Another segment of “Turning Ideas to Income” Thursday to help your money making ideas take off!
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Step five of Money Grows On Trees
Now that you have used the quick calculator to decide on the best price, keep in mind of different revenue models to capitalize and make the best out of your money making ideas!
- Start with an optimal price for your side business and keeping it close to current market prices (if available).
- Think about the possibility of having recurring revenue?
- What about having different revenue tiers with upsell that offers greater value?
Online presence for your money making ideas
Before you go ahead and build a website, create a Facebook Page. And why?
- It’s free to start and to start quickly.
- Quick introduction and brief information about your business, the products or services you are offering using the social media platform as initial promoting.
- You can share your new side business Facebook page with people you know or even asking friends to help share with people who may be interested or looking for what you are offering. This can help increase engagement in your facebook page. Just make it known that you are doing this, whether your friends require the product or service or not at this moment.
- With more engagement in your Facebook page, check out the “insights” of your page and understand who is your audience. This helps in your next level of identifying your target audience and have a better understanding of the demographics.
Social Media participation for your money making ideas
There are many social media to participate in, but for a start, identify the ones that is most closely related to your niche, your idea.
BUT…get onto other social media to register an account with the same name first (if available). At least, you can reserve the same name and use it later when you are ready to embark the next social media platform.
Don’t forget, this segment is really about your side business, so, I can understand the limited time you may have.
Hence, build a strong foundation in just one social media for a start.
You can download a free resource on how I actually plan my work for this blog and my approach towards social media.
Putting a simple process
Start thinking about a simple process once you are ready to build your own website on top of just a social media platform.
As this is a side business that you may be running on top of your usual day job, it is important to think of automated process to make it more efficient and take less of your time to manage the pre-selling process.
Put in place a simple workflow to handle your traffic flow. Be it payment process, email engagement with your audience (even if they are not customers yet!).
It is important to have tools to help you manage these.
For payment, the most popular is definitely Paypal, but here are the others you can consider,
If you have different offerings, you can consider putting up an inquiry form to have customers fill in important information before you follow up with them.
Eg. if you are running a wedding planning side business, you may consider putting up a form to request for information such as Date of wedding, number of guests, theme, food preference, etc. That way, you will already have all the key information of your customers. There will not be a need to call up and ask for all these same information.
So, whichever process you can think of automating at the front end, get that automated so that you would already have qualified customers to work with and that saves you time.
Build your email list
If possible, include subscription form to start building your own list. If you are providing value information to your readers, invite them to subscribe to your email list so they will be notified of new articles.
This list opens up to another mode of communication with your customers and also a pool of customers where you can promote your products in the future.
To get the full resource on how to set up your own blog, email list tools and two best platform to build your site, be sure to check out my ebook.
Next week, let’s discuss more about tracking the performance of your side business and explore ways to improve.
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Get your Money Making Ideas Online and reach out to the world!
4 Elements of Engagement – Learn how to find your target audience through this 4 elements of engagement method.
How to Start a Successful Blog for your Business eBook
My Home Business Example – sometimes, it doesn’t have to be a new idea, rethink through the current market place, assess how you can make it more efficient and build a platform to serve.
Got Your Attention book by Sam Horn – Great copywriting book to understand the approach to writing compelling sales letter
Let’s get connected on Facebook.