When you work with a business coach, one of the things you will be told is to work on revenue generating activities. Yes, it is important to file your taxes and pay your suppliers. But without revenue, you won’t have taxes or suppliers to pay.
What are revenue generating activities?
They are what you do to produce income or recover costs. They are activities that impact your ability to get paid for your time or expertise.
They are not:
Tweaking your website
Running errands during your work time
Here are 15 examples of revenue generating activities:
- Ask for referrals: This is number one on the list for two reasons. First, my list is in alphabetical order. Second, it is one of the most overlooked methods for generating new business.
- Blogging and guest blog posts. Writing for your own blog creates a new page on your website, prompting Google and the other search engines to know you are there, so you might get discovered on a search. Guest blogging leads to backlinks and more traffic to your website. It is long-tail stuff. Still do it.
- Change your pricing. Sometimes changing your pricing, whether it is a short term sale or even a price increase, could shake things up a bit.
- Consultations: schedule calls with people to see if they can be helped… by you or someone you know. Mainly by you.
- Follow-up with prospects. These are people who have expressed interest in working with you in the past and weren’t ready or fell off your radar.
- Invest in advertising space – traditional and online (like Facebook)
- Joint venture: Have a conversation with someone that might be a good strategic alliance.
- Launch a new offer with new pricing, new product, whatever.
- Networking face to face. This is one of the most powerful ways to get people to know, like, and trust you. This is not a one-off, though. You must be consistent.
- Repurpose your work. As an example, you could turn your blog posts in to an e-book and sell that. Or you could bundle some products and sell at a discount.
- Schedule a workshop. Charge a price for a ticket or a free one where you have an offer for people to work with you in the future.
- Send a warm letter. A warm letter is a friendly note letting people know what you do and that you are available for work in that area. You might tie in a request for a referral.
- Send out an email promotion to let your community know that you have availability. Like a warm letter, but they are already part of your community, so you would tailor your message.
- Speak at local events, meetings, conferences, online or offline. How best to demonstrate your expertise than to get speaking?
- Teach at a community college or school. Similar to speaking or scheduling a workshop, but longer term.
Homework: Take a look that the list of RGAs above and pick three to work on today. The ones that will work best for you will depend on how well you know your ideal clients.