5 ways to create cashflow in your business when everything feels so slow

Today, I'm talking a little bit about how to create cash flow in your business when everything feels a little bit slower because, with all the recession talk that's going on at the moment, it can feel a little bit like doom and gloom in the online business space.

 

But here's the thing, people are still spending money and I know a couple of people who've had the biggest ever months in the last month or two. So there is still that possibility that opportunity is there. But the opportunities won't show up. If you keep telling yourself, nobody is spending money and you know, it's a recession. It's going to be tight.

So instead of constantly telling ourselves these things, it can be really helpful to look at some ways that we can serve our audiences right now. And as a result, bring in some more cash flow into our businesses. So let's look at five ways to create cash flow in your business when everything is feeling really slow.

 

5 ways to create cashflow in your business when everything feels so slow

 

1. Find out what your audience needs right now and create a new offer for that

A helpful question to ask and you can ask this to your social media audience, to your email list, maybe to people who've worked with you in the past, or even if you have some friends who are in your community who would be open to sharing these things, ask them, what do you need help with right now?

The key is right now because we might have asked this question regularly. I asked this question a couple of times a year to my email list, but what I'm aware of is that their needs may have shifted, especially with the way that the economy and the general business environment is shifting. I am aware that their needs might be shifting in line with that.

So once I found out what they need help with right now, then that gives me something to jump off of. That gives me a starting point. How can I solve those problems for them? Or how can I work with them to solve those problems? And sometimes we might think, oh, well, you know, it's not a really quick win to go and create a new offering.

But actually things like VIP days, group programs, masterminds, and one-off services. These can be created relatively quickly. We don't need to go and record an entire course. You can launch the service to your audience. And then if they are interested, great, then you go ahead and deliver it and you figure it out as you go.

But the thing to be aware of is, what is that core problem that you are solving with this new offering? Because that is what you're going to be marketing. You're not marketing a VIP day. You're marketing a solution to their problem. You're not marketing a group program. You are marketing a solution to whatever they need help with right now.

You don't need to create a sales page. You don't need to go and record videos. You don't need to spend all of this time constructing this massive offering. Find out what they need. Sell them the solution. And then send them to a checkout page to sign up. Keep it simple and you can make it shiny and sparkly and amazing later.

 

2. Remind people how they can work with you

The second way is to remind people how they can work with you. Now, I know you don't want to feel salesy. It's not something that any of us really wants to feel. We don't want to be that person who's constantly selling. But unfortunately, if you don't sell to your audience, they don't necessarily know how they can work with you.

And I know it's something I hear all the time from my audience, well, no, Steph, I don't want to sell because what if my audience unfollows me or unsubscribes, but if they unfollow or unsubscribe, they will never going to buy from you anyway.

So why do you want that person in your audience? Yes, it's great to have people consuming our free content. But at the end of the day, those consuming our free content need to understand that we also have to sell in order to make money so that we can keep providing that free content. Please do remember to remind people in your audience how they can work with you. You might not be at the front of your audience's mind at that point in time when they need to work with you. So remind them.

Remind them, I know you have this problem. I have this solution. These are the next steps.

 

3. Relaunch an existing offer

Something that you have already created and you've maybe launched once or twice. Online course creators, I am looking at you. We are the worst. We are notorious for creating courses and launching them once and then never launching them again. But so much of that magic lies in those subsequent launches.

And this is something I teach inside Launch Magic that framework that you can create to repeatedly launch over and over and over again and a lot of people who come into Launch Magic, who've already launched that first time, see so much magic because they've now got this product they've maybe sold a couple of it or maybe the first launch didn't go.

But now they have something to start with and when they start going through Launch Magic, they can put that strategy in place that framework in place to launch sometimes once a year, sometimes four times a year, depending on how many times a year you want to launch.

I know how tempting it can be when you have a really small first launch. You think, oh, that was unsuccessful. I'm not going to put time and energy into launching that again, because it's not worth my time and my energy for a thousand dollars or $2,000 or whatever that first launch brought in.

