Good business Advisors are able to look at a company objectively, ask the hard
questions, and guide the owners through the process of creating a plan for future
growth.
Consider a business Advisors your objective third party, the one who can sort through
the processes that work and those that don’t work and help mold the company into a
profitable entity.
For any business owner with an online presence (and EVERY business should be
online!) there are many passive ways to build income streams into your website and
products that will bring in extra money while you focus on serving your current
customers.
Passive income is good and will help your bottom line while you actively market
your business. You’ve invested good money into your business and your website; why
not make it work harder for you?
1. Affiliate Marketing
Affiliate Marketing is a simple way to make commission by recommending productsor services to your audience. This process is similar to telling your friend or neighbor about the great pizza place where you just ate dinner. Simply sign up for the product’s
affiliate program and place a unique link within a product review on your blog or on a
web page listing all the business tools you recommend. Every time someone clicks on
your link, they are brought to the product’s site and if they make a purchase, you get a
commission. Affiliate links can also be added to eBooks or other digital products you
sell.
However, review the Terms of Service for all the social media platforms before posting
an affiliate link.
2. Creating upsells in your sales funnel
Creating upsells in your sales funnel is another overlooked place where you can
bring in extra money. Do you have a basic sales funnel in place, where you make an
offer to your broad audience and then have more focused, more expensive offers for
them to choose from over time?
These additional offers bring your customers down the funnel toward your most
expensive offer.
Now, for each main offer in your sales funnel, think of an upsell your customer would
find valuable. This may be free admittance into your private Facebook group or maybe
it’s a report, checklist, form, or eBook for a nominal fee that is a no-brainer add-on to
their order. For your more expensive offers, add a more expensive upsell, like a trial period in your membership site. The key is to choose relevant upsells that will benefit
your customer and that makes sense to couple with the initial product purchase.
In other words, don’t create an upsell that doesn’t make sense!
3. Back-end efficiency
Back-end efficiency is important to any business, whether it’s strictly online or
whether you also have a physical location. A business Advisor can objectively assess
whether you’re working most efficiently and can offer potential solutions to make
customer service, billing, and customer fulfillment (just to name a few areas) quicker
and more accurate.
Most often business owners are way too close to the situation to see how everything
flows (or doesn’t flow) together, similar to why having someone else proofread your
sales copy, etc. is ideal because they are more likely to pick up typos, strictly because
they didn’t write the copy.
If you need more help deciphering which passive income streams you’re wasting, call
us to schedule a discovery meeting. An honest, no-strings-attached call to get you &
your business moving forward!
Together, let’s do this!
Click here to submit a question online or call us directly at 603-488-2130.
