential for success

^{Last with you: Small Fixed – Great profits}

The biggest legend in business is that you have to work hard to make more money. In fact, just work smart.

By consolidating these five leaks of profits, my company has become a barely broken ip more than $ 1 million in six months.

Here’s your Million Dollars Action Plan:

1. Audit your business for these common profit leaks.
2. Make small changes with a high impact. Do not overcome Everhything – correct one leak over time.
3. Test and optimize. Watch what works, cut out what doesn’t.

You don’t have to rediscover the bike – just stop the income leaks and scalance the things that work.

If I could turn things in six months, you can also.