Monetising your business

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In business, it’s not always about how big your customer base is, but how valuable the customers you have are to you.

For example, it’s much more beneficial for your business to have only a handful of perfect customers, ie your ideal target market.  Those that are loyal to you and promote your brand to other like minded people. Rather than those who move from brand to brand looking for the best deals and never truly appreciate what it is you have to offer.

This short post looks at some of the questions you need to be asking to help you form your business strategy. Creating a clear vision and allowing you to focus on those areas of your business where you are currently generating money and areas where you can further boost your income.

Accouting advice

Building your strategy to monetise your business further

First and foremost:

Are you currently earning money from your business?

If so, how is your fashion business generating this? Do you have one main source or multiple sources? 

Where is the highest percentage of income coming from?

Your responses to these questions and many more related will help you identify what strategies work best for you quickly. So ideally, which ones to keep and focus more on, and which ones to drop as they not only take up your time, but they also generate no additional income for your business.

Advice pay

Are you happy with the services you offer in your business?

If you’re not happy, chances are your customers aren’t either. 

If something isn’t working or if something doesn’t feel right, make now the time to change it. Use your customer feedback as a starting point and build from there.

Do you blog?

What is your most featured topic, one that you’re the most confident about blogging about?

How are you differentiating yourself from others who are also blogging in the same space?

Who is your ideal client/reader?

What do they look like? What is it that they want – and then how can you sell it to them? What types and how much of the products and services are they looking to buy from you? Do you currently offer these?

How is your current marketing activity performing?

How can you reach out to your ideal clients to find out what they want and need from you?

For example, if your marketing isn’t “sticking,” you need to find out how you can tweak your offering to appeal to your target audience. You need to be in their space, using the same communication channels that they’re using.

What unique skills and qualifications have you acquired over the years? 

Advice wordofmodels

List them below and think about how you can use these skills and experience to differentiate yourself from others in your industry! 

Often in business, it isn’t about reinventing the wheel but taking some time out to look at what you have. What is working, what maybe not so well. How you can use this information and your skills to reposition and focus on your core strengths.

It is this that helps to monetise your business, no matter how big or small your following.

For further information about Fashion Rider or if you have any specific questions, we’d love to hear from you, email contact@fashionrider.com.

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