This episode is about transforming your passion into a profitable, efficient business model that works like a well-oiled conveyor belt covered in freshly baked donuts! Join the delicious journey of a donut shop, bringing in more dough to their business through six pricing strategies that you can implement into your business!
What You'll Learn:
Call to Action:
Choose one of the strategies discussed in the episode and plan to implement it in your business this week.
Contact Heather: Instagram - LinkedIn - Email: heather@GetRadBiz.com
Get Radical With Your Business: Facebook - Website
Book a Discovery Call (via Zoom) - Schedule
Zeitzwolfe Accounting: Website - Facebook
This episode is about transforming your passion into a profitable, efficient business model that works like a well-oiled conveyor belt covered in freshly baked donuts! Join the delicious journey of a donut shop, bringing in more dough to their business through six pricing strategies that you can implement into your business!
What You'll Learn:
Call to Action:
Choose one of the strategies discussed in the episode and plan to implement it in your business this week.
Contact Heather: Instagram - LinkedIn - Email: heather@GetRadBiz.com
Get Radical With Your Business: Facebook - Website
Book a Discovery Call (via Zoom) - Schedule
Zeitzwolfe Accounting: Website - Facebook
Today, we're talking about creating a cash flow conveyor belt using six practical pricing strategies to bring in more dough to your business. I'm Heather Zeitzwolfe and you're listening to get radical with your business. When I think of conveyor belt, I always think of donuts because I remember going to see. Krispy Kreme when they first opened up and they had these large glass windows and you could look in and see. All the donuts on the conveyor belt. I'm a vegan, so I have not been to a crispy cream and probably like 30 years. But to me, I always think of the conveyor belt. because I think donuts are delicious. Today we're talking about. a donut shop called sticky situation. It is a vegan donut shop. And Man, oh man. When you step into this place, the aroma in the air. You can smell the yeast and the donuts. they even have gluten-free ones. That are also delicious. Now this donut shop sticky situation. Their owner is Roxy. When she first started. She Was in a sticky situation. You know, Running a business versus being self-employed. Hmm. What is the difference well, There's a world of difference because if you are running a business, then you are working on your business. You can go on vacation, you can have people come in and do the work for you. Versus being self-employed, which means that you're probably doing most of the work. The work relies on you is very hard for you to go on vacation. And when you do take some time off, the business is not making any money. being self-employed means that you're like wearing all of the hats. You're the baker, the cashier, the janitor. You're the one that goes shops for the flour, You're the one doing the marketing and social media and taking the pictures. You're picking out the donuts, you're filling them in the boxes. You're doing everything. Instead, I want you to be owning your business so that you can work on your business. this is where you become the overseer of the conveyor belt. You're ensuring that each donut is a Testament to your brand. Even when you're not there to oversee the production of the donuts. They are still coming out. Delicious. Exactly. How did Roxy turn her vegan donut shop sticky situation into a cash flow machine. Let's roll out some strategies, like some nicely kneaded dough, bump, bump. Number one innovative pricing. Roxy introduced premium donuts that were in exotic flavors. Which allowed her to charge more for these specialty treats. She was designing things like, a strawberry shake. Flavor donut that had whip cream on top made from coconut and large pieces of strawberries. You name it, she's done it. Or she will do it as long as she can make it vegan or gluten free. How can you do this in your business? You can offer something that people can't get anywhere else. Perhaps you are a massage therapist. You could offer a package of things that people just can't get anywhere else. Maybe you are an expert at a particular type of massage that is hard to come by in your area, you can add on something else to make it extra special. Seasonal sensations. This is where Roxy created limited time offers for seasons and holidays. To boost sales. You can do something that's seasonal. I know people that do special limited time offers based on crazy holidays. They'll look at. One of those calendars that tells you like it's national pizza day or it's national. PI day or whatever it is, it doesn't have to be food items. I'm just hungry and I'm thinking that way, but. Seasonal sensations. these are limited offers based on some kind of season or holiday. these