Do you want to make more money in your online business?
Do you think you’re doing everything right to make money in your business?
I guarantee that there are some actions you’re missing when it comes to making sure your optimizing every area of your online business to make money for you while you sleep.
Having an online business gives you the best of both worlds. That is both passive income and active income.
If your business is just focusing on active income, which is any income that is dependent on you showing up for you to make it, then you need to include more passive streams of income into your business.
For any online business owner, there are a lot of passive ways to build income streams into your business that will bring in extra income while you focus on serving your current customers.
Passive income is an essential income stream in any business and will help you build your bottom line while you actively market your business.
You’ve invested your time and money into your business; so why not make it work harder for you?
Ways to Make More Money in Your Business
1. Affiliate Marketing
Affiliate Marketing is a simple way to make a commission by recommending products or services to your audience. This process is similar to telling your friend or neighbour about the great app you just found that gives you a discount on spa treatments.
You just need to sign up for the product’s affiliate program and place a unique link within a blog post where you talk about the product like a review post or a list of recommendation post like this one.
You can also create a resources page or products I recommend page where you use the link for all the tools and resources you recommend like I’ve done here.
Every time someone clicks on your link, they are brought to the product’s site and if they make a purchase, you get a commission.
Affiliate links can also be added to, emails, eBooks or other digital products you sell. However, review the Terms of Service for all the social media platforms before posting an affiliate link. As well as the terms for the companies as each will have promotion types they allow and don’t allow.
To become an affiliate you can either go straight to the company you want to recommend and see if they have affiliates and you should also sign up for one of these affiliate services.
2. Creating Tripwires & Upsells in Your Sales Funnel
Tripwires, Upsells & Bumps are often overlooked places where you can bring in extra money.
Do you have basic funnels in place, where you make an offer to your broad audience and then have more focused, more expensive offers for them to choose from overtime?
These additional offers bring your customers down the funnel toward your most expensive offer.
Basically in your business, you should have 2 types of funnels a lead funnel where you offer your potential client a freebie in exchange for their email and a sales funnel, where you make an offer to turn potential clients into paying customers.
Let’s start with a tripwire. This is an entry-level product that is usually sold for under $20. You would offer this to anyone signing up for your freebie in your lead funnel. This makes a potential customer a paying customer immediately.
Now, for each main offer in your sales funnel, this is where you start to think about bumps and upsells. A bump offer is a small additional item that customers could add to their order before checking out, whereas an upsell is an additional offer you make after the initial sale is made.
For each of your lead funnels think of what you could add as a tripwire and for each of your sales offers to think what you could add as a bump or an upsell that your customer would find valuable.
This may be checklist, templates, forms, or eBook for a nominal fee that is a no-brainer add-on to their order as a bump offer.
For your more expensive offers, add a more expensive upsell. The key is to choose relevant upsells that will benefit your customer and that makes sense to couple with the initial product purchase. In other words, don’t create tripwires, bumps and upsells that doesn’t make sense.
3. Time-saving Systems
Having the right systems in place is essential to any business. Every business should have the following systems in place;
- Marketing & Discovery Systems (How people discover you)
- Education & Relationship Systems (How people get to know you)
- Sales & Conversion Systems (How you sell & get clients)
- Product & Service Delivery Systems (Customer Service, Fulfilmment + Billing)
- Signature Results Systems (How you deliver results for your clients)
As an online business, a lot of these systems can be automated to deliver efficiency in your business.
A good place to start is to ensure your delivery systems and your sales and conversions systems are automated as much as possible. Test everything and make sure all links are working.