Are you struggling to grow revenue from your current business model? This video will discuss how you can create new income streams!
Multiple revenue streams can help boost your profits and keep you afloat during your slow seasons. It’s time to expand your business to get the most out of it and make more money. Here are five ways to add new income streams to your company.
Sell New Products & Services
This is the most obvious step, but it’s very effective. The more stuff you have to sell, the more money you will make, especially if it’s a product or service that’s hard to find elsewhere. For example, if you run a restaurant, you can start selling your desserts or sauces. If you own a pool cleaning business, you can also offer to pressure wash their pool deck. Some places sell their merchandise like T-shirts and mugs with their logo on them. Just make sure your new products and services are related to your business, of course. You wouldn’t buy ice cream from a barber, right? I mean, you could, but that’d be weird.
Offer Online Shopping
Shopping online is easy and convenient for consumers. Putting your products online expands your customer base to the national or global level, depending on where you decide to ship to. This increases your business’s visibility and your sales. Nowadays, there are many online e-commerce platforms to sell your items efficiently, such as Shopify, Etsy, Amazon, and eBay. Do your research to decide which marketplace makes the most sense for your business.
This is an excellent alternative to selling additional products. All you have to do is market products and services from other businesses, and you get a commission when they get a sale. So you could put their link on your website or social media, and once someone buys something from that link, you receive a cut. The great thing about this is that there’s no limit to how many affiliates you can market. This gives you excellent income potential. It’s also considered passive income, so you can make money while you sleep.
Offer Classes In Your Speciality
One way to generate extra income is by offering training courses related to your business. For example, if you sell clothes, you can offer weekly sewing classes or teach how to design your t-shirts to the public. You can even create a one-time how-to guide on your specialty and sell it online for some bonus income. Just make sure to provide knowledgeable information straightforwardly.
Sublet Your Workspace
If you have an actual location, you can let other businesses use your space during your off-hours. Ask nearby businesses if they would be interested in your space. Maybe you own small office space and let a teacher hold improv classes on weekends. Think of what your space could be used for and talk to businesses in that field. You can advertise online and interview potential sublessors. Don’t forget to make a contract for them to sign to protect you.
First Union Lending Is Ready To Help You Grow Your Business
First Union Lending offers numerous financing programs designed with small businesses in mind. Our business loans are fast and flexible, with financing options ranging from $5,000 to $2 million. We even offer lines of credit to help your business achieve its short-term goals.
Call today to learn more about our various financing solutions to help your business grow and become successful.