Whatever your reasons for becoming an entrepreneur, on the top of your to-do list must be to make money. No start-up ever succeeded just because it had the right values. Start-ups live and grow into large companies if they can consistently make enough money to support their growth. A business that isn’t making money is just an expensive hobby.
The problem is in making the money. Making a profitable start-up is a surprisingly nuanced effort. Here are a few things you can do to get more money flowing into the company coffers.
1. Spend on More Things That Produce Income
Appreciation for delayed gratification remains one of the most important things entrepreneurs must learn. Too much money is spent on things with immediate returns, even if those returns have nothing to do with the start-up, and often at the expense of things that could’ve improved your revenue streams.
It’s said that you have to spend money to make money. It’s true to an extent. You can’t sell your product without spending on the resources and labor needed to make and deliver it. You also can’t improve many of your revenue streams without spending money. Invest into projects or purchases that will improve the efficiency of your production or delivery line. The results won’t be immediate, but they’ll be impactful in the long run.
2. Get Visible
People can’t buy what they don’t know about. That’s what makes marketing so important. It’s not just about crafting the right image or attracting the right people, it’s making people aware of your existence in the first place. Even if you don’t convince them the first time, repeated exposure may eventually convince them to give your company a shot.
Fortunately there are plenty of ways to get the exposure you crave. Social media sites have billions of users. Just find the ones with communities related to your offering and start promoting. Websites accept guest writers of all kinds and can help promote your cause. Proper use of search engine optimization can put you on monitors and laptop screens around the world.
Exposure gets your brand name into people’s heads The more people you touch, the greater the odds of dramatically improving your bottom line. Take advantage of what the Internet and social media offer to small businesses.
3. Sell More
The best way to improve your bottom line as an entrepreneur is to sell more. It may seem simple, but it’s something many entrepreneurs ignore. Sometimes it’s because they don’t think they can afford to. Others may feel ashamed at pushing out more offerings. Still others simply do not internalize the idea at first glance and only get around to it after being exposed to the thought for the 10th time.
Even if it feels like you’re selling plenty, it’s probably not enough, especially if your business growth has stalled or declined. You don’t have to sell more of the same product. You can opt to sell other things, such as subscription plans or deluxe versions, as is appropriate to your product. Have more offerings and more people will buy.
4. Keep Building Your Email List
The world has gotten to the point where the words “email list” sound dated, but the fact is, mailing lists still work. Customers can only buy what they’re aware of. If they don’t know what you have to offer, they can’t decide to purchase it. Of course, they won’t want in on your list if you don’t offer them value first.
So do that. Don’t just promote your star product. Promote everything, from your services, products, sales — if your customers might be remotely interested, let them know it exists. Customers who know what you and your start-up have to offer are far more willing to both give you the time of day and sign up fora mailing list.
You can’t succeed as an entrepreneur without making money, and you can’t grow your business if you can’t steadily grow your revenue streams. When growth seems to have stalled, try out these four tips. If you’re growing steady, do them anyway. The worst that could happen is they won’t work, but even that is valuable. Knowing why it went wrong can help you prepare future campaigns, which can save your company if things get dicey.