What is one tip for entrepreneurs to generate more consistent revenue?
To help entrepreneurs create more consistent revenue, we asked business owners and experienced entrepreneurs this question for their best advice. From leasing PPE to picking up side hustles, several suggestions may help you create a more consistent revenue stream for your business.
Here are 12 entrepreneurial tips for creating consistent revenue streams:
- Lease PPE
- Offer Subscription-based Services
- Buy Now, Pay Over Time
- Offer Multiple Products and Services
- Switch to Freemium Packages
- Promote Services During Specific Months
- Focus on Your Prospect Pipeline
- Bundle to Increase Revenue and Enhances Value
- Discounts for Repeat Business
- Provide Free Services Along With a Purchase
- Focus On Up-Selling Repeat Customers
- Consider Picking Up Side Hustles
Lease PPE
Not everyone needs heavy equipment for the long term. Many customers prefer to lease or rent on an as-needed basis, and you can tap into the market by meeting them in the middle. Supplementing your regular sales efforts with rental or lease options for certain products can bring in more money The likelihood is that your lease and rental services will still be a reliable source of revenue even if you experience a sales slump.
Carey Wilbur, Charter Capital
Offer Subscription-based Services
Subscription-based services are a great way to guarantee yourself more consistent monthly revenue while offering a sense of predictability both to you and your customers. As you sign up more people for your subscription-based offerings, your revenue from this stream will substantially increase. You may eventually want to add different subscription tiers to draw in more customers and bring in more money.
Eric Blumenthal, The Print Authority
Buy Now, Pay Over Time
In tough economic times, customers understandably shy away from making certain purchases, often prioritizing one over the other based on price. However, if they know they don’t have to pay for everything upfront, they can more easily rationalize buying the items in their cart. The customer gets the products they want and you get a predictable source of income for however long their payment plan is.
Peter Babichenko, Sahara Case
Offer Multiple Products and Services
The more products and services you offer, the more products and services people will want to pay for. It’s as simple as that. For example, while we focus on selling lashes, we also offer online lash extension courses and have a local shop. Diversifying your product line and services will help you generate far more revenue over the long term.
Vanessa Molica, The Lash Professional
Switch to Freemium Packages
At Curricula, we’re in “growth mode” and switched to a “freemium” or product-led growth (PLG) model to eliminate the barrier to entry for every business to proactively level up their security training, for free, and launch their program within minutes. Keeping your mission at the heart of everything you do for your business will help you continue to grow.
Nick Santora, Curricula
Promote Services During Specific Months
Start by listing all the products and services your business offers online. Find out when each of them is the best time to promote it. Depending on the season, some offerings do better than others. Choose a specific month when you offer products or services. Your content should then focus on what comes up the following month for the entire month before.
Your audience receives value for an entire month when you use this type of system. In the end, you provide your potential customers with a way to get more help or use the free content that you gave them. By doing this, you prime your audience to buy. As you promote each month and make money, you are also creating consistent results.
Nick Shackelford, Structured Agency
Focus on Your Prospect Pipeline
As an entrepreneur, it’s easy to get excited about a possible deal and to focus all of your attention on closing it. The risk here is that you win the deal, or even worse lose it, and haven’t been pursuing other revenue opportunities in the meantime. Make sure that you are focusing on pipeline and adding new prospects into your customer journey, otherwise, you may find yourself starting from the beginning far too often.
Logan Mallory, Motivosity
Bundle to Increase Revenue and Enhance Value
With inflation and an uncertain economy, consumers are looking for ways to increase their buying power and it is a wise move for businesses to try and meet that desire by bundling their products and services. By conducting a full assessment of your inventory, as well as your service offerings, and then finding logical matches, a business can create an effective bundling strategy.
Looking for products that complement each other, offering a combination of services at reduced pricing, and identifying the value partnerships, can help motivate customers to make purchases. In using the bundling strategy, you can effectively move products, increase revenue generation, bolster the number of singular sales, and enhance the sense of value that a customer feels after patronizing your business.
Woody Sears, Hearhere
Offer Discounts for Repeat Business
Customers will be more likely to make more purchases from you if you provide them an incentive to do so. You can build loyalty to your brand by staying in touch with your customers and offering them discounts on future purchases. If done correctly, this is an effective method for generating repeat customers and making them feel valued.
Nataly Vanunu, Boho Magic
Provide Free Services Along With a Purchase
I am Meera Watts, the founder of Siddhi Yoga. We provide a holistic environment to transform lives through yoga practices, meditation, and the goodness of Ayurveda. I have more than 8 years of experience as a businesswoman and I want to answer your query based on my knowledge and experience.
When you provide mini free services or products of your samples along with a purchase, a buyer sees it as a gift from you or as a reward. This makes them buy more products from you just for the sake of free samples. This has a huge potential to generate consistent revenue if your products are great.
Also, by providing free samples, you’re giving customers a chance to explore your other services too. In case they like them, they’ll buy it further which is a win-win for both you and the customer.
Meera Watts, Siddhi Yoga International Pte. Ltd.
Focus On Up-Selling Repeat Customers
Entrepreneurs typically spend more money trying to gain new customers while they can increase more stable revenue by encouraging repeat customers to patronize them more. Rather than attempt to acquire new clients, they should focus on up-selling and cross-selling their current customers. Since old clients are already familiar with your business and products, they are more likely to buy from you than a new customer. Appreciating repeat customers through discounts and coupons will have them come again and give them an incentive to refer your business. This way, entrepreneurs can generate more constant revenue and also reduce expenditures.
John Tian, Mobitrix
Consider Picking Up Side Hustles
If you’re an entrepreneur looking for consistent income, you may want to consider opportunities like ride-share or food delivery. With these opportunities, you can build a consistent schedule around your business. When you aren’t working on your business, you can earn extra income to fund your expenses.
Kevin Mako, Mako Design + Invent
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