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Creating Additional Income Streams For Your Business

As an entrepreneur, you’re always looking for ways to increase sales and diversify your opportunities. The business world is unpredictable, but especially in times like these, having the security of an alternate income can be a lifesaver if for some reason you experience a lull in business. Fortunately, there are many ways to create additional income without having to shell out any kind of significant investment.

Teaching, coaching, and consulting are all great ways to bring in some extra cash. All you need to invest is your time, which you’ll use to reach out and offer your services, as well as time you’ll need to prepare a presentation of some kind. If teaching interests you, reach out to local community colleges, libraries, or recreation centers with an idea for a class, workshop, or seminar. Create multiple sessions and offer prospective students a package deal. If teaching isn’t your thing, you might be more comfortable with one-on-one coaching or consulting. Using your skills and experience, you undoubtedly have a lot to offer someone who is just starting out in small business ownership or something else related to your field. The possibilities are limited only by what you’re willing to do, and the result can be very profitable.
Start a blog. Writing a blog can be an effective way to share your expertise with others, market your business, and attract more customers. You don’t have to limit yourself to blogging; create a website that includes how-to videos, customer testimonials, or even guest posts from other industry experts. Earning money as a result of online content can take some time, but the potential for it paying off is certainly achievable.
Listen to what your customers want. Take the initiative by asking your own customers as well as others in your network about what other services/products they would like to see. For example, if you’re in the business of creating gift baskets, ask your customers what other service/product they would like to see. A customer might suggest fun gift baskets for kids. This might be an idea worth exploring. Ideas from customers are often your best source of creating an additional income stream.
Explore your other interests and skills. Make a list of all your hobbies, as well as all the things you do around the home, for your kids and through volunteer work. For example, you might list doing pedicures with your daughters. Since you sell cosmetics, this might become a service you offer. Or besides selling kitchenware, you also love healthy cooking and you might sell an easy to follow healthy cooking program. You want to look for things that compliment what you are doing now and other interests and skills you possess.
Other ideas to explore.
- Create your own How-To-Videos
- Sell other services that compliment your current business
- Personalization services – gift wrapping, sewing, special delivery
- Create partnership with local businesses

With some effort and extra time, you have the ability to find additional sources of income. This revenue can help you get through a slow season or simply help you reach your personal and professional financial goals faster (not to mention expanding your contact list for your primary business!) What other ways can you create alternate streams of income? Please share with us below!

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Target Marketing For Small Business

With so many different marketing methods being used in business these days, it can be overwhelming to decide which is right for you. One should consider the use of target marketing, which is dividing your market into specific groups and concentrating on just one or a few important components. For example, a pet grooming business specializing in grooming show dogs could implement a direct mail campaign (snail or electronic) that reaches only particular dog owners rather than advertising in a newspaper that would reach a much larger market. The first step is to define your target market; then you can develop strategies to advertise your business directly to them.

Defining your target market, or “niche”

Decide why a person would make a purchase from you. People usually buy something for at least one of three reasons: to solve a problem, to meet a basic need, or to make themselves feel good. Sorting your target market into one of these categories will help you narrow your focus to a smaller group.
Consider the demographics of those who could use your product or service. This information includes age, gender, income, education, marital and family status, and ethnic and/or religious background. You’ll be able to invest your marketing dollars more wisely if the information you gather about your target customer is specific.
Consider the psychographics including lifestyle, social class, activities, and attitudes/beliefs. This additional information should allow you to form a picture of what the ideal prospect would be like. From there, you can figure out where they would be exposed to different types of advertising.
When creating a target market, or micro-niche, you should make sure that it is small enough that you can be a competitive force, but not so small that there isn’t enough money to be made. For example, Amazon has pretty much cornered the market on the online sale of books, DVDs, and digital media, so trying to compete with them would be futile. Similarly, construction of birdcage perches exclusively out of recycled material is too specific and would appeal to such a small number of people.

Examples of target marketing

A direct seller for a higher-end jewelry company knows that her customers are mostly women in their 30s-40s who like a well-polished look that includes a versatile wardrobe, a contemporary hairstyle, and manicured nails. Advertising to this target market can be done via fashion blogs, hair and nail salons, and local clothing boutiques.
A small business that offers in-home photography sessions knows that its target market is parents of newborns wanting professional pictures without the hassle of going to a studio. This demographic can be reached via parenting magazines and websites.
A pastry shop that specializes in custom-made freshly-baked desserts knows that its target market is mostly made up of local business owners and private party planners. Reaching this group can be done via vendor fairs and event hosting expos.

The key to target marketing is deciding who that small group is and then finding the best approach to reaching them. Don’t be afraid to ask questions of your current and past clients to get to the information you need. You will save money budgeted for marketing as well as being able to build your business based on those who have the greatest interest in your product or service. How have you defined and reached your target market? Share your ideas in the comments section below!

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Seven Ways to Get Others to Promote Your Business

When other people talk about your business, it increases credibility and adds value to your brand. But when people want to help you promote your business, do you know what to ask them to do?

Here are ways that other people, such as family, friends, community members, and network associates can help you promote your business.

