Sales

Growing Your Business’ Reach Through Client Ascension

When it comes to growing your business, there’s no better way to move forward than by helping your clients reach their goals. Achieving high ticket and sales ascension with client ascension processes is a method to increase profits for both you and your customer base. Read on for 6 tips on how you can use client ascension to grow your business:

Understand Your Customer’s Needs and Wants

When it comes to client ascension, it’s important to understand where your customers are coming from. Ask questions and listen closely to their answers so you can create a plan that meets their current needs and helps them reach their desired end goals.

To create an atmosphere of client ascension, you should also make sure to be open and honest about any changes or obstacles that may arise. When customers know what to expect, it builds trust and encourages them to continue working with you.

Create High-Value Offers

When customers are looking for high ticket ascension, high-quality products and services are what will help them move up the ladder. Invest in creating high-quality content that adds value to your customer’s experience. Ensure that your products and services are high-quality and reliable and provide real solutions to customer issues. By providing high-value solutions tailored to your customer’s needs, you can show them the path they need to take in order to reach their goals. Doing so will help create a strong bond of trust between you and your clients.

For example, if you’re providing high-ticket services like consulting or coaching, make sure to provide valuable advice and feedback in every session. Not only will this make customers more likely to continue the high-ticket ascension process, but it will also create loyalty and help customers recommend your services to others.

Follow Up Regularly

It’s important to check in on ascension efforts regularly to ensure that your customers are making progress on their goals. This will help you stay engaged with them throughout the process, which is essential for client ascension success. To ensure follow-up, you can set automated reminders and emails to keep customers informed of their progress.

Provide Incentives for Referrals

Encouraging happy customers to refer others can be a great way to grow your business’s reach. Offer rewards or discounts for each referral, as this can be a powerful incentive for people to spread the word about your services. This will aid in the client ascension process by helping you reach more high-ticket customers who are likely to take advantage of high-value services.

Be Open and Honest About Client Expectations

One of the most important aspects of client ascension is setting realistic expectations from the outset. Make sure you’re transparent about what your services will and won’t do for them, so they understand the value you can provide and have realistic expectations of their results. When customers have questions, make sure to answer them honestly and promptly.

Final Thoughts

By following these tips, you’ll be well on your way to growing your business’s reach through high ticket ascension, sales ascension, and client ascension. With a combination of high-value offers, excellent communication, and incentives for referrals, you can create long-term relationships with customers that benefit both parties.

If you want to learn more about client retention and ascension, attend one of our next events.

Why Group Coaching Eats 1-on-1 For Breakfast

Today you’ll discover how to increase your revenue to hit your first $100K or add an extra $100K to your coaching/consulting business.

HEADS UP: If you already run group coaching sessions with amazing results, then the majority of this article won’t apply to you.

So, if you’re looking to scale your business to $100K/month…

Click here to find out why most coaches will NEVER hit $100K/month and how to ensure you do >>

How Group Coaching Saved My Business & My Sanity

When I first started in the coaching space, I’d already had a successful copywriting/consulting business.

So, it didn’t take me long to hit my first $10K month as a coach.

But, that’s where my coaching business stayed for years.

I couldn’t work out how to move beyond $10K.

I’d heard about group coaching before but I had my doubts.

My main concern was not being able to give my clients the attention they needed.

That’s when I discovered the 7 successful coaching and consulting secrets >>

Make sure you pay close attention to models 2 and 3 as they will be most relevant to you if you want to begin or take your group coaching to the next level.

After implementing group coaching into my business, I saw my revenue skyrocket.

That’s no exaggeration.

If you’d like a quick explanation as to why group coaching works so effectively, then click the link below to check out the short podcast episode where I break it all down.

Discover how to leverage your time and make more money with fewer hours and far less effort >>

Because contrary to popular belief, you can make or add $100K to your business without working harder.

And if you’re wondering how many clients you’ll need at your current price point to hit your business goals…

Then I reveal the best way to add $100K in 30 days as a coach or consultant here >>

Each of these links I’m giving you is different, but if you invest a small amount of time today to review them and implement the teachings, I promise you’ll see massive results in your business FAST.

7 Reasons Why Your Clients Will Love Group Coaching

  1. Group coaching is one of the most powerful things you could ever install in your business, for many reasons.
  2. People like being part of a group, even more so, they like being part of a like-minded group of people with similar goals and roadblocks.
  3. Group coaching environments have a greater impact in less time.
  4. Your clients learn the insights and “a-ha” moments of their peers.
  5. It improves accountability.
  6. It can make your services more affordable to a wider range of clients.
  7. With individual coaching, each time you help solve a problem for one of your clients, another client goes through the same problem a few weeks later. You wish you could have had both clients in the same place at the same time.

This is why it makes sense to run group coaching sessions.

But what if you’ve never run group coaching calls before?

I got you covered.

I recorded you a quick podcast episode where I teach you exactly how to run group coaching calls >>

How To Create A Group Coaching Program

Everything you know about creating a coaching program for a client can be applied to creating a group coaching program…

But if the idea of group coaching is new to you, or you already have a group coaching program but you feel it could be improved upon, then click here to watch this video >>

How To Sell Effortlessly By Leveraging “Irresistible Offers” 

Group coaching is the holy grail for scaling your coaching business.

But to pull it off you need an irresistible offer.

It doesn’t matter how good your marketing or sales process is if your offer lacks punch.

Your offer must speak to your prospect’s problems.

You want them to think “it’s as if his offer was created just for me”.

Here’s a simple example.

No one can sell meat to a vegan.

It doesn’t matter how good the sales copy is, or how persuasive the salesperson is.

But when vegans see a sign that reads… 

“Vegan Food Here” they know the offer was created for them.

The offer is very direct and if the food looks good, they’ll buy it on the spot.

If you want to know how to create an irresistible high ticket offer, then you’ll want to watch this video >> 

Here’s another video for creating an irresistible offer that goes into more detail I think you’ll get a lot out of >>

Why It Pays To Have Less Offers In Your Business

I know people who have countless offers in their business.

This may seem like a good idea, but in my experience, it pays to keep things simple.

Now, although my business has evolved and I have many offers now, when you really break it down I’ve got front-end offers and back-end higher ticket offers.

That’s how I’ve always done things, and this video shows you how I built a million dollar coaching business with just two offers >>

The Best People To Sell To (That’ll Pay You $5k, $10k, even $25k)…

Once you’ve created your high ticket offer, and decided on a group coaching model, there’s ONE type of person who will buy from you.

They’ll happily pay you what you’re worth…

They’ll be easy to work with…

They’ll love everything you do and refer their friends to you.

These people won’t give you price objections or take weeks to think about it, and your sales calls will be effortless.

Once you start selling to this specific type of person, your business will NEVER be the same.

If you want to find out exactly who these people are then you’ll want to watch this video right now >> 

 

So now you know how to build a business that pays you tens of thousands extra every year without any extra work, just making a few small tweaks to how you do things.

Even if you implement a fraction of it, you’ll be shocked at what you can accomplish.

