In Office Hours for my clients yesterday, the topic of "cash infusions" arose. It resonated with everyone so much that I made a mental note to dedicate this blog post to that topic. Raise your hand if you've been in that uncomfortable situation where you need cash, and you need it quickly.
Many new entrepreneurs find themselves scrambling and stressing when this happens expending lots of energy on trying to throw together a complicated launch or creating a new offer and they panic when the money doesn't hit their bank accounts instantly. I'm a big fan of leveraging cash infusion strategies between your regular monetizing methods so that you have some money coming in and you can avoid the feast-or-famine cycle. Have an upcoming maternity leave or an extended vacation from business coming up? Cash infusion strategies are great for this.
Following are four cash injection strategies you can implement to bring in some money NOW without too much prep or headache:
1. Schedule Automated Sales Emails for a Low Cost Product Not Regularly Promoted
It's easy to get caught up in the world of big launches and products. But what about the small products that you have at your disposal? The ones that don't cost as much?
Try setting up a series of sales emails to promote a lower cost product and schedule them out in advance (perfect for a vacation or work hiatus). The reason a low cost product is a great fit is because it's a lower barrier to entry and a lower ask - sometimes this means an easier yes, especially for people who aren't quite ready to invest much money with you.
2. Promote an Affiliate Product
Even if you don't have a product ready to sell yet, don't let that hold you back. Sign up to be an affiliate for products that you love and use the same strategy as the one listed above except for the affiliate product.
I love this strategy because you can earn commissions without dealing with any of the customer service headaches. Win, win!
3. Host a Paid Workshop
This strategy is a fun one because the earning potential is huge! Schedule a paid workshop and plan to promote it approximately 10 days in advance. You really don't need a huge launch runway for this one. You can charge anything for it: $29, $99, $149 (you name it).
Paid workshops are great forms of digital products. You create it once, host it live, and then you can even use that recording to sell later on as a bonus or as a standalone product. Isn't re-purposing amazing?
4. Offer a Limited Time Coupon Code or Flash Sale
If you've been around me for a while, you know I'm not one to offer coupons or host flash sales. But every once in a blue moon, you should break your own rules. Flash sales can be fun because they add an awesome level of urgency to buy now that really can't be beat. I use a deadline funnel to lock sales down to a short period of time just to make the urgency even more tangible.
If you're going to incorporate flash sales into your strategy, be sure to use them sparingly. You don't want people to avoid buying during regular planned launches because they're holding out for your next sale, right?
It goes without saying that this list is not all inclusive. My hope is that this post demonstrates to you that making money through your online business is not restricted to one-off gigantic launches that take all of your time, energy and resources. Quick, easy, scrappy cash infusion methods are fun and effective.