Cash Flow: Five Proven Ways
To Improve Your Income Stream
By Maxine Dunn
Voice Actor / Solopreneur
If you're worried about a lack of cash flowing into your voice over business, here are practical, useful ideas that you can use right away to improve your situation.
I've discovered these strategies by working with challenges in my own business, and I can say with great conviction that each and every one of them work.
They've worked for me, and they'll work for you.
NEED POSITIVE FLOW
A positive cash flow is vital to the success of your business. It allows you to stay current on your overhead, implement new ideas for products and services for your clients, and continue to increase your expertise in your field.
It also gives you a sense of self-efficacy and well-being, which are paramount in maintaining a positive mindset as a solopreneur.
Here are key ideas for improving your cash flow now.
1. Increase Your Rates / Prices
Raising your rates will always improve your cash flow. Raising your fees or prices by even 20% to 30% will generate more immediate income.
And don't worry about the bottom 10% of your clients that won't embrace your rate increase.
You will be making more by actually working less. You'll find that if you approach your top 20% of clients with a rate increase, they won't bat an eye and will happily keep working with you at a higher rate.
Raise your rates. Today.
2. Develop special packages and pricing for pay-in-advance customers.
Providing special pricing for your clients in return for payment in advance is a great way to immediately increase cash flow.
For instance, if you give your clients the option to purchase bundled packages from you at a discounted price in return for receiving payment in advance, it's a win-win for both of you.
You receive immediate payment and your clients receive great value and guaranteed services and products.
The benefits of packaging your services for your clients is that it not only ensures brand continuity for them, it also ensures cash flow for you.
Think of ways you can bundle or package your services or products while offering special services or a discount for payment in advance.
3. Increase the number of clients or customers you work with.
This involves the simple process of direct and focused marketing to increase your client base.
Marketing to new clients must be a primary activity in your business. This could include:
Make a point of reaching out daily - DAILY - to brand new clients and customers.
4. Add a new income stream related to your current business.
You can utilize your current skill-set to create a new income stream.
Think about what you do well, and brainstorm ways that your existing skills could create an additional income stream for you:
5. Remember to up-sell.
You know the idea of "up-sell." You're offered more than you'd requested at a better value, and the extras that are suggested complement your initial purchase.
How does this apply to you as an entrepreneur? Think of ways that you can include "add-ons" to your current products or services that will greatly serve your clients while also contributing to your immediate cash flow.
Adding genuine value while requesting payment in advance for that added value is the key to a successful up-sell.
WHAT TO DO ...
So in conclusion: If you implement these strategies you will DEFINITELY see an improvement in your cash flow. Here they are again:
1. Increase your rates/prices
2. Develop special pricing/packages for pay-in-advance customers
3. Increase the number of customers and clients you work with
4. Add a new income stream related to your current business
5. Remember to up-sell
If you're aggressive and actively implement as many of these ideas as you can, you will be astonished at the improvement in your bank balance. Let's get to work!
ABOUT MAXINE ...
Maxine Dunn is a top voice over artist and on-camera spokesperson who has been seen and heard in hundreds of commercials, documentaries, corporate narrations, voice-mail systems and websites. She is a British native and her ability to also deliver a perfect American accent gives her business a wide range. She works with Fortune 100 companies, award-winning creative teams, and maintains an extensive clientele - locally, nationally, and internationally. Best known for her voice over and spokesperson expertise, she is also an avid writer who enjoys bringing stimulating and motivating material to her readers. Her free weekly e-zine, The Creative Business Advisor, is available at her website (below).
Complimentary newsletter sample: http://conta.cc/MaxineNL