Till next time,

Dan Lok

P.S. – If you already run group coaching sessions but want to scale your business to $100K per month and fast then click here to watch my Advanced Expert on-demand training >>

How To Negotiate Profit Sharing Once The Deal Is Closed

How can you approach profit sharing after having closed a deal?

Maybe you made a deal with a business partner, individual contractor, or another professional – you agreed to work together and share the profit. Or maybe you hired employees and want to motivate them to work harder by offering them a profit share.

But now you might be wondering: how exactly should you negotiate profit sharing? How big of a share is considered fair and ethical? Which structure should you choose?

One thing to keep in mind is that there is no one-size-fits-all approach to profit sharing. What works best completely depends on your business’s specific situation.

Profit sharing depends on your business model, current income, and many other factors.

The thing is, every deal is a deal and therefore, can be negotiated. Which system you choose for profit sharing will depend on many factors.

That’s why, in this article, we’ll go over how and why you want to do profit sharing as well as how you could do it and which system might fit best for your situation.

What Is Profit Sharing?

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Profit sharing can take on a variety of forms. Usually, we’re talking about an allocated share of the profit of a business before taxes.

Some businesses choose to use a part of annual profits and pay out the profit share once a year. But there are also models where the profit share takes place twice a year, quarterly, or monthly.

There are different ways to parcel out the share accordingly. We’ll go deeper into those strategies below.

What’s important to note is that profit sharing is usually determined and negotiated after the business estimates their annual profits. If the business fails to make accurate predictions,  the profit share could be affected.

This system has many advantages, but it’s only for successful businesses who can estimate how much money they’ll make. If you are currently in the red, profit sharing might not be your best option.

However, sharing the profit is also a great way to motivate employees. If the business’s profit has an immediate impact on how much money employees make, then they feel motivated to bring in more money.

If your business is in the red but close to making profit, offering a profit share to your employees might be exactly what you need. Their increased efforts will help you make more money.

What Profit Sharing Is Not

Some companies and businesses pay out a section of their annual profit in addition to regular salaries and bonuses. They do so without tying the profit share to profitability.

They treat it more like an extra bonus for employees and pay it out to motivate their workforce.

There is nothing wrong with being generous and sharing profit with your employees, contractors, or business partners: just be aware this is not actually profit sharing.

Things To Consider

How-To-Negotiate-Profit-Sharing-Once-The-Deal-Is-Closed-Graphic-02

There are a few things to consider when estimating profit sharing. You want everyone to get paid in proportion to their efforts and according to the results they bring in.

One thing to definitely think about is how fast the money will come in. Do you already have a marketing campaign that generates leads and sales regularly, or are you building everything from scratch? If you have accounts receivable, how fast do they pay?

The reason you want to consider how long it will take for money to flow in is that profit share implies that everyone will get paid only after you make some money. Use your estimate to set the right expectation from the beginning.

If you promise your business partners or contractors that they will get paid within one week when, in reality, your marketing requires three weeks to produce results, they will get impatient. Morale shrinks if you nourish the wrong expectations with regards to the profit share.

So be honest about the situation from the get-go. How soon can the other person expect to make money? Is your shared profit their only source of income? Address possible concerns early, and avoid disappointment later.

You also want to have a backup plan in mind in case the numbers used to calculate the profit share turn out wrong. Maybe you predicted a certain profit, but unforeseen developments in the economy undermined your plan. What will you do if you can’t meet the expectations of employees, contractors, or business partners?

Worth

One more thing to consider is if the matter is worth a negotiation at all. There can be instances where profit sharing isn’t the best approach. Sometimes, it’s better to offer business partners or contractors a fixed payment. Then there are also circumstances where it’s best to just name your rate and don’t negotiate at all.

Timing

The timing of the negotiation is also something you want to consider.  In many cases, you’ll actually estimate the rate before a deal is closed.

But your business partners or contractors might also want to re-negotiate later. If they keep bringing great results, there is no harm in offering them a better rate for their efforts.

In fact, if they have proven to work hard and get you consistent results, it’s great if you can pay them a bit more than the industry standard. They will love you for it, stay on your team, and continue to put in their best efforts.

So when it comes to profit sharing, set the stage before you make a deal. Set expectations and be fair. If someone turns out to be good, don’t be afraid to re-negotiate with them.

Now, how can you actually approach profit sharing?

Approach 1: Commission Structures

How-To-Negotiate-Profit-Sharing-Once-The-Deal-Is-Closed-Graphic-03

A very popular way is to pay commission. The person you are partnering up with or taking on as a contractor gets paid a certain percentage for certain results.

For example, if you hire a closer to close deals for you, you can pay them based on how many sales they make. A common way is to pay the closer 10-20% of the sale.

If you work with a business partner who is putting in equally as much time, effort, and investments as you do, then you likely will split the profit in half. Half of the money goes to your business partner, half goes to you.

In the case that your business partner is doing less, then you can also do 40% and 60% or 30% and 70% profit share.

You want to use commissions when you have a team that is focused on results. Your employees have incredible skills that help you make money. If it fits their personality type, reward them with a profit sharing system.

The great thing about paying for money-making services on commission is bringing in more revenue without extra cost for your business. If you pay a closer to close deals for you and they don’t, they don’t get any money. Meaning, you only pay them if they make you money.

A possible downside of commissions is that your competition might try to hire your people by offering them a bigger commission. Definitely make sure that your commission structure is fair, and you should have nothing to worry about.

Approach 2: Monthly Retainer

Some business owners approach profit sharing this way: the person gets a monthly fixed payment but can earn more if they reach a certain quota.

Depending on your business model, the retainer can be high or low. The advantage of offering a fixed rate is that everyone’s income is secured. No one has to worry about getting their basic income, and everyone can fully focus on the work.

This works well for people who need security but who are also motivated by the opportunity to earn more if they achieve certain results.

Approach 3: Contribution Levels

How-To-Negotiate-Profit-Sharing-Once-The-Deal-Is-Closed-Graphic-04

Creating a profit sharing plan based on contribution levels means that not all employees or contractors get the same amount. Instead, you base the percentage they get on their role. An account executive or manager might get more than an assistant.

This means you have to determine the amount each position gets paid. Usually, the employees who perform tasks that help you generate more money should get paid more.

Pay attention to the sales and marketing teams who are responsible for generating revenue. Also, consider managers and team leaders who might not do sales directly themselves but lead their teams in doing so.

When you choose to do profit sharing based on contribution levels, be careful not to accidentally de-motivate some of your employees. No one likes feeling like their work is worth less compared to others.

If you choose to discuss openly how much of the share goes to whom, make sure everyone understands why they get what they get. Keep a great business culture that doesn’t emphasize unhealthy competition or foster envy among employees.

Make Your Profit Sharing Easy To Understand

There are all kinds of formulas to calculate profit sharing. You can adjust them to your situation or come up with a completely new way to do it.

No matter what you choose to do, make sure your employees, partners, or contractors understand HOW they get their share. If they have no clue how their pay is put together and how they can increase it, morale will go down.

In the book Extreme Ownership, the authors Jocko Willink and Leif Barbin talk about earning bonuses, but the lesson may be applied here.

