INCREASE YOUR BUSINESS REVENUE USING THESE 3 SMART STEPS

Every entrepreneur hits that point where they begin to find ways to grow the cash inflow in their business. From this point, with things done correctly, in the right order and time, business growth is sure to follow.

In a market that's always changing, the only way to keep your business alive is to adapt to the changes in a way that aligns with the identity and vision of your business.

One of the constant market changes includes the rise and fall of revenue. Every business experiences revenue downtimes as a result of factors ranging from economic changes to changes in consumer preference, this is why you have to fortify your business to stay above when these changes come. The best way to stay above revenue downtimes is to have more than one stream of revenue for your business.

This post will reveal to you three different revenue inflow strategies that you can consider incorporating into your business.

Three Revenue Inflow Strategies

1. Add New Products to your business  - This is probably the most obvious revenue inflow strategy out there but it's worth talking further about. The goal here is to create value. Creating another product is probably going to be way easier for you than it was creating your first product. Before creating any product at all, it's important to carry out product research because this will actually help you determine whether this new product will be profitable or not. Product research ranges from concept testing to user testing and it will only cost as much as you want it to.

2. Introduce recurring payment systems - Having recurring payments is one of the best methods of ensuring regular revenue flow to your business. Take for example most software companies, they have their revenue model based on service subscriptions, with monthly/yearly payment plans made available. This system guarantees that they get revenue flowing in monthly supposing they have great quality service. Physical products businesses can also utilize this recurring revenue model by creating a subscription plan for customers, covering frequent or related purchases. Of course, you'd need to do your maths to determine the best approach and pricing for your products to ensure that your business falls under profitability.

3. Add affiliate products up-selling - Not only social media influencers or affiliate marketers should benefit from selling products they didn't make, but businesses can also. Selling affiliate products is one of the smartest ways to increase revenue in your business. Why is it a smart method? Consider the cost you incur on a regular bases to make your product and your profit margin from sales. Then consider the cost you incur in up-selling a product you did not make and the profit margin from the commission you receive. What does the outcome look like for you? Up-selling affiliate products is a method where you sell products made by another company to a particular set of customers for a percentage share of the product price. This revenue inflow system costs you nothing more than your time and effort.

How To Start Up-Selling

Whether it be service-based or physical products, as a business, you must have a particular category of products you sell, this is where your leverage comes in.

Below are three steps to easily add this revenue system to your business.

1. Select companies that sell products related to your business niche or would be helpful to your target audience and apply to their affiliate program, if you're accepted, you would be given a link only you can use. Impact and Shareasale are platforms where you can access a wide range of quality affiliate programs by physical and digital product-based companies. Shareasale is more beginner friendly in the sense that most of its affiliate programs don't have a strict application requirement while programs that are on impact have criteria that you must meet before you can be accepted.

2. Leverage your online presence. If you're present online, you would have gathered a number of your target audiences and built credibility for your business. Your audience base are people who already have an interest in your product so it wouldn't be hard to upsell this new product to them. However, it is worth testing out and gauging the quality of the product before you refer it to someone else. Your powerful advantage here is the credibility of your brand because your audience would already have some trust in your brand, so up-selling becomes easier.

3. Direct your audience to your link. Create content around your affiliate product or incorporate it into your original content online and direct them to use your link to purchase. In some cases, companies might generate a discount code for you to make use of instead of links, either way, have your audience use your discount code or your link.