If I asked you right now, “Is your revenue goal high enough to pay yourself…
Want to know how to generate cash fast in your business? Whilst it would be great to live in a world where you always had more than enough cash in the bank to comfortably cover all of your business expenses, the reality is that sometimes that isn’t the case. It might be that you’ve got a big tax bill to pay or you decide to make a considerable investment and that means you need money in the bank FAST. Keep on reading to find out 6 ways to generate cash FAST in your business.
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6 WAYS TO GENERATE CASH FAST IN YOUR BUSINESS
Contact Past Clients
The people who are the most likely to buy from you fast are people who have loved working with you in the past. People who have worked with you and had a good experience won’t need much information or persuading to work with you in another capacity. So when you want to generate cash fast in your business, your first point of call should be to contact past clients. You could simply be making them aware of something from your offer suite that you think would be perfect for them or you could create something exclusive for them, which makes sense based on how they worked with you before. Again, you have further options around pricing. As you can present the offer at the normal price or at a discount.
Sell Gift Vouchers
Now I’ve classed this as selling gift vouchers, but there are a few ways you can use this tactic. Essentially, the focus is on getting people to pay now (so you get that cash in the bank fast), and then they’ll work with you later on in the line. A classic way of doing this is with a gift voucher. You can sell a voucher that is redeemable for a certain period of time. Gift vouchers are great for a number of reasons. Firstly, people can buy them for other people. Secondly, not everyone will redeem their gift voucher. This is called breakage and means your business could make money without ever having to deliver. Usually, a gift voucher will have a monetary value and that value can be used across a whole business.
Another way you can use this tactic is by being a bit more specific and have a “Book Now, Use Later” offer. In this instance, someone can book for a specific offer, but rather than using it now, they are going to use it in the future.
Offer Current Clients An “Upgrade”
As I’ve already mentioned the people who are most likely to buy from you fast are those who have already bought from your business and had a positive experience. The first point of call was to contact past clidents, but don’t forget about your current clients too. If they are working with you and having a great experience there is no reason why they wont’ buy something else.
Some business owners feel funny about asking someone to buy again, especially if they are in the middle of working with you. But remember you are just giving people an option. They can say yes or no.
Here the focus is on giving an upgrade. Something that will make their experience even better. For example, if you run a mastermind or a group programme you might offer an upgrade where they get one-to-one access to you whether that be a one-off session, a week of Voxer access, an intensive etc.
| CREATE FASH CAST RELIES ON HAVING THE RIGHT OFFER AND THE RIGHT PRICE.
I’ve been helping business owners for years to create offer suites and set their pricing strategically so they can hit their financial and lifestyle goals. There is no point trying to make money fast with offers you aren’t confident about the pricing. If you aren’t confident with your pricing you don’t need to do it alone. We can work together and get them set FAST. Just book a Pricing Power Hour. For more information and to book a Pricing Power Hour click here. |
Sell a premium, short-term offer
To generate cash fast in your business, you can consider selling in different ways. For example, the aim could be to make something cheap and sell it to a lot of people fast or the aim could be to make something expensive and just sell a few. Now, not everyone can go the make something cheap and sell it to a lot of people, especially if you are trying to make money quickly. For that to work you’ll need to be able to get in front of enough people. However, when you go to make something expensive and sell it to a few people you don’t need a big audience and so most businesses can try this option.
The key here is to create something that you can position as more premium than usual, which enables you to be able to charge a higher price point, but something that can be delivered fast so it doesn’t drag on and take lots of your time. A common example would be the VIP Day or Intensive. I’ve seen people charging 5 to 10K for a VIP Day. The key when selling this is to make it clear there are limited spots, or this isn’t something you offer very often.
Deliver an online masterclass, training or workshop
There are numerous ways to be able to achieve a financial goals when trying to make a certain amount of money in a short term. Usually, I recommend going the premium, short-term offer route as this is what most businesses can do. However, if you’ve got a big enough audience then there is no reason you can’t go for the other end of the pricing scale and create something cheap that you sell to many.
The reason why an online masterclass, training or workshop is great is because you can use it to generate cash fast in your business, but it can also be a way for you to test out the beginnings of a future offer, or you can even evergreen and sell that masterclass, training or workshop afterwards. The key here is to keep the time window short. From first announcement, you’ll want to be delivering it live within 2 weeks.
| THE KEY TO BEING ABLE TO MAKE FAST CASH IS HAVING THE RIGHT OFFER SUITE AND THEN CHOOSING WHAT TO FOCUS ON SELLING.
Refining your offer suite, setting your prices and creating a sales and marketing strategy so that you can achieve your lifestyle and financial goals is all part of the Strategy Day planning process. |
6. Run A Sale
I’ve left this option to last because so many business owners default to this. They’ve got to make cash fast and think the way to do that is by running a sale and discounting their offers. Now discounting will result in some people deciding to buy who otherwise wouldn’t. But discounting isn’t something to do lightly. There are repercussions of discounting your offers.
Discounting your offers can cheapen your brand and if you discount your offers too often people will know you run offers and you are essentially training your audience to not buy now, but instead wait for an offer. Obviously this is not good for business. So that’s why I always recommend trying, or at least considering, the other options first. And then once you’ve considered everything decide whether running a sale or offering a discount is the way forward.
That’s it. You now know 6 ways to generate cash fast in your business.
As I said at the beginning in an ideal world you’ll never find yourself in a situation where you need to generate cash fast, but if you do having these tactics up your sleeve ready to go could make all the difference. And also they don’t have to be used only when you need them. These tactics can be used when you are already having a good month to help you have a record breaking month.
I hope you’ve found this blog post useful. If you have feel free to leave a comment below or let me know on Instagram or LinkedIn.
And if you’d like personalised help with growing your business, you can check out my service here.
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