Willink and Barbin headed out to help a business that had recently introduced a new way for employees to earn bonuses. The problem was, hardly any of the employees ended up taking this new opportunity to earn more money. After inspecting it, Willink and Barbin found out why: the system was so complicated, the employees had no idea what to do to get their bonuses.

So, make sure you use a way that your employees, partners, or contractors understand; they will be more effective if they know how to potentially earn more.

How To Negotiate Profit Sharing?

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The amount of the share is usually determined towards the end of a compensation negotiation. In the first part of the negotiation, you want to see if the person is the right fit for the position you had in mind.

You investigate their strengths and weaknesses and how invested they are in working with you. What results can you expect from them based on their past experiences?

There is no point in talking about money and payments if these points aren’t ticked off. So save the profit negotiation for the end of the conversation.

Now, how do you determine how much of the profit you want to share with an individual employee or contractor? If you do profit sharing often, you might want to have fixed rates.

Let’s assume that, for example, you are working with a team of closers. Some of them are doing outbound calls, dealing with cold prospects, and therefore usually have the harder job. The others are inbound closers, dealing with warm prospects and having an easier time closing.

The outbound closers have a harder job, and they bring in new customers, so you’d normally want to pay them a bit more than the inbound closers. Your outbound closers might get a 12% commission, while the inbound closers get 8%.

If a person thinks that they have an outstanding performance and should get paid more, they can always approach you for a re-negotiation.

According to Jim Schleckser, CEO of Inc.com, a profit share of 8% is enough to motivate someone to perform better. So that’s a great place to start.

A profit share of 8% increases employee motivation. Click To Tweet

If you can do more than 8%, however, it’s a good idea to do so to get ahead of competition and to increase the loyalty of your employees or contractors.

Advantages of Profit Sharing

Using profit sharing and commissions instead of regular salaries or bonuses has some advantages.

As we mentioned before, one of the biggest reasons to go for profit sharing is to motivate your employees or contractors.

If your workforce benefits from making you more money, then they will find efficient ways to do so. They are more invested in the success of the whole business.

In a company where everyone gets a salary, it’s easy for employees to do just the minimum –  they are getting paid anyway. Paying them based on results prevents that.

So profit sharing improves the culture of the whole business. Employees are happier, they are actively looking for solutions to bring in more money, and they are motivated to perform at their best.

What’s more, if you are in a niche where profit sharing is less common, this can really make you stand out. Any time you are the only one who can offer something, you should. It will give you and your business an edge.

Implementing a profit sharing plan can also strengthen your team as everybody is working on the same goal: to generate more profit.

Possible Pitfalls

Advantages of profit sharing aside, there are some things to watch out for. The first thing, as we’ve already mentioned, is that your workforce has to understand how they get the share. What’s the system and how does their effort impact their pay?

The second thing we briefly touched on is to ensure your profit sharing system remains fair. If some employees or contractors feel undervalued, they will be less motivated to perform at their best. In the worst case, they might even leave your team.

If you choose a system where only parts of the profit are eligible for profit sharing, you want to be able to explain how you calculated it. For example, if you make 2 million dollars in profits a year, you might want to share 10% with your employees.

You, then, determine which person gets how much. And while you do so, you want the breakdown to be simple enough for your team to understand.

Profit sharing should also be measurable. If every team member at any time can calculate how much their efforts benefit them, then you did well. They are aware of their impact and their results.

Want More Next-Level Business Advice?

On the Dragon 100 advisory board, Dan Lok coaches and mentors top-level entrepreneurs on how to scale their businesses.

Every stage of your business comes with unique challenges. In Dragon 100, you profit from Dan Lok’s 20+ years in business experience and from being in a high-level business environment.

Profit sharing plans are only one of countless examples of what you can learn from Dan Lok.  Business models profiting from Dragon 100 are as diverse as their owners.

If you think that you and your business would profit from Dragon 100 and be of value to other Dragon 100 members, learn more about the Dragon 100 advisory board here.

Email Subject Lines That Get Opened: 20 Of The Best Examples

Being an email copywriter who specializes in email marketing, means being able to write email subject lines that get opened. You see, the subject line is the first thing people read whenever they get an email. In fact, research shows that 35% of email recipients open emails based on the subject line alone.

If you’ve spent hours crafting the perfect sales email, but your subject line doesn’t grab their attention, you’ve just wasted hours of your time. In order to get your clients results from email marketing campaigns, it’s crucial to understand the kind of subject lines that get opened.

subject lines that get opened

Based on our own email list and past campaigns that have been most successful, here are some of the best examples of subject lines that get opened.

1. Humor

“I accidentally fell into the toilet”

“Eagle steals man’s hat”

Email subject lines that contain humor are one of the top types of subject lines that get opened. 

People love humor. Most of the news and headlines you see today are about negative mishaps and filled with doom and gloom. When you send an email with a humorous subject line, it immediately stands out from every other negative email that they’re constantly spammed by on a daily basis. And when you stand out from everyone else, you have people’s attention.

You could tell a joke, or describe a funny event that recently happened. As long as there’s lighthearted humor in the subject line, your readers will be curious to find out more.

2. Numbers and Statistics

“Top 20 Subject Lines That Get Opened”

“15 Foods To Help You Lose Weight”

Using lists and numbers is another extremely popular type of subject lines that get opened. 

Naturally, humans do not like to leave things undone. Our preferred behavior is to finish one task, and then move on to do the next. Having to leave a task in the middle of it makes us feel very uncomfortable. That’s why if you’ve ever been interrupted while in the middle of something, you get irritated or frustrated, because you now have to stop and put your focus on the person talking to you. 

Numbers signify that there is something the reader can look forward to. You are making the reader a promise ahead of time as to what they can expect, such as 10 different ways to do something.

Once your reader decides to read the first item on the list, they are already committing themselves to finish the entire thing. As they go through the list one by one, the thought that there are still 5 or 3 more items they haven’t read about, will constantly be in the back of their mind. Until they finish the list, they will not feel comfortable leaving the page.

On our YouTube channel, statistics show that our YouTube videos with numbers in them – such as 10 Closing Tactics That Make Prospects Say Yes or 15 Ways to Write Sales Copy That Sells perform much better than videos that do not have numbers.

So, if you want to increase your email open rates, use numbers in your subject lines.

3. Shock

“Trump declares war on Iran”

“A global recession has finally arrived”

Humans are naturally curious creatures. We like to explore the unknown, and when presented with an opportunity to do so, it is very tempting for us to listen to our natural instincts.

When you use shock or surprise in a subject line, you are tapping into that curiosity that all humans have. That’s why news headlines use shocking headlines such as BREAKING NEWS to get your attention and make you want to know what’s going on. 

A subject line that makes the reader go WHAT?! is an example of one that uses shock. Make your reader open their eyes in disbelief, and your readers will find it irresistible to open the email.

 

4. The Real Secret To [Blank]

Human beings are naturally curious and we want to know secrets.

We often feel that there is something we ought to know in order to avoid making mistakes that we make.