Display your literature. Something as simple as a brochure on a table in a waiting room can pique the interest of potential customers. If designed well, such promotional materials will attract others to pick them up, read them, and ask about them. Other places to display information are community bulletin boards (clubhouse lobbies, libraries, municipal buildings, and online newsletters), local businesses with whom you have no direct competition, and places of worship. Increasing your visibility can quickly add to your customer base. Remember to ask permission from the appropriate people before doing so.
Showcase your testimonials and reviews. Highlight your loyal client testimonials and reviews of your products/services in your literature, online presences and other marketing materials. People will be more likely to trust what their neighbors, friends and family say about your business than any other kind of marketing.
Reward referrals. People who help you promote your business can provide prospects that may be in need of your products or services with your contact information, a little bit about you, how they know you, etc. If you have an incentive system in place to reward those who give you referrals, they will be more likely to continue doing so.
Sponsor events. When holding an event such as an open house, recruit others to donate space, equipment, advertising, or other resources needed. This kind of help can be mutually beneficial as it increases the visibility and promotes the interests of all involved. For example, if you sell jewelry and are running a holiday shopping promotion for corporate customers, ask someone you know who works in an office setting to let you set up in their conference room, talk up your event to coworkers, and perhaps recommend a local deli to provide finger foods and beverages.
Use social media and contests. You most likely already have a website, Facebook page, Twitter account, blog or any combination of these set up. One key to making these work for you is to get others to want to share your content with their friends. Consider setting up contests, polls and games that give out prizes. This encourages sharing of your information, products, or events and maximizes the effect that word of mouth can have.
Invite you to relevant events. Many business organizations hold conventions, workshops, and seminars for their members and guests. Ask members of such organizations to invite you to one of these events. For example, a workshop for interior designers would be a great place for a self-employed home organizer to meet prospects who may either be in need of their services or who regularly work with others that do. Not only will you gain valuable information there, but you will also have a chance to meet potential customers.
Tap influencers. Seek out influencers in your community and provide them an incentive to promote your business. The difference here is that influencers generally have larger networks and/or have more credibility. The key here is again to have them share your information and provide a testimonial to increase word of mouth.

Decide what methods you are most comfortable with in getting others to promote your business, and make a list for yourself. Incorporate one of more of these methods on a regular basis to facilitate the growth of your business.

What have you found to be an effective way for others to promote you? Please share your ideas and experiences below!

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A Sales Pitch that Doesn’t Sound Like a Sales Pitch

In the past, sales pitches were intrusive and created to reach a wide population. Now, with the dominance of the internet, effective sales pitches cater to individual customers’ needs. They are not canned or contrived because the modern consumer can see right through it and has a wide variety of alternatives right at his or her fingertips. Here are a few ways to frame your sales pitches in such a way that it allows you to promote your products/services without sounding like a pushy sales pitch, and even encourage others to market your products/services for you.

Scavenger Hunt – This can be used to draw in new customers. Use promotional items (electronic or paper) to start a scavenger hunt for a special first-time customer gift. As an added convenience, you can create one totally online by taking your prospective clients on a guided tour of some relevant websites. Start by creating a theme that works with your business, like food, jewelry, or health & beauty products. Make sure the questions are easy to answer and that each item only takes a short time to find. At the end of the hunt, your would-be customer is rewarded with a special gift! You’ve now drawn them in to try your product, made it fun for them to share it with their friends, and you’ve promoted your business without the traditional sales pitch.
Giveaways – Many businesses offer free products or services for first-time customers, but usually some sort of purchase is necessary. Consider a giveaway that stands out from the rest: one that literally gives something away totally for free. Offer it for free for first-timers, and wow them with your quality and customer service. By doing so, you create a risk-free situation and promote your products/services through the giveaway without sounding like a sales pitch. You have now started a relationship and given them a reason to share it with their friends.
Referrals & Rewards – Not only do you want to draw in new customers, but you want to reward your loyal ones as well. Create and use a reward system for referrals that promotes your products/services. Whenever a new customer makes a purchase, all they have to do is mention the name of the person who referred them. That referrer then gets a special discount or promotional item. Word of mouth is an effective method for bringing in new customers, so motivate your current ones by showing them how much you appreciate their patronage and recommendations.

When creating a non-sales pitch sales pitch, remember to frame it in such a way that the promotion includes marketing your products/services. If done correctly, people should feel like you are talking about the promotion and not delivering a sales pitch. Make them simple and direct, but most importantly, be genuine in your interactions with prospective clients. They will appreciate your sincerity and your creative approach.

Please share your own ideas for a creative sales pitch in the comments below!

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Tips for Building Your Local Market

Tips for Building Your Local Market

In a down economy your local market becomes critical to your business success. Your local market is where most of your loyal customers come from, and establishing a strong local market foundation allows your business to grow outwards.

Here are some tips to build your local market:

Join your local chambers of commerce and every community group you can to network.
Reach out to your local newspaper and local media outlet and offer story ideas.
Become your town’s know it all and resource person. (One local business person used this idea to create a spreadsheet that got mailed around with everyone’s teacher assignments in town.)
Create referral and loyalty incentive programs.
Use cause related marketing and sponsor local events and causes for exposure.
Offer to be a speaker or teach a class related to your business. For example, if you sell home decorating products, offer to speak about home decorating.
Partner with other local businesses to promote each other’s businesses.
Create a Facebook page and post current events, coupons, and information about other businesses in your town as a free community service site.
Connect and network with people who live locally on social networks.
Get testimonials from locals and use them to become your “celebrity” spokespeople.
Make sure your business comes up on local search engines and directories.
Make each interaction memorable. Turn your car into a moving billboard, give out magnetic business cards with a free branded pen, distribute T-shirts with your business name and logo, and most importantly become known for incredible customer service that generates praise.

Using these tips will help you create a sustainable business relying on a whole town of loyal customers that will weather any economic storm.

So how are you connecting to your local market?