For any entrepreneur or business owner with an online presence, there are many ways to build income streams to bring in extra money while you focus on serving your target audience.
Passive income is one way to boost your bottom line while you actively market your business. Some passive income strategies requires little to no effort to earn and maintain with minimal participation on your part.
If you’ve invested good money into your business and your website, then, why not make it work harder for you?
Here are 3 ways to build additional income streams into your business starting today:
#1 - Creating upsells in your sales process is an overlooked place where you can bring in extra money. Do you have a basic sales process in place, where you make an offer to your broad audience and then have more focused, high-end offers for them to choose from over time? These additional offers can lead to your high end offers. Now, for each main offer in your sales process, think of a high-end product or service your customer would find valuable. This may be free admittance into your private Facebook group or maybe it’s a checklist, form, or eBook for a nominal fee that is a no-brainer add-on to their order. For your more expensive offers, add a more expensive upsell, like a trial period in your membership site. The key is to choose relevant upsells that will benefit your customer that makes sense and align with the initial product purchase.
#2 - Affiliate Marketing is a simple way to earn commissions by recommending products or services to your audience. This process could include telling your friend or neighbor about the great pizza place where you just ate dinner. Simply sign up for the product’s affiliate program and place a unique link within a product review on your blog, your email signature or your web page listing all the business tools you recommend. Every time someone clicks on your link, they are taken to the product’s site and if they make a purchase, you get a commission. Affiliate links can also be added to eBooks or other digital products you sell. However, please review the Terms of Service for all the social media platforms before posting an affiliate link.
#3 - Back-end efficiency is important to any business, whether it’s strictly online or a physical location. A business coach can objectively assess whether you’re working most efficiently and can offer solutions to make your customer service, billing, and customer fulfillment (just to name a few areas) smooth and more effective. Very often business owners are too close to their business to see how everything flows (or doesn’t flow) together, therefore, having someone to ask questions and bounce ideas off of can save time and money. Even getting feedback on a sales strategy or sales copy is ideal because they are more likely to pick up typos, strictly because they didn’t write the copy.
Good business coaches can look at a business objectively, ask pertinent questions, and guide the owner through a plan for growth. Consider a business coach as your objective third party, the one who can sort through the processes that work and those that don’t work and help you shape your business into a profitable entity.
If you need more help deciphering which passive income streams you’re missing out on, let’s talk.
As the Founder and Owner of Business Development on Demand, LLC. Dena shifted her disappointment in the lack of automated systems that equip business owners and leaders for success into a thriving business to help them experience freedom and fulfillment.
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