Now “secret” is a word that might be a bit overused in marketing. But this subject line actually plays on that – it shows the real secret, no just any secret.

Here are a few examples:

“The Real Secret to Fat Burning” 

“The Real Secret to a Perfect Wedding” 

Curiosity combined with the need to be “in the know” will get this email opened. Make sure that what you write in this type of emails is also realistic so that you earn and keep the trust of your readers.

5. The Fastest Way to [Blank] 

Now, if you could choose – would you pick a slow or a fast way to do something or get somewhere? Do you want something fast or slow?

We live in a world of instant gratification. We are conditioned to be impatient, and we do not want to wait for anything.

So if you offer a method for getting a desired outcome or goal faster – you will grab your reader’s attention.

“The Fastest Way to Start Your Business” 

“The Fastest Way to Make 10K a Month” 

Do you see it? – Instant results.

What makes this subject line effective is that it makes a very specific promise. But you have to make sure that you remain realistic. You always have to focus on making a credible and believable promise.

If you say something outrageous such as “The Fastest Way to Make  Million Dollars Overnight” – you will lose trust because that is not a realistic promise. People will not take you seriously after that.

Underpromise and your email will overdeliver in this case. If you make them a promise that readers read and think “I can do better than that” then you challenged them with your email and they will continue reading your emails.

6. Here’s a Shortcut for [Blank] 

So just as we would choose fast if we had to pick between fast and slow, between easy and hard we would want easy. Right? Everyone wants to find easier ways to get things done and achieve things.

So this subject line implies that you have yet another solution for your reader. Can you see how simple and yet powerful this subject line really is?

“Here’s a Shortcut for…

…Achieving the Most in the Least Time”

…The Best Marketing Strategy”

When you use this type of a subject line, and if your offer can get your prospect an instant gratification, then you will increase your sales. This could be a software offer or a course offer – anything they can click right away and get immediately.

7. One-Word Subject Lines

If you’re struggling with coming up with subject lines that get opened, and you can’t think of a good one, use a one-word subject line.

At first glance, you may think this would never work. But in practice, it works very well because it’s a pattern interrupt. The fact that it’s just one word, makes it stand out. Most email subject lines are lengthy, have some cheesy joke or something that arouses their curiosity. 

But a one-word subject line has none of that. In fact, it has NOTHING, except that one word. Because it’s so simple, that’s why it works. Your reader will look at it, become confused, and be curious to open it.

The best way to write a one-word subject line is with a greeting. Greet the reader with a subject line such as Hey, to let them know the email is intended for them. Some other good one-worded subject lines are questions, which we will get into later.

Simplicity is the ultimate sophistication. - Steve Jobs Click To Tweet

8. FREE Anything

“FREE stuff inside”

“Do you want a FREE sofa?”

People love free stuff. When you put the word free into the subject line, your reader is immediately going to feel there is something in it for them.

 

Remember: Everyone on this planet is tuned into the radio station WIIFM – What’s In It For Me? If you cater to their desire to have something to gain, you will get their attention. 

The word free implies there is something for them to gain at no cost. There are no strings attached. No hidden fees. Nothing that would make them suspect you want something from them. When someone has everything to gain and nothing to lose, they are going to be interested in your offer.

Using a subject line with the word free is best used when you want to offer a free sample or gift. One of the biggest problems copywriters make, is that they use the word ‘free’ to bait the reader into clicking, only for them to realize they have to make a purchase. If you use ‘free’ as clickbait, your readers will lose trust in you in the future. You may get results in the moment, but using ‘free’ as clickbait will only hurt long term customer relationships.

With any method you use, be sure you understand the consequences and intended actions that method will result in. Don’t sacrifice short term gains if it means long term losses. You will lose more in the long run.

9. How To Survive [Blank]

One of the subject lines that would get attention is the one that indicates some kind of solution to a problem that your reader might have. So the idea is that your question implies useful information that might help them resolve an issue or relieve some kind of pain.

As human beings, we often avoid discomfort. We often need to make adjustments.

If your email indicates some kind of solution to discomfort and pain the chances are – it will be open.

For example:

“How to Survive…

…a Financial Crisis” 

…a Bankruptcy” 

…a Heart Attack” 

These are all subject lines that make people curious and indicate some sort of solution. People want to learn and these types of emails can give the reader a satisfaction of learning or doing something new.

10. Limited Time Offers

“Flash Sale Ends at Midnight”

“Limited-Time Winter Blowout Sale”

Humans naturally like to procrastinate. When there is no deadline, there is no urgency. And if there is no urgency, there is no reason to take action immediately. Instead, we will delay something for as long as possible.

If you want to get results from your emails as a copywriter, put a time-sensitive offer into the copy to get your readers to take action immediately. A sale that lasts for only 2 days will get a lot more attention than a sale that lasts for a month. To your readers, they’ll read it and think “I still have time, there’s no reason for me to buy just yet.”

The problem is that over the next 30 days, your readers are going to forget all about the sale. They’ll go on with their daily lives, and hear of other sales that are going on as well. When they encounter one that only lasts for a few days, they’ll forget all about yours, because they’ve already spent all of their money.

11. Celebrities

“Warren Buffett’s best investing secrets”

“Elon Musk’s new space rocket”

People love to know about the latest news about celebrities. Ask yourself, do you know anyone who always keeps themselves up to date about the hottest celebrity gossip? 

Humans are naturally drawn to others who are successful or have a following. It is a sign that they are important, and as people, we want to associate ourselves with important figures.

Celebrities draw a lot of attention because of their status. If you want to generate a lot of attention, use a well-known person’s name in the subject line to get the reader’s attention.

12. How I [Blank] 

Chances are when your subscribers sign up for your emails, they value your opinions, experiences, stories…

So, if you start your emails with this – you will give them the impression that you’re about to share something important and personal with them.

“How I Grew My…

…Youtube Channel”  

…Found My Soulmate Online” 

…Permanently Removed Headache”

The key with this type of email is to be as personal as possible. Be vulnerable. Open up about difficult times and make a connection with your reader. Show them that you understand where they’re at.

These emails use the power of story to connect with the reader. If you create a story that provokes an emotional reaction, you will be able to bond with your reader and engage them directly.

For more ideas, watch the video below.

13. Best or Worst

“The Best Foods To Eat In 2020”

“The Worst Sales Tactics You Are Using”

No one pays attention to mediocrity. As humans, we pay the most attention to things at extreme spectrums – such as the best or worst of things. 

That’s why news outlets and media always focus on first place winners. You see magazines and articles talking about who won Gold at the Olympics, but never anything about who came second place. We are not wired to pay attention to the losers – we aspire to become the winners and as a result pay attention to them the most.

Use words that imply extremes such as best, worst, greatest, amazing, and terrible to  get your reader’s attention. 

14. About Your [Blank] 

This type of subject line is one of our favorites. It generates a lot of curiosity.

When your readers read a subject like that they wonder – do you know something I don’t know?

“About Your…

…Diet” 

…Business” 

…Spouse…” 

You see how this would make someone want to read on?

