Seven MUST KNOWS Part 6 – You Need To Have A Cash Flow Strategy
Does Your Online Business Need A Cash Flow Strategy?
Ask any business owner and they will tell you that cash flow is the life blood of their business. Yes it’s important to have a great product or a great service, but without adequate cash flow your business could faultier and eventually disappear. So having a cash flow strategy is an important element to building your online business, not only for the short term, but also for the long term.
As a network marketer, one of your short term goals should be to get your business into profits quickly. As many of you network marketers may already know, it takes time to build a strong network marketing business, however there are still cost involved in running your business. Cost such as investing in the growth of your business, your multi level marketing company’s product auto-ship, marketing and advertising, web hosting, the cost for time spent working the business in addition to other cost not mentioned here. These costs will put you in the red pretty quickly or at least diminish your bank account without a cash flow strategy. And let’s face it, no one wants to shell out, let alone lose cash consistently month after month without seeing some type of return on the horizon. This is why having a cash flow strategy is so vitally important.
Affiliate Marketing As A Cash Flow Strategy
One great cash flow strategy that can be used to hedge off cost is affiliate marketing. Affiliate marketing is where you agree to market and promote products or services via an affiliate link (a link which identifies who gets credit for the sales) and receives a portion of the sales generated through your link. I highly recommend this cash flow strategy, but make sure you choose affiliate programs which offer your subscribers a number of different products, tools, resources and services that are geared towards their niche or will solve a problem for them. Basically, offering affiliate products that will solve a problem for them or help them. See Seven Must Knows Part 3 on Free Value Propositions.
Where To Find Affiliate Program For Your Cash Flow Strategy
There are virtually hundreds of online affiliate programs and generally there is zero cost involved in joining an affiliate program. Usually, it’s as easy as filling out a form with some required information – basic info such as name, where to send your check, etc. They then provide you with a link to promote their products or services. Though I will not recommend any particular product here, I will tell you where you can find hundreds of products and or services that can be marketed, promoted and sold to your subscribers. The main things that you must keep in mind as you choose your affiliate products and services are that they are geared towards your subscriber’s niche and they solve a major problem for them or help them. Here are 3 recommended resources for affiliate programs: Clickbank, Commission Junction and Amazon.
Finally, there are three things to keep in mind as you think about your cash flow strategy: 1. Try to maintain a business budget and always know what is coming in vs. what is going out. Anything monies spent needs to be allocated as per your budget. 2. Allocate monies towards your business growth. This can be on things such as resources that will help you in building your business and 3. There should be some diversity in your income sources. Don’t just depend on one source of income for your business, so have a few sources of income coming into your business. This can be income for your cash flow strategy such as affiliate marketing, or income from your retail sales or income from your network marketing compensation plan.
Live Your Dream,
Cash Flow Strategy
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