Here are the top 5 tips that I can give you to increase your revenue and, ultimately, your paycheck!
1. Increase price of product
A quick way to increase your income is to increase the cost of your product or services. I know that might sound scary, but if you’re honest with your customers or clients and you’re sure that you’re providing the highest quality product/service, then your customers (die hard fans) will still purchase from you. Because they’re not just buying your product, they’re buying your story – the why behind what you do and why you do it. You are the only you out there - you’re the only one with your unique story, don’t be shy in telling
2. Increase gross revenue goal
Instead of playing it small, think about your gross revenue – you already know how to sell your products/services, just increase your revenue goal. You can increase your ads, find new products or services to offer, or really dive into marketing. There are endless ways to increase your revenue – you just have to set your goals, intentions, and actively work towards it.
3. Decrease expenses
There are always expenses that we can cut back on in business. You know those subscriptions that you’ve signed up for many moons ago but you haven’t touched in weeks. Stop paying for services that you’re not actively using. If it’s not serving you, then get rid of it! The same can be said for our personal finances too – I’m looking at you, countless streaming services!
4. Increase conversion rate
To increase your conversion rate, set up trip wires (for product based businesses). Trip wires are things like the coupon that pops up right before people leave your site. You can also add bundles to your website – similarly to what Amazon does. Think about the “People who bought this, also bought this” marketing tactic. Amazon knows what they’re doing, why not take a hint from them? If you’re a service based business, why not lump two of your most popular purchases together? Think outside of the box. You might surprise yourself!
5. Create passive income streams
This is one of my favorites! It takes a bit of upfront work and some minor maintenance – but it is possible to create a passive income stream that makes money while you sleep. Think about selling digital products, workbooks, e-books, courses, drop-ship your products, etc.
Do you have any other ideas for increasing business revenue? I'd love to hear them in the comments!