15. Hot News

“The Outcome of Trump’s Impeachment”

“Presidential 2020 Candidates”

Any kind of events that have recently taken place are another good example of subject lines that get opened. 

People are naturally curious about what’s happening around the world. They may not be impacted by it directly, but they still want to keep themselves in the loop. 

Just like people like to keep themselves up to date with the latest celebrity gossip, people want to know what’s going on in the world. Take advantage of the latest news and events to make your readers click.

 

16. Valuable Advice 

“Top Superfoods You Should Eat”

“Why You Shouldn’t Bathe Naked”

What kind of person gives advice? Someone who is an expert on that topic, who has in-depth knowledge on what to do.

As humans, we listen to those with authority. We perceive them as someone who knows more than we do, and give them our attention even though it may not be true. Subject lines that give the reader advice influence them to think of the email content as important. 

Giving advice is also another way of catering to the reader’s desire of what’s in it for them. You are giving them free, valuable advice they can implement in their lives. And everyone loves free stuff.

17. Get Niche

“Best Sales Techniques For Life Coaches”

“Top 10 Asian Entrepreneurs Of 2025”

When you state a niche, you are catering to a very specific audience. And if your audience falls into that niche, you make your reader feel special, as if the email was written for them. Making your reader feel special implies there is exclusivity – something that only a handful of people will have access to. We value things that are exclusive, and by making your reader feel exclusive, they will feel valued.

For example, if you are a coach in the fitness niche, which subject line would you respond more strongly to?

“Biggest Mistakes Fitness Coaches Make”

“Biggest Mistakes Coaches Make”

The more specific you are with your audience, the more likely you will get their attention. Know your audience, and you know exactly what will succeed.

18. Familiarity

“Long time no see”

“It’s been a while”

Have you ever received an email from someone you didn’t know? What was your first reaction?

An email inbox is a very personal thing, something that people don’t like anyone getting into. That’s why we hate spam mail and advertisements, because they are a nuisance and people we wouldn’t give our email address to in the first place.

If you want to get the attention of your reader, make the subject line feel personal. Use their name in the subject line, or write the subject in a way that implies you know each other. Familiarity will make people lower their guard, which means clicking on your email instead of hitting delete.

19. Emojis

“Hello :)”

“$$ The Best Way To Make A 6-Figure Income From Home $$”

Another example of email subject lines that get opened are ones that contain emojis.

Emojis are so effective, because they help to clarify the message that is being said. For example, compare these two subject lines:

“Only For You :)”

“Only For You”

In this example, the subject line without an emoji gives the reader no context. By putting a simple emoji such as a heart or smiley face, you are conveying a certain emotion to the reader. When your readers know the emotion behind a message, they are much more likely to resonate with it.

Most emails don’t use emojis in the subject line. By inserting some emojis from time to time, you’ll immediately stand out from everyone else.

20. The Biggest Mistake [Blank] Make 

The idea behind this subject line is to focus on the negative to help people avoid unwanted outcomes. So what is the trick? Well, people do not like making mistakes and facing consequences.

What makes this subject line so powerful is that it doesn’t talk about just any mistake. This subject line is about the biggest mistake. This is the type of mistake that everyone tries to avoid at any cost.

“The Biggest Mistake…

…Husbands Make” 

….Car Buyers Make” 

…Writers Make” 

How The Right Email Subject Lines Can Make You a 6-Figure Income 

Now, if you wish to write perfect emails with the right subject lines – you could have access to all these subject lines plus two hundred thirteen subject line templates.

You could simply fill in the blanks and immediately use in your email and all your marketing.

You can find all these templates on Instant Scripts. This is the ultimate shortcut software that automates the process of writing great copy for you. Click here, and check it out now.

10 Most Profitable Long-Term Business Contracts

If you’re an entrepreneur involved in a partnership, corporation, sole proprietorship or LLC, then chances are you’ll encounter multiple business contracts on your journey towards financial success. It could be a contract to bring in short term contractors, or a business deal which allows your company to grow. Regardless of the need, it is essential for you to understand the different types of business contracts in your industry. However, before we unveil the most profitable contracts to sign, it’s important to understand the basis behind a business contract.

If you’re new to the world of business contracts, you’re probably wondering what a legitimate business contract would look like. A business contract can be defined as a legal agreement between you and another party in the form of written or verbal communication. They are commonly seen in situations where services are required in trade of monetary compensation or an offered good.

Business contracts are agreements where individuals are assigned a duty and paid based on the contract’s terms. For example, a business contract might state that a marketing agency will provide services to a company. The payment structure is negotiated and added to the contract. Whether it’s a retainer agreement or another form of payment, it’ll always be detailed in the contract.

A business owner might sign a short-term contract, which typically last for less than six months. Or, they’ll sign a long-term contract which typically last for six months and longer.

Short-term contracts are best designed for companies who are limited by budget and do not require ongoing services after the specific project is completed.

Long-term contracts, on the other hand, are best for companies who have long-term goals requiring ongoing services to ensure their success is maintained. If a company knows they require an ongoing service, a long-term contract will be created. Long-term contracts have been proven for years to be more beneficial as they provide stability and minimal room for errors.

This article will only focus on long-term contracts, but feel free to explore short-term contracts if they appeal to your business needs.

business contracts being signed

Long-Term Business Contracts: The Dos and Don’ts

The entire premise of a business contract lies in the partner or company you desire to work with. Think about it: what happens if you get trapped in a six month contract with bad terms or a bad partner? Before jumping into a contract, it’s important to start the conversation by getting to know the person you’re working with. So to help you choose the right long-term contract, we’ve created some dos and don’ts to help ensure your company is in safe keeping.

The don’ts of contract signing

Don’t ignore red flags when negotiating a contract with someone.

One of the biggest red flags in a client is their attempt to cut prices or negotiate a discounted rate during your first interaction. This is a strong indication that your client is not capable of producing results or is not willing to go the extra mile for your company. Think about it: If a company tries to negotiate a lower price, doesn’t that mean their product or service isn’t as valuable as they claim it is?

The second biggest red flag is the client’s skepticism before entering into an agreement or a contract. Your client should have full faith in your company and should not be hesitant to sign a contract. Think about what might happen if your relationship starts off on a bad note. Odds are you’re in for a roller coaster of a journey. 

The dos of contract signing

There are many factors to help you determine if a client is ideal for business.

The first tip is to find a client who’s is already successful in their respected industry. It’s always wise to sign with someone with proven results and the track record to get the job done. Your company is in search of results and strategy, so don’t hesitate to ask if they’re credible at what they do.

Another tip is to have a client who respects and trusts who you are. Signing a long-term business contract is similar to engaging in a long-term relationship. Think about it like dating someone, would you ever ask a girl or guy out if the initial meeting phase was rocky? Probably not, and the same analogy applies to signing a contract with a client.

It’s always wiser to sign a contract with someone who has proven results and a great track record. Click To Tweet

Now, let’s review the most profitable business contracts for your company. Below are the top 10 most profitable long-term business contracts:

1. Business Contracts for Websites

Have you ever signed up for a website and were forced to comply with a company’s ‘terms and conditions’ agreement? Do you wonder why companies have one? Terms and conditions for websites are designed to protect the company or website owner against any allegations from their visitors. It is a set of regulations where users are required to comply in order to use a service or product. You might find Terms of Service often replaced by Terms of Use, Terms of Conditions, or disclaimers on various websites. But keep in mind the context of each is identical.

