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As an entrepreneur, we all have those months.
The big contract doesn’t come through, there were delays with the launch, you just didn’t have as many good leads this month – whatever it is, we all face those months when our income isn’t as high as we’d like it or need it to be, especially when we’re just starting out.
The only way to have a successful business in the long run is to have a solid strategy, BUT if you do need to earn some extra income in a particular month, there are tactics you can use to earn some extra money quickly.
I’ve set this goal to make an extra $1,000 because it’s a nice round number, but don’t hold yourself back; these tactics could bring in even more if you do them well. Another quick caveat: you can’t use these tactics all the time. For one thing, you can’t run specials all the time or you will teach your customers to wait for the next special.
So just be aware that these are special occasion ideas to get you over a hump!
Make an extra $1,000 this month
1. Run a special on your coaching/packages. While it may seem counter-intuitive to discount your products and it certainly shouldn’t be your first option, running a special or sale can actually get more revenue in the short term. Do the maths before you implement this so you know exactly how many people you need to book to reach your goal. So, for example, if your package costs $497, and you discount it to $297, you’ll have to sell 4 packages to reach that mythical $1k.
2. Tell everyone you are increasing your prices on a set date, which is kind of like running a special without discounting from your current price point. This is a great way to go if you don’t want to get in the habit of running sales or specials. It’s also useful if you think you have people in your lead funnel who are on the fence and just need a little push; letting them know that they’ll have to pay more if they don’t book now can often be all the push they need.
3. Offer free sessions for qualified leads and a portion of them can be converted to new paying customers. If you do 10 sessions and convert just 10 percent (1 person) for a $1,000 coaching program, you have it. Be aware that the lower the price point of your offerings, or the fewer truly qualified leads you have, the more free sessions you’ll have to do to reach your goal.
4. Raise your prices. That just by itself can put you over the magic mark. If every new customer your bring in this month were at your new, higher rate, how many would you need to book to reach your goal?
5. Repurpose some of your content into an eBook or email course. If you have six to 10 old blog posts on a single subject, that’s enough to make an eBook. Make it look clean and easy to read, save it as a PDF and promote the heck out of it! Just be aware that the lower the price of your ebook, the more you have to sell. If, for example, you can sell a course for $49, you’ll need to sell about 20 to reach your goal, whereas if you price your eBook at $4.95, you’ll need to sell more than 200. Keep that in mind, along with what you think the information is worth and what your customer is willing to pay for it as you set your prices.
6. Run a live event. If you’re not too much of an introvert, a webinar or conference call can be a great money maker. If you charge $35 for a webinar, you need fewer than 30 people to sign up to make a cool $1,000.
7. Run a webinar or free training to lead into one of your paid offerings. My recent free training lead to five new Idea Generator clients, which is well over $1,000. Depending on the price point of your products and services, this could easily reach your goal with just one or two conversions.
There are two main points I hope you take away from this:
First, you are in charge of your revenue stream. If it’s not looking the way you want it to, take action to change it!
Second, the best way to make a liveable, sustainable income is to create a sales funnel that leads up to at least one higher priced offering. You might have noticed, it’s a lot easier to earn an extra $1,000 when you can get there with just one or two clients than it is if you’re selling something for even $50. Keep this in mind when you’re deciding where to set your prices!
I’d love to hear your ideas:
What have you done to boost your income?
What do you struggle with when it comes to earning a sustainable income?
I’d love to hear your thoughts in the comments below…