Do you run your own business? Are you a solopreneur? If so, your income probably fluctuates from one month to another. If you’ve got a good cash flow, this may not be a big deal, but if you’re in a place where your expenses sometimes exceed your income then you may have moments where you wonder how you’ll stay afloat.
Being your own boss is risky. You’ve got to generate income with no guaranteed paycheck. But the best part of being an entrepreneur is the freedom. Freedom to take chances, try new things. Freedom to earn double in one month what you usually make in other months. And you’ve got to leverage that freedom when you see your income slipping.
If you would like to sock away some money for the leaner months, or you’d just like a burst of income, here are some ideas. First we’ll talk about products, then we’ll get to services.
Bundle Your Products
If you normally sell one product at a time, see if you can combine a few products into one bundle, offer a discount for the set, and then send an email blast to your subscriber list with a time limit. “Get these three products together at 25% off for the next 3 days only.” If your products are digital and there are no cost of goods, it’s all profit. Your subscribers will appreciate the discount and you’ll sell a lot more products in three days than you’ll likely have sold all month. This works especially well if your customers usually just buy one product and leave.
Offer a Discount
Only offer a discount on products, not services, otherwise you train your customers to wait for discounts in the future before buying. But take a product and discount it heavily, again just for a short period of time. Time limits work well because buyers know they need to act fast. “For 24 hours only, you can get X product for 50% off.”
Lower the Price
I recently took three $20 products and discounted them to $10. I initially launched it as a sale with a limited time, but my sales quadrupled. So I left the price at $10 to see what would happen, and the products continue to sell at 4 times the rate they used to, even months later. Who knew?
What would happen if you lowered the price permanently on one or more of your products? The only way to know is to check. You can lower the price for a limited time to see how it works, then keep it at the lower price with no time limit and see what happens. You can always raise the price back up if you’re losing money.
Don’t get too proud and think “But my products are worth double what I charge!!” They’re only worth what the market is willing to pay. If you don’t experiment, you may be leaving money on the table. Plus the main reason you put out the product in the first place is for people to use it right? Don’t lower your price if you’re going to lose money, but experiment in case you can reach more people and still earn more money.
Raise the Price and Value
Generally once you set a price for a product, you don’t raise the price, unless there is something new and valuable added to it. Look at your products and see if you could add a workbook to anything, or an audio program, or webinar to it. Bundle it up and sell it for a higher price. Keep the original product solo at the same price you had it before, but offer an upgraded product for more money. Do the work once, reap the benefit for years to come.
Do a Teleseminar
If you’ve got 1000 people who bought one of your products, why not hold a 60 or 90 minute teleseminar where you will answer questions pertaining to that topic? Send the invitation to your customers, charge a nominal fee like $10-$25, and have them submit their questions to you on that particular topic. Record the teleseminar live or on your own and release it to those who paid to have a question answered. That’s quick cash on a topic you should know very well and won’t take more than 2 hours of your time. That’s good leverage.
Now let’s talk about services, which you have to handle differently from products because you need to factor in your time as well, and that has value to you (well it should) so you need to be careful what you do for quick cash.
Add a Bonus
“Until Friday if you book a session with me, you’ll also receive my book – free!” Make sure the book doesn’t cost you anything to deliver, and make sure the book is related to something your clients want. Make sure there is a time limit on this offer. If you don’t have a book, you can try recording a Q&A, or a Top Ten list related to what you offer, and include that when your clients book a session. It will increase your sign-up rate which will give you a nice influx of cash.
Find a New Way to Serve
If you listen to your clients, you may hear them talk about things they want that you don’t currently offer. My clients always ask if they can get a quickie reading from me as sometimes they only have one question. I’m now working on an Urgency Reading option that will be email only, one question, one answer, but with a 72-hour turnaround time. My usual wait for a phone reading is 3-4 weeks, so this is going to be a great option for those who have an urgent decision to make and want input from their guides fast. Look at what your own clients want and see if you can come up with a new way to serve them that works for both of you.
Be Someone Else’s Expert
I’ve had coaches put me on their group calls to give mini readings to their clients. This takes me one hour, and then usually some of those on the call will book a private session with me. It’s a great way to get new clients and only takes a short amount of time. You’ll have to experiment to see if it’s worthwhile for you and if your conversion rate is high enough to warrant it.
Provide an Expert
Let’s say your clients are all women in business and you’re their coach. Offer them a group call with an expert related to their field. Not someone who directly competes with you, but someone with a complimentary service. Charge a nominal fee for the call. This is a value-added service to something you are already offering your clients. It’s just another way to serve.
Bundle Your Services
Just like with products, you can bundle your services. Take 2 or 3 services you normally offer ala carte and offer them as a bundle, but limit the number you’re offering so you’re not overwhelmed, and add in the time limit so people act immediately. “I’ve only got space for 4 people, so act now if you want this package.” Always factor in your time when you make an offer.
Take a look at what you’re currently offering and see if there are ways to offer more value to your clients. Often, you’re leaving money on the table and you don’t even realize it. If you’re just building up your business, you will have to work very hard to get customers and clients, but once you’ve built up your brand, leverage your expertise to the hilt. Good luck!