January 2, 2024 • 9 mins
This episode is about transforming your passion into a profitable, efficient business model that works like a well-oiled conveyor belt covered in freshly baked donuts! Join the delicious journey of a donut shop, bringing in more dough to their business through six pricing strategies that you can implement into your business!
What You'll Learn:
- The difference between being self-employed and owning a business.
- How to transform your business into a self-sustaining machine.
- Practical strategies to improve cash flow and increase sales.
- Innovative ideas for product pricing, seasonal offers, and add-on sales.
- The importance of diversifying your offerings and creating loyalty programs.
Call to Action:
Choose one of the strategies discussed in the episode and plan to implement it in your business this week.
Contact Heather: Instagram - LinkedIn - Email: heather@GetRadBiz.com
Get Radical With Your Business: Facebook - Website
Book a Discovery Call (via Zoom) - Schedule
Zeitzwolfe Accounting: Website - Facebook
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Heather (00:00):
Today, we're talking about creating a cash flow
(00:02):
conveyor belt using sixpractical pricing strategies to
bring in more dough to yourbusiness.
I'm Heather Zeitzwolfe andyou're listening to get radical
with your business.
When I think of conveyor belt, Ialways think of donuts because I
(00:25):
remember going to see.
Krispy Kreme when they firstopened up and they had these
large glass windows and youcould look in and see.
All the donuts on the conveyorbelt.
I'm a vegan, so I have not beento a crispy cream and probably
like 30 years.
But to me, I always think of theconveyor belt.
because I think donuts aredelicious.
(00:46):
Today we're talking about.
a donut shop called stickysituation.
It is a vegan donut shop.
And Man, oh man.
When you step into this place,the aroma in the air.
You can smell the yeast and thedonuts.
they even have gluten-free ones.
That are also delicious.
Now this donut shop stickysituation.
Their owner is Roxy.
(01:09):
When she first started.
She Was in a sticky situation.
You know, Running a businessversus being self-employed.
Hmm.
What is the difference well,There's a world of difference
because if you are running abusiness, then you are working
on your business.
You can go on vacation, you canhave people come in and do the
(01:30):
work for you.
Versus being self-employed,which means that you're probably
doing most of the work.
The work relies on you is veryhard for you to go on vacation.
And when you do take some timeoff, the business is not making
any money.
being self-employed means thatyou're like wearing all of the
hats.
You're the baker, the cashier,the janitor.
(01:53):
You're the one that goes shopsfor the flour, You're the one
doing the marketing and socialmedia and taking the pictures.
You're picking out the donuts,you're filling them in the
boxes.
You're doing everything.
Instead, I want you to be owningyour business so that you can
work on your business.
this is where you become theoverseer of the conveyor belt.
(02:16):
You're ensuring that each donutis a Testament to your brand.
Even when you're not there tooversee the production of the
donuts.
They are still coming out.
Delicious.
Exactly.
How did Roxy turn her vegandonut shop sticky situation into
a cash flow machine.
Let's roll out some strategies,like some nicely kneaded dough,
(02:40):
bump, bump.
Number one innovative pricing.
Roxy introduced premium donutsthat were in exotic flavors.
Which allowed her to charge morefor these specialty treats.
She was designing things like, astrawberry shake.
Flavor donut that had whip creamon top made from coconut and
(03:03):
large pieces of strawberries.
You name it, she's done it.
Or she will do it as long as shecan make it vegan or gluten
free.
How can you do this in yourbusiness?
You can offer something thatpeople can't get anywhere else.
Perhaps you are a massagetherapist.
You could offer a package ofthings that people just can't
(03:25):
get anywhere else.
Maybe you are an expert at aparticular type of massage that
is hard to come by in your area,you can add on something else to
make it extra special.
Seasonal sensations.
This is where Roxy createdlimited time offers for seasons
and holidays.
To boost sales.
(03:46):
You can do something that'sseasonal.
I know people that do speciallimited time offers based on
crazy holidays.
They'll look at.
One of those calendars thattells you like it's national
pizza day or it's national.
PI day or whatever it is, itdoesn't have to be food items.
I'm just hungry and I'm thinkingthat way, but.
Seasonal sensations.
