Need to make more money in your dog walking business? Getting new clients or raising rates aren't the only ways. Here are some other practices you can implement to increase your profits.
Losing income to cancellations can add up, especially if you consider how many cancellations you have each year. If this is an issue for you, create a cancellation policy to minimize lost income.
For example, you could set a limit on the number of cancellations clients can make each year. After clients hit the maximum, they can cancel, but they still have to pay for the walk.
Alternatively, you could charge a flat rate for clients to reserve their dog's walk days and not offer any credits or refunds for cancellations.
I also recommend asking for at least 24 hours advance notice of cancellations (or even 48 hours or more) from clients to be eligible for a refund or credit. Let clients know cancellations made with short notice won't be eligible for refunds/credits. If there is no notice (you show up to walk a dog and the dog isn't there due to client error for instance) the client should still absolutely pay for the walk as well.
You already have a client base, so think about what other products or services your clients will be interested in that you can provide. You can consider offering a complimentary service like poop scooping, a different type of walk, perhaps an adventure hike or run. Or you can look into providing a physical product like collars and leashes, treats or a monthly subscription box for example.
Keep track of your business expenses and look for areas where you can cut costs. Hunt down discounts on supplies, check with your internet provider to make sure you're getting the best rate, and shop around for the best value on your liability insurance for instance.
Sometimes you need to invest in your business to get yourself to the next level at a much faster rate. Consider your return on investment (how much you'll likely earn back) when making these decisions. For example, my members learn how to set rates & policies to maximize profit, and how to gain new clients which can quickly earn them thousands of dollars in added income each year, so the potential return on investment for them is higher than the the investment itself.
When making purchasing decisions, consider that it might be worth investing when that means you'll make more profit in the long run.