are perfect for times in the year where you have a lull in sales. hopefully you are tracking your. books and you can run reports by month and see that you may have some dips in certain months or certain seasons. Maybe there's certain weekends that just always suck and you can infuse a little fun into your business and offer one of these. All right. Number three. Add on sales. For instance in the donut shop. Roxy offered discounts on coffee with doughnut purchases and this increase the average transaction value. Think about when you ring somebody up, are you ringing up one item or you ringing up five items? If you are a coach, can you get somebody to buy maybe one of your online courses along with your coaching. Think about these little things that you can add on. Diversifying offerings. Going back to Roxy in her donut shop. she had coffee. That was something that she added on because you serve donuts. And then people were not always taking them home. her shop was very small, but they wanted to have some coffee. They were going to go straight to their car, eat the donut and wanted to have something nice and hot to drink with them. Then she expanded to homemade vegan ice cream. Wow. It's delicious. this allowed her to tap into a new market because. fact is as yummy as donuts are not everybody wants a donut. Ice cream on the other hand. it Will bring in a whole other audience. or it will allow her To have more add on sales. people see an ice cream cone. They may think. Hmm. I came in for a donut, but man, that ice cream looks delicious. I can always buy these donuts and leave them for later and eat the ice cream now. By adding on different revenue streams like this, you can actually tap into a new market and expand the sales in your existing market. So diversifying your offerings. Now, how can you do that in your own business? Maybe you offer something that is a high ticket item and not everybody can afford it, but they really want to work with you. You can Add on some kind of could be an item, a service, whatever they can purchase at a slightly less. Price point, but gets them into your world and allows them to get. Taste of you. And when they have the funds to afford your higher price services, they will be first in line to get it. okay. Say for instance, that you offer. house cleanings, you have a house cleaning company. You decide that maybe you want to diversify and clean office buildings. That's totally different from cleaning homes. Now these are two different types of. Markets two different revenue streams. But chances are the people that own buildings or own offices also have homes that need to be cleaned too. So you might be able to double down on that one as well Okay. Number five. Bundling deals. for Roxy, a dozen donuts with the free coffee became the weekend special. it encouraged larger purchases. In this example where it's a dozen donuts, you're probably going
Microphone-2:a lot,
Heather:more foot traffic on that day where you offer free coffee and more people are going to buy a dozen donuts. You're going to be making more money. the Coffee. Doesn't really cost you that much to add it on. Think about the donuts, how can you sweeten the deal Number six loyalty programs. At Roxy's donut shop, she wanted to reward her regulars. She wanted to encourage repeat business. She got one of those punch cards I think it was 12 donuts and you get your 13th one for free. How can you do that in your business? and by the way, If you are afraid of people punching those punch cards on their own, I always think about that. There are apps now where you can have loyalty programs. You can use utilize this in many different ways In your business, whatever you feel would be an incentive for people. that would encourage them to want to come back over and over again, because it's not just about the dough rising in the oven. It's about the dough accumulating in your cash register. Thinking about Roxy, her strategies turned her passion for making beautiful tasty donuts. Into a profitable venture. And prove that with the right ingredients, any business can rise to the occasion. I love me some puns. It's your turn.
Microphone-2:Uh,
Heather:Rolling the dough into your court. hOw can you implement these six pricing strategies into your own business creating a cash flow conveyor belt What. Will be your version of roxies premium donuts. Or her seasonal sensations. Maybe it's a new product line. Maybe it's a special offer. bundling your things. loyalty program, This week, I want you to Pick out one strategy to implement. I want you to start small, then think big. If you've got some ideas that you would like to share with me. Please find me on Instagram. At get rad biz. Okay Until our next episode, where we sprinkle on more insights on building a robust business model. Keep your ideas fresh. Your strategy's sweet. And your business goals. delicious.