Double your small business income in 7 days without increasing sales

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To start, keep accurate, timely accounting records as they are essential to understanding your business's financial standing. Use your past monthly income and cash flow statements as well as your balance sheet to calculate available cash and project likely results for the next three to six months. These pro forma statements can help alert you in advance of any shortfalls, giving you time to prepare for them.

Six Ways to Increase Your Restaurant Sales:

Some business owners, anticipating a future need, open a relationship with a bank for payroll and general company accounts and regularly supply the bank officers with operating statements in order to build trust. Depending upon the authority of the bank officer, however, these efforts are not always successful. To improve your chances, notify your banker that you are eventually going to seek a loan, making it clear that the intent of the relationship is to have access to financing if needed.

The odds of being able to borrow cash or entice investors to put more money in your company when you absolutely need it are low. Bankers are least interested in lending to a company in desperate straits since their first objective is to be paid back. Build connections in the financial community before you need its help, not when you need it, and you may be able to secure a commitment of future loans. Bankers generally make secured loans on such assets as the following:. Some business owners elect to sell their accounts receivable to a third party rather than borrow on them, a process called factoring.

Specific terms are negotiated between the third party, or "factor," and the company.

These terms include the ratio of value paid for each invoice, whether the sale is "recourse" or "non-recourse," and any fees that might be paid to establish and maintain the relationship between the company and the factor. The advantage for a company, especially if it's newly established or has damaged credit, is that the factor looks first to the credit worthiness of the customer who owes the money, rather than to the company that sells the AR.

Keep your cash balances in interest-earning accounts, which are available at most banks. In some cases, you might encounter a minimum balance requirement. However, since interest rates on these accounts are often lower than those of savings accounts, certificates of deposit CDs , or money market accounts, consider keeping the bulk of your funds in higher-paying accounts.

Transfer funds as needed to meet the minimum balance requirement in your interest-bearing checking account plus the total payments due that week or month. Avoid long-term CDs, which lock you in for a specific period of time, as redeeming them early may cost you interest. Either invest in penalty-free CDs or commit that portion of funds you aren't likely to need during the life of the CD.

Set up a separate payroll account and establish a bi-monthly cycle. Bi-weekly payroll systems require 26 pay cycles a year, bi-monthly only 24, which means you save the extra administrative costs of collecting, verifying, and tabulating payroll information. Require your employees to take direct deposits to reduce the costs of writing and delivering checks.

Finally, transfer payroll funds immediately before payment to keep your cash earning interest as long as possible. As a small business owner, your goal is to collect payment for your services or products before or shortly after incurring the expense of producing or delivering them. The optimal outcome is to receive payment on delivery COD , but that is not always possible. Invoice your customers the day you deliver your product with the notation that "payment is expected on invoice receipt. Include a notification that interest is charged for all payments later than 30 days and collection procedures may be initiated if payment isn't made.

Also, stay on top of your accounts receivable aging - a report categorizing accounts receivable according to the length of time invoices have been outstanding - with an established process for following up with late or delinquent payers. It's important to have early contact with potential delinquent payers and to offer a variety of options for payment if they have difficulties. These options might include a credit card charge or a payment plan. Be careful about instituting a policy of discounts for early payment since big customers are likely to delay and take the discount at the same time.

The Definitive Guide to Selling Beats Online

Remember, a customer who doesn't pay isn't really a customer, but an expense. Determine how you want to handle late or non-pays before they arise, document your decision into policy, and stick with your policy. Just as you want customers to pay you, your vendors want payment as soon as possible. However, early payment to vendors can hurt your cash flow and should be avoided if possible.

Delay payment as long as you can while remaining consistent with the terms of the sale. If there is no penalty for late payments, set a pay cycle of 45 to 60 days from receipt of an invoice. While slowing the outflow of cash is important, it's equally important to maintain a good credit rating and cordial relations with critical vendors. Be aware that slowed payment might result in prickly contact from the affected vendor. In those cases, be vigilant that you make all future payments as promised. If you are forced to delay payments, contact the vendor as soon as possible with an explanation and a plan to become current on your debt.

