You can never have too many streams of revenue flowing into your business. Like the legs on a chair, generally the more streams of income you have coming into your business, the more secure your business health will be. In this post we get you started with adding five revenue streams you may have never thought to add to your business. They range in simplicity from revenue streams you can start from to day to those that may take more time for planning, but they can all make your business much more profitable.
You might be surprised to know that many business owners are leaving huge amounts of potential revenue on the table by not including upsells. An upsell is the technique of offering the customer a more expensive product or service to increase revenue. Most business owners see upsells as a marginal or unimportant strategy. But the billion-dollar brand 1-800-FLOWERS, Inc. would disagree, since well over 46% of its 2019 revenue came from non-flower products. Imagine that – nearly 50% of their revenue comes from a product that is not the main product. Could it be possible that you are giving up 50% of your revenue by not offering upsells?
There are many customers who will not purchase your base product or service but might be interested in a lower-cost version of that product or service. The benefit of using downsells is similar to using upsells, which is that you would be missing out on revenue that you would not earn from customers who may value your products but might not want a cheaper version. For instance, a downsell of an ebook you sell for $30 might be a special report you sell for $10. Sometimes downsells may even increase sales of your main product or service because downsells also can be a marketing tool that gives the customer an abbreviated version of the full version, leaving them wanting more until they purchase your main product.
Affiliate marketing is a strategy that could bring you revenue through other people marketing your products and services in exchange for a commission. This is another underestimated strategy you should strongly consider. Having essentially an army of people promoting your brand using an array of platforms and marketing channels can add a huge boost to your sales. Imagine having 100 people making sales for you as affiliate marketers. If each one only makes 10 sales per month, that’s a thousand added sales per month driving revenue into your business without much effort or extra marketing investment. As you can see, this strategy could be a very valuable added revenue stream for your business.
No matter what type of business you run today, you have the potential to develop quality content that an audience of consumers are little for. Given today’s world of blogs and social media platforms, turning that content into extra revenue for your business is always within reach. To accomplish this, take whatever you sell and create content on blogging and video streaming platforms that pay you for your content through advertising dollars, such as Medium.com and YouTube.com.
Clone Your Business
No, not literally, but you could add serious revenue to your business by cloning it in the form of a franchise or white label business opportunity for others to make sales using your brand or system. You could collect a percentage from each of the sales that they make under your brand in exchange for your training, support, and branding.
Adding each of these revenue streams could have a huge impact on your overall revenue scheme. Most of them do not take a huge amount of time or cost much money, and yet successfully adding these revenue streams could go a very long way toward helping you reach your overall business goals. There’s obviously no reason to take on all of these ideas at once or at all, but try incorporating at least one that makes the most sense for your business and watch your revenue soar.