Take & Talk Pics

154 - Profit Margin

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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.

  1. Look at your current profit margins
    1. What do you make from each job
    2. What do you pay out for each job
    3. What is it to pay yourself for each portion of every job
    4. Things you must have to do the job well
    5. Things you may be spending more than you need on
    6. Account for waste
    7. See the gross profit margin
    8. And prepare for change
    9. Cut costs
      1. Anywhere and everywhere you can cut cost, Do It!
      2. Save $5 a month on your internet service provider
      3. Eliminate your land line and go completely mobile
      4. Split a product with a fellow photographer
      5. Drink more water and less soda and beer – ANYTHING!!!
      6. Raise prices
        1. Be firm on your price
        2. If you take a cash discount that can help the sale
        3. Eliminate any specials/coupons
        4. Do not fold back to your old pricing to book a gig

          5.  

          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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          Take & Talk PicsBy Rob Krueger
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