(04:07):
these are limited offers basedon some kind of season or
holiday.
these are perfect for times inthe year where you have a lull
in sales.
hopefully you are tracking your.
books and you can run reports bymonth and see that you may have
some dips in certain months orcertain seasons.
Maybe there's certain weekendsthat just always suck and you
(04:28):
can infuse a little fun intoyour business and offer one of
these.
All right.
Number three.
Add on sales.
For instance in the donut shop.
Roxy offered discounts on coffeewith doughnut purchases and this
increase the average transactionvalue.
Think about when you ringsomebody up, are you ringing up
(04:49):
one item or you ringing up fiveitems?
If you are a coach, can you getsomebody to buy maybe one of
your online courses along withyour coaching.
Think about these little thingsthat you can add on.
Diversifying offerings.
Going back to Roxy in her donutshop.
she had coffee.
That was something that sheadded on because you serve
(05:10):
donuts.
And then people were not alwaystaking them home.
her shop was very small, butthey wanted to have some coffee.
They were going to go straightto their car, eat the donut and
wanted to have something niceand hot to drink with them.
Then she expanded to homemadevegan ice cream.
Wow.
It's delicious.
this allowed her to tap into anew market because.
(05:31):
fact is as yummy as donuts arenot everybody wants a donut.
Ice cream on the other hand.
it Will bring in a whole otheraudience.
or it will allow her To havemore add on sales.
people see an ice cream cone.
They may think.
Hmm.
I came in for a donut, but man,that ice cream looks delicious.
(05:52):
I can always buy these donutsand leave them for later and eat
the ice cream now.
By adding on different revenuestreams like this, you can
actually tap into a new marketand expand the sales in your
existing market.
So diversifying your offerings.
Now, how can you do that in yourown business?
(06:13):
Maybe you offer something thatis a high ticket item and not
everybody can afford it, butthey really want to work with
you.
You can Add on some kind ofcould be an item, a service,
whatever they can purchase at aslightly less.
Price point, but gets them intoyour world and allows them to
get.
Taste of you.
And when they have the funds toafford your higher price
(06:36):
services, they will be first inline to get it.
okay.
Say for instance, that youoffer.
house cleanings, you have ahouse cleaning company.
You decide that maybe you wantto diversify and clean office
buildings.
That's totally different fromcleaning homes.
Now these are two differenttypes of.
Markets two different revenuestreams.
(06:58):
But chances are the people thatown buildings or own offices
also have homes that need to becleaned too.
So you might be able to doubledown on that one as well Okay.
Number five.
Bundling deals.
for Roxy, a dozen donuts withthe free coffee became the
weekend special.
it encouraged larger purchases.
(07:19):
In this example where it's adozen donuts, you're probably
going
Microphone-2 (07:22):
a lot,
Heather (07:23):
more foot traffic on that day where you offer free
coffee and more people are goingto buy a dozen donuts.
You're going to be making moremoney.
the Coffee.
Doesn't really cost you thatmuch to add it on.
Think about the donuts, how canyou sweeten the deal Number six
loyalty programs.
At Roxy's donut shop, she wantedto reward her regulars.
(07:44):
She wanted to encourage repeatbusiness.
She got one of those punch cardsI think it was 12 donuts and you
get your 13th one for free.
How can you do that in yourbusiness?
and by the way, If you areafraid of people punching those
punch cards on their own, Ialways think about that.
There are apps now where you canhave loyalty programs.
You can use utilize this in manydifferent ways In your business,
(08:08):
whatever you feel would be anincentive for people.
that would encourage them towant to come back over and over
again, because it's not justabout the dough rising in the
oven.
It's about the doughaccumulating in your cash
register.
Thinking about Roxy, herstrategies turned her passion
(08:28):
for making beautiful tastydonuts.
Into a profitable venture.
And prove that with the rightingredients, any business can
rise to the occasion.
I love me some puns.
It's your turn.
Microphone-2 (08:43):
Uh,
Heather (08:43):
Rolling the dough into your court.
hOw can you implement these sixpricing strategies into your own
business creating a cash flowconveyor belt What.
Will be your version of roxiespremium donuts.
Or her seasonal sensations.
Maybe it's a new product line.
