3 Ways to Boost Your Business Income Quickly

Being self-employed during the Covid-19 crisis was tough. And now with the phenomenal increase in cost of living, I don’t know about you, but with budgets get squeezed, I’m looking for ways to cover sky rocketing bills! Boosting my business income quickly has become top priority to me because I’ve cut my expenses as much as I can. But how? Here, I’ll share with you 3 ways I’ve boosted my business income. So, read on to find out what I did and see if these work for your business too.

1. Creating New Products

When it comes to sales, I know that people love to buy from trusted sources. So, knowing I’ve had success with selling my bookkeeping spreadsheet means I have an customer base who already know me and are interested in the niche I’m in. I’ve begun working on expanding the templates and spreadsheets that I sell and set up an Etsy store to make it easy for them to browse and buy from me.

If you’ve had success with sales, then think about what complimentary products might be of interest for people that know about you already. If you’re struggling to think of what to produce next, start off by finding out what your target audience needs. You can do this by reaching out to them on your email list or using insights on social media. Another good tip to increase your business income, is to branch out with your products or services by creating something related to your existing niche. You could even diversify with a series of launches. This ensures your customers stay hooked on your branding and trust you as a source of quality knowledge and products. 

2. Raising Prices

This one made me nervous. But with inflation on the rise, the cost of being in business was rising too. As a result, I felt compelled to raise my prices otherwise my profits would be hit by bigger expenses. Guess what happened? Nothing, my sales were the same and honestly, no one noticed.

Raising your prices can be a nerve-wrecking move to make. You’ll need to stay aware of what your competitors are doing and be careful that changes don’t turn your customers away. However, it’s a quick way to boost your income without cutting costs, creating new products and without increasing your working hours!

3. Find More Customers

I’m notoriously bad at marketing but the truth is the more you sell, the more money you make. So, I’ve taken the leap into improving my social media marketing, Facebook ads and Pinterest to get my brand in front of the right audience. Putting together a social media marketing plan has helped me be more strategic when it comes to finding more customers in my target market. This is because getting better known and sharing what I have to offer has boosted my income by simply growing my client base. Consequently, I can build a bigger list of people I can sell more products too.

Have you found a way to boost your business income? How did it work out for you? And did it push you out of your comfort zone like my methods did? I’d love to hear how you did it, so message me on Instagram to let me know.

Taxes are changing! From April 2024 sole traders will need to report their earnings and pay tax on a quarterly basis. This is known as Making Tax Digital, which you can read more about in this guide to help you get prepared.

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About Anita Forrest

Anita Forrest is a Chartered Accountant, spreadsheet geek and money nerd helping financial DIY-ers organise their money so they can hit their goals quicker.