Increase cashflow in your online business
Knowing how to increase cashflow in your business at any time should be a priority. To generate predictable income online, you need the following 5 components:
- A lead magnet
- To build a list
- Sales automation
- Relationship building through automation
- and last but not least, cashflow optimisation
In today’s Marketing Conversations, Paula and I discuss the first 3 ways to increase cashflow in your business which comes under the last point Cashflow Optimisation. There are actually 5 points included in Cashflow Optimisation but in our chat today, we cover the first 3 points which can easily be implemented straight away.
Cashflow optimisation is the key for all businesses
At the moment with COVID-19, many businesses are experiencing a downturn. Cashflow is key for a business to survive. If there is no cashflow, there is no business. The aim should be to cover your marketing costs in the first instance, and then to cover personal and business expenses after that. Once you have tested your marketing and made whatever adjustments are necessary to be cashflow positive, then you are ready to scale (increase growth).
1. Increase Price
The first point, increase price, you can do no matter what you are selling whether it’s services or products. Adding a percentage on top of your pricing can be done at any time to increase your cashflow as long as what you offer is of value. If your pricing reflects your experience and expertise, plus the value you offer, your customers or clients will not mind an increase in prices. So often we hesitate to put pricing up in case we lose clients or customers. But, it pays to consider that perhaps they aren’t our ideal customers anyway.
2. Add Upsells and Downsells
Upsells and downsells refer to offering extra services or products in your funnel depending on the behaviour of your customers. It’s common knowledge that if someone has bought one product through your funnel, they are highly likely to buy another one especially if it adds more value to them. For example, you may offer something low priced as the first product in your funnel to attract customers and follow it up with an upsell or pricier offer. An example of this would be to offer a course at $47 but follow it up with a coaching offer which could be $1,000 or even $2,000.
If your customer goes through your funnel and is about to click off your page before buying, you may offer a downsell or cheaper offer. For example, if your offer is an expensive course, your downsell maybe 3 videos from the course that gives an overview for a cheaper price.
Adding upsells and downsells is a quick way to increase cashflow. Using a marketing platform like Kartra makes it easy to add upsells and downsells into your funnel depending on the behaviour of your customer.
3. Add more offers – multiple streams of income
Offering one service or product leaves your business wide open to problems if your business experiences a downturn. Some businesses rely solely on 1 or 2 clients for all their income. If those clients disappear for whatever reason, there is no business left.
Every business has the opportunity to add related products or services or a course or ebook that can add value and, of course, cashflow. Offering affiliate products means that you don’t have to produce the book or course or product yourself, but when you make a sale, you take a commission of the price. Affiliate products can be found on lots of sites like Amazon, JV Zoo or ClickBank and there are others. Have a look around and find things that relate to your particular business. Selling affiliate products if you don’t have your own, are a great way to increase cashflow immediately.
Real success online includes cashflow optimisation and having the ability to increase cashflow.
If you’d like to ‘earn while you sleep’ which means set yourself up for residual income, register here and get in touch with me. Looking forward to working with you.