As a long-term strategy for your company, having a Terms of Service agreement on your website will prevent you from getting into legal liabilities and obligations. The agreement will present limitations such as copyright protection warnings and jurisdiction information to your clients or viewers. This means that your company will stay protected while demonstrating to your customers their rights of using your products. 

So you might be thinking, who on earth reads the ‘Terms and Conditions’ of a contract? We get it, not a lot of people do. But if you ever encounter a situation where someone breaks your terms and agreements, you’ll be able to save a lump sum of money if someone steals your product. This is why it can be one of the more profitable long-term business contracts.

2. Business Contracts for Privacy

A common way of protecting your company’s information is by having contractors, employees or vendors sign a non-disclosure agreement to ensure information remains confidential. A non-disclosure agreement (also known as an NDA) can be defined as a legally binding contract that establishes a relationship regarding a confidential topic. Upon signing an NDA, the parties must agree that sensitive or personal information obtained will not be made available public or used as a means of progression.

The amount of information listed on an NDA is strictly up to the discretion of the business owner. You can include sensitive information about your company, confidentiality agreements based on new products or concepts, or lines stating which information is allowed to be spoken of. There are other cases where you can include plans and unreleased news on your NDA. Morally, just ensure that whatever you desire to protect is signed by every affiliate who seeks resignation or current employment.

We’ve classified a non-disclosure agreement as one of the most profitable business contracts as they’ll always be beneficial in the long run for your company. Protecting information such as new releases is important for your company, and factors such as leaked information might soil your entire plan if competitors gain access.  

business partners shaking hands

3. Business Contracts for Partners

Most companies today rely on business partners to help fund the business and keep it growing. If you plan on partnering with someone in the future then this section is perfect for you. Whenever getting into a partnership arrangement, it’s important for both parties to sign a partnership agreement contract. A partnership agreement is a business contract that lays out the terms and conditions as it pertains to the agreement between two or more partners.

This agreement can contain attributes such as ownership percentages, length of partnership and means of termination. It must be signed when you start a partnership and must be thoroughly in review by both parties before business is eminent. As the business owner, it is your duty to ensure all gaps in the contract are secure to a full extent. Start by asking yourself “what if” to see your options if the partnership goes south. Remember, the point of the agreement is to ensure any disagreements are in safe keeping. Most partnership contracts last for multiple years, which is why we’ve included it in the most profitable business contracts in today’s market.

4. Business Contracts for Employers

Company’s today are hiring candidates for all aspects of their company. Businesses need all sorts of employees in accounting, management, marketing, IT, etc. To put your company’s protection at best interest. Every employee should receive an employment contract to verify the employment relationship between you and the employee. This contract is an employment agreement.

An “employment agreement” is a document between an employer and employee stating the legal obligations and requirements the employee must follow. This can include policies, responsibilities or special obligations undertaken during the hiring phase. 

Your employment agreement can also have multiple terms such as their salary, entitlement for dismissal, and benefits attached to the job. If an employee commits a fraudulent or mischievous activity that is not on their agreement, you can relate back to the contract and show the action deemed as not tolerated on company property. This will protect your company for years to come and will help your employees understand their rights and responsibilities. 

5. Business Contracts for Office Space

Similar to having a car or renting an apartment, commercial compounds use a form of business contract identified as a lease. A commercial lease can be defined as a legally binding contract made between a landlord and a business tenant. The lease agreement provides the rights for a tenant to use the property for a business or commercial activity for a set period of time. In exchange, the landlord receives money in monthly or bi-weekly installments for the use of space.

Most companies use leases as a long-term strategy for saving money compared to buying or building out a large commercial building for their operations. It’s cheaper in the long run and is most beneficial to small-businesses who are newly starting up. When looking for a lease it’s important to ensure the contract is well suited for your company. Things to look out for are landlord permits, obligations, expenses, and tax increases. Chances are you’ll be in this property for a while, so ensure you’ve found the right space that is an adequate work space and affordable.

If you ever need a second look on the lease, feel free to seek professional help from a lawyer or financial expert who has a thorough background in the real estate industry. They will be able to spot any loopholes or gaps in the contract that might become present in the future. Just note there are fees for using their service.

6. Business Contracts with Banks

Most people today use banks to pay off their cars, mortgages or miscellaneous expenses. If you’re into real estate or are a full-time investor, you might be familiar with regularly asking the bank for money for rental properties. The most common contract to lend out money through a bank is a loan agreement. A loan agreement is a binding contracts between multiple party to finalize factors such as collateral’s, guarantees, interests rates and duration of payment.

A loan agreement has various characteristics that are essential for your business to understand. The agreement will have the total cost of loan, the payment schedule, the right to default, and the flexibility on use of the loan proceeds. Similar to the idea behind an office space, it’s important for your company to have a logical plan set in place to pay off the loan as installments arise. 

Companies use loan agreements to increase their capital and expand their inventory. Conventionally people believe loans can only come from a bank, but loans can be found from a variety of sources. There are credit unions, public funds and private investors who are willing to loan you money if your idea or business model suits their liking’s. Just note taking a loan can be dangerous if not planned out correctly. Always sit down with a professional financial advisor or accountant to ensure your company has a plan to uphold the end of your deal.

We conventionally believe loans can only come from a bank, but in reality we can find money from many other sources. Click To Tweet

7. Business Contracts for Purchases

Have you ever wondered how grocery stores and warehouses are able to purchase large sums of items at a time? Company’s use a business contract called a purchase order to connect the manufacturer  with the buyer who purchases in bulk. It’s  an agreement which sets the quantity of items with a negotiable price for a certain date. It also specifies the payment terms so both parties understand when they’ll receive or give payments.

For example, let’s say company X sells 1000 chairs to company Y for $100.00 with a delivery schedule of 10 days. Between them is a purchase agreement, stating 1000 chairs to be in 10 days for the purchase price of $100.00. The purpose of this contract is to ensure both parties remain ethical and receive payments or deliveries on time. Think about it like a receipt for an item you buy at a store. Let’s say you never got a receipt, would you be able to return an item back to the store? Or in terms of a large shipment, how will the buyer know if the seller is a scam? It’ll keep you safe in the long run knowing you have a written report if dilemmas arise.

business contract being signed

8. Business Contracts for Contractors

Have you ever had an independent contractor perform work in your home? Maybe it was a kitchen renovation, a bathroom tear down, or a garage door replacement. To ensure you and your contractor are safe from legal liabilities, it’s important for both parties to sign an independent contractor agreement. An Independent Contractor Agreement can be commonly refereed to as a service agreement or consulting agreement. It’s a document that states the business relationship between a contractor and a client. More specifically, the financial aspect and service details in full clarification.

