5 Ways You Are Leaving Money On The Table In Your Business
You didn’t get into business to lose money, however there can be a number of ways that you are leaving money on the table in your business and today I am going to provide you with the insight to prevent this from happening.
- Onboarding: Many service based businesses miss out on opportunities and end up leaving money on the table because they either fail to let their client be aware of add on services that can be a benefit to their client.
- You don’t want your client to have to go to another business for something that you can be providing and onboarding your client helps with can assist you with providing great value to your client.
During the onboarding process you are not only outlining the details of what you will be providing for your client, but you will also give them a list of other services that you offer to upsell or create a bundled package that gives your client a one-stop shopping experience with your business.
Graphic Designer: As a graphic designer a client may come to you for a logo which you could offer website design services or brochures or social media graphics as an upsell.
The onboarding process is for you to determine your clients ongoing needs and see how you can assist them.
The client may not know what other services you offer if you don’t tell them or have it displayed on your website or social media platforms.
When onboarding a client don’t be afraid to ask for a referral even if you have to give them an incentive to get the referral, when you go above and beyond your clients expectations a referral is a no-brainer they will become your cheerleader and tell others about their great experience with your business.
Business Coach: there are many skills you have acquired as a business coach and most coaches are not aware how they are leaving money on the table by not creating digital coaching programs, this a great resource for new clients that takes them through your program.
You can offer one on one coaching, group coaching, masterminds. You can consult with business owners to show them how they can improve their bottom line in their business.
Healthy Lifestyle Influencer: This may not be the common name for this type of business owner but best be sure it can become a lucrative business.
If you have gone through any health challenges and have seen your health improve by leaps and bounds then you are the testimonial.
How you can prevent from leaving money on the table is to start a healthy lifestyle blog. You can include affiliate links with various products that promote good health benefits for your readers.
If you’re into juicing you can start your own line of health drinks and market them to local stores and supermarkets.
As a business owner you should be thinking of various ways you can create more than one stream of income.
- Include books/e-books
- Online courses
- Selling advertising
Every business should be able to create extra income streams from their business idea.
- Former Clients
When is the last time you checked in on your former clients to see if you can offer them any assistance and share with them new services that you have added since they were a client.
Just because they are not calling you doesn’t mean they don’t need your services. A good rule of thumb is to stay in contact with former clients, make sure you have their email address so you can shoot them an email when you add new services.
You never know it could turn into consulting on a project or something short term.
- Using Unfamiliar Product Titles
This is a huge one when it comes to leaving money on the table entrepreneurs who sell products.
How many times you go to a website to look up a certain item only to get an item not found, it’s not that the item isn’t available, it’s because it’s listed as an unfamiliar product title unknown to your visitor.
When it comes to listing your products on your site use familiar language that your visitors are familiar with I know as entrepreneurs we love to come up with names for our products that are fun and inspiring however when it comes to your visitors searching for your products, they are not aware of the cutesy names of your products
Create Product Categories
For entrepreneurs who have a skin care line, have categories for:
- Dry Skin
- Aging Skin
This helps your visitors not to get annoyed with trying to find a product that they may not know the name of and gets them to the product quicker, you don’t want to overwhelm your potential customers to sift through a site that may have hundreds to thousands of products.
The goal is to make it easy to find what they are looking for.
- Author Or Thought Leader
There are multiple ways to bring in more than one stream of income as an author, you can turn your book into a coaching program, you can create assessment-tools, start a podcast and bring on guest speakers who are experts in their niche.
As your audience grows you can get sponsorships that will bring in income to promote their product or service on your podcast.
Affiliates are a great way to bring in income once you get started with it.
In no way is affiliate marketing a get rich quick overnight scheme.
Staring with affiliate marketing means you’re not just promoting anything to your audience .
You’re promoting products that you’re already using in your business or would like to use in the near future.
Another key tip about affiliate marketing is that you’re not promoting anything that is out of alignment with your business.
For example your business is about fitness so your content is around those topics, you would not have an affiliate link for a lawn mower or baby furniture because it’s not in alignment with what your business niche is and it can throw off your visitors and come off as not being a reputable business.
When it comes to affiliate marketing doing your research is key, know the companies that you are signing up with what are their terms and their payout schedule, remember you are promoting someone else’s business so make sure they are a reputable company and not just some fly by night company.
You don’t want your visitors to think that you lead them to a website that scammed them.
When it comes to putting links in your blog post, don’t overload them with so many links that the content becomes hard to read, your main goal is to provide your visitors with the information that is going to bring them a solution or provide a transformation.
As an entrepreneur you should be finding more ways to leverage income in your business, technology can play a big part in providing a stream of income for those who are technology challenged.
You can offer services to manage clients websites or social media accounts or create content for them.
There is big money in creating content for business owners who don’t have the time to do:
- SEO (search engine optimization)
- Keyword Search
- Creating CTA’s (call to action)
- Email campaign
A Lot of thought goes into writing a blog post and you could be leaving money on the table especially if you have a way with words and a knack for writing.
Don’t limit yourself to just the writing aspect of content creation vlogging has become a popular way to make income as well.
Youtubers have built million dollar brands by vlogging about their life, while doing hair and make-up tutorials, cooking videos or relationship lifestyles the list goes on.
This type of content creators has revolutionized how big brands go after popular influencers who have built substantial sized audiences, they don’t have to pay out big incentives to celebrities when they can make deals with influencers.
The goal to ensure that you are not leaving money on the table in your business is to sit down and list what additional services you can add to your business.
Digital products are very popular because there is no inventory to keep and the customer receives their purchase immediately.
One more key tip before I leave, be mindful of what you can produce on a consistent basis, just because it can make you more money doesn’t mean you want to give a lower quality of service just to increase your bottom line, make sure it’s doable and that it enhances what you are already providing in your business.
Always be on the lookout for opportunities where your bottom line will grow by leaps and bounds.