A new year means a fresh start. For business owners, that fresh start may include looking at ways to boost revenue. There are pretty much only two ways to increase business revenue: decrease spending or increase sales. Easier said than done, right? Maybe, maybe not.
I’m of the mind that business growth doesn’t have to be painful. In this final post of 2018, I want to celebrate some of the less mainstream options that entrepreneurs have to increase their revenue stream.
Cut Spending Without The Pain
New businesses or smaller business operate on a very tight budget. Drastic spending cuts simply aren’t possible because nearly every dollar in revenue is needed to support the business. However, I believe that it is possible to reduce spending in a way that isn’t too painful.
It’s the 10% Rule.
Find a way to cut just 10% of your monthly expenses. Then take the 10% and put it in a separate account so it doesn’t accidentally get used up. If you income stays exactly the same, you’ve just increased your profits. Keep saving until you have enough to create a new product, add a new service, invest in new technology…whatever your goal was for increasing revenue.
Having those funds sit in a separate account that you don’t touch can be very rewarding. It makes you feel successful and confident to see proof that your revenue is growing. When your saved funds are mixed in with your general business account, it is way too easy to use them up before you ever see the increase in profit. When that happens you’ll find yourself right back in the position you’re in now.
Make The Internet Work For You
I love the Internet. It has opened up so many doors for me personally as well as for many, many successful entrepreneurs. The trouble with the Internet is that it is so vast, we can sometimes lose focus and bounce from one thing to another without any real strategy.
Having a business website and social media accounts are a good start, but are you taking full advantage of their potential for revenue generation? One of the best ways to increase revenue using the Internet is to create an online product or service and sell it.
Here are some ideas:
- An online course. Do you have a service or expertise you can share with others? Perhaps you can create an online course that you charge for. It doesn’t have to be much. I’ve seen short video seminars or lessons for as low as $10. I’ve even seen the option to “pay what you can”, which can be a great way to drum up interest and get people to try it out. Once they’re hooked, they’ll keep coming back from more and you can adjust pricing accordingly.
- A book or whitepaper. It is so simple to create an eBook or post a whitepaper download on your website. Don’t give it away for free! Ask for a minimum contribution or charge for the expertise you’re providing.
- An app. If you have an ecommerce site, you definitely want to make sure it’s mobile-friendly, first of all. With so many consumers browsing and buying online, you need to make it as easy as possible for them to do so and that means mobile-friendly design! You can take it a step further and create an app that allows consumers to shop from your business. Apps are typically quicker, more convenient, and easier for consumers to use than shopping through your website, even if it is mobile-friendly. If you want to grow your ecommerce business, look into app development.
- Affiliate links in emails. Similar to sponsored content or a pay-per-click campaign, you partner with an affiliate business in your email marketing usually by providing an embedded link to the affiliate in your emails. Anytime one of your email contacts clicks on that link, you are paid by the affiliate. Here’s a link that explains the concept in more detail.
- Blogging and videos. Blogging and videos remain terrific ways to bring in revenue. You’ll need to build an audience or leverage your existing audience. Then start selling ad space and sponsored content on your blog or video channel.
Sell Your Expertise
Are you an expert in your field? Yes, at the very least you are when it comes to your business! Find a way to profit from your knowledge and experience. You could host an event or seminar, apply to speak at a conference or event or offer private or group coaching calls or services. These type of revenue-generating options can be done online or in-person. Business consultants use Skype, video chatting, webinars, etc. to sell their expertise all the time; so can you.
Success all comes down to a belief that you or your business provide something of value. As an established business, you’ve got a head start. You already have clients and customers. Start with them. Is there a way to upsell them or get them to buy again? These are people who’ve already spent money with you so assuming you’ve made them happy, they are the easiest place to start building more revenue. At the very least you can ask them for feedback which may give you some ideas on what they’d like to see from you and in what format they’d like to see it. That will help you focus your efforts if nothing else.
Jumpstart Your Revenue With The Marketing Shop
If this all sounds a little too intimidating or you’re not sure where to start, join our Jumpstart Your Revenue in 90 Days program. We are still accepting participants for 2019 or you can sign up for classes starting in 2020 and make smaller payments.
The Marketing Shop is here to help you build the best business you can!
Contact us to discuss your needs and challenges and we’ll get you started on the path of growth!