As a small business owner, you will always want to have more revenue streams than to depend the whole your company only on one, especially when we know that small businesses operate in the highly uncertain environment. But, how you can create new revenue sources for your small business?
As an entrepreneur, you will always need to work on discovering additional revenue sources for your small business, because these other revenue streams will bring more money to your company. And you know that without money your business will be in real trouble.
Let’s look at six different additional revenue streams that you can use immediately, or you can quickly create and use in your company.
Revenue Stream #1: Create additional new products and services
You can always have extra products as an addition to the current that you already have, and offer to your customers. New products and services will create additional revenue sources that will generate extra income for your small business. Think what you can add as products and services to your current offer, but think about something that will be related to your current offer and will be valuable for your existing customers as an addition to your current business relations with them. In such a way, you will ensure that new products and services will quickly become something that will generate more revenue for your company.
Revenue Stream #2: Start selling online and globalize your company
You can quickly transform your small business from local to national and from national to global. Why not? You already have all required conditions for this transformational steps. Local success will tell you that you can quickly expand your business in other places similar to the basic one where you have started your company.
Selling at the national level will generate more revenue than selling locally, and selling at the global level will generate more revenue than selling nationally. With the availability of today’s technology and the possibilities that enable you to create e-commerce website without spending a fortune quickly, you can instantly transform your business from local to national and from national to global. These are logical steps to generate new revenue sources for your small business.
Here is what you can do with Weebly’s powerful eCommerce platform:
Revenue Stream #3: Offer training courses for your products and services as an additional revenue stream
If your company sell products and services that will require considerable time for achieving operational knowledge for the customers, you can quickly create training courses that you can offer to them as addition to the primary products and services that you already sell. Again, you can create two options for your customers providing them more expensive physical training and more affordable virtual training that will be shipped online through the membership site. In such a way, you can quickly add additional revenue streams for your company.
Revenue Stream #4: Start increasing your customer’s base
Getting more customers will always increase your current revenue. In many cases, small businesses have already achieved the highest revenue limits from existing customers base, and this is the sign that they will need more customers if they want to continue with the growth. The best possible solution is to focus all your efforts on getting new customers that will increase your current customers base. Improve your ongoing marketing efforts to reach much more potential customers for your products and services, and you will create new revenue streams for your company.
Revenue Stream #5: Ask your customers what would they like
If you want fresh ideas that will enable you to create new revenue streams for your small business quickly, you can use your current customer’s feedback to tell you what they would like and want from your company in the future. When you know what they want from you, you can simply build it and ship it to them. If you create and ship what they want, you will increase the revenue for your company.
Asking your customers and listening to them about what they want and what they need will help you to increase the probability of success for your newly created revenue streams.
Revenue Stream #6: Build passive income through blogging and receiving payments from affiliates network or advertising
Another possible and easy to use additional revenue source for your company can be your business or personal blog where you can sell advertising or promote different affiliate products. But, if you chose to use this tactic on your business website or blog, be sure that you will promote only products and services that your customers will like, will be interested for them and will add value to your current offer.
There are many possibilities to create additional revenue streams for your small business. This six that I present here is only the fraction of what everything you can do for this purpose. If you are a creative entrepreneur, you will not have a problem to succeed in creating new revenue streams for your company. Just do it, try different things, and test different things, you will not lose anything.
Question: What type of revenue streams you are using in your company? Do you use some additional revenue streams?