Having one way of getting income for your business is good, but there are plenty of ways to diversify it. Even if you get a small amount from each, it helps you to grow as an entrepreneur. Plus, who does not want more money!
We have come up with 5 different ways you can make your business grow with different services or possible money making strategies.
Wether there’s a pandemic or a global situation that affects our economy like we’ve seen in recent years, it’s always a great way to make sure you aren’t relying solely on one thing.
Why is it so important to diversify?
Many will fall into the trap of staying where it’s comfortable and not try to reach higher more rewarding goals. Simply because it’s a scary thing to do, the fear of the unknown and it’s normal to have that. Having your one consistent revenue stream is good by itself. The risk is that for whatever reasons, it could fall apart and you are left scrambling to stay afloat. Hence why minimizing the risks in different ways can greatly impact you in the near or distant future.
Depending on that 9 to 5 job or the sole way your business is making a revenue can lead to disaster in the long term as you are never truly prepare for anything in this world. Like many, they’ve lost their jobs or had to close their business due to the pandemic. This is the main reason why it’s so crucial to be constantly looking at your industry and the market, so that you can improve somewhere else you might of have never considered before.
5 ways to diversify your revenue streams
1. Don’t just stick to physical space, go Digital!
Going from your brick and mortar store mentality to the online potential can be quite overwhelming at first. There are way more possibilities nowadays which makes it hard to navigate through it all. Or even simply trying it in the first place.
From building a website, creating your social media presence, or simply just maintaining it all can be quite a burden for a lot of people (and it’s understandable). But wouldn’t it be a better thing to see this as an opportunity instead? A chance for you and your business to grow and maybe be ahead of some of your competition.
For example, the fitness industry has jumped on that trend since 2020 and have taken things virtual. That move has changed the way they are building their strategies as it kept them alive during hard times. It’s maybe not everyone who needs to jump into making videos for their potential customers, but it might just be the jump you need to quickly start a new chapter.
2. Use what’s already available to you
In our day to day life or in the business side of things, we don’t normally use all the resources we have at our disposal. It does not matter what or how specific your business is, there are always options available for you to expand. It can be simply by finding other businesses to partner up with or creating different services that people would not expect, but might find great value in it.
Partnerships with other businesses, city halls, events or other like minded individuals has the potential to help you grow so much. It’s in those unexpected moments that you can have a great deal that could start a lifelong revenue stream.
3. Add a subscription service
If you have customers who are loyal to your business, it means you have something that attracts people. When they say it’s the little things that matter in life, they truly mean it. By adding a subscription base service, wether it’s a monthly delivery of your products or small magasine style news letter about your industry, makes clients feel like they are part of something. Whether you charge a price or not, both can lead to sales in the long run.
There are many ways to create a subscription service, you just have to find something that makes sense for your business.
4. Offer workshops or online classes
These types of revenue streams have become increasingly popular nowadays. Videos have been proven to increase traffic more than pictures on websites, by over 88% in fact.
It does not really matter what you do or what service you provide, there are tons of the possible ideas you can have to create videos that your customers would actually pay for it. Whether it’s a monthly fee to have access to your library of knowledge, to a one time download. It does not have to be complicated, even a simple guidebook can be something customers are interested in.
This is something you can be as creative as it can be, since there are tons and tons of options available.
5. Try your hands at consulting
Now, this might not be for everyone that’s true. But it can be very lucrative if you find the right clients for you. This also can be a one of one, group or even b2b (business to business) consultations.
Let’s say you own a small restaurant or food business, offering help to other restaurants or people trying to get in the industry can be quite beneficial. Plus you know, you get to help others build a dream like you had before!
The point is, you have the expertise necessary to consult in your industry no matter what you do. You’ve done it before, maybe have seen it all, but that guarantees you have knowledge enough to build this kind of income stream.
Tips for Building and Managing Your Income Streams
Looking for more small tips while you are searching for your next brilliant idea? Here’s a few things to help you.
- Look into your current clientele and see if there’s opportunities to grow
- Don’t be afraid to try new things, once you overcome it, it’s truly the best feeling!
- Not everything will work and that’s ok. Don’t be too hard on yourself if it does not work, not everything is meant to be a million dollar idea.
- Keep things organized. You don’t want to have to deal with a mess as this affects your workflow. Plus, things are way more easier to build if you’ve properly managed them since the beginning.
Diversity your income to create safety
By having multiple source, you will feel more at peace knowing that you have more than one way of bringing food to the table. Not only you might discover new opportunities that will ignite that fire in you, you will feel empowered to tackle anything. Now, go out there and build that dream of yours!