With respect to a small or large scale business, you’ll typically encounter independent electricians or construction workers who perform repairs or maintenance on your office space. Ensure the agreement states the offered service, contract end date, expenses, unfinished work and ownership rights upon completion. These are to negotiable when both parties sign a contract.

9. Business Contracts for Equipment

If you’re a company or individual who rents or requires heavy equipment for operation, then this section is for you. Whenever you lend out a piece of equipment, what should you do? It’s important for both parties to sign a business contract called a property and equipment lease. This is a contract that lists the terms and conditions for lending a piece of equipment, which includes information such as monthly payments, terms, deposits and ongoing maintenance requests. Doing this helps ensure the lent out equipment comes back in the same condition as it was originally sent. 

If the lender brings back equipment in a poor condition, you can rest assured knowing the other party signed a contract stating their rights of usage for the respected tool. And if the lender fails to make monthly payments, you can bring up the contract in court or to the lender. It’s beneficial in the long-run in case any mishaps or future incidents arise.

10. Business Contracts for Dismissed Employees

During the lifetime of employment, employees tend to become familiar with your company’s motives. More specifically, the ins and outs of their respected industry. So what happens if the employee resigns? What happens if  they starts their own venture with the information gained from your company? That’s where a non compete agreement comes into play. 

Let’s say you hired a head engineer to design a world-class software for your company. A few months after your product strikes millions, your head engineer decides to hand in their letter of resignation. You can have the engineer sign an non-compete agreement to confirm all information from your company is not public to anyone within a time span of X years.

A non-compete agreement is a contract between an employee and an employer. It states the employee agrees to not enter into competition with their former company during or after employment. Legal contracts prevent employees from entering into markets or professions which are in direct competition with the employer. Simply put, it prevents someone else from taking your ideas and creating something new. 

A non-compete agreement lasts for roughly a year, but is not subject to a lifetime holding. Information such as effective start date, reason for enacting, compensation, and location are visible on the agreement. For example, there could be an automotive company who doesn’t want their employees sharing valuable information with other manufacturers. Your company will stay protected long-term, which is why we’ve included it in our most profitable long-term business contracts.

Growing Your Empire

A lot of information on business contracts was presented in this article. Read it over, take notes, and apply your knowledge to ensure your business stays protected at all costs.

However, what if there was a way to grow your company and bring in new revenue you never imagined was possible? And what if this method is so powerful that you’ll never have to chase clients for revenue again? The secret is the High-Ticket Influencer program.

We’ve developed a new 12-week intensive program completely designed to help you grow your empire from the ground up. It doesn’t matter if you have almost zero revenue coming in. Nor if you’re hauling in millions of dollars per year. This program has everything needed to take you to the next level.

The program will coach you on the ins and outs of branding, operations, sales, financing, support and so much more. How about we share with you a sneak peak of the first three weeks of class?

Week one will teach you the strategies to build your own personal media platform. This will start intriguing more customers, and could start flooding your business with revenue.

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And the third week will teach you the 7 most powerful YouTube secrets. There’s a powerful roadmap of why YouTube videos can make a business blow through the roof out of nowhere. And as a bonus, there are still 9 more weeks of mind-blowing content for you to discover in this program.

If you are ready to grow your empire and build your business, click the link here to sign up for our live masterclass. Slots are filling up fast, so reserve your seat while it lasts.

Why Cash Flow Is More Important Than Revenue

Is your business struggling with cash flow in these uncertain times? This is the time when it’s especially important to understand why cash flow is more important than revenue.

As a business owner, it’s your responsibility to know about your business’ financials. If you don’t know it, who would? Even if you have financial advisors and experts on the team it’s best if you have an overview of what’s going on. Financials are the backbone of your business.

Understanding the differences between revenue and cash flow is even more vital in a crisis like now. Knowing the difference might save you from immense loss or even bankruptcy. If you completely outsourced all your financials so far, now is the time to learn about it and take it into your own hands.

Now is the time to make concrete and realistic plans. Positive thinking alone won’t get you out of a tight spot. Deal with the cold facts and develop a strategy accordingly.

Get yourself familiar with terms like cash flow, revenue, margin, and overhead and find out what your business has to focus on in these uncertain times. What’s important will depend on your business model – however for most businesses cash flow is the biggest issue right now.

Why is cash flow so important? How can you prepare your business to survive the crisis? And how can you allocate money fast? Those are some of the aspects we’ll discuss below.

What Exactly Is The Difference Between Cash Flow And Revenue?

The biggest difference is what the numbers tell us. Revenue tells us how much money your company made from sales. Whereas cash flow is much broader. It shows the total amount of money coming in and out. Cash flow also includes money coming in even if it’s not made from sales.

So while revenue shows the gross revenue coming in, cash flow shows the bigger picture. Revenue measures income, your cash flow measures your liquidity.

The thing is, revenue is usually calculated after you made a sale. It doesn’t take into account if you’ve already received the money. So maybe you made $10,000 on paper but you didn’t receive the money yet.

Cash flow is the actual money you have and it allows you to deal with short term financial demand. For example, you need cash flow to pay employees or vendors.

Revenue is more one dimensional. If you sell something for $100, then your revenue is $100. If you sell something for $1,000, then your revenue is $1,000. Simple as that.

Now cash flow also includes the money going out of your business. It shows you how much you have after all your regular expenses are paid. Cash flow allows you to make better predictions if you are breaking even, doing really good, or sliding into debt. So it’s way more important to keep an eye on your cash flow than on your revenue.

Why Cash Flow Is Even More Important In Times Of Recession

When the general economy struggles, cash flow becomes even more important. Do you know why are so many companies going out of business right now? – Because they lack cash. They might have all these accounts receivable but the money arrives on their account too late.

They need cash to pay their employees or even basic expenses like rent. If the cash doesn’t come in, they are gone.

Now, when the global economy struggles, here’s what happens. Almost all companies generate revenue. But it’s only on paper. The vendor of a supermarket might generate revenue from the last delivery.

The supermarket, however, couldn’t give them the cash yet. They made revenue from food delivery orders and are waiting for customers to pay. The customer ordered food with their credit card. They are an employee at a fashion company and didn’t get paid yet because their employer doesn’t have cash flow.

Do you see what’s happening here? It’s almost a vicious cycle. Only when the fashion company finally pays the employee the ball gets rolling. Then the employee can pay the supermarket and the supermarket can pay the vendor and the vendor finally has cash flow.

So, generating lots of revenue sounds great, but your business can’t survive until you are liquid. That’s why cash flow is more important than revenue.

How Can You Understand Your Cash Flow?

To run your business successfully or even weather the storm your business might be in right now, you need financial literacy. What exactly is that?

Financial literacy means you can understand your finances. If you look at financial statements then you know what’s going on in your business.

Many business owners make the mistake to completely outsource their financial affairs. They hire someone to do it. But really, if you don’t know how your company is doing financially how can you run it properly? How can you make wise investment decisions? That’s exactly why you need financial literacy.

When you look at your papers you need to understand which part is revenue and which cash flow. Only then will you know exactly how to react to it.

Now, every business is different and therefore has different cash flow behavior. Maybe your business has a stable stream of smaller sums. Or maybe you make huge sums but less frequently. It also depends on how large your expenses are.