Maybe it's a special offer.
bundling your things.
(09:03):
loyalty program, This week, Iwant you to Pick out one
strategy to implement.
I want you to start small, thenthink big.
If you've got some ideas thatyou would like to share with me.
Please find me on Instagram.
At get rad biz.
Okay Until our next episode,where we sprinkle on more
insights on building a robustbusiness model.
(09:25):
Keep your ideas fresh.
Your strategy's sweet.
And your business goals.
delicious.
Today, we're talking about creating a cash flow
(00:02):
conveyor belt using sixpractical pricing strategies to
bring in more dough to yourbusiness.
I'm Heather Zeitzwolfe andyou're listening to get radical
with your business.
When I think of conveyor belt, Ialways think of donuts because I
(00:25):
remember going to see.
Krispy Kreme when they firstopened up and they had these
large glass windows and youcould look in and see.
All the donuts on the conveyorbelt.
I'm a vegan, so I have not beento a crispy cream and probably
like 30 years.
But to me, I always think of theconveyor belt.
because I think donuts aredelicious.
(00:46):
Today we're talking about.
a donut shop called stickysituation.
It is a vegan donut shop.
And Man, oh man.
When you step into this place,the aroma in the air.
You can smell the yeast and thedonuts.
they even have gluten-free ones.
That are also delicious.
Now this donut shop stickysituation.
Their owner is Roxy.
(01:09):
When she first started.
She Was in a sticky situation.
You know, Running a businessversus being self-employed.
Hmm.
What is the difference well,There's a world of difference
because if you are running abusiness, then you are working
on your business.
You can go on vacation, you canhave people come in and do the
(01:30):
work for you.
Versus being self-employed,which means that you're probably
doing most of the work.
The work relies on you is veryhard for you to go on vacation.
And when you do take some timeoff, the business is not making
any money.
being self-employed means thatyou're like wearing all of the
hats.
You're the baker, the cashier,the janitor.
(01:53):
You're the one that goes shopsfor the flour, You're the one
doing the marketing and socialmedia and taking the pictures.
You're picking out the donuts,you're filling them in the
boxes.
You're doing everything.
Instead, I want you to be owningyour business so that you can
work on your business.
this is where you become theoverseer of the conveyor belt.
(02:16):
You're ensuring that each donutis a Testament to your brand.
Even when you're not there tooversee the production of the
donuts.
They are still coming out.
Delicious.
Exactly.
How did Roxy turn her vegandonut shop sticky situation into
a cash flow machine.
Let's roll out some strategies,like some nicely kneaded dough,
(02:40):
bump, bump.
Number one innovative pricing.
Roxy introduced premium donutsthat were in exotic flavors.
Which allowed her to charge morefor these specialty treats.
She was designing things like, astrawberry shake.
Flavor donut that had whip creamon top made from coconut and
(03:03):
large pieces of strawberries.
You name it, she's done it.
Or she will do it as long as shecan make it vegan or gluten
free.
How can you do this in yourbusiness?
You can offer something thatpeople can't get anywhere else.
Perhaps you are a massagetherapist.
You could offer a package ofthings that people just can't
(03:25):
get anywhere else.
Maybe you are an expert at aparticular type of massage that
is hard to come by in your area,you can add on something else to
make it extra special.
Seasonal sensations.
This is where Roxy createdlimited time offers for seasons
and holidays.
To boost sales.
(03:46):
You can do something that'sseasonal.
I know people that do speciallimited time offers based on
crazy holidays.
They'll look at.
One of those calendars thattells you like it's national
pizza day or it's national.
PI day or whatever it is, itdoesn't have to be food items.
I'm just hungry and I'm thinkingthat way, but.
Seasonal sensations.
(04:07):
these are limited offers basedon some kind of season or
holiday.
these are perfect for times inthe year where you have a lull
in sales.
hopefully you are tracking your.
books and you can run reports bymonth and see that you may have
some dips in certain months orcertain seasons.
Maybe there's certain weekendsthat just always suck and you
(04:28):
can infuse a little fun intoyour business and offer one of
these.
All right.
Number three.
Add on sales.
For instance in the donut shop.
