Learn 7 simple things you can do to increase the money coming into your business — no extra work required.
Entrepreneurship is all fun and games until you’re struggling to get clients to pay for your products and services, which leaves you stressed and worried about paying your own bills — not a good place to be.
However, by making a few small changes, you can improve your cash flow situation and find more freedom, ease and joy in your business.
In this article, I’m sharing 7 ways you can increase your cash flow without working harder. As you read, I encourage you to keep an open mind because some of what I suggest might surprise you — but I know from personal experience that employing these tactics can result in a massive boost to your bank account.
1. Offer a Paid-in-Full Discount
When you’re selling a service, it’s a great idea to offer a discount for those who pay in full upfront. It benefits both you and your clients; not only will you get cash in hand right away, but your clients are also getting a deal (and everyone loves saving money).
There are a couple of ways to go about it: You can simply offer a lower rate than what those who opt for payment plans pay — if the 6-month payment plan is $1,000, maybe those who pay in full only pay $900 — or you can offer a percentage off of the total cost.
Either way you choose to go about it, offering a paid-in-full discount is a surefire way to boost your cash flow with ease, and many people actually prefer to pay just once and not worry about it again — it’s a win-win.
2. Ask for a Down Payment
Consider requiring a down payment when clients sign up to work with you. Along with creating a cash infusion for you, a down payment — or when clients pay a percentage of the total cost of your program right away — helps ensure your enrollees are serious about working with you and aren’t going to disappear before completing the program.
Of course, just because someone puts money down initially doesn’t mean they will complete their payments. This is why I recommend hiring a virtual assistant or appointing someone else to handle financial issues so you can remove yourself from the payment collection process altogether. You don’t want finances to get in the way of your bond with your clients; however, you deserve to get paid.
Remember: It’s important to have rules in place (and enforce them) to ensure your clients aren’t walking all over you, but you also want to show respect at all times. No matter what, don’t be an asshole.
3. Sell Packages
Bundling your services and charging a single rate or enhancing an offer by adding value via extra resources in a package is a no-brainer way to increase your cash flow with ease.
For example, imagine someone contacts you for a VIP Day that’s $500. As you’re chatting with them, you let them know that you also offer a package that includes a VIP Day along with a course on content creation for an additional $100. This is a win for both of you — you’ve boosted your cash flow, and this client now has a helpful resource that can serve them as they work toward their goals.
Keep in mind that it’s important to avoid offering too many options because when you confuse, you lose — in other words, confused people don’t become clients. Make it easy for people to understand the value they’re getting in each of your offers, including packages, and you’ll likely see an uptick in your cash flow.
4. Use Systems
Systems like PayPal will take a portion of your profits, but it’s almost always worth it in the long run.
Think of it this way: What’s easier for a client — clicking a single link to pay for a service, or having to go grab their credit card out of their wallet and entering all of their information in a multi-step process? Obviously, the first scenario is far easier, and it’s the scenario that will result in far more completed payments.
I also recommend using systems for reminding clients to fulfill their payments. Automated emails sent to those with failed or missed payments can take a significant amount of stress off your plate — no more spending your time and energy chasing down clients who haven’t paid.
5. Provide Payment Plans
Yes, cash is always king and it’s amazing when clients pay in full, but payment plans are essential because they help guarantee you get more clients in the door.
While some people prefer to pay for services all at once, others would rather spread lower payments out over a number of months, so if you fail to provide that option, there’s no doubt about it: You will lose out on potential clients.
Many coaches and service providers worry that some clients will default on their payment plans, and that is a legitimate concern (although you can mitigate this risk by requiring a down payment before the payment plan begins). However, in most cases, you can afford a bit of a loss because your payment plan option brought in far more clients than only offering a full payment upfront option would have — and that means you’re earning more money.
6. Give a Conditional Bonus
When I launch my Business Freedom Elevator, I send a limited edition mug to the first 50 people who sign up via the preorder sale — and they love it.
The loss aversion theory helps explain why conditional bonuses are so effective; the pain of losing is twice as powerful as the pleasure of attaining, so people are more likely to do whatever they need to do to ensure they don’t miss out on getting something.
Even if you don’t have physical products to send your buyers, you can still give a conditional bonus during a launch. You could send a digital resource to those who pay in full, for example, or offer a group coaching session to the first 25 people who register for your course. There are plenty of options — get creative!
7. Create a Clear Call to Action
Last but not least: Create a clear call to action to ensure your buyers understand exactly how and where to purchase your offer.
In your marketing emails, for example, you can have text that says “click here to buy my course now” (with a link that goes to a payment page, of course) and when you’re communicating directly with clients, you can let them know the exact process to close the deal — ideally with a simple link. If there’s a deadline to make the purchase or to secure a discount or gift, make that abundantly clear, too.
This is not the time to be shy or coy. Instead, be direct, simplify the process as much as you can and, whatever you do, do not overwhelm your potential clients.
I’m hosting a webinar to help you make even more money. During this training session, I’m teaching you 10 different strategies and tactics to increase your income exponentially — and you definitely won’t want to miss it. To sign up, just go to fastforwardamy.com/10incomestreams!
I’ve included a quick recap of all 7 tweaks so you can screenshot this article and take it with you as you focus on boosting your cash flow without working harder!
- Offer a Paid-in-Full Discount
- Ask for a Down Payment
- Sell Packages
- Use Systems
- Provide Payment Plans
- Give a Conditional Bonus
- Create a Clear Call to Action
PS: If you want to work with me but aren’t sure where to begin, head to fastforwardamy.com/findyourfit and answer the questions — we’ll point you in the right direction!