Profit and Loss Statement

Every business owner is concerned with being profitable. For brand new business owners, bringing in revenue and getting a return on your investment of time and money can be a top concern.

Fortunately, generating income is not as difficult as it sounds. Here are few tips to help make your business profitable and start receiving payments within the first month.

Focus on Finding New Customers Daily

You should be spending the majority of your time finding and talking to new customers. You’ll want to network, attend events, set up sales calls, and send cold pitches.

It will seem like a lot of work at first, but it’s the best way to start generating the revenue you need. Whenever you’re tempted to do mundane tasks, work on finding new customers instead. Skip organizing your filing cabinet, reworking your business logo, checking your email, or updating the content on your website. Just don’t.

Follow Up With Existing Leads

This should be secondary when it comes to taking the first action. Check with existing customers or clients or people you have worked with  in the past. Follow up with and announce your new business to see if they’d like to do any work with you.

If they are not in need of your products or services at the time, they still might know someone who is and be able to refer you to them.

Use Resources Wisely

On one hand, you have to generate income to become profitable. But you need to keep your expenses low if you want to keep any of that hard-earned cash. That’s why profitable small businesses always use their resources wisely and avoid paying for unnecessary gadgets or advertising that doesn’t work.

Focus on free or affordable resources first. Free social media scheduling sites and organization tools like Asana for example. Be cautious when outsourcing and paying others to do certain tasks for you.

You can always increase your business expenses when you start making more money, but if you can DIY certain tasks on your own at first, you’ll see a greater profit quicker.

Advertise Effectively

All products and services require different marketing strategies. If your product is something that is appealing to a large group of people, consider advertising with digital coupons or with Facebook ads.

If your product only appeals to a small niche market you might want to leverage your email list more to boost conversions.

Start with one advertising method, then feel free to explore others to test things out. If you start out doing 10 things at once, you won’t have any idea what works and what doesn’t so be sure to pace yourself.

Summary

There’s no magic secret formula to generate automatic income for your new business. These tips will help get you develop a solid strategy to get your business off the ground and earn money rather quickly.

Focus on putting yourself out there and dedicate lots of time to networking and connecting with potential customers and clients. Then, utilize paid resources wisely and don’t overlook the power of advertising.

Choncé Maddox is a professional writer who recently left her job in the web design industry to produce killer content and manage her own writing business full time. She is passionate about helping entrepreneurs be more productive and create a life they love by doing fulfilling work. On the side, she runs a podcast and blogs about getting out of debt at MyDebtEpiphany.com.

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