Money In Business – The Story Of ‘PIG’ Profits
Money In Business – The Story Of ‘PIG’ Profits
There are quite a few areas on a pig that we can eat right?
Can you imagine how much money you could lose in pig meat if you had a business in Pork and only sold The belly?
I know it sounds like a weird question right, but I will explain.
A couple who nearly lost their entire small business in Pork due to losing a great deal of money had to re-think their strategy quick.
They really looked at how much Pork they were wasting and thought…’there must be something we can do, or we are going back to the jobs we hate’.
They were deeply passionate about their business and their product and really didn’t want to give up on providing a great British meat, so they got their thinking caps on.
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You probably know as I do that, when you are truly passionate about your business or idea, you really don’t want it to fail and you will do whatever it takes to see it survive.
Am I right, or not?
Well, for me it’s been 15 years in business and I really feel it is a part of me, so I know how bad it can feel to risk losing everything.
It can happen and does happen and we move on and grow but, it hurts!
I remember that I used to struggle in what I did by trying to do everything myself, and I failed countless times over and over again, but I ALWAYS KNEW that I would get there. But how? Because my dream vision was stronger than others opinions of it, and I knew that If I could just master some areas and turn a profit I could outsource or employ others.
Back to the farmers – this lovely couple decided to look at how the rest of the meat could be used through necessity.
So, they studied everything they could about pigs and pork and were becoming far more educated experts in the complete process of use of the pig (which they probably maybe should have done before), and they learned all about the art of ‘Charcuterie’.
Do you know what that is? It is basically about creating cold cuts of meat and adding various herbs, flavors and creations to use the parts of the pig that otherwise would be thrown away.
Certainly nowadays, it is a significant area of business for the couple.
Money In Business – The Story Of ‘PIG’ Profits
Today, I am pleased to say that this lovely couple are thriving as Artisan providers of their meat through expansion of their education.
They looked at what others created from Pork, they looked at their numbers and they looked at what they could start to implement.
Today, one of their most popular meat creations is gin and herb flavour Salami. But they also create pies and many others types of meat, similar to how Italians would create such as meats as Salamis, chorizos, pancetta’s, cured meats, coppas, hams, Parma hams, Finocchionas and guanciale amongst others.
They not only survived but they ended up tripling the value of each pig and by introducing new flavours and playing around with ingredients they created a great thriving market for their goods.
This is good economics lesson for any business owner who is perhaps struggling and needs to think differently.
And if we cannot think differently then we need to hire those who can!
There will be a need for more labor in one way or another, and so costing in either another team member, outsourcing or more acquiring perhaps new machinery will be needed to be costed in.
Our farming couple managed to create a great range of top quality products which were ethical and home made artisan goods, and they managed to dominate their market area because of this. On top of that – this is a great thing for the UK food market and economy of course. It’s WIN WIN!
By the way – talking about Pigs, I created a little book in case you have any ideas you wish to take to market. The Pig theme is purely coincidental but I felt it was appropriate to share it in this post. The truth is that many ideas never get anywhere, and millions fall by the wayside, but some ideas can change the world; so, perhaps you have a world class idea? If so you may find this book useful.
Now let’s back to the story.
Money In Business – The Story Of ‘PIG’ Profits
So, do you know where I am really going with this?
It’s simple – the only way your business will survive is by using all of your tools and resources to create a maximum return on your efforts.
So for example, whilst I consult, I also have this blog and income from this, I also have a list, so, those interested will join my list and I will offer them great value but also from time to time, products and services that I earn from.
I receive commissions from Affiliate products in my blog and from my 26 ebooks. I also coach people 1ON1 and help people all over the world to start a small business and change their lives. I also have self study courses and a podcast and – right now I am creating a membership site in the mindset niche. Online there are many opportunities to add to one’s portfolio.
What I am simply saying is that, you really need to ensure that you are getting the most out of your business no matter what that is.
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This is why you have to become someone who people can trust and buy from.
So, what pork are you losing? They were losing nearly 3/4! Isn’t that sad!
I hope that you can see how your small business can generate perhaps more than it is, even if you already have core products. So, sometimes we just have to be able to open our minds a little, even educate ourselves more or maybe even diversify and change everything, but in knowing this it will keep you in the game whilst others suffer and give up.
I am talking as someone who has spent well over $50k on my own business education and on getting things right, so I didn’t miss anything out.
There are always things we can change and improve upon, and that’s the nature of business, but essentially I am always working on that.
Money In Business – The Story Of ‘PIG’ Profits
What would I do about my small business now If I starting out?
I would start where I am with what I have got and start looking at ways to express my passions, skills etc. and connect these to a strong market need or demand, and I would learn to see the bigger picture whilst keeping costs as low as possible. I would consider delivering goods to the door, offering personal care and introducing a variety of goods based on research I had committed to in order to find out what the community would love.
I’m sure you can see how this lovely couple ‘nearly lost everything’ – as they couldn’t look beyond 1/3 or Pork production.
And this is unfortunately pretty common in that so many business owners miss areas which could really help them to double or even triple their revenue.
I have touched on this previously and I have been able to help clients to get the most out of what they can create.
One example is a Tattoo artist who is now a friend of mine who was able to add an extra £3000 net profit to his monthly income because he added other products to his brand. He started printing T-shirts, mugs, selling framed tattoo prints, he also sold music, key rings, and other products which all related to his brand and the theme of his shop. This meant he could sell online and offline and I also helped a Cake maker to add to her product line. She added gift cards, breads, more delivery options, bigger venues, and more in order to maximize her revenue all by just a little more work.
Sometimes we may need to hire another member of staff to work with us and other times we just need to work a little more on what we do.
Sometimes we are forced to think differently, but my opinion is that we shouldn’t just wait and hope that things will be OK, when we can actively explore our options and even expand our product line.
That’s all you really have to do to begin with is get down some ideas and then from there cost them into your numbers.
So, my advice is – ‘don’t make a pig’s ear out of things’ (sorry I couldn’t resist), instead, use the whole pig and maximize your returns.
Be prepared to see the bigger picture and crunch some numbers around what may help you out more.
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Finally; This is what leaving money on the table means:
“Leaving money on the table” is an idiom which means – ‘not’ getting as much money as you could from something.
We often will use this phrase when we talk about negotiations, finance, or when we are buying and selling things.
An example would be:
“If you’re going to college and you don’t apply for any grants or scholarships, you’re probably leaving money on the table.”
Another might be applied to this type of phrase:
“If you just blindly accept whatever another decides to offer in a negotiation, then you are definitely leaving money on the table.”
The “table” in this expression comes from poker: when you don’t play intelligently, you’re leaving your money on the poker table.
I hope you enjoyed Money In Business – The Story Of ‘PIG’ Profits
Until next time – I wish you the very best as always
Greg
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P.s. If you have an idea but are yet to express it, then you may find my book useful?
It has been made to help you discover your passions and to evolve them into a Business model.
Money In Business – The Story Of ‘PIG’ Profits
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