Grow Your Business With These Extra Revenue Streams

 


To grow your business, you need to have the income coming in to help you achieve your goals. Considering the surprising costs of running a business, you may not always have what you need to fulfil your ambitions. There are at least three things you can do in such a situation.

  1. Look for ways to make cutbacks with your spending.
  2. Extend your marketing to gather more customers and clients.
  3. Use extra revenue streams to increase your monthly income.

Taking that last point in mind, here are some ideas you might find useful for your business.

Ideas For Extra Revenue Streams

Extend your services. Is there more your business can offer? While you don’t want to spread yourself too thinly (and become unproductive elsewhere), you may be able to come up with ideas to offer an extra service to your customers. A retailer may charge a small fee for gift wrapping, for example. Or you may be able to explore a new avenue, finding ways to sell your product to a previously unconsidered demographic. This idea will be personal to your business, so consider ways you can do more within your company.

Benefit from reseller hosting. When choosing a hosting company for your website, consider opting for somebody who offers reseller hosting. This is an easy way to supplement your income, as you can then create your own hosting packages by sharing your bandwidth and disc space with other businesses. There is more information here on this profitable venture.

Become a guest speaker. Do you consider yourself to be something of an expert in your field? Do you have knowledge that other businesses can benefit from? Then provided you don’t have a fear of public speaking, hire yourself out for seminars, conferences, workshops, and other business events. You might also directly approach other companies with details of your expertise, as they may then hire you to share your skills and knowledge with their employees.

Offer an online training course. As above, but rather than going out to where people are, let them come to you. While you could offer live workshops using video communication software, you might also pre-record them, having them available on your website for anybody willing to pay to access them.

Write an eBook. Continuing on from the above, you might also share your industry expertise by writing an eBook. Covering the topics that you think are relevant to others, you can either write it yourself or hire a freelancer to do it for you, using sites such as Upwork to find somebody. You can then publish it yourself, using the services provided by Amazon and the like, or pay a publishing company to design and distribute it on your behalf. You should also market your book yourself, using your website and social media channels to give it a push.

Use Google AdSense. You don’t have to do a lot to make this work for you. With AdSense, Google will place ads your site, and you will get paid everytime someone clicks on them. While you may be resistant to having lots of ads on your website, you can limit the amount you allow and can rest easy knowing that the ads will be relevant to your business.

These are just a few of the extra revenue streams available to your business, and there are others, so do your research. We hope you found this article useful, but let us know what you think, and share your money-making ideas with us too.

 

Thanks for reading!

 

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