3 Simple Steps to Add at least 25% to your revenue this season without more work
Question – what would an extra 25% mean to you personally?
What does that amount bring up for you?
- A much-needed holiday away?
- Help your children out in some way
- Allow some renovations you’ve been meaning to do?
Or does it bring up some negative stuff?
If you’re in the UK, will it take you over the VAT threshold and you don’t really want to be dealing with that?
If you’re outside the UK, what kind of limits does an extra 25% signal to you?
Even though I’ve said, without more work, do you secretly doubt that?
Are you thinking to yourself, there’ll be more laundry, more breakfasts to cook, more guests to deal with?
These unconscious beliefs put limits on our ability to create what we want, and it’s good to get them out into the open, so you’re at least conscious of why you haven’t added an extra 25% to your revenue in the past
And whatever I say, you could be thinking, well that won’t work for me. My situation is different
So I’d like to ask you to put your natural skepticism and habitual responses to one side, as I take you through the process of adding at least 25% to your income this season, without more work
Anyone can do this, as long as you have good reasons and you’re motivated. I know this for sure, because I’ve witnessed it many times with our clients, and I did it myself, many times over.
So let’s look at the steps now
For the purposes of this example, we’re taking our baseline from 5 rooms with an average room rate of 100 per night with a 50% annualised occupancy rate which would make your annual income 91,250
If you’d like to calculate your baseline, then email me at email@example.com
Step #1 Increase your prices
If you increased your prices by 10% you would be adding 9,125 to your revenue
Step #2 Upsell
Start charging for things you’re giving away for free. If you want some ideas on what you could be charging for, you can get 50 Ideas for Upselling HERE.
Small income streams from upsells will create a big river, and you could be adding at least 15% to your revenue, giving you an extra 15,388
Step #3 Halve your commissions
Reduce your commission bill to the online travel agents by 50%, giving you an extra 3,000 based on our example
So now you’ve added 9,125 from increasing your prices, 13,688 from selling things that you were previously giving away for free, and slashed your commission bill by 50% giving you an extra 3,000, giving you 25,813 which represents a 28% increase over your baseline revenue
And here’s what you haven’t done…
- Changed more beds
- Washed and ironed more sheets
- Cleaned more rooms
- Cooked more breakfasts
- Done more work
So what would you need to be doing to make this happen?
In the short term there are 3 things
- Increase your prices today
- Start selling things you’re giving away for free
- Begin to communicate with your past guests
In the longer term for your long term security, and to add even more than 25%
- Put systems in place to take better care of your guests, and free up your time
- Commit to building a strong online presence to give you good visibility for more direct bookings
- Become the “face of your area” so that when people are thinking of your area, they’re only thinking of you
- Build your email list, so you can….
- Communicate regularly with your past guests, to gain even more direct booking
Need help? Book an initial 15 minute chat with Yvonne by clicking on the link below
For more weekly videos like this, to help you start, run and grow a thriving B&B business, come join our Facebook Group
Yvonne Halling is an award-winning coach, consultant and mentor to B&Bs, guest houses, inns and independent hotels worldwide, where she helps her clients add at least 25% to their revenue in one season, while having more fun.