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Solopreneur Profit Guide Series, #1: Reclaim Your Profits

Welcome to the first installment in our Profit Guide series, where we’re sharing the key steps solopreneurs should take before 2022 ends to increase your business profits by up to 10% without taking on new clients — or new stress.

Profits
September 1, 2022

Welcome to the first installment in our Profit Guide series, where we’re sharing the key steps solopreneurs should take before 2022 ends to increase your business profits by up to 10% without taking on new clients — or new stress.

Want the full checklist with all the steps? Get it below!

Wouldn’t it be nice to have more money in your pocket, without taking on any new clients or projects?

When it comes to increasing your business profits, the first step is to reclaim what’s yours: namely, the profits you’ve already earned this year that suspiciously haven’t hit your bank account yet.

Task #1: Identify outstanding invoices and send collection notices.

A quick review of your projects and expenses can reveal profits hidden in plain sight.

Chasing down past-due invoices isn’t a fun part of the business, but unfortunately, it’s a skill all solopreneurs are likely to need at some point. The best case scenario for year-end bookkeeping is that you send collection notices on every invoice you’re still owed and 100% of them pay right up. (I said best case, not likely, ok?!) It just takes a few minutes (and a deep breath) to quickly review your books and shoot off a templated collection email that should land at least some additional cash in your pocket.

→ Try our collection email template

Task #2: Don’t let your money get spent without your consent.

It’s time to review your recurring charges and cancel any unnecessary subscriptions, because is there a more annoying feeling than seeing an expensive annual subscription charge on your card for something you no longer want?

Rule of thumb: if you didn’t remember it existed or haven’t logged in since the week you registered, it’s gotta go. Not sure? You can always reactivate later!

There are many apps and services you can use to automate this process and make tracking down subscriptions if you don’t want to do so manually. We love Rocket Money (formerly Truebill) and Trim.

If you make these two simple moves today, you’ll have increased your business profits with minimal effort (and zero stress!)

For bonus points: double check to see if YOU owe any outstanding credit card bills or contractor invoices, and get paid up! It’s good for your books and for paying those good vibes forward.

Marketing Manager
Isabel Sachs
Isabel Sachs is a Minneapolis-based freelance writer and content marketing consultant helping startups grow brand awareness via inspired content & the power of community.