3 Simple Ways to Generate Cash Flow
This article focuses on generating cash as a full time job or “on the side” to support your business. These are three easy methods that will help you grow your business while generating more cash on the side.
1. Watch the Market Trends
Imagine selling the hottest product on the market and generating excessive cash flow for yourself and your business. Now imagine watching your profits deteriorate because you did not keep watching the market for the next “big thing”. There is a new “hottest item” on the market and you missed out at being on the leading edge because you didn’t think ahead. Keeping ahead of market trends can be amazingly easy. Just think, around Christmas people buy of millions of dollars worth or supplies, decorations and trinkets for a 1 day celebration! Also, everyone with school aged children goes shopping for “back to school” time. Simply by watching the market and sometimes the time of year, you can dramatically increase your cash flow. This is what thousands of sellers on eBay do each day!
2. Diversify what you Sell
No matter if you are selling on eBay, the internet or face to face; having a full “portfolio” of products will help you to be successful. If you are selling one type of product, what happens if it stops selling well in your market. The price drops, and you are losing money! A very wise decision with selling is to buy moderately. You can purchase 4-5 of one product and 4-5 of something else. Don’t exceed the consumer demand or the prices will plummet. Another great way to increase cash is to purchase complementing products. As an example, if you own an online store “Great Pens of America” why not sell paper, ink replacements and pen holders. All these products will complement your featured product. This is just an example which you can apply to whatever products you sell.
3. Places to Sell your Products
Where you sell your products can be almost as important as what you sell. If you try selling wonder bras in an online magazine (e-zine) which has a mainly male subscription, you will not get much response (hopefully)! Below, I have listed several very good places to sell your products and services.
eBay – A great place to sell just about everything. I do suggest that you look around through the categories to see what is selling and for how much.
Expos/Conventions – This is a great place to get your products noticed by thousands of new customers. Don’t expect to sell a lot at the expo though. Most of what you will get by talking to people are leads for future sales. Following up with leads and prospects is a great way to keep your business going in a selling drought.
Flee Markets – This is a place to sell just about anything you want. Depending on what type of market it is, you can generally set up a table or booth for about $10-$20 a day. Most flea markets only run on the weekend getting the most traffic.
E-zines – Internet magazines (e-zines) are a cheap and great way to advertise your business or products. Many e-zines are free and have a specific target audience. Before putting your ad in an e-zine, check their subscription target audience and number of subscribers, it won’t do you any good putting your ad in an e-zine which targets the wrong audience or only a few subscribers.
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