There are a number of methods to increase cash flow, especially if you sell custom products or engage in extended contracts. If you work with contracts, set up payment schedules and amounts that parallel or exceed your sunk costs. If your customer demands modification of standard products or services that have not been identified in your contract, seek additional payment through fees or change orders.

One good thing about subscriptions is recurring monthly income, which contributes to customer lifetime value. Give people the chance to rent high-end fashion from brands like Kate Space and Nicole Miller at a retail price. The idea of renting out dresses online may seem odd at first, but the success of rental platforms like Rent the Runway and Le Tote have proven the potential of this ecommerce business idea.

They are hot topics in the fashion industry. Social media marketing is effective. Preparing your strategy and organizing a good business plan will help you. Also make sure you know your break-even point.

Double Your Sales:

And still, online grocery in the US is not even as good as that in the UK. The market is wide, so specializing in an organic grocery store is one profitable way to niche and cash in on this market in the long term. Another place to get supplies would be your local grocery stores, but that might not be as profitable. When that step is ticked, you can go marketing aggressively. Let people know what you deliver. To increase customer lifetime value, you can add in monthly subscriptions as part of your package. Then make a course around it. Although, there many online courses, the market cannot be saturated.

Even if a platform like Udemy, or other online stores have millions of courses, there will still be unmet needs. You can prove that through social media or showing up on search engine results — your website and interviews elsewhere. Digital products are a good source of passive income. The celebrities talking about it are increasing interest as well. Since a lot of prepackaged food and snack contain gluten, you have a good chance.

Sell to one customer and your name gets out there fast. The easiest way to sell gluten-free food is white label. You could make them, but that requires more funds and personnel. Also, the price of handmade jewelry is hard to guess easily so you can set a reasonable price and have a good margin. Selling on your online store also puts you in more control than marketplaces.

Many sellers are already dropshipping the tons of jewelry on AliExpress; competition is fierce. Handmade jewelry is not the only craft you can dropship, make, or wholesale. They have good enough search volume and a stable trend. If you are still unsure of the products to sell, bamboo toothbrushes are a good choice for a small business. The interest in all things eco-friendly and minimalism turned bamboo toothbrushes into a trendy product. The only way you can be sure that you differentiate and your products are unique and genuinely eco-friendly is private label.

That misses the whole point of sustainability, and you can leverage on that. You can white label those. Do your market research to find any other product you want to cross-sell in your online store. Look out for low competition, high volume, stable trend, and good future projections. Google trends , search, Ahrefs, and Junglescount are relevant to that.

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There is a lot of interest in drones and more units will take off in the coming years. There are different level of users and different types of drones. For an ecommerce business idea, camera drones are products you can scale with. People use camera drones in agriculture and wedding. They also use them to record aerial shots of cities. Target your customers on social media with high quality videos and images that represent your brand. You can go with serious, funky, or fun.

The female bag niche is saturated. This is a viable niche because you have a diverse selection and styles of bags you could bring into the market. When you start, choose an audience. You have students, employees, and retirees to target. This will help you in choosing exact products to fill your online store. You could start with laptop bags and add in regular backpacks. Things like anti-theft or charging ports that are on flowing in. Or go lower with tech by choosing a shoe compartment. We also have tons of other selling ideas.

Another thing that is important for any product you sell online is your marketing. People are not going to whip out their credit card if you have a generic brand. You can start online marketing before you make or get products from your suppliers. Some of them drove our revenue sky-high. Others cost us tens of thousands in lost revenue.

Learn from our hard-won experience on which tools can be trusted:.

Over guides across 10 subjects. You can get an MBA in digital marketing just by studying these guides. They're here for you. Quick Sprout Make Better Content. Last Update Published April 18, Overall, the money back guarantee increased revenue by 6. Free trials create the most signups The difference between a money back guarantee and a free trial was huge. I would survey all of the people who asked for their money back or cancelled their trial to find out why and see if I could modify the Traffic System to increase their overall satisfaction with the product.

This should help increase the number of people signing up as well as continuing the trial. If you give your customers everything they need before the free trial is over, there is no need for them to continue the trial.