Need an infusion of cash into your business? And, need it… like… yesterday?
Maybe you want to fund something in particular (That mastermind that opens its cart only twice per year? Summer water ski camp for the littles? A plane ticket to your next temporary home?)
Perhaps you’ve had some personal expenses come up. (Oops. Need a new air conditioner? 😳 Been there! 😉
Or, maybe business has just tapered off or been slow – and you just need a revenue boost to keep the cash flow on the positive side this quarter.
Well, Genius, I’ve got your covered. In this article, I’m going to share eight ideas to make mo’ money in your brand – PRONTO!
Many of these strategies are ones I’ve implemented personally at one point or another when I needed a hit of cash. So in some places I’ve dropped a few “Pro Tips” for you to consider, too.
As always, you can read on – or hit play on the 🎥 video version of this article below:
Idea #1: Reach out to previous customers or clients.
This first tactic might seem a little bit obvious. But I want to call it out, because many entrepreneurs I know do not do this regularly – and they *so* should!
You’ve already built a relationship with past clients or customers. They’ve already pulled their wallets out for you. So calling them to action to buy again is simply one of the easiest paths to quick cash.
The work of theoretical psychologist Paul Meehl cemented for us that past behavior is the best indicator of future behavior. Applied to this business problem, that means you’ll likely experience a shorter sales cycle with past customers.
If you’re a service provider, snoop on past buyers a bit. What are they working on now? Then, check in with them directly to see if they need help again. Or – even better – pitch a new, exciting offer that you think will be beneficial to them (based on the intel you gathered.)
If you have a product based brand, returning customers already know you and use your product. Offer them something new and complementary – or offer them the same product again.
Idea #2: Affiliate for someone else’s offer.
If you don’t happen to have a new offer at this time – and you have a significant, engage audience – you could consider this option.
Being an affiliate for someone else’s product or service means that you don’t have to create something yourself – which can be time-consuming. (And we’re looking for cash – stat, ammiright???) Instead, you can simply sell something great to your existing following.
The key to this is selecting your offer carefully. As with any affiliate marketing, the product or service you promote should be something you feel confident endorsing. And, it needs to be well-aligned with your offers and with the needs of your audience.
To illustrate, here’s one way that I leveraged this type of opportunity:
I’m a big proponent of using systems in your brand. So, I made a list of all of the software that I use in my brand and determined which ones had affiliate programs. I selected a few that I felt my audience could also really benefit from, and I developed content to share them in a valuable way with my audience. My team and I created videos around them. We wrote emails to my list specifically describing how we’ve implemented these systems, and the results they deliver for us.
This is a win-win. Your audience members get to peek behind-the-scenes, and are introduced to something that might be game-changing. And you get some cash without actually having to create something.
✅ Pro Tip: This strategy works well with tools, but you can also affiliate for other entrepreneurs’ coaching programs, courses, Amazon products… the possibilities are many. Just be sure it’s something you know well and are 100 percent confident in championing.
Pin this article to reference later! 📌
Pin this article to reference later! 📌
Idea #3: Create a new offer.
If you haven’t offered something new in awhile and you have some space for creation, it may be time to get into production mode!
Granted, this one takes longer, so it might not be my first suggestion if your timeline is super-tight… but it also has the biggest potential for cashflow.
Poll your audience and see what they are currently struggling with. What do they need and want from you? Involve them in the process of creating this new product or service that meets that need.
(I love using Typeform for polls. Google forms work well, too. You can also just send an email to your list and simply ask subscribers to hit reply and answer.)
✅ Pro Tip: When you create a new product or service, you can invite a select few of your most-engaged people to be beta testers for a significantly discounted price. Again, it’s a win-win! They get your genius; you get their feedback and some quick revenue!
Idea #4: Create a new promotion for an existing offer.
Next up is to leverage what’s already working well in your business – to make you more money now. Identify an existing product or service that already sells and market it in a new way!
Maybe this looks like running a new paid ad campaign. Or, perhaps you create a new webinar or run a free challenge on social media. The goal is to bring a new influx of traffic to your sales funnel for an existing product or service.
Another type of promotion to consider is a joint venture (JV) partnerships. In this model, you approach another entrepreneur or influencer who can sell your product or service to their audience. Typically this means you plan and implement a launch together – and share the revenue that is generated by selling your product or service to her audience.
A similar idea is to collaborate with some of your respected peers to cross-promote. Tactics here could include creating a new course with someone, or doing a joint webinar or summit. The overarching idea here is to join forces with brilliant people in related or complementary industries. If you could serve someone’s audience well – and they could serve yours – then why not cross-promote?
✅ Pro Tip: When approaching a peer for a collab, it’s always best to present a specific idea – and even propose a specific timeframe. If you just start with, “Hey we should work together. What do you think?” it’s not as likely to inspire a yes.
Idea #5: Check the job boards!
When you’re looking for a quick hit of cash, job boards can be a great way to meet people who need a service now.
