Ep.4/ Four Battle-Tested Strategies To Generate Cash Flow Quickly
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If you just launched your business, you’re probably focused on getting new clients through your door and generating cash flow to at least cover your costs. If you have rent to pay and need to make a living with what you’re doing, then you know the pressure of being in a cash flow roller coaster, and having to generate cash flow rapidly.
When I launched my brick and mortar wellness center in 2008, I had to become very creative to stay afloat and survive the first year. In this episode, I’m sharing 4 proven strategies to help you generate extra cash flow rapidly, without too much planning or resources.
These strategies are valid for any business model whether you have a brick and mortar or online business.
Strategy #1: Make gift certificates available
You can sell gift certificates online through your online booking system, through your website, or simply through direct messaging. You can also leverage Crowdfunding platforms.
Strategy #2: Create a celebration opportunity to increase sales
People buy when there’s Christmas, Valentine, Birthdays, New Year, Mothers Day...so many sales opportunities! Can you create a special celebration, in order to promote your services and incentive people to book your services?
In the online world, digital marketers use:
Discount: Beta testers price in exchange for feedback
Status: Course or membership soft launches - founding members
Launches using scarcity and urgency such as “launch only twice a year” or “We don’t know when we will launch again”, “enroll now while it’s available - limited spots”.
Is there something you want to celebrate with your community - that could create an opportunity to communicate again about what you do and remind them of how much they need you in their lives?
Strategy #3: Make referrals intentional
What is the lifetime value of your client?
If they were to come to you, book your services, and come back again.
Would it be worthwhile to give a taste of what you do, perhaps at no cost for them- if they were to become your lifetime client?
You could talk to:
Your best clients so they refer 2 friends or relatives for a free trial
Your most engaged followers to start a client relationship (workshops, masterclass, free discovery call)
Your past clients to share their personal experience with you to their network and recommend you
Strategy #4: Collaborate with synergetic businesses
Nobody can make it alone- you need a community of like-minded business owners to mastermind solutions!
Identify the synergetic businesses: Those that have the same standards, similar client profile, they understand your vision, and their services are almost complementary to what you offer.
