5 Ways to Keep Cash Flowing For new business owners
Know Your Target Market And Your Business Will Grow
October 26, 2016
8 Typical Ecommerce Mistakes That Are Costing You Sales
October 28, 2016

5 Ways to Keep Cash Flowing For new business owners

Many people start an online business and wait months before they start earning money. This is disheartening because they struggle to convert visitors, they struggle to rank for their keywords, and even more they struggle to pull traffic. Here are some ideas for getting started.

Click here to learn the easiest, quickest way to grow your business profit online. It's Free.

While it’s important to spend time on building your brand and generating sales leads, it’s downright vital to quickly cultivate a steady stream of what accountants call “free cash flow” — that is, the amount of cash coming into your company over and above all of your expenses. After all, if you don’t have money, you won’t be around long enough to worry about those other things.

If possible, keep 10 percent to 20 percent of monthly revenues on hand because at that point, in most companies, you’ll be able to reinvest into the growth of your business — from purchasing additional product or service lines to roping in more suppliers or even building up your team when you need to.

Here are five ways to keep cash flowing consistently into your business:

1. Know your expenses.


Wait, Just Before You Continue Reading, This is FREE! 

If you do not want to waste a lot of money and time then before you start any marketing campaign or start an online business, you need to take this FREE Digital Marketing Training.

We will be sharing our experience of running successful marketing campaigns in over 5 countries and 2 continents, we will also share our experience running various successful online businesses.

Enter your correct details below to get access to the Free 14 Days Digital Marketing Training (ensure your email address is correct and active because we will email you an email to confirm your email before we give you access to your first training lesson and every day for the next 14 days):


Through coupon sites like Groupon and BuyWithMe or even on your own — can help you attract new customers, selling anything at a loss won’t help you generate a positive cash flow.

MUST READ:  10 Great Web Analytics Tools For Your Business In Nigeria (PART 1)

My view? Never discount. But if you do, know the costs and impact of what you’re offering and be prepared for the fallout. Among other things, you’ll need to know your overall cost basis.

My view? Never discount. But if you do, know the costs and impact of what you’re offering and be prepared for the fallout. Among other things, you'll need to know your overall cost basis. Click To Tweet Click here to learn the easiest, quickest way to grow your business profit online. It's Free.

You should also know how much you should ideally charge, the cost of your offer and the profit margins on your product or service. How else will you know if you are operating at a profit or loss? To do the math, see our break even calculator.

2. Bundle products and services.

Even though discounting isn’t always recommended, adding value is. By creating bundles of products or services, for instance, businesses can inject tremendous amounts of perceived — and tangible — value into their offerings for very little cost.

A good example is the maintenance agreements some car manufacturers do provide with the purchase of a new car. Not only does that type of offer help allay a major concern or frustration customers have — paying for a breakdown or time lost at the dealership — it also offers real value in terms of limiting out-of-pocket maintenance costs.


Whether you want to start, grow and scale your business online, or you want to start an exciting career in digital marketing, or you want to make money from digital marketing skills you love, or you simply want to make money online then our Digital Marketing Coaching Course has you covered.

CLICK HERE TO LEARN MORE ABOUT OUR DIGITAL MARKETING COACHING COURSE


Click here to learn the easiest, quickest way to grow your business profit online. It's Free.

Put more simply, you can increase your price point initially since you’ve helped lower a perceived risk by offering something as basic as a guarantee.

3. Create a back-end product or service.

If you know your initial offer to reel in new customers won’t be profitable, find ways to create higher price points on back-end products or services.

Perhaps the first hour of catering is free, but subsequent hours shoot up in price. Or maybe an attorney will agree to draft your will for less if she thinks you’re a likely candidate for estate-planning consultations in the future.

MUST READ:  9 Lucrative business ideas in Nigeria with small start-up capital
Click here to learn the easiest, quickest way to grow your business profit online. It's Free. If you know your initial offer to reel in new customers won’t be profitable, find ways to create higher price points on back-end products or services. Click To Tweet

4. Encourage repeat business.

If you’re in a volume-driven business like retail, landing repeat shoppers is your holy grail for cash flow, profit and growth. In most cases, you won’t start to profit on a customer until the third, fourth or even fifth transaction. For this reason, you need to devote your efforts toward getting customers coming back — and more often.

Consider loyalty programs, VIP offers and other frequent-shopper programs, which can be ideal vehicles for systematizing repeat business.

Click here to learn the easiest, quickest way to grow your business profit online. It's Free.

Also keep in mind that the word “free” is a popular incentive among shoppers, and the costs of funding a freebie may easily be covered as long as you’re dealing with excess inventory or low-cost, but valuable add-ons.

5. Pre-sell products or services.

For owners who want to encourage sales sooner, pre-sell your products or services. You might couch the pre-sale as a way for consumers to plan for their future or get a jump on shopping. You can also offer to take old, outdated products back at a pre-arranged price.

Are you a new business owner and do you think you need that extra cash?

Source: http://www.entrepreneur.com/article/219489

Did you enjoy this article? We give away 98% of our digital marketing resources for FREE. Right now, I want to prove that to you, join our community right now for FREE access to our actionable digital marketing resources to help you increase your sales and customer base online faster. It is absolutely FREE.


What you should do next now

Register for our Digital Marketing Course - you will earn globally recognised digital marketing certifications and learn digital marketing hands-on by implementing real-world live campaigns yourself as you learn from internationally experienced experts in the digital marketing industry.

Whether you want to start, grow and scale your business online, or you want to start an exciting career in digital marketing, or you want to make money from digital marketing skills you love, or you simply want to make money online then our Digital Marketing Coaching Course has you covered.

CLICK HERE TO LEARN MORE ABOUT OUR DIGITAL MARKETING COACHING COURSE

Watch what our student think about our course


25 FREE ways to drive quality traffic to your website  

Enter your details below to have access
GET NOW