4 ways to increase revenue streams, by Raubi Marie Perilli

If you’re having a difficult time reaching revenue goals for your freelance or consulting business, it’s time to take a good look at your sales strategy. You could be making mistakes that are leaving money on the table. But before we look at those mistakes, let’s look at strategies that can help increase revenue streams.

4 ways to increase revenue streams

You can increase revenue streams by increasing one or more of the following:

  • Customer base
  • Transaction size
  • Transaction frequency
  • Prices

The mistakes holding you back could be tied to missing opportunities in these areas.

By identifying and resolving the following four errors, you can begin to increase revenue streams and start hitting your income goals.

1. You aren’t attracting new clients.

More customers mean more income. So if you want to see a rise in your income, bring in new clients. You can attract new clients to your freelance or consulting business with the following strategies.

Use what you know about past clients to attract new clients. Go through your current client roster and determine how you attracted each client. For example, if they were brought in by a speaking engagement, see if you can find more opportunities with a similar audience. If they were acquired through a guest post, see if you can post on the blog again.

Produce educational content. Freelancers and consultants can find more clients by providing value to their target audience before they become clients. By producing free educational content (via blogs, webinars, in-persona seminars, etc.), you can introduce your skill set and show off your knowledge to potential clients and lead them to working with you.

Ask for referrals. Your past customers are a great resource for finding new customers. Reach out to former or current clients and let them know you are taking on new clients. Also, consider giving them a discount or incentive for referring new clients to you.

Increase Revenue Streams Podcast
You can increase revenue streams by producing educational material, like podcasts and eBooks, that will appeal to potential clients.

2. You aren’t increasing the size of sales transactions.

Another way to increase revenue streams is bringing in a larger fee for a single transaction.

Getting your clients to spend more when they do business with you will bring in more income.

 

To increase transaction size, consider doing one or more of the following.

Develop complementary products. Consider what else your customer will need while they do business with you, and provide it as a service. Upselling a complementary product or service when you have already attracted a customer is a smart way to bring in more revenue without acquiring more clients.

Create packages. Make the value of the complementary products easy to see by bundling them into packages. Also, discount products and services when they are sold in a package to give clients an additional incentive to upgrade their purchase.

Offer discounts or bonuses for reaching a certain price point. Encourage clients to spend more by rewarding them for doing so. Offer a free bonus for spending a target price point or give a percentage discount for purchasing a large volume of services or items at one time.

Read more…

Getting Paid, by Rachel Fulginiti

Figure_01_04_01

This week I received a delightful and unexpected gift. I got paid for a job I thought I’d gotten burned on. Let me backtrack. My business is divided into two parts. There’s the agented side of things: I audition for jobs with my agent (s) either at home, in their office or at casting places and when I book a job they send me to the studio. These are the “Cadillac Jobs”. Kushy and smooth. I am just a voice for hire. I go into an awesome studio, record for a half hour and then get a check sent to me a while later. No engineering, no invoicing, no call for pickups, (unless there’s another paycheck attached!); it’s pretty sweet.

But to make it as a VO in this day and age, you pretty much also have to have a home-based business, as well. On this side of things, I am not only the “talent”, but also the engineer, as well as the accountant and office manager. Most times, I am also the director and sometimes the producer. Jobs come to me through referrals from past clients, online sites, or by people finding my website.  Someone contacts me about a project, I provide a quote and tell them my policies, they send me a finalized script and I record it, either with them on the line or on my own depending on their preference. Then they may come back to me with one round of pickups. After that the job is usually (hopefully) just another good memory. Next. I fondly refer to these jobs (privately!) as “turn and burn”. No disrespect, they’re great. I get paid, complete the job quickly and it’s wrapped up nice and tidy with no unnecessary time and energy lingering. Everyone’s happy.

To this end, I always ask for payment up front, especially the first time I work with a client. I didn’t always do that, but I learned the hard way. Many times, clients seem to magically disappear after they get what they need, and understandably so; they are typically on tight deadlines and still have post production ahead of them. A few times I was stiffed completely. More often, I would eventually get paid, but it might take months and months…and that meant months and months of me following up with them, sending gentle reminders, more terse reminders…you get the idea. The whole process was a hassle, uncomfortable for me, a time suck and just plain not fun. So, I decided to adopt a policy that was in place at a corporate job I had years ago.

Read more…