For businesses, growth happens either through increased revenue or external funding. They could either extend their presence to other locations or run a franchise model, allowing other entrepreneurs to operate under their brand for a fee.
Read more about How-To
But if you don’t want to follow any of these paths, you’ll have to rely on revenues from your business. You will need to find a way to grow revenues faster than you’re doing right now.
One way to achieve this is by adding more revenue streams to the ones that currently exist. There are many ways you could do this. The method you go with may ultimately depend on the nature of your business or industry.
Creating More Revenue Streams For Your Business
Let’s go through five ways you can create more revenue streams for your business.
Introduce More Products or Services
This probably comes to mind first. If you want to earn from more channels you currently have, you could create more products or services and add them to the existing ones.
Be sure that you have the resources to make this happen. It’s a mistake to go down this route without considering how much you’ll expend. Also, you should only introduce a new product if there’s demand for it.
Another thing to make sure of is that this new product is related to the ones you’re already selling. You don’t want to confuse your customers and prospects by offering them products from very different industries.
If you tick the boxes we’ve discussed above, you’ll have a good chance of earning from the new product(s) you provide.
Expand Your Online Presence
You may have a Facebook or Instagram page. You may even be doing quite well with them. But have you considered establishing a presence elsewhere?
A website (e.g. an online store) could bring in even more customers—and revenues –to your business. The same can be said of online business directories. The latter is great for attracting local customers if you have a physical store or office.
While it’s a good idea to be present on multiple social media networks, be careful to not spread yourself too thin. Some social networks are more suited to your kind of business than others.
Sign up to the Connect Nigeria daily newsletter
If you’re good at what you do, you can train others at it for a fee. This works for a variety of businesses: fashion design, baking, auto repair, furniture production, and many domains of tech.
A lot goes into creating and teaching courses, so you’ll have to take your time with them. Many businesses offer courses periodically, so training can be conducted in batches.
Ultimately, it’s up to you to decide how frequently you’ll have this training. Just be sure that they don’t disrupt the flow of your core business.
Listen To Customers
If you don’t know what else to sell besides your current products or services, you may consult your customers for ideas. Ask them what they’d like to see. You can do this with a survey, or by discussing with them one-to-one.
Look out for answers that recur frequently; they may be worth exploring. Some responses will sound interesting, and worthy of consideration.
After collecting opinions, run them by other people at your business, or mull over them for a while. Again, it’s up to you to take the final decision on them.
Distribute For Other Manufacturers
Perhaps there’s a manufacturer whose products your customers already like. Find out more about that producer; if their terms are fine, you may land a deal with them and begin selling their products.
Broadening the variety of products you sell could be a step towards increasing your revenues.
These are some of the best ways to diversify your revenue streams. Find out which ones work specifically for your business, and begin the journey to boosting your sales.
Featured Image Source: Forbes