If you run a growing business, you will already know the challenges presented when it comes to generating a healthy profit. You’ll also be aware that maintaining a healthy profit is even more difficult.
While this adds to the stress of running a company, there are ways to alleviate the pressure. One such way is to introduce additional revenue streams into the business. With more revenue streams, your business has a greater chance of thriving and being in a position to grow.
Obviously, the types of revenue streams available depend on aspects such as what sector your business operates in, the products sold, and services offered. However, this article will serve as a general guide for new revenue stream methods you could implement into your business.
1. Sell in person AND online
If you have only started your business in recent months, it’s likely you have only gone down one avenue in terms of how to sell your wares. If you are located exclusively on the Internet, then look into ways of shifting products in person. The opposite also applies if you have a brick-and-mortar store or market stall.
While moving onto the Internet with an e-commerce shop is fairly straightforward, the same cannot be said when expanding towards a physical presence. However, setting up shop at the occasional trade show is a good starting point.
2. Create a subscription service
With the rise of subscription services in recent years, it makes sense to utilize this service. Not only is it a profitable venture, it can also encompass many different business types, from subscription boxes to lectures.
The advantages don’t stop there, either.
Here are a few reasons to introduce a subscription service:
- You receive a consistent revenue stream.
- There’s no need to constantly acquire new customers.
- You can shift on any products which are sitting around.
- It provides a clearer picture of your future revenue, and you can plan around it as a result.
3. Produce eBooks
There’s great potential when introducing eBooks into your business. They are simple to sell, there’s no worry about holding stock, and they can be distributed and promoted with ease.
Although eBooks work as a standalone product, they can also add further value to your current offerings. For example, you might distribute blenders. If you create an eBook with blender recipes, this could be included for free with the blender.
4. Blog up a storm
If you create an eBook, then you might as well go all-in with the writing idea by producing a company blog.
There are numerous reasons to start a blog. Post ads onto your website – non-competitive ones, of course – and you can then monetize the blog. The more traffic you garner with your content, the more money you will generate from this side venture.
Aside from using it as a new revenue stream, the blog can also be utilized for its search engine optimization (SEO) potential. Create informative, high-quality content, and you could even position yourself as an authority in your business sector.