Starting a Business - Part 11
Ready, Scale, Grow!
You'll want to scale your business by increasing revenue, keeping your operating expenses low, and setting your business up with the support and ability to grow.
3 Ways to Increase Revenue
There are only 3 ways to increase revenue according to Business & Marketing Guru, Diane Armitage.
Increase your number of clients
Increase the average size of the sale/per client
Increase the number of times they buy
If you increase all 3 by a small percentage, it has exponential gains. It sounds simple, but it gives you a more focused picture.
Some other tips for increasing revenue include:
Focus on what you want your business to be, not just where you are.
Funnels can help attract prospects with an interesting free opt-in. Keep communicating with your prospects to warm them up to you. Never go straight for the sale, build the relationship first.
Create a value ladder and have a signature product, with an upsell and a downsell.
Look for powerful partnerships with businesses with a similar client base.
Find joint venture opportunities.
Have a formal referral marketing system that works and give your program a name. Be able to describe how it works and offer a rewards system. Have materials, tools, and coaching to make it as easy as possible.
Have an affiliate program.
Start thinking of your marketing as a platform with pillars that hold it up. Ideally, over time you’ll have around 10: 5 offline and 5 online. That’s a lot to focus on at one time. We’ve covered several in this blog series, but taking another perspective, Jen Coffel recommends the following as a great place to start:
Networking with a really powerful marketing message that is super easy to spread.
Giving signature talks where people connect with your story and your passion.
You want your message to be easy to spread and easy for the right people to connect with it. You always want to be bringing more wonderful people into your world. Consider going live with a friend, engaging in social media groups with your ideal clients, being a guest on a podcast, and running ads. Start to position yourself as the go-to person for your ideal clients and their needs. Once they are in your world, always focus on nurturing the relationship.
Consider the multiple sources of income that you can create with what you are already doing. If you are continually writing a blog, pull together your best content for an ebook or a workbook. You can use the content for a webinar or turn it into a workshop or a course. You can offer up your content for a fee to a newspaper or related publication that is always needing fresh content. You can promote an affiliate’s offer on occasion to your audience (just don’t ping them with offers too often, remember value first and foremost). The point is, you don’t have to work to create completely separate silos to earn income from multiple sources. There are several opportunities right under your feet!
Check out Starting a Business - A Guide for the Online Entrepreneur for a summary of this blog series and what you can expect to learn each week.
Do you need help aligning all aspects of your business so your message is clear, concise, creative, and speaks to your ideal customer? If you answered YES, book an introductory consultation to learn how we can help you! We will speak with you to learn all about your business goals and needs during this free call. Should you choose to work with us, we promise to save you time and any frustration that can come along with having a business.
Some of our services include:
Copy & Content Writing
Logo & Web Design
At Evoke Creative, we are here to help you, help them.