Are you tired of riding the cash-flow roller coaster?
There’s no question that one of the biggest challenges many entrepreneurs face is bringing in consistent income. Sometimes things are great and clients are plentiful, and other days you’re wondering if you can possibly eat ramen noodles one more time.
If you’re ready to power up your profits, here are five easy ways to bring more money in the door:
1. Make an offer – today.
If you’re not making enough money, stop and ask yourself if you’ve made an offer recently. Chances are good, it’s been a while. Business is about leadership – actively going after what you want, versus passively hoping the work and money will show up. Take one of your existing products, programs or services, freshen up your marketing copy and let your list know the cart is open.
2. Create an MVP.
An entrepreneur’s best friend is the minimum viable product (MVP). Originating in software development, an MVP is the fastest path to getting a product created, shipped and making you money. The idea is to create a basic product – no bells and whistles required – that solves just one problem. This isn’t about scrimping on value – but it’s about getting it done quickly, and avoiding the common entrepreneurial pitfalls like procrastination and resistance.
3. Tap into past or current customers.
The most likely next buyer is someone who’s bought from you before. They’ve already built the know, like and trust factor – so selling to them again is much easier than turning a cold prospect into a buyer. Think about an offer you could make just to past and current clients. Maybe it’s special VIP access to you, or maybe it’s a discount on a popular program. Thank them for trusting you with their time and dollars, and give them something special.
4. Raise your prices.
I’m going to take a wild guess and bet that you could stand to raise your rates. Even a 10% increase could mean big bucks at the end of each month. Most entrepreneurs I work with drastically underestimate their own value, or lack the confidence to command higher rates. If you’re questioning your ability to increase your prices, make a list of 25 benefits you provide your customers and clients. That list can quickly remind you of the incredible value you provide, giving you the confidence to increase your prices.
5. Give yourself a challenge.
What would you do if you had to make an extra $5,000 this month? Not if you’d like to make that, but if you HAD to. What would you do differently? How would you put yourself out there? How could you put a little more hustle in your step? The truth is, many people say they want more money, but don’t necessarily do what it takes to bring it in the door. But we all know that if we HAD to – if things were that critical – we could do it. Tap into that place to find new and creative ways to boost your bottom line.
So, what will you do to bring more money in the door this week? If you’ve been struggling to get off the cash flow roller coaster, implementing even one of these steps can be a game-changer.