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5 things I’ve done when no money is coming in to my business

Does it make you sweat when no money is coming in to your business?

We’re diving into a topic that every business owner knows all too well: what to do when no money is coming in.

Remember those days of a steady paycheck from a 9-to-5 gig? The good old days of knowing exactly how much you’d bring in each month. Well, being a business owner isn’t like that. Some months, you’re cruising; others, you’re wondering how to make ends meet.

The inspiration for this episode hit me recently. I’ve been working with ads for almost a year now, trying to crack the code for consistent sales. Most months, I’m in the green, but there are those months where I’m just breaking even. So, when some of my ads weren’t converting as expected, I decided to switch gears and brainstorm ways to bring in some cash without spending any.

5 things I’ve done when no money is coming in to my business

1. Sell to a segment of your list

Instead of bombarding everyone on your email list with sales pitches, focus on a smaller segment that’s more likely to be interested. Maybe they’ve bought from you before, downloaded a lead magnet, or showed interest but didn’t pull the trigger. Tailor your message to their needs and make it irresistible.

I’ve done this before with a group who purchased Picture Perfect Brand Presence. I sent emails promoting the next step, DIY to Deluxe: Branding Course, and had good results.

2. Market research done right

Don’t rely solely on online forms or social media polls for market research. Get on the phone or Zoom with your target audience to understand their pain points and desires. Ask them about your offer and its set price point to gauge their interest. Their feedback will be gold for refining your messaging and offerings.

Want to learn how to do market research the right way, so you can create a suite of offers your clients can’t wait to book? Check out Well-Oiled Offer Suite.

3. Put yourself out there

When times are tough, it’s tempting to retreat into your shell. But this is when you need to push yourself out there. Create valuable content, network like there’s no tomorrow, and reach out to potential clients. Don’t be afraid of rejection; let them say no, but give them the opportunity to say yes.

4. Review subscriptions and recurring expenses

Take a hard look at your monthly and annual expenses. Are there any subscriptions or services you can live without or downgrade? Every dollar saved on non-essential expenses is a dollar you don’t have to hustle for.

5. Cut back on personal spending

Lastly, tighten the belt on your personal spending. Skip the fancy dinners, hold off on shopping sprees, and opt for budget-friendly activities. It’s not forever, just until your business is back on track.

When no money is coming in, make a plan and do something

Tough times in business are inevitable, but how you navigate them is what counts. By being strategic, resourceful, and willing to make temporary sacrifices, you can keep your business afloat and set yourself up for success in the long run.

The podcast for service providers, coaches, and freelancers

marketing strategy, online business growth, and work-life balance

Specific, Applicable, and Fab

First off, Felter’s personality and outlook on business is fab! Second, I was lucky enough to get a sneak peek at the first 3 episodes and dang, they’re spot on. Felter breaks down daunting topics into bite sized chunks. She draws upon past experiences, which is so relatable and makes me feel less alone. A must-listen for business owners!

– Olivia | The Resume Fox, Apple Podcasts

hosted by:

Lauren Felter

owner of Felter Unfiltered | the designer that non-designers love

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