Launching a startup can be one of the most exciting times in your career. You’re striking out on your own, building something new. It’s really empowering, but also somewhat intimidating.
It can be very challenging for a startup to make a profit in their first months of business. However, there are some ways you can increase revenue for your company. Keep reading to learn more about:
Ten Effective Ways to Boost Revenue for Startup Companies
Learn More to Uncover New Revenue Streams
After spending enough time in your niche, you’ll start to understand what your customers like and from there, hone your focus on what they really want.
Getting to know your customers takes time, but it’s just a matter of having conversations. Join online groups on Reddit, Facebook, and more and talk with your audience. Ask questions. Take surveys.
Over time, you’ll gain the insights needed to add new products and services that will grow your business to new heights. Uncovering new revenue streams in the field of online business certainly isn’t rocket science. From the top ways to invest $10k to awesome passive income ideas, there’s plenty of opportunities for you to succeed.
Don’t Shy Away From Sales
Look, we know, you didn’t get into entrepreneurship to make sales. And chances are you may have a long-held aversion to the sales process, associating the exchange with a caricature of a slimy car dealer.
However, the reality of starting your own business is selling your vision day in and day out–at least until you’re turning enough profit to hire a dedicated sales staff.
Think of selling as an exchange. Talk with customers and focus on empathy and demonstrate how what you’re offering stands to make their lives better. Every interaction you have with someone is an opportunity to educate them about your business–and that is selling.
Give Crowdfunding a Chance
Another option is flat out asking for operational costs. A lot of brands these days are turning to crowdfunding to launch new products. If you’re a fashion brand, one option is to share designs on crowdfunding sites and offer a discount on those products for those who contribute.
Meeting your goal means you’re covering the manufacturing costs, while at the same time, you’re connecting with your community, getting direct information about what your target market wants to see on your website.
Upsell and Cross-sell to Increase Revenue
Have an existing customer base? Upselling and cross-selling are always good strategies for maximizing the value of each customer.
While this builds on the idea that you need to embrace salesmanship to grow, the biggest benefit is there’s no extra investment in working on increasing average customer spend. Acquisition costs can get expensive, so make the most out of it.
The best strategy here is to explain the benefits of paying for extras and add-ons.
Connect with Partner Businesses
Consider joining forces with another company in an adjacent niche. The benefit of doing this is, both companies can draw from a larger, combined pool of leads and share advertising space.
For example, if you’re in the wedding apparel industry, you could partner with catering companies or florists advertising to the same audience.
Increase Your Capacity
This option might not work for all startups. Many reach capacity and can’t take things to the next level. But, if you want more output, you’ll need to grow your team.
The most obvious example is, if you’re the only one working in your store, you won’t be able to stay open long enough to increase your revenues.
Turn Your Efforts Toward Lead Generation
If you’re focused more on high-cost services than e-commerce, lead generation should be a priority. Now, you can outsource lead generation– paying for services that charge per lead or per list.
Other companies will help you create sales funnels making it easier to track how people move through your site. Or you can do it yourself–creating videos, blog posts, and downloadable content in exchange for an email address.
The other side of the equation is generating leads by attending trade shows and networking events.
In any case, you’re going to be drawing from several different pools to connect with potential clients.
Focus on Bringing Value to Users
Whatever you’re selling, be it custom bags or kitchen sinks, you need to demonstrate value to consumers.
Customers care less about your story than whether or not your item solves a problem or brings them joy. Can your product make their life easier? More fun? Will it make them feel more attractive? This is what the customer is thinking about, so get into that mindset.
Take Advantage of AdSense
AdSense is an excellent option for those who wish to turn their website real estate into some extra cash. Google AdSense is a cost-per-click advertising program that allows you to run ads on your site in exchange for a fee each time one of your web visitors clicks on said ads.
This isn’t always a predictable source of income (thanks to the ever-changing Google algorithm), but it can make a difference if you’re advertising within the right niche.
Use Data to Your Advantage
Look at your data analytics from Google, Facebook, and elsewhere and learn where people are converting and where they are dropping off. Learn which pages people like and which ones they ignore or leave immediately.
If your conversion rate is low, you may need to consider rewriting your web copy, calls-to-action and changing up the UX design.
Anything you do online needs to be measured, tested, and improved upon. Failing to look at your analytics means you’re missing out on significant opportunities for improvement–and ultimately, revenue.
Learn More About Making Money Online… And More
Of course, while all of these tips are important, you need to make sure you’re putting out a high-quality product, and that your customers receive the attention and empathy they deserve. Only then, will you increase revenue.
If you’re looking for more info on how you can earn money by working online, check out our blog. We cover everything from freelance writing tips to job opportunities.