Increasing Income During Difficult Times
Many work at home moms have reported a drop in income lately, directly due to the poor economy. Others have spouses that lost their jobs and now that small home business is having to step up and pay the bills. While it`s always a good idea to have an emergency fund, not everyone is ready for these changes. So, when you find yourself in a difficult position, what can you do to increase your income?
Focus on the Need
Businesses that fulfil basic needs will tend to do better in times of economic depression, but even if your business tends to cater to those who are more frivolous, you can add aspects or products that will help people out. For example, if you have a jewelry business, consider adding jewelry repair. Many people won`t be buying new jewelry right now, but they will probably consider fixing a wedding ring or favorite necklace.
Work the Mailing List
If you don`t have a customer email list, then you`re missing out on huge potential profits. When someone has already bought from you, they are more likely to do so again now that you`ve gained their trust. Make sure you capture those emails and stay in contact. Things like “client-only” discounts and sales will help encourage them to buy from you again, as will add-ons to a current product. For example, if you are selling a basic copywriting course, you can create an advanced course to sell to the graduates of the first one.
Start an Affiliate Program
Affiliates can be tremendously valuable to you as a business owner. You just need to set up an affiliate program where anyone who promotes your products (leading to a sale) gets a percentage of the sale. You`ll have a whole team of salespeople working for you that you only pay when they make a sale. And keep your payment rates fair, remember you wouldn`t have these sales at all if it weren`t for your affiliates! You can see my affiliate program (which pays 50%) as an example.
If you want to stray outside the realm of your business, there is an excellent article, 26 Ways to Make Extra Money While Keeping Your Day Job, over at The Wisdom Journal.
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What a great post! Thank you for the information!
Autumn
*Found you on BlogEnergizer!
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Great information! Thank you for sharing. I would also like to share a business idea, as I believe working from home is a great opportunity for ambitious moms & dads with entrepreneurial spirit, who would like to make some extra money while staying at home with their children. Especially if you are passionate about chocolate, why not think about becoming a Chocolatier with Dove Chocolate Discoveries? Go to http://www.dovechocolatediscoveries.com to learn more about this unique business opportunity. Dove Chocolate Discoveries is the first direct selling chocolate company in the U.S and is a fun and delicious way to make some extra money.
Kelly,
DCD Team
Twitter: dcd_sweetie