Your business always needs to be exploring new revenue streams to succeed. Here are 5 to consider for your success and growth.
5 Ways to Create New Revenue Streams for Your Business
Revenue and cash flow are essential to every growing business. With them, you can grow, match customer demand, and innovate with flexibility. Without them, it’s difficult to do much of anything at all, and it’s even a struggle to stay afloat without the help of outside investors. The question is, how can you create new and successful revenue streams in your business? Well, there are plenty of ways to do just that. It’ll take a little bit of work, and you may have to try a few times before you succeed – but once you do, you can enjoy multiple new revenue streams for your business. Here are 5 ways to get started…
1. Write a Book
It’s now easier than ever to self-publish a profitable book on Amazon. You can base the book around a problem that your business helps solve. For example, if your company helps people create effective Facebook ads, your book could be about 20 tips to create the perfect profitable Facebook ad. The book doesn’t need to be a long one – it just needs to be the right idea and marketed the right way.
2. Host a Webinar
Want to get more consulting leads? Want to sell more of a high ticket product, or simply get more leads? A webinar can be great for all of that, and more. Not only do webinars build trust with your audience and create an asset for your business, but they can also create a new revenue source that leads to more products purchased by your customers. The better you get at hosting webinars, the higher they will convert, and the more revenue you can earn for your business.
3. Create a New Product
There are plenty of products you can add to the arsenal for your business:
- Online courses where you teach an expertise related to your business
- Ebooks
- One-on-one coaching
- Physical products
- Applications
- Software products
For example, if you run a business that creates done-for-you online courses for a premium price, you could create a lower-priced online course that trains people to build online courses themselves. This is an excellent way to get customers who aren’t ready to invest in the premium offering but still want to work with you for a smaller investment.
4. Work with Affiliates
Have you worked with any affiliates in your industry? Other businesses that offer a product that aligns with your customers’ wants and needs can be great affiliate opportunities. For example, let’s say you sell a green health powder, and so your audience is very fitness and health oriented. A potential good affiliate offer could be for another company’s whey protein product, where you get 50%-75% of the sales that you help generate.
5. Get a Speaking Gig
Not only can public speaking make big chunks of revenue, but it can also get you and your business more exposure, help you get more customers, and assert yourself as an authority in your industry. What’s more, more and more events are happening, so the demand for public speakers is going up. Here are some tips to get started with public speaking:
- Connect with speakers in your industry (you can start by reaching out on LinkedIn)
- Find events and conferences you’d like to speak at (Lanyrd is a great resource for this)
- Have a website for yourself if you don’t have one already, and include testimonials and a promo vid of you speaking
Conclusion
With a healthy new revenue stream or two, you can lift your business to new heights. You’ll be able to fund more innovation, be more capable of fulfilling customer demand, and have more funds to reinvest and continue growing.