But the Podcast Launch Plan, my product that the first time I launched brought in $2,000. 12 months later it had brought in $750,000. So there is magic in launching it multiple times. Launch if your product is doors open all the time. A launch doesn't have to be doors open and doors closed. It doesn't have to be just a limited time for somebody to enrol, if it is a limited time for somebody to enrol, that's what makes it really easy if you want to launch it again.

But even if doors are open all the time, you can still launch by running some kind of limited-time offer. That can be an extra bonus. It could be that if they sign up during this timeframe, they get eight weeks of live coaching. It could be that they get the community for eight weeks or whatever you want that to look like.

It doesn't have to be this hard open-closed doors. And just because you've launched it once doesn't mean that you have exhausted all of your potential sales. You'll have new people in your audience who weren't there the first time you launched it, or you will have people who now have the problem that you solve, and maybe they didn't have that problem the first time you launched it, or maybe they didn't realise they had that problem that you solve.

And now they have that awareness and they are more ready to buy. Or maybe they've been following you for longer now, and they know you, like you and trust you more and they are more ready to buy from you than they were that first time that you launched. So it's always worthwhile relaunching that existing offer because each time we launch, we get more Intel, and we get more data. We find out what works, and what doesn't work, and we can tweak it. And once we tweak, then we find out, okay, this worked, this didn't work. We tweak, we refine, we launch again.

That is the whole way that I've built my business and that is exactly what I teach inside Launch Magic.

 

4. Chase up old leads

Those people who inquired about working with you and maybe they ghosted you, or it just wasn't the right time or it wasn't the right fit at that point in time. Just because somebody wasn't ready to work with you or buy from you a few months ago, doesn't mean they don't ever want to work with you.

Maybe they needed to wait for the right time. Maybe they needed to know you, like you, trust you a little bit more. Reach out to these people and ask them, Hey, just wondering, are you still looking for help launching your digital product? Are you still struggling to grow your audience? Are you still wanting to launch a podcast?

Reaching out to these people and finding out if they're still looking for help. Reminding them, Hey, this is how I can help you. This is how we can work together. Or alternatively, if you now have a new offering or new way that you can work with them, reach out and ask them if they are looking for help with that.

Because now you have a way that you can help them with that particular problem or that particular outcome that they are wanting to achieve. Just because somebody wasn't ready to work with you then doesn't mean they're not ready to work with you now. So remember to chase up those old leads.

 

5. Re-engage old clients and customers

The old rule of thumb is that it costs five times more to get a new customer than it does to sell to an existing one. You might've heard this one.

Now, the way I see it, I actually think it's probably higher than five times. These days, maybe it was five times a few years ago. But I think given how we are bombarded with marketing messages, and content ads. All of this stuff. We've seen that the price, and the cost of advertising on Facebook have gone up a lot.

I think it's actually going to cost more these days than five times to five times more to get a new customer than to sell to an existing one. Now, once you have worked with somebody, once you've worked with a client or you've guided a student through your course or your group program or your membership or whatever it is, what do they need from you now? What is that next step?

You can help them with new problems they have. If people are asking, how can I work with you? Next, more people are thinking about it, right? Not everybody who is thinking that is articulating it and is actually asking you. So preempt it and reach out to them with that next step, and make it really clear what that next step is.

 

Recap

Five ways to create cash flow in your business when everything is feeling a little bit slower, firstly, find out what your audience needs right now, and create a new offer that solves this problem for them.

Secondly, remind people how they can work with you. So go back and sell to your audience. Tell them, Hey. You have this problem. This is how I can help.

The third way is to relaunch an existing offer. Whether it's a course, whether it's a service relaunch, it runs some kind of limited-time offer. Or if you have a cost run, open and closed doors.

The fourth way is to chase up those old leads, reach out to them and say, Hey, are you still looking for help with whatever it is that you do?

And then lastly, re-engage those old clients and those old customers find out what is that next thing that they need from your, and create some kind of offering that gives them that next step to keep working with you.

 

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