Roxy offered discounts on coffeewith doughnut purchases and this
increase the average transactionvalue.
Think about when you ringsomebody up, are you ringing up
(04:49):
one item or you ringing up fiveitems?
If you are a coach, can you getsomebody to buy maybe one of
your online courses along withyour coaching.
Think about these little thingsthat you can add on.
Diversifying offerings.
Going back to Roxy in her donutshop.
she had coffee.
That was something that sheadded on because you serve
(05:10):
donuts.
And then people were not alwaystaking them home.
her shop was very small, butthey wanted to have some coffee.
They were going to go straightto their car, eat the donut and
wanted to have something niceand hot to drink with them.
Then she expanded to homemadevegan ice cream.
Wow.
It's delicious.
this allowed her to tap into anew market because.
(05:31):
fact is as yummy as donuts arenot everybody wants a donut.
Ice cream on the other hand.
it Will bring in a whole otheraudience.
or it will allow her To havemore add on sales.
people see an ice cream cone.
They may think.
Hmm.
I came in for a donut, but man,that ice cream looks delicious.
(05:52):
I can always buy these donutsand leave them for later and eat
the ice cream now.
By adding on different revenuestreams like this, you can
actually tap into a new marketand expand the sales in your
existing market.
So diversifying your offerings.
Now, how can you do that in yourown business?
(06:13):
Maybe you offer something thatis a high ticket item and not
everybody can afford it, butthey really want to work with
you.
You can Add on some kind ofcould be an item, a service,
whatever they can purchase at aslightly less.
Price point, but gets them intoyour world and allows them to
get.
Taste of you.
And when they have the funds toafford your higher price
(06:36):
services, they will be first inline to get it.
okay.
Say for instance, that youoffer.
house cleanings, you have ahouse cleaning company.
You decide that maybe you wantto diversify and clean office
buildings.
That's totally different fromcleaning homes.
Now these are two differenttypes of.
Markets two different revenuestreams.
(06:58):
But chances are the people thatown buildings or own offices
also have homes that need to becleaned too.
So you might be able to doubledown on that one as well Okay.
Number five.
Bundling deals.
for Roxy, a dozen donuts withthe free coffee became the
weekend special.
it encouraged larger purchases.
(07:19):
In this example where it's adozen donuts, you're probably
going
Microphone-2 (07:22):
a lot,
Heather (07:23):
more foot traffic on that day where you offer free
coffee and more people are goingto buy a dozen donuts.
You're going to be making moremoney.
the Coffee.
Doesn't really cost you thatmuch to add it on.
Think about the donuts, how canyou sweeten the deal Number six
loyalty programs.
At Roxy's donut shop, she wantedto reward her regulars.
(07:44):
She wanted to encourage repeatbusiness.
She got one of those punch cardsI think it was 12 donuts and you
get your 13th one for free.
How can you do that in yourbusiness?
and by the way, If you areafraid of people punching those
punch cards on their own, Ialways think about that.
There are apps now where you canhave loyalty programs.
You can use utilize this in manydifferent ways In your business,
(08:08):
whatever you feel would be anincentive for people.
that would encourage them towant to come back over and over
again, because it's not justabout the dough rising in the
oven.
It's about the doughaccumulating in your cash
register.
Thinking about Roxy, herstrategies turned her passion
(08:28):
for making beautiful tastydonuts.
Into a profitable venture.
And prove that with the rightingredients, any business can
rise to the occasion.
I love me some puns.
It's your turn.
Microphone-2 (08:43):
Uh,
Heather (08:43):
Rolling the dough into your court.
hOw can you implement these sixpricing strategies into your own
business creating a cash flowconveyor belt What.
Will be your version of roxiespremium donuts.
Or her seasonal sensations.
Maybe it's a new product line.
Maybe it's a special offer.
bundling your things.
(09:03):
loyalty program, This week, Iwant you to Pick out one
strategy to implement.
I want you to start small, thenthink big.
If you've got some ideas thatyou would like to share with me.
Please find me on Instagram.
At get rad biz.
Okay Until our next episode,where we sprinkle on more
insights on building a robustbusiness model.
(09:25):
Keep your ideas fresh.
Your strategy's sweet.
And your business goals.
delicious.
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