Extra Revenue Streams That Everyone Can Add To Their Business
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If we were to start a game of ‘Word Association’ using the word ‘business’, around 90% of players would follow up by shouting ‘MONEY’ at the top of their lungs. That is because the two are synonymous. A business where the primary focus isn’t sales is a charity. That is why your primary focus is no doubt improving your bottom line and maximising revenue, and one of the most effective ways of achieving this is by creating new revenue streams within your business.
It doesn’t matter what your business is – whether it is product-centric or service-based – being able to increase the amount of revenue sources is going to wonders for our success. The big question still remains, though, and that is how? How can you create more revenue streams to your current business?
Well, to help you out a little bit, we have pulled together a selection of ideas that you may want to consider exploring as you move forward. You may be surprised at how quickly your original source of income becomes your secondary source.
Add To Your Current Offering
A lot of small business owners realize that the best way to enter a market is by focussing on a specific niche and expanding from there. However, knowing how to expand on your original offering can be quite hard to wrap your head around, especially when you are so invested in what you do already. However, it could be easier than you first realized. Let’s say you run a landscaping business, one that specializes in lawn care. You might just find that adding pool maintenance to your services is easier than you thought. After all, you have the means to offer it – bar the specialist equipment – and it is a maintenance issue that burdens homeowners. By adding more services to your current offering, what you will find is that you gain new clients, satisfy current ones and improve on your revenue without much upfront investment.
Get Into Affiliate Marketing
If you are already an established company with a large number of clients or customers then you could find that affiliate marketing offers one of the most effective ways of adding numerous revenue streams to your business. As the experts at www.serviceskills.com/reseller.asp put so poetically, affiliate marketing is a great way to earn a second revenue stream, and all it takes is networking. Sure, it may take a little bit of time before you learn the ropes but, once you do, wow, it really is a great way to sell products and services that aren’t yours. That means there is very little risk and yet a very good chance of earning a healthy income, which is because you are essentially a broker.
Offer Training Course
People see the value in paying for training courses because, well, as the old saying goes, “give a man a fish and you will feed him for a day, but teach a man to fish and you will feed him for life.” It could be that you offer training courses that help people maximise what they are getting out of their initial investment, or it could be a training course that helps people better understand the marketplace that you operate within. Neither of these is too strenuous to create and, if you are clever about it, could open up more than just the one additional revenue stream. You see, you could offer live workshops that people can come in and attend, for a premium price obviously. You could then record these workshops and sell the videos for a discounted price, not only creating an additional revenue stream but a passive one too. Now that would be a truly awesome route to succeed at.
Benefits Of Business Blogging
More and more small-businesses are starting to understand just how beneficial a blog can be in helping them become a thought leader in their industry. That is the most beneficial reason to add a blog to your operations. However, what could come off the back of this is an additional revenue stream and, yes, another passive income. Of course, it is worth mentioning that this is not a fast way to riches. Instead, it is something that requires a lot of understanding, a lot of time and a lot of work, so it could be worth outsourcing this task. What works is an understanding of SEO, great content and social media marketing and, by work, we mean these will help your blog start to become successful at selling associated products and service, as well as good old fashioned advertising space.
Get On The eBook/Podcast Thing
Another great way to add a passive revenue stream is to write and publish an e-book and stick it on your website for all to see. This way you will be offering people a resource that educates them on a certain topic that they find valuable. This could be how to find a supplier abroad, how to master online marketing, how to start a business or just about any area of self-development in business. If you have no idea how to do this, why not pick up an e-book on the topic and see what they say. The rest is easy, especially with the Amazon Kindle Direct Publishing platform. Like we said, this will add more value to your service and that is what will build trust with your clients and customers as well as extend your reach. Of course, it doesn’t have to be the e-book route that you go down. It could just as easily be that you produce an audio book that specializes on the niche topics we mentioned above. This could be a one off or it could be a series of audiobooks that are available to email subscribers. To get this right, though, you need to make sure you can offer high-quality production as well as great content that people find valuable.
As you can see, it doesn’t matter what industry or sector you operate in, or whether you have a product or service based business, there are plenty of ways to add revenue streams to your operations.
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