Now Money Now: 6 Quick Revenue Strategies

I don’t work with individuals one-on-one as much as I have in the past but one of my favorite activities to do with people is what I call a “Now Money Now” session. It’s a 90 minute strategy session where we quickly go over what’s working, what’s not working and also create a plan to create new revenue with minimal effort in a short period of time. I thought I’d share some quick strategies that I use over and over for clients, including for myself. When the real estate market shifted last year, my investment company was caught having to cover mortgages on several properties for a period of time until we straightened the situation out. I used these strategies to create quick revenue in different areas of my business without missing a beat to cover the additional mortgages. Other people may have not been able to respond so quickly and this event could have been financially devastating. If you’re interested in having a “Now Money Now” session for yourself, please email me directly for details at simone@passion2prosperity.com .

1. Do a quick comparison of your gross and net revenues
You may be so busy trying to make more money you could be missing opportunities to put more of what you make to the bottom line. Activities or expenses that are really eating up your profits should be eliminated or modified. Reduce inefficiencies, look at ways to automate quickly. Include your time in there as well. One client was making over $1 million a year but hardly seeing any of that in his bank account. Within 60 days, just by changing the way he was creating his revenue and how the service was being delivered, he found more money going in his bank account. Creating new revenue was a lot easier as well once there were more operational efficiencies in place.

2. Offer new products and services to existing or past customers
You have a group that has already experienced you ---no new marketing or selling involved ---but perhaps your services are complete. This is a great time to devise additional services for them or offer complimentary products. You may not have anything in-house to be able to offer them but someone else may and this could mean commissions (affiliate revenue) for you.

3. Start looking at continuity revenue
In the past you may have charged larger upfront fees for a product or service. You may want to create a win-win situation by charging lower fees to help people get in the door and spread them over a period of time. Perhaps allowing monthly payments or creating a membership program. This will allow more people to experience you overall and create a steady stream of revenue for you.

4. Create opportunities to approach your target market directly
Many people beat around the bush when it comes times to promote their wares to their target market. Have a clear understanding of your market demographics (age sex, income, etc) and APPROACH those who have direct access to those people. Ask them specifically to promote you via email or telephone endorsement. Create a win-win situation by offering a special gift or some other value because of the relationship they have with your endorser. These relationships are called Joint Ventures, Strategic Alliances, and Affiliates (online). My friend was promoting a deep tissue healing device and thought the people who were continually getting hurt and needed instant relief were cage fighters (don’t ask). He developed relationships directly with those groups to promote his device.

5. Go with the lowest hanging fruit for speed
If you’re planning on creating something new to sell, make sue you really think through not only time and money involved in product development, but also how it will get out to your market. Do you have the contacts here? Is this an area you have expertise in or will there be a learning curve for you and new relationships that have to be developed? Do you have a passion for this product and an affinity for the market? Don’t get caught trying to make a fast dollar creating something new and get stuck midway to market without the steam and resources to see it through. Try working with what you have already…or FIND someone that can open these doors for you quickly.

6. Tap into social networking for speed and lowest cost to market
I know there are volumes being written on maximizing your efforts on Facebook, Twitter, LinkedIn and others. I'm addicted to Twitter now and have found that I can create more new business and alliances in one day then I may be able to do in one month offline (with travel involved). If time is of the essence, get online with all the other movers and shakers and start networking but have a very clear agenda. Look to create new relationships leading to new Joint Ventures and new customers. Follow me and my husband on Twitter and starte getting connected http://twitter.com/mariasimone and http://twitter.com/docmurdock .

There at least 20 points that I would go through with each business and usually within 30-60 days their financial landscape changes fairly dramatically. These are some basics that could help make a difference in your business right away---put them to work! You can modify them to use if you’re in capital raising mode. “Now Money Now” Strategy Sessions are by appointment only so please send an email to simone@passion2prospertiy.com for details.