5 PROFITABLE WAYS YOUR BUSINESS CAN EARN MORE MONEY
Growing a small business might seem daunting to achieve, but with the right ideas and strategies, you can definitely reach rewarding results.
Business success relies heavily on the amount of money you can generate as a profit. The more money you earn, the higher the chance for your business to survive and strive.
Most small businesses cannot generate enough income to sustain their daily operation because they don’t look for different ways to diversify their income streams and bring more profit to the bottom line of their business.
There are many side revenue streams that you can apply right away, which will get your small business a glorious return with less money, time, and effort.
Here is a list of 5 side revenue streams that will add more money to your business bank account.
1. Create Educational Programs and Sell Them as Separate Products
Creating great content is essential if you want to grab the attention of new customers or educate existing ones.
One of the best ways to generate more revenue for your small business is by teaching your customer base.
People are always looking to learn new things and find new ways to solve their frustrations and problems.
They will pay extra for a course or educational product that gets them immediate results with less time, money, and effort.
A good way to start is to create blog posts that inform your customers with specialized information around a specific pain-point related to your product.
They will take all the heavy lifting off your shoulders and make you focus more on growing your business, and oh, by the way, it’s not as costly as you might think!
Over time, you can transform the information into an ebook or record them as a video course.
There’s no denying that video courses are always in high demand, just like ebooks, and the benefit is that you just have to record it once and call it done.
These courses can generate passive income for your business while you are asleep and add more money to your bank account.
2. Sell Complementary Services and Products
One advantage you get from selling complementary products and services is that you allow clients to customize their experience.
Of course, you need to have a primary product. However, you got to add some add-ons or complementary services/products related to it.
For example, if you sell razors as a primary product, you can offer razor blades, shaving cream, soaps, shampoo, and deodorant as complementary products.
Most business owners think that they have to create those complementary products themselves. Although that is a viable option, you can always achieve better results with a simpler approach.
Collaborating with other brands that share the same values of your business is a simple way to earn a commission or affiliate money whenever you make a sale.
It’s not only a great way to create a one-stop-shop experience that serves all of your customers’ needs, but also an outstanding opportunity to up-sell and cross-sell your customers to more products and services that will add more money to your bank account.
3. Create Engaging Content
Creating content is a vital marketing approach because it helps you boost the exposure of your brand.
For instance, take blogging or YouTube videos. Those two mediums can give you significant exposure and new ways for customers to find your business.
Once you create content, you can generate advertising revenue from it, or sometimes, you might even work with other brands and earn sponsorships.
You can use a variety of platforms for content creation. Your website blog is a great start!
Blogging will enhance your website ranking and bring more visitors in the long run that you can turn into customers.
Then you have TikTok and YouTube, which are great for interacting with your audience visually or sharing informative content around your topics.
Creating content for your business is an effective approach to boosting your brand exposure and diversifying your income streams. Two birds with one stone, bingo!
4. Offer Subscriptions
If you’re looking for new side revenue streams, then a good idea is to offer subscriptions.
The way subscriptions work is customers will pay you a recurring fee either monthly or annually to receive or access specific products and services.
For example, some customers might need diapers every month, instead of heading to your website and going through the effort of making an order every single time.
You offer them a subscription package where they can receive the same diapers monthly at a discounted rate delivered to their door. It doesn’t get any better than that! Yay.
You can also create a members-only newsletter and premium content that you only offer for subscribers.
What keeps customers subscribed is the consistency of delivery, exciting unboxing experience, and new products.
Once you deliver packages/services, be it weekly or monthly, you need to stick to that schedule.
You also have to make sure that you always add new exciting things as small treats to their package that add a sense of surprise to the unboxing experience.
To keep your customers subscribed, create new content or products now and then otherwise; they get bored and start looking for a fresh solution.
Many benefits come with the subscription model. For example, you can overcast the revenue you will generate every month. That helps to plan for paying business expenses and inventory or marketing expansion.
Subscriptions are low risk for customers since they can cancel whenever they wish with a click of a mouse.
Then there’s the fact that if you lack an extra budget for marketing, you can still generate sales from recurring subscribers.
Every small business must include subscriptions within their brand business model, as subscriptions are some of the fastest methods to add extra profit to a small business bank account.
5. Renting and Leasing
There’s no denying that some items can be costly for some customers. Leasing or renting is a way for them to try out items they can’t afford or rarely need.
Your business can benefit from this by leasing or renting out those items. You get not only rental revenue but also in some scenarios make a sale because some people who rented the item will end up buying it.
Even if people don’t buy the item, they still might come back to rent it over and over or refer friends to rent it, which in return will add extra cash to your bank account with little to no extra marketing effort from your side.
If you’re looking for a quick and efficient way to add extra money to your pocket, then I recommend giving these side revenue streams a try.
There are always challenges that appear when you want to grow your business, and that’s why it’s important to have a side revenue stream.
It allows you to ease the financial pressure, while also offering your customers more options.
All you have to do is to try it for yourself, choose the best side revenue stream that works for your business, and implement it as soon as possible.
It can make a tremendous difference in the short and long run!
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