The 3 Factors To Boost Your Handyman Business Total Yearly Revenue
There are 3 factors that make up your total yearly revenue in your handyman business. Let’s take a look at all three and then go over a couple ways to improve each one.
The first factor that affects your total income is the number of clients that you provide your handyman service to during the year. To increase the number of clients that you can provide your core service to you might do more marketing or work on improving your marketing or both. Another way to increase the number of clients that you work with is to improve your ability to convert prospects to clients. Finally the last way to increase the number of clients is to focus on stimulating and asking for more referrals.
The second factor that affects your total income as a handyman business owner is the transaction value per client. If you direct your marketing toward prospects that are worth more money per transaction like kitchen remodels versus “honey do” work, you can easily and significantly increase the transaction size per client and improve your overall revenue. A commonly overlooked method of improving your transaction size per client is to consider raising your rates. Often handyman business owners that meet with me for consulting need help working on the inner game or justification in their mind for raising their prices. Usually you can overcome that challenge by using more marketing to increase demand for you service enough to raise your price without the fear of losing clients.
The third factor that affects your total yearly income as a handyman is to increase the number of transactions per client per year. To accomplish this, we must presume that you are already properly caring for and nurturing your existing client base. You must be doing work that is worthy of both repeat business and referrals. Having said that, there are things we can do to increase the number of transactions per year per client including systematic follow up to your “in house” database like with a newsletter. It also helps to be able to properly diagnose and prescribe additional work for clients that are you doing work for.
In conclusion, the three factors that determine your total yearly revenue in your handyman business are: number of clients, transaction value per client and number of transactions per client. Increase one or all three. Since they are factors, any improvement in one (or more) multiplies out to have a compound effect on your total revenue.
Until my next post,
James
P.S. Check out “The World’s Greatest Handyman Marketing Course” to learn more.
Related posts:
- Total Yearly Revenue For Handyman Businesses So, let’s get started with total yearly revenue. And here’s one of these big picture...
- Maximizing Bookkeeper Revenue with More Clients, More Transactions and Larger Transactions Many bookkeeping business owners have not taken the time to really consider the three major...
- Marketing Your Carpet Cleaning Business for More Clients, More Transactions and Larger Transactions If you’ve been looking for a way to drastically and substantially improve the total amount...
- Setting Goals For Bookkeeping Businesses So what actually makes up the total yearly revenue for your bookkeeping business? Well, here...
- Increase The Number Of Handyman Jobs You Do Remember the third part of this was to increase the total number of transactions that...
- How Many Prospects Do You Need In Your Handyman Business Now that we know the number of clients we need in order to reach our...
- Setting Handyman Business Goals I’m going to walk you through the process of setting your income goal for your...
- How To Increase Transaction Size In Your Handyman Business Now, remember we talked about the three ways: number of clients, transaction value per client...
- 3 Ms of Marketing For Handyman Business – Market Let’s talk a little bit about the three M’s of marketing. All marketing consist of...
- How Many Handyman Clients Does It Take To Make $40,000 Per Year Let’s take a look at the number of clients that you will need to reach...
