Last Updated: Jul 26, 2016
Having multiple streams of income from your small business can help boost your profits and cushion against losses during slow seasons. Here are several ways you may be able to add additional income streams to your business.
You have your business, and it’s doing well. Something inside you is pulling you to something else, though. It’s not that you want to start a second business, you just want to do more with the business you have now. Multiple streams of income will give you that something more you’re seeking. Not only will it be in the same industry as you are already in, but it can significantly increase your income.
Teach an Online Class
This is a great way to position yourself as an authority in your industry. Hold classes that have to do with the products and/or services you sell. You can use a website such as Udemy to run your class or advertise it on your website and hold the class via phone, email, or Skype.
You make money by charging people to take your class. You can offer learning materials such as documents, videos, and audio files. People love valuable content, and they will pay for it.
Starting this alternate stream of income can be cumbersome in the beginning as you get the platform and materials together. However, once it is set, you won’t have to do much every time you hold the class.
Write an eBook
Many businesses choose to offer additional content than what’s on their website to make extra money. When you write an eBook, you can sell it on your website, Amazon, or other websites people browse for electronic reading materials.
You make money off every eBook you sell. If you sell it on your site, you will receive 100% of the price. If you use Amazon or another site, you will have to give them a cut of the price of the book. Usually, people find this to be worth it since sites selling eBooks have a lot more traffic, so there’s more opportunity for them to sell.
This is another option that takes a lot of work in the beginning, but once it’s done, you don’t have to do anything else. Many people do this as their main business, but it’s doable as a side one that goes right along with your current business. The benefit is that your eBook will likely interest people who would be interested in your services and/or products, which could end up increasing your revenue in that way as well.
Sell Products/Services Related to Your Current Business
Many people expand their business by offering more. Let’s say you are currently selling hair services for your salon on your website. You’ve received a lot of business from it, so you decide to offer the hair care products you have in your salon. Now, you not only earn money from new clients who find your website and choose to come see you, but you also make money from the sales of the products.
Think about what you could sell in addition to your products or services. If you’re already selling products, think of services you may be able to offer people. It doesn’t have to be services offered offline. Get creative and think of services you can offer online, and you’ll really be busy with making extra income as everyone turns to you for not only your products, but also the help you provide.
If you do not want to offer additional products or services, you can become an affiliate. Affiliate marketing involves taking products or services people sell and market it for them. You receive a commission when they receive a sale from your marketing.
Many sites exist to help you become a successful affiliate marketer. The following are the most common ones that have products and services for you to sell and earn commission.
You can also browse websites with products and services your audience would like, and then see if the owners have an affiliate program. If they don’t, contact the owner to ask. Many people are more than happy to offer a commission for any sales you bring their way.
There’s so much more you can do with your business. When you’re ready, go ahead and get started on an alternate stream of income. You can do as many as you have time for, which means your income potential is limitless.
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