5 Ways to Increase Your Income Before the End of the Year

As we approach the end of the calendar year, you may have started thinking about your goals, plans and priorities for 2011. Part of your planning may involve business development activities that you hope will increase your income over the long term. But what about right now? We still have just under two months left in 2010 … what if you could take some fast action and start the new year already ahead of the game?

The goal should be to figure out what you can do that requires just a little time and small investment, but has the potential to yield significant rewards. Or at least get you started on a plan you can take further in 2011. Here are a few income-boosting ideas to get you thinking.

Create a New Product

While information products may be starting to get a bad name, I have seen some true gems that offer an amazing value to the purchaser. What are the hot topics in your business, among your network, and with your clients? Create a short ebook on a topic that relates to your expertise, a video tutorial series on a challenge frequently faced by your clients, or a how-to guide that walks the user through an advanced process in a few simplified steps.

When it comes time to sell your product, consider teaming up with colleagues, connections and even clients to expand your reach and increase the visibility of your product.

Try an Upsell

A valuable add-on product or service offered at the right time can be a huge value-add for your clients. For example, say you provide WordPress setup and customization services, and you create a video guide on how to manage a WordPress site. That guide could be the perfect upsell to clients who hire you to get their WordPress blogs set up.

And you’re not limited to current clients. Once your product has been developed, go back to past clients who have WordPress blogs sitting dormant because they are overwhelmed by the process of posting, managing comments and upgrading plugins. Your product could be exactly what they need.

Bundle Current Products/Services

Do you offer a few different products and services that go hand-in-hand? For example, services like logo design, business card design and letterhead design can be bundled perfectly to create a “business start-up package.”

Combining these like items into one bundle at a moderately discounted price, especially when offered for a limited time such as a holiday special, can be the incentive your clients need to sign on and make the purchase.

Monetize Your Website and/or Blog

If you have an active blog, introducing ad space with a limited time introductory package can be a great way to get some initial income, lock in advertisers for a few months, and get the ball rolling.

If your blog is not yet up to snuff or readership is low, use the next two months to polish it up and get the word out. Advertising and other website monetization techniques may not be a quick income booster, but starting now can set the foundation for a passive income stream you can work on building over the next year.

Start an Incentive-based Referral Program

We all know how powerful word of mouth referrals can be, but instead of waiting for your happy clients to sing your praises on their own, offer them a reason to do it now. Create a referral program that rewards your clients for sending more business your way through free bonuses, special discounts and other incentives that not only make it worth the effort but also show how much you appreciate their business … and their referrals.

Have you been able to boost your income in a short period of time by doing any of these ideas? What would you add to the list?

Image credit: Farvala

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  • Anonymous

    [quote]While information products may be starting to get a bad name[/quote]
    Hi Alyssa,
    what do you mean with information products? And why are they starting to get a bad name?

    • http://www.avertua.com Alyssa Gregory

      Information products are basically books, reports or other knowledge-based product that provide specific information to a consumer. My comment about the bad name is more personally anecdotal than factual — there are many poor quality and insufficient information products out there being sold solely for the purpose of making money and not helping the consumer by providing valuable information. Hope that helps!

      • Jim Edward

        Considering how easy it is to create digital information products these days, it’s a wonder why MORE “white hat” marketers with an online presence aren’t taking advantage of this. I think that would counter the “black hat” profit mongers out their who give Internet Marketing in general a bad name. We’ve all been witness (or a victim) to it. Authenticity and transparency rule in the long run.

  • eldoren

    I have sold informational products online over the years and the benefit really was sharing expertise and keeping it priced right. I created one book (print but could easily be delivered digitally) that generated $30,000 in revenue (my first attempt). There were limited players back then.

    Nowadays, I see many that fall into that “Get Rich Quick” style and that hurts the market. And they are easy to spot.

    I buy about 3-5 e-Books a year at around $29 each and feel I get great value. As soon as I see the price above $60+ USD, then I am reluctant and stay away. If someone can provide a clear Table of Contents and offer up a free chapter or two, I will review and buy it. I think that self publishing can make you money. But you need to always consider the following:
    * Be honest. Seriously….
    * Don’t be greedy – if you sell something for $10 and its worth $30, then sell lots at $10. Good content will always sell well.
    * Keep it up to date and provide other products. If a client likes your writing style, they will buy more.
    * Try to condense the content, keep it to the point and always focus on what benefit the advice can provide the reader.
    * Don’t put out a book on a topic everyone else has covered (SEO Optimization). Try to be unique. Play of your successful experiences. And what you learned from failures.
    * Focus on VALUE.
    Take Care
    Gordon

  • http://www.phplinkdirectory.com dvduval

    There are a lot of great web scripts and software products that are not very well documented because the creators are better at programming that writing. If you can give a tutorial that actually shows how to do something that makes money with a product, it can get your some followers of the software product, and you can start to build a user base.

    And that leads to my second point which is building your user base is essential. While it took me years, I have about 37,000 people on our mailing list. I don’t send emails that often, but when I do, I am assured of increased sales. It starts with 1, then 100, then 1000. It takes time, but can really pay off in the long run.

  • Anup

    Completely agree with you guys.

    There seem to be plenty of problems to solve. Not enough people solving it. Not to mention everyone seems to have a hard time finding the solution. Finding the scammy get rich schemes are easier. Maybe those get rich quick guys should write on SEO .

    Love Sitepoint Material . Thanks for putting out this great info guys .