The ONLY Three Ways to Increase Your Income
It’s easy to increase your income once you see there are three and only three ways to do it. You don’t need to come up with something completely new in order to get big results. You have access to these three ways to increase your income already at your fingertips.
And you don’t have to look outside of your current business. All you have to do is sharpen your pencil and get a bit creative. Let’s take a look…
Increase Your Income Method #1: Increase Your Number of Clients or Customers
This one is simple. If you want to increase your income you need more clients. But how do you do this the easiest way possible? I say go for the lowest hanging fruit. What’s the easiest, most direct way of gaining new clients that requires the least amount of effort for you?
The most proven methods are pump up your referral systems, get out there and network directly with your ideal clients, connect with people who know you ideal clients (centers of influence), and speaking (live and via teleclasses and webinars).
Getting in front of your ideal client is the first step. Next is engaging them to have a conversation with you – either virtually with your blog and social media or better, in person. Your goal here is to increase your conversion rate of people connecting to you and those who actually pull out their credit card for you.
When you connect, offer something irresistible to prospects. For example, you could offer a free 15-minute consultation or a “get-acquainted” session. Those can be highly effective in converting a warm lead into a loyal customer.
Increase Your Income Method #2: Increase Your Average Transaction Value
Simply stated, raise your rates! Seriously, if you haven’t raised your rates in over a year, now is the time. If anything raise your rates by just 10%. It’s nothing to your clients but it’s huge for you at the end of the year.
If you’re hesitant, maybe it’s time for you to step up your skills so you feel comfortable charging more. Master your craft. If what you offer is worth the price, you will likely get repeat business from satisfied customers who know they will get what they pay for. You’ll be surprised – the quality of your clients will go up the higher your rate is.
Another way to increase your transaction value is to cut your overhead costs, so you have a bigger profit margin. For example, if you’re leading a live event, don’t go for the super fancy hotel. Get something nice, but without the added costs. Also, review your current expenses (personal and business). Most people can easily cut 15% of expenses without feeling a thing.
Increase Your Income Method #3: Increase the Frequency of Repurchase
This means getting more sales from the same client or customer. There are several ways to do this…
1) Bundle your offer into a package with multiple items. This way don’t buy a one-off item, but a complete set of items to help them get the result they want.
2) Upsell at the time of purchase. Offer your buyer something else related to the item they are buying right on the order page. This is a huge opportunity. It’s common to see a 20% to 30% increase in overall income with this simple strategy alone.
3) Invite your clients to come back sooner. Another no-brainer! For example, a hairdresser can invite their client to come back every 4 weeks instead of every 5 weeks. It adds up to more profit at the end of the year.
By staying focused on the three strategies above, you know right out of the gate where to focus your energy in order to increase your income. It’s not about reinventing the wheel, starting a new business, coming up with a genius idea. It truly is about the numbers. All you have to do is work them!
Comment On Your Ideas to Increase Your Income Below
I’d love to hear the ideas your getting right now to increase your income. What about raising your rates by just 10% this month? What can you bundle together and make one, larger priced offer? Are you open to inviting your clients to see you more often? Write your comments below – I’d love to hear your ideas.