Simplify Your Offerings to Generate More Revenue

This always feels like I’m sharing a too-good-to-be true secret or hack… but today’s blog is a point that I’ve lived, seen, and shared many times over the past decade.

An Inch Wide and A Mile Deep

When I left corporate America to be self-employed as a photographer, I almost failed. Like, I worked 80 hours a week, I used up a ton of our savings, and kept thinking “This Shit is So Much Harder Than I Expected”. I wanted to quit, I was certain I was a failure. And it was because as soon as I gave my notice, I felt this massive pressure and fear of failing, so I said yes to any person that might pay me anything to photograph any random thing. Products? Sure. Weddings? Absolutely. Babies? Let’s do it.

I was spread so thin, with zero systems in place, and no time to really hone in on any of those different offerings. This probably doesn’t need to be said, but it is a very different skill set, workflow, and even thought process that goes into photographing tiny hearing aids (an actual client I took on) versus an 8-hour wedding (which I had that same week). These are not the same things!

I was offering too much, confusing my audience, and delivering a mediocre product in many instances.

I realized after a conversation with my husband that I didn’t want to do all of this. I would rather go back to corporate than keep burning myself into the ground, with two kids under 5. Something had to change.

He had a great suggestion, and it was 6+ years ago so I am paraphrasing, but it was something along the lines of “what if you picked just ONE thing to be really good at?”

Go a mile deep on just one thing. That was it!

I chose to go all in on branding photography. I was able to create workflows for this, automate systems, study techniques, and perfect this one style, instead of trying to be excellent at 100 different things. I built partnerships with makeup artists and hair stylists. Created What To Wear Guides. It was easier to build a name for myself when I was the go-to person for ONE thing. I finally had clients calling me, referring others to me, and a way to manage the workload.

Oh, and when you have just one service or product that is above and beyond amazing, you can charge more. I was making more money, and doing less work, and my photos were 100 times better than before.

Honestly, this saved my entrepreneurship career and is one of the most frequent bits of advice I give new business owners. If you’re launching a new business, get really really great at one thing first, and then branch out from there. Become known for your amazing t-shirts, before adding in 400 different products. Become really great at one style of cooking, before launching 6 different versions of your menu. Specialize in planning weddings, before you start offering planning for bar mitzvahs, graduations, retirement parties, and more. You get the picture.

Want to simplify your offerings?

1) Determine which of your offerings has the best profit margin? Which one actually earns you the most revenue?

2) Ask yourself which of your offerings you enjoy selling. Compare this to the first question.

3) If your most fun offering isn’t your most profitable, is there an opportunity to fix that? Can you raise prices, or could you sell more of that, if you focused solely on that one product? Often, if we can focus down, we can create a better version of our MVP which leads to raised prices AND more sales.

4) Review if any of your clients might be confused if you stop offering your non-MVP products. You can choose to either still sell these, but not market them (so as not to distract from your MVP product), or phase them out altogether. Often, picking a date to stop selling them, along with a quick email letting your audience know that you’re discontinuing XZY products is all it takes to make the pivot.

5) Go all in on perfecting your product, workflow, and marketing & sales for your MVP. Enjoy the benefits of a simplified business, with increased revenue.

This doesn’t mean that you should offer just one t-shirt in your shop, or only one website design package, but what one product (with several variations) can you offer over and over again in a really excellent way? What do you want to be known for, and what do you love to deliver?

Lastly, I will say that so many times in business we resist simplifying because as entrepreneurs, we’re naturally creative and we love all our products! There’s nothing saying you can’t add products or services back in later, but maybe wait until you have one MVP really dialed in and working well. Then add in a complimentary product, an alternate option of your MVP, or something else all together.

The important thing is to remember that your business should work for you, with ease and joy.

I’d love for you to share with me what your one MVP is! Come over to Instagram and let me know, I want to check it out and cheer you on!