Starting a business that provides immediate returns is any business man’s dream. Sadly, this ideal scenario remains a dream for most because of the lack of skills, strategy and creativity designed to make it a reality.
The following are the first set of short-term strategies that will help you build your business and possibly profit from it in as fast as 30-90 days.
1. Get trained in sales.
The Sandler Selling System is a quick training program built around the idea of concepts with incremental growth and change. After which, the program is reinforced with repetitions, coaching and accountability. This system is, therefore, great if you need simple sales.
For complex sales, on the other hand, you will do well by being adept in Mike Bosworth’s Customer Centric Selling. But don’t limit your options with these two because there are a dozen of systems out there that you can use. The important thing is, you are comfortable with whatever system you choose.
2. If needed, hire a sales person.
Regardless of your reason, you need a sales person. If you’re still struggling and cannot promise them with a regular pay, then one option would be to make their service 100% commission-based. This way, you will only need to pay them for their work-related expenses like transportation, etc. You will need, of course, a sales process and a systematized knowledge in place in order to induce massive business growth.
3. Start selling.
The next logical step is, of course, to start selling. If you’re selling products, widen your scope by offering services too. If you’re selling free-form consulting, on the other hand, try bundling two or more services into a product-like form then give it a name and a price too. If you do this successfully, you will be able to sell your products and services at higher prices than before.
4. Sell a subscription.
With a subscription, you get to lock in your revenue for an indefinite amount of time and at the same time; you have the means and opportunity to accelerate the payment. To keep your subscribers interest in their subscriptions, offer bonuses and exclusive deals.
5. Raise your prices.
This is the most obvious way of increasing your profits; but how would you do this without affecting your customer base? To do this, you have to make your clients understand why or how your products or services have been undervalued. Think of tradeoffs instead of discounting. Only then will you be able to raise your rates.
6. Add products or services.
The services you add should complement your new and revised offer. Meanwhile, the products you add to your back end is aimed at maximizing your investment and getting your customers to buy from you more.
7. Bundle your products.
You have several products and your customers are only getting a taste at a time. Why not offer them most of what you have? Bundle up and offer special pricing. If you think about it, your per unit revenue will be lesser but your average transaction size will increase. As a result, your total revenue will balloon.
More of these will be posted in the next couple of weeks.