Today I will be writing about How to Generate Revenue For your Business.
I will share with you a few ideas , you can use this to create a Revenue Generating Planning sheet which can act as a guide for you to know what you have applied and what you need to implement. Do share this post with your friends and colleagues so that they also can benefit from this list.
The tips here are basically for solo –prenuers, coaches, consultants, stay at home business owners. Although anyone can gain from the ideas here, all you have to do is modify it to suit your type of business.
When people come to me asking how they can increase their income, my first word to them is to look closely at what they already have because your money is in your hands. You need to look within, at all your God given abilities as these abilities will be the bed rock which helps to enhance and increase your ability to apply new knowledge of money making.
Below is a list of ways you can increase your income in no particular other.
1. Affiliate Marketing – is basically selling other peoples products and gaining a commission for it. You can also have people sign up for your programme as affiliates and they can receive commission from you, it works both ways.
The good thing about affiliate programs is that is helps to increase your leads and your revenue if others are promoting your services. If you are the promoter, you can generally earn between 30% – 50% on sale made and sometimes people give away 100% of sales depending on what they are promoting or their personal and business reason for doing that.
How do you find these programmes to promote? Most people have “becomes an affiliate” link on their website; all you have to do is click on it and apply to become one. You will be sent all the information you need to start promoting and start earning.
2. Events/Workshops/Seminars - A good way to raise your profile and in turn increase revenue for your business is organizing events such as networking meetings, workshops or seminars. All you need to do is :
b. Invite professional/Experts in the area to speak
c. Put a fee depending on the class of audience you are intending to attract
d. Find a venue – This does not need to be expensive – there are many venues that would let you use their office for free in return they get the publicity you provide by using their services.
e. Make your event public
f. Promote , Promote, Promote
It doesn’t matter what response you get on your first attempt the most important thing is that you have giving it a go therefore gained experience in the process, you can now make your next one better.
3. Your Own Hard goods (Book, DVD) You can create your own physical product which you can sell to your clients at events or on your website. These include writing your own book – (Becoming an author gives you the expert statues which is a raise to your public profile). You can create DVD’s of your programs or trainings you have provided. There are cost effective companies that can produce these products for you.
4. E- goods ( E-books, Audio, Video)- Another revenue generating idea is having e-goods by this I mean product that are electronic , these include e-books, audios and videos – Again you can convert your trainings, tele-seminar, workshop recordings into electronic products for your website. People regularly, are finding solution for problems, if you have got that solution they will buy from you. E-Goods produce residual income without stress because there is no postage involved, your customers download the item and everything is done electronically. These customers come from all over the world there is no geographical limitation to where your revenue is coming from.
5. Selling other peoples Service (Finders Fees, Referrals) this is similar to affiliate marketing except that with this, there is a personal agreement between your and the product owner to receive a negotiated amount in commission. Each time you refer a client you get the agreed fee paid to you. This can range between £100- £ 1000 depending on the program or service you are promoting. You would have had to built some trust with the owner of the service that you can deliver clients to them, this will enable them offer you a considerable amount, if you already have a track record the better for you.
6. Public Speaking – I love this- Get invited to speak on your expertise and get paid. Now there two ways you get paid :
The first is that you get paid a fixed fee for attending which could range between £250 – £5000 depending on your credibility and popularity. Most international speakers get paid much more that £5000.00 this is also depending on their expert status. You need to consider a lot of things before placing your fee, time of preparation of content, resources you will be providing, transportation, hotel ( if you are taking care of that) the list goes on. Ideally you should not take less that £500.00 if you are just starting out as your fixed fee.
The second way of earning as a public speak is closing sale during an event by promoting your services. Most event organizers would agree a certain percentage of your sale be given to them. The good thing about speaking at events is you are able to gain more clients easily and quickly especially if it is a large event. You get more of the turnover than individual large sale. You can be sure when a client has bought from you they are more likely to buy again, so do not think too much on what you have to give the event organizer.
7. Membership Sites/Club/ Mastermind Groups- Creating a members program in form of a club or site for your clients is another way to generate extra revenue for your business. As you build your business you will find out that there are people who would trust you and want to stay close to what you have to offer. They spread the word about your good works, these people are loyal clients. A club or membership forum is a good way to keep your loyal clients together. They are happy to pay whatever fee you suggest because they already trust what you can offer. Sometimes you can create membership forums for particular area of interest , people join to get their business needs met for those areas and are happy to belong to such a group purely because everyone who is a member are seeking the same solution. Membership commitment can be monthly or yearly, the fee can range between £10 – £250 monthly depending on what you provide and your personal expertise.
8. Joint Venture Partnership- this is partnering with other experts to support your individual businesses. This is how it works, basically 2 -5 industry colleagues, could be more but its best to keep it small when starting. They agree to support themselves in promoting to each other’s list, products and services that’s not conflicting to their services or they can agree to run a program together, putting equal effort in resources and marketing and then spilt any revenue generated.
I would advice that when going into this kind of partnership with people that you do it with those you can attest for their credibility and integrity, but to be on the safe side and this goes for any partnership arrangement, do have a written agreement stating all that you have agreed.
These are just some ways you can increase revenue for your business, I hope that this help and you can begin to put them into action. All of these tips mentioned here can be done within one month and can raise your profile and your income very quickly.
To Your Massive Success
Your Business Transformation Coach