There are lots of reasons you might need to generate revenue right now. You’re moving, you’re having a baby, you’re feeling the pinch at tax time, you want to redesign your website, you want to take a trip. Needing to generate revenue now isn’t something to feel bad about. It happens in successful businesses, it happens in small businesses, it happens in big businesses. It’s just part of being in business!
So let’s make you some money—and soon.
1) Send a sales email about your bestselling product or service.
What’s your #1 seller? There are people on your list who haven’t bought this product or service and likely would, if they knew about it. Even when we think “everyone” has bought our main product, there are people you’re connected to who still don’t know it exists.
Last week, I casually linked to my best selling product, The Art of Earning, and—without mentioning it by name—quadrupled sales over the week before.
Sometimes the best way to generate new revenue is to focus on old assets. What could you craft a fresh sales cycle for?
2) Beta test a product or program that’s been on your mind.
I know you: you’re sitting on a great idea. You haven’t figured out how to make the time, find the money, or craft the sales process for that new product or program you have in mind.
Pro tip: don’t.
Write down everything you know about the first iteration of this product. Then write down all the reasons your best customers or most engaged audience members need it. Put those things together with a strong pitch and present it to a select few you know will dig it.
You’ll thrill the early adopters in your audience. You’ll offer killer value for a great price. And you’ll be that many steps ahead when you go to do a bigger launch on a more refined version.
3) Raise your prices.
Two ways you can approach this one. If you’re regularly selling something that’s been on the shelf for a while, you can just raise the price to give you a revenue boost.
The other way to tackle this is by giving your customers a heads up on an impending price increase. There’s probably something sitting on your “shelf” that could use a 10-50% bump in price. Craft an email that let’s people know the price is going up and they have until a certain date to get the item/program/service at a lower rate.
4) Repackage what’s already on the shelf.
Often, businesses have several smaller products that can be repackaged as a bundle with more value. In fact, the repackaged product might even have a more compelling value proposition as a package than as individual products.
If you’re a jewelry designer, you might try to package up a necklace, bracelet, and pair of earrings. Simple, right? But the result is a greater value than the sum of its parts; it’s now a night-on-the-town kit.
If you’re a health coach, you might try to package a recipe book, coaching program, and one-off session with you. Again, simple. And again, the result is a greater value than the sum of its parts; it’s now the method, the accountability, and the day-to-day information you need to succeed all-in-one.
What do you currently sell that actually makes more sense together?
5) Find a partner to create new value.
The best collaborations often start from very small joint ventures. If there’s someone in your network you’ve been dying to connect and create with, this could be the time to jump on it.
By your powers combined, you could whip up a workshop or small event that will have both of your audiences asking for more. You get the chance to test drive the partnership, your audiences get value that they couldn’t have gotten from either one of you individually, and you generate some revenue to boot.
The trick here is to keep the scope small and the expectations for each party well-defined. That benefits both of you… and your customers.
A word to the wise: it’s easy to fall into a pattern of gotta-make-money-now in business, especially once you realize how easy it can be. However, planning for revenue, proper product & customer development, and sales cycles will always be the real key to feeling secure in your business.
Part of truly stepping into entrepreneurship is understanding how easy it is to generate more revenue. If your cash flow is feeling a bit tight, I encourage you to try one of these ideas and get a taste for the entrepreneurial money mindset yourself.
Tara Gentile is a member of the DailyWorth Connect program. Read more about the program here.