Great Ways To Create More Revenue Streams For Your Business
A lot of businesses have a core product that brings in the majority of their revenue. If you’ve read about the 80/20 principle, you’ll know it’s a good idea. It doesn’t mean you should stop looking for other ways to make money.
If you can find unique ways to create more revenue streams it’s like getting free money. You already have customers and you’re offering them something they want. Here are a few cool ideas you can use to get started.
If you’re in the right industry, it might be good to hold an event every year. Companies have started big ones in the fitness industry. Mr. Olympia was started by someone who sold fitness magazines and supplements.
When people visit the event they might get to hear from excellent professionals in your industry. Your products will be associated with those experts. It’s not too hard to throw one event every year if you have a big team.
Podcasts usually sell apparel covered in slogans they come up with. It’s a good way for listeners to support the show. If you had a Youtube channel related to food, you might want to create branded hot sauce for your fans.
The product you create only needs to be related to your business, but it can be completely different from your core business model. Sports teams are great at this because they sell jerseys, mugs, and a million other things.
Once you’ve created software, you’ll make almost 100% profit on everything you sell. You might need to update it every once in a while and you’ll need someone to answer emails, but the profit margin is unlike anything you’ve seen before.
It’s going to depend on which industry you’re in but software is a possibility. When it’s available on your website someone can buy it while you’re asleep. You will need to ask your customers exactly what they want first.
Amazon Prime is a good example of a business creating a membership site. When someone has signed up they’ll pay Amazon money every month even when they don’t buy anything. Members are entitled to a few special perks.
If you want to start a membership site you can give members big discounts. Offer them free digital products, a chance to win prizes every month, and anything else you think would tempt them to hand over money every month.
A business should never have third-party ads on its website, but you can post informational content on Youtube. Information about your industry versus specific info about your business just because customers would enjoy it.
Put google ads on your videos and you could earn tens of thousands of dollars per month. Everyone expects ads on Youtube and other social media platforms, so it wouldn’t have a negative impact on how people view your business.
I bet there are thousands of little ideas you’ll be able to test out. If you add up all the extra revenue it’s going to be worth it.
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