In order to run a successful business, you need to create a steady stream of cash flow. For many small business owners, this is easier said than done—leading them to worry, feel constantly stressed and have “bankruptcy” looming over their heads. In this series of articles, I answer the top questions most small business owners ask about successfully creating and managing cash flow. Read on to find out more.
#1 How do I make more money?
The short answer is… by selling more items or raising your prices/rates!
The longer answer is looking at what are you selling and what you can offer. How can you add additional value that’s not necessarily something you have to personally deliver or produce?
To start earning additional income, consider creating online products or offering products from an affiliate partner. In addition, don’t be afraid to raise your prices or service rates. When I advise my clients to increase their prices or rates, their initial reaction is a combination of hesitation and panic because they believe they are going to lose business. A good middle ground is to raise the prices or rates of only a few items or services to test the waters and see what happens. Your most loyal customers will most likely stay. Those who don’t will open up space for new customers willing to pay.
When deciding how much to raise your prices or rates, take a look at your product (or service) funnel and ask yourself the different ways that prospects experience you at different price points and how many sales you need to make at each level in order to create the income you want.
#2 How do I get more clients?
When people ask “How do I get more clients?” they typically mean “How do I get more of the people I want to work with?” The short answer is…talk to more people! Network! Make phone calls! And always, always ask for referrals!
The longer answer is that you need to be really clear on what you mean by more clients. If you haven’t already, this is a good time to define what your ideal clients look like. Who are they? What are their needs? What are their goals and aspirations? Write down what results they get as a result of working with you and how you help them get those results.
Once you have that information, start networking where your ideal clients can be found. Build relationships with them. Tell everyone you know what you do and who a good referral is for you. Finally, one of the best ways to get more clients is by asking for the sale. Ask and you shall receive!