Clues on how to Achieve Consistency in the Income Generated by your Enterprise
When the income from the business becomes inconsistent, that is where the challenges start. You cannot predict the amount you will be generating from the business during its first days. As a result, you will face several challenges when planning for the business’ future. Creating more reliable financial sources in your business will guarantee you financial security throughout the business operations. You will also have less worries of your enterprise plunging into losses and eventual closure. The following are some guidelines on how to get more consistent income.
You need to come up with a perfect payment plan that will be used to pay for your services. You need to sell your services to buyers in such a way that it looks like a payment plan. This is the most effective way that you can be assured of a consistent and continuous income in your business. You can ask the client to pay you for this service in installments over a certain number of months, rather than paying you the full amount at once. This will allow your customer to plan well on paying for this service, and you will in turn be able to predict how much and when are you receiving the money. This company will benefit from this scenario, and the client will equally be satisfied with that option.
Another way is by using a retainer. You can ask your clients to pay a certain amount which is fixed, say monthly, and you will be doing the service at certain agreed times. For instance, if you are handling a given company’s site, you can request this company’s management to pay you some fees at the beginning of the month, and then the rest after you complete the contract. You will then receive the rest of the money after accomplishing the task. In so doing, you will be paid per-month, rather than getting paid per-service. You can be sure of receiving some amount of money at the beginning of every month.
You need to work for companies that can give you advance commissions if they pay commissions for your services. If you get hired by a client who will be paying you a commission on your services and you have to wait for payment, it will really impact your enterprise negatively since you will wait for a long time to have the money deposited in your bank. You should opt for a client who can give you a commission advance and then deposit the rest of the money in your bank account once you are done with the work. When you do this, you are assured of getting some money that your business can run on while you are working.