I’m a huge advocate of using the likes of Upwork, Guru.com, PeoplePerHour (and others) to get experience – especially in the beginning stages of your business. But even once you’re more established, if business is slow, there’s no reason not to go back to those boards for a short-term revenue fix.
While the financial rewards of building your own brand – and pricing your own services accordingly – can be much greater, the “time to hire” is shorter when prospects have actually posted needing support. Hence, getting paid is generally going to happen faster, too. Plus, you’ll have something new for your portfolio. All in all, it’s a great way to go.
✅ Pro Tip: Here’s an article from Nerdwallet.com about how to make money on Upwork!
Idea #6: Offer free consultations.
It can be so impactful to just get on the phone with people. This works the fastest if you are great at sales. But, even if you’re still developing those skills, the more conversations that you have with your ideal clients, the more you’re going to be able to sell to them effectively.
And, of course, you have the opportunity to make some sales on these consults as well – which is why booking a slew of them will generally result in some near-instant purchases. (Yesss!)
Even if you already offer free consultations on the regular, doing a temporary push for them can fill up your calendar fast. So, treat this like a launch. Send an email out to your list, post on social media, tell your business besties to send their referrals. Shout your intention from the digital rooftops!
✅ Pro Tips:
- Consider setting up a specific, aptly-named time block on your scheduler. (I use Calendly.) For example, I called a recent set “June 2019 Free Clarity Calls.”
- Put a limit on the number of spaces available. This serves two important purposes. The first is it creates a bit of urgency so your audience won’t hesitate (and miss the chance!). The second is simply practical. You want to ensure your calendar doesn’t get so filled during this type of appointment that you get stretched too thinly. (Good problem to have, I know! … but a problem nonetheless!)
Idea #7: Do some cold outreach.
If you don’t already have an audience to pitch, you can simply reach out directly to ideal clients to introduce yourself. The successful outreach campaigns I’ve seen generally fall into two categories – mass outreach, or hyper-tailored outreach. Both can work to get you some paying clients – fast.
With mass outreach, you don’t take the time to do really in-depth research on each prospect. You just see a face-value indicator or two that a person might be a good fit, so they go on your list. Then you send an individual (but not super-detailed message) to each person. In the message you just introduce yourself, add in the observation you made, and a quick pitch.
Just to be clear here… I’m not suggesting you spam a bunch of people who you have absolutely nothing in common with. This is not opening up the yellow pages and emailing every random business in the city. It’s more like opening the yellow pages and pitching every lawyer in the city, because you design websites for lawyers.
And, even if you are sending lots of messages, your pitch should still be specific. Let them know exactly what you can help with – and why they would benefit. If it’s too general, your messages likely won’t resonate or result in much – regardless of how many you crank out.
If you want to be very targeted and very effective, hyper-tailored outreach might be in order. Do more extensive research on each prospect, and email them with a more detailed pitch, based on their needs as you’ve inferred them.
✅ Pro Tip: Along with a targeted message, you can even prepare something free and custom to give to them up front – just a small taste of your genius. (Examples: A woman that makes incredible high-end soaps sends sample-sized versions to retailers. A Pinterest Strategist I know records custom 6-minute account audit videos with suggestions for account improvements she recommends and would implement if hired… Smart, right?)
Idea #8: Leverage your testimonials.
Social proof is powerful, and testimonials are often the catalyst for purchases. In fact, customer testimonials increase conversion rates by 58% and generate 62% more in revenue, according to one study.
So, a conversation about hitting psychological buying triggers – and hitting them fast! – is not complete without a word about using testimonials to your advantage.
Share the results that you’ve gotten from people, whether you’re a product or a service based business. Showcase your past work and the powerful words of praise from your previous clients and customers. Places to use testimonials can include your website, social media profiles, social media posts, landing pages, points of sale (in person or on checkout pages)… everywhere where your brand comes into contact with ideal clients or customers.
✅ Pro Tip: If your goal is fast cash, be sure to add a “CTA” (Call to Action) to accompany those testimonials. A CTA lets the prospect know exactly what to do next if he wants the results described. (i.e “Head on over to this link and book a free consult with me! Note spaces are limited.”) 😉
So, there you have them… My top eight ideas for making some bank – stat!
Now, before I go, I do want to ask you to join me for a moment of gratitude… Because, how ahhh-mazing is it that we can choose to take action and impact our own bottom lines?
I mean, as an employee in a 9 to 5 (maybe that was you once?), can you imagine going to your boss and saying:
“Hey, I was wondering if you could slide my an extra $1,000, $10,000, $50,000 this month? I really want / need / would like to spend it on XYZ?”
(Hilarious!) 🤣 🤣 🤣 In most workplaces, it doesn’t quite work like that…
As entrepreneurs, though, we are masters of our own universe. We get to choose who we work with and what our time is worth. We determine what to offer and when. And we get to choose what we earn and when we earn it.
Genius, right? 🤓
Now, it’s time to implement your favorite idea from above. Go get yo’ money!