Either way, nearly all cash flow behavior is disrupted in a crisis. You can expect to get paid slower but might be expected to pay faster. Your vendors will likely be less patient with you because they rely on your payment.

Your clients, on the other hand, might struggle and not pay you in time. It’s unfortunate but it can’t be helped. Instead of focusing on them, you need a game plan about what you’ll do if you need to pay faster than you get paid.

Know Your Data And Create A Plan

Now that you understand cash flow and have basic financial literacy, here is the next step. You want to get familiar with your data and make a plan.

It could be a 60 or 90-day plan, telling you the cash that will be required in the next period. After you have your plan, it’s time to get resourceful. An important thing to mind during this step: don’t manipulate your data to make yourself feel better.

Maybe you are facing the harsh truth that your numbers are in the red…or maybe you want to make some estimates which are too generous and not realistic, but would make you feel better…don’t do that. Be as honest with yourself as possible. Probably even better to be a tiny bit more pessimistic than you usual. Lying to yourself won’t get you out of tricky situations.

Most business owners will either underestimate or overestimate the cash flow they need. It’s hard to meet the exact number when you are making guesses and estimations. To be prepared for the worst, it’s better to overestimate than underestimate your cash flow needs.

Evaluate Your Resources

Now that you know your numbers, it’s time to look at your resources. Are you confident to make it through the next 60 or 90 days? Where can you get the money? Can you ask your bank? Is it readily borrowed?

Hope for the best but really prepare for the worst. Use the power of negative preparation and leave nothing to chance. Negative preparation means to ask yourself the questions: What do I not know? What am I not seeing? What’s the worst that could happen? These three questions will allow you to prepare for a worst-case scenario.

Again we want to stress, it’s important, to be honest with yourself about this. If you see no chance to increase the cash flow to your needs, what’s your backup plan? What do you do if something unexpected comes up?

Think about how you could possibly get more new (or repeated) customers in. That’s a good way to raise cash flow. Maybe you can tap into a new market? Maybe the crisis opened up a new opportunity for you?

How can you shorten the transaction length to get some cash flow earlier? Is it possible for clients to pay an amount upfront? Do you have private capital to invest in your business right now? Or could you find investors to support you? All of these are strategies to get you through when things are tight.

What To Include In Your Plan?

Besides cash flow, you also want to know your monthly gross margin. Now, what’s that? Your gross margin is basically telling you how much money you earn per sale minus the cost of getting your product sold.

For example, a digital agency might sell consulting for $2,500 but they also spend $300 on marketing. That means the gross margin for this product is $2,200.

If you had to adjust your strategy during coronavirus pandemic, then your margin might have changed too. For example, a restaurant that relies on a physical location has a certain margin. But now, they can only do delivery. The margin very likely has changed.

The next thing to think about is which expenses are absolutely necessary. What can be delayed and what can be cut completely? For example, you might still need your best employees to keep the business running. Their salary is a necessary expense you can’t delay. You’ll also need some form of marketing, to attract clients.

Delaying certain expenses gives you the opportunity to keep some cash flow for more urgent matters. What can you delay? Maybe there is a possibility to pay your rent a bit late? Are some higher-paid employees willing to take a temporary pay cut? Maybe even suspend their pay? Seek open communication with them about their current situation.

Should You Cut Your Marketing?

The marketing budget is usually the first thing you’d want to cut. It sounds like a good idea to keep your marketing budget so you have more cash flow right?

But remember, without marketing, you’ll have fewer clients which means flower cash flow. Marketing sometimes takes a while until the effects are noticeable. That’s why you think you can cut it for now. The potential risk is, however, that by the time the lockdowns are over you are left with no clients as you didn’t do any marketing.

Before you cut any expenses, do in-depth research and strategizing session. Even cutting the pay of employees can create long-lasting damage. It could destroy the team it took you years to build. Make decisions you feel comfortable with.

How To Increase Cash Flow

Now you know why cash flow is more important than revenue. But how can you generate more revenue during the downturn? Here are a few strategies.

Add A Strong Guarantee

First, you can increase your sales by giving better guarantees and warranties. This might sound counter-intuitive. Won’t your customers abuse your guarantee? If your product is good, then the opposite is true. Here’s why:

Most customers feel reluctant to buy because all the risk is on them. If there’s no guarantee the decision to buy is so much harder for them. If you offer a strong guarantee or warranty, you reverse the risk. All the risk is now on you.

But since your product is good and does what you promise it does, there’s nothing to worry about. Most people won’t use the guarantee if they are satisfied. So, for nearly all businesses a good guarantee (which has no loopholes) increases sales. But it doesn’t cost more to sell the same product with a guarantee. Hence, you have more cash flow.

Engage New Customers

Another great way to increase the cash flow is to actively look for new customers. What are some untapped markets you can branch out to? Maybe you’ve done a lot of local business and don’t have many online solutions? Now is the time to go online and build a customer base there.

Selling an online product is so great because you don’t have much overhead cost. For most, you don’t have to keep any stock – as the product is digital and not physical. The customer doesn’t have to wait for delivery but can get started right away. This is especially true for info products or online coachings.

Low overhead costs but increased sales result in more cash flow. Sometimes, what you sell only needs to be tweaked slightly so it can be sold online. It’s one of the best ways to increase cash flow during the lockdown.

Dare To Release Beta Products

Do you have any upcoming new products or services which aren’t fully finished? Instead of fleshing everything out to complete detail, it will pay off to release your product early.

Especially if what you created helps others to get through the downturn. For example, maybe you offer online coaching on how to take your business online. But the last two modules aren’t recorded yet. You’d want to release the program already and make sales as you finish it.

Most of your customers won’t mind or won’t even notice. By the time they get through the program, you’ll have everything set up for them.

Alternative Pricing Structures

If you need cash flow fast you might want to adjust your pricing structures. If customers aren’t able to pay the full price upfront, maybe they can pay half? Maybe even offer them a payment plan over the next three months – that way you get cash in every month.

Many businesses offer gift cards that allow them to generate cash now and take care of the fulfillment later. This is best marketed to customers who are already loyal and want to support your business during tough times.

You might be tempted to offer your product or service for cheaper for the sake of making cash flow faster. But often it’s not necessary. Just extending the payment period over a few more months helps. Fall back on payment plans before you start giving discounts.

Want More Money Habit Secrets?

You’d be surprised but most business owners don’t know much about the differences in revenue and cash flow. It’s easy to start a business but it’s a lot harder to maintain it – especially if an unexpected crisis hits.

You might have noticed that Dan Lok’s businesses have taken a very minor hit from this recession. He didn’t have to let go of any employees, he still has his marketing running and he released some new solutions in the last months.

How was he able to do that? The thing is, Dan Lok has seen five recessions during his time in business. So, he naturally adopted some money management habits that keep his business safe.

If you want to crisis-proof your cash flow and income, wouldn’t it be valuable to learn from his experience? Right now you can do so, with the Millionaire Money Habits Video Training. Right now you can get the training and save 50%. View all the details right here.