Keeping a positive cash flow is likely to be uppermost in the minds of many solopreneurs during the current coronavirus crisis.
At times when your income is at risk it pays to get creative.
You might be surprised to discover that there are lots of ways that you can make relatively simple tweaks to your existing model.
Once you have explored these, you might want to get a bit more creative...
Can you actually increase your prices - while this may seem counterintuitive, and is dependent upon who you serve, many people would be happy to pay for the value you can offer. Ask your customers or clients what they need right now.
Can you break what you offer down into bite sized chunks at a lower price point?
Do you offer gift cards? If not are you able to offer your customers an incentive to pay in advance. The PayNowEatLater scheme allows you to purchase a voucher for your favorite restaurant, bar, or coffeeshop on their website. After the crisis is over, you redeem it. In the meantime, the restaurant has additional funds to pay its bills for employees or other running costs. Is this something you could try?
Bundling products and services to increase your average sale value
Can you exchange resources or services you currently buy with another business instead of dipping into your cash?
Make it easy for people to pay you - set up mobile and online payment solutions to get paid quickly
Offer customers an incentive to pay quicker than usual, or in full rather than instalments
Negotiate incentives for early or full payment with your suppliers
Review insurances - are you paying for cover you don't need
If you are paying credit card interest can you transfer the balance to a 0% card or low rate card
Choose 3 strategies and explore how they might work for your business right now.