Increase Your Profits With No Extra Work

Well, almost no extra work. The trick to more profits is to increase your price, even slightly. Depending on your cost structure, a small price increase can mean a huge increase in profits because the entire increase goes to the bottom line. As an example, if you were selling a product for $40, and your product cost and all other expenses (utilities, payroll, delivery, insurance, web hosting, etc.) totalled $35, you would only need to increase your price by $2 (5%) to increase your net profit by 40%!

Panic

I know. I know. The first thing that comes to mind is, “I can't increase my prices in these tough times or I'll be out of business in a week!” This is simply not true.

A recent study showed that given a 15% price increase, many vendors will see an increase in sales - that’s right, an increase in sales. Most will see an increase in profits. Some of course will see a decrease in sales. Aha you say, “That'll be me.” Well, maybe, but keep this in mind, no one who increased their price by 15% experienced a decrease in profits.

You can read the rest of the article at: The Great Ideazine.