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Local Small Business Coach | Helping Local Small Business Owners have 6 Figure Incomes | handyman, cleaners, landscapers, painters, tradesman, brick and mortar, dog groomers, franchisees, pool cleaners, etc


Do You Own or Operate a Local Small Business?

Want to Earn $100,000 in Take Home Pay?

Do You Want to Earn a 6 Figure Income but you are already working 60, 70 hours a week and still struggle to grow your small business? Local Small Business Owners are some of the hardest working people I know! Busting your butt each day to serve your communities. Well, this show is for you. My mission is to help you earn an awesome income!

Each week we discuss how you can increase your profits, boost your sales, improve your processes & develop stronger teams. Each episode will provide an action tip you can take to help you level up your business and bring in more income.

Why struggle alone? I'm here to help

Nov 30, 2016

Episode 30 – The Local Small Business Coach Podcast

Today’s Topic:  What Are Loss Leaders and Why Your Small Business Needs Them 

 

In today’s episode: We discuss what loss leaders are and how they can help you drive your sales and more importantly your profits!

 

Shownotes:

Let’s dive into today’s topic. – Loss Leaders.

 

Now, unless you come from a big box retailer, you might be wondering what the heck a loss leader is.  Basically, a lost leader is a product or service that you have that you know you will not make any money or at least a very little amount, but you know it is a gateway to additional products or service that will make great add on items or project completers.

For example, a home improvement store will sell drywall around cost but they are hoping you will get the drywall mud, tape and tools which typically has a much higher margin thus more profit.

You see this with the dollar menu at many fast food places. These items are not high margin but they are gateways to frequency and upgrades or add on items.

 

Each business needs to have a loss leader or two that they can use in a similar fashion.

Your loss leader can do one of the following:

  1. Drive traffic to your business since you will be the best price the best in town
  2. Be a Project Starter that you can pile on top of
  3. Increase frequency of use

Let’s take a look at each and what might work for you and your business.

 

**  For the full show notes click the link below!

 

HELPFUL LINKS

Podcast Website: LocalSmallBusinessCoach.com

Leave your Message on the website with the Speak Pipe Button or just email me at Tammy@LocalSmallBusinessCoach.com

Episode Show Notes:  Episode 30 - Local Small Business Coach Podcast

Our Training Materials for Local Small Business Owners:  TrainingforLocalSmallBusinessOwners.com

Starting a Local Small Business Website:  StartALocalSmallBusiness.com