6 Ways To Create New Revenue Streams For Your Business
Having more than one source of revenue helps secure your business financially. Moreover, it also drives innovation, and hone the overall customer service delivery of your organisation.
While it is a highly recommended action for small businesses operating under volatile market, many large companies and even famous individuals are also leveraging a lot of revenue streams to maximise the potential of their brand in their existing client base and followers. This includes tech giants Apple, British conglomerate Virgin Group, content marketing expert Neil Patel and William James Adams aka will.i.am of the pop music group Black Eyed Peas.
That said, there is no reason for you not to create additional revenue sources for your business. To help you out, here are six different ways to create new revenue resources that you can use in your company.
- Develop New Products and Services
The first and easiest way to create additional income for your business is to offer new products and service to your market. Just think of supplemental products and services that complement with your existing product line and adds value to your customers. That way, you can make sure that the new product and service will be recognised quickly by your customers.
- Bring Your Business Online
With more than 3 billion internet users worldwide, the online realm is one of the biggest potentials that you should unlock if you’re looking to boost your business revenue.
Establishing online brand presence through a website and social media allows you to reach potential clients and improve your brand image – advantages that would be otherwise impossible or expensive to obtain by other means.
With a lot of free online platforms that you can use to bring your business online, you can easily turn your local business into a global brand without spending a fortune.
- Offer Premium Courses
If your business is engaged in selling products and services that require extensive time and effort to fully maximise their features, you can create training courses that can be offered to your customers as an addition to the products and services that you already sell.
- Expand Your Customer Base
Winning new customers always means an increase in your business revenue. When your businesses has already reached the highest revenue limit from its current customer base, it’s a sign that you need to expand if you want to sustain your business growth. This means you need to initiate new marketing campaigns targeted to potential customers from a different market segment.
By increasing your marketing efforts, you will be able to reach more potential customers for your products and services, helping you create a new revenue source for your company.
- Create Service Plans/Retainers
Many service-based businesses offer packages where their customers will only pay for what they need each month. Applying the same strategy in your business will allow you to have recurring income without pushing your customer to buy from your business again and again.
It also deepens your relationship with your customer as you provide them with rebates and discount on the service or products if they renew their subscription regularly.
For instance, if you run a graphic design company, rather than quoting your clients for every new project, you can instead offer a package that covers your client for 3 months, since many businesses only need new marketing materials quarterly. Doing so will not only help you secure a monthly income but also helps you develop long lasting relationship with your clients.
- Conduct Public Speaking
Offering public speaking not only helps you reach new and wider audiences, it also strengthens your personal brand as an entrepreneur. If your name is already a mainstay in your niche or in your locality, you can take bookings from schools, businesses, and organisations conducting seminars for their employees.
This strategy can take time and effort to fully master, but once you play it right, you can get high-paying speaking engagements regularly.
These are just some of the ways you can create new revenue streams for your business. Do you need assistance in achieving new and additional business revenue? Contact Business Coaches Sydney today at 1300-833-574.