It is critical to diversify your revenue streams as an entrepreneur. If you have one income stream and that method stops working, you could be in big trouble.
However, if you have several revenue streams that are working for you then you’ll have plenty of back-up options to rely on. This will keep your finances steady for the future.
Whether you sell a product, service or you have a digital offer, it’s important to think outside the box about ways to boost your income as an entrepreneur. Keep reading as we will be sharing the top ways to produce more income, and some opportunities you might have never considered!
Imagine taking your customers on a journey and envisioning their future needs. It’s quite easy to forget that most customers won’t purchase your products or services instantly after seeing your initial marketing message. That’s the reason using sales funnels to lead clients through the sales process is key. On the other hand, if you’re not leveraging a “value ladder”, you could be leaving money on the table. Not every single client will be ready or willing to climb the steps, but knowing they have an invitation or a possible next step is your job to provide.
We believe the best place to start is in getting someone results for free. We call this a “freebie” where you opt in for a video or a post. But, starting the value ladder out from a place of service is the best place to begin to build that trust.
Ideally, it is best to start with the least expensive product or service that will give a taste of what you have to offer. If they want it all then they’ll need to invest in the next step, the next offer up, and if they want the full package, then they’ll invest in your most premium, offer.
Most importantly, we want you to just getting started in diversifying your income, and determining your multiple levels of offers is a perfect place to start!
Do you have an engaged IG following, an extensive email list, or a rockin podcast? Did you know there are so many ways to create products specific for your followers. My first creative affiliate has been with Society 6. My shop showcases my art on all the products they have to offer. I simply upload the art and then they do all the printing and fulfillment. Just like that, I am making a 10% commission from my sales. Creating a product or some sort of merchandise where the fulfillment piece is covered for you could be a great option to get started!
Instead of offering a single product it is smart to have “add-ons” that your customers can purchase at the same time. The term “Upsell”, is when you add on an additional offer at a time of purchase. An example would be, an extra product, a suggested offer, recommended products, and so much more!
This doesn’t just apply to digital or product offers, this is super important for service based businesses too. Imagine having a pop-up that says “do you also need this product?”
Let’s discuss “Downsells”, you typically use these after someone doesn not purchase something you are offering.. For example, if someone was interested but didn’t purchase the product, is there another offer that is more reasonable in getting results in an area they are interested in? This allows someone to become a paying customer even if they are not fully ready to purchase from you. It gives you time to get them results and build additional trust!
Does your business or brand have a blog or social media presence? This is an area that I highly recommend building up so you have the ability to create content that shares your process, favorites, and connects your following to affiliate content that brings in extra dollars anytime someone purchases using your link or code.
An affiliate link is basically a “kickback” for referring someone somewhere. Learn more about how to become an affiliate for the brands you love! Start here with my post “Becoming an Affiliate for Your Favorite Brands”. Learn how to start promoting brands you love and bringing in some side income.
I suggest that you get started promoting your fave brands for free as a service to supporting them before reaching out to see if they have a referral or affiliate program. In addition, you can also sign up for programs like Amazon Affiliates or Backcountry to link your followers link to products you love. This is not an overnight game-changer, but with consistency you will start to see “passive income” that definitely makes a difference over time!
On a final note, sharing your offers OFTEN, on social media or through email lists is another very important way to boost your income. I believe that so many entrepreneurs just go for it with no strategy in place. Educate your following by staying engaged with your following and educating them on what you have to offer
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