For Good Profits Review: Selling Physical Products vs Services

For Good Profits is a coaching program that teaches you how to increase your revenue. It was created by Andrej Morgan and Darryl Ephraums and has helped nearly 400 brands. Their goal is to work with brands that are purpose-driven . They teach their clients how to become entrepreneurs by setting every-day systems instead of trying out different sales tactics and techniques, which we will discuss further.

There isn’t a lot of information about the program. You would need to schedule a call first. It is completely free and even if you don’t qualify for their program, you still receive advice and a free strategy that you can choose to implement. Their marketing seems emotionally driven instead of informational. They don’t provide an idea of what you’re getting, instead they show what you can achieve with their help. There aren’t any reviews from outside sources but they post a lot of interviews with their clients on their YouTube page and they all have existing brands and websites.

Ecommerce is a good way of generating passive income. However, there is a lot of competition. It’s almost impossible to come up with an original product and the only way to get a lot of sales is by setting yourself apart from the rest. This requires a lot of marketing, which can cost money. If you’re looking for a business model that doesn’t require marketing or sales, then you may be interested in local lead generation.

Selling Physical Products vs Services

What Is For Good Profits? 

Who Are The Founders Of For Good Profits? 

Who Is For Good Profits For? 

For Good Profits is targeted towards small ecommerce brands looking to scale their business. They want to work with businesses with a purpose to help other people with their products. You would need to have your own online store with a check-out system. Their services aren’t applicable to business who sell service-type products. 

How Much Does For Good Profits Cost? 

There isn’t any information on how much their products and services cost. You can expect a minimum investment of $500. To get the exact price, you need to schedule a call with them first. 

How Do You Get Started With For Good Profits? 

You need to book a call with For Good Profits. You need to fall under their requirements which to have an online store with a check out system and fill out a short application. In the call, you can get more information about the price and the duration of the coaching program. They will also analyze your business and your target audience to come up with a plan that will help you scale your business. 

What Do You Get With For Good Profits? 

The 3 Fundamental Shifts 

The 3 Multipliers Of Profitable Growth 

The 3 Multipliers of Profitable Growth are what you need to focus on when increasing your revenue. Your total revenue is equivalent to the multipliers multiplied by each other. If you want to double your revenue, you don’t need to double any of the multipliers. Increase each one by 30%, this allows you to not spend so much on sales and keep more of the profit. 

What Is Ecommerce and How Does It Work? 

Ecommerce is an abbreviation of electronic commerce. It is the process of buying and selling through transferring data or funds over the internet. Amazon created one of the first ecommerce websites in the early 1900s. Ecommerce has the same function as a physical store, except everything is done electronically. Customers browse through your online store and check out items. They transfer payment digitally and the products are shipped out to their location. 

What Is A Profit Margin? 

A profit margin is the measurement of a business’s profitability. It shows the difference between the company’s expenses and how much money they make. A profit margin is expressed in percentages and represents how much your business keeps from its earnings.

Profit margins allow businesses to track their growth. It gives businesses a percentage they can use to see and resolve issues with expenses. A profit margin shows flaws within the business and where they could lose money. 

What Are The Types Of Profit Margins? 

What Is A Good Net Profit Margin? 

The ideal net profit margin varies per industry. However, 10% is the average profit margin for ecommerce businesses. 20% is high and 5% is low. For a small business, a healthy profit margin ranges from 7% to 10%. Some industries may have lower profit margins because they have higher costs.

Does Ethics Ensure Good Profits? 

88% of consumers prefer to purchase ethically sourced products, according to a survey by opentext. Applying ethics to your business can increase costs, which may reduce profitability. However, ethics allow you to build a stronger brand and customer loyalty. There isn’t any concrete data that supports applying ethics ensuring good profits. However, it helps a business build customer relationships that may increase sales.

How Can You Improve Profit Margins? 

There are several ways you can increase your average profit margin. One way is to decrease your operating costs by cutting down on ad spend. For Good Profits helps you with this by creating systems in which you increase each multiplier of growth. Instead of focusing on driving in more customers, you build customer loyalty to increase the frequency of their orders and how much they spend with each check out. They cover how to create bundle deals, upsell systems, and contacting procedures for customers who did not proceed with their check out.

How Do You Calculate Profit Growth? 

Calculating your business growth is a good way to see if certain procedures or methods you’ve applied are working. To calculate your profit growth, subtract your current review to the previous revenue and divide the difference to your previous revenue.

(Current Period Revenue – Previous Period Revenue) / Previous Period Revenue

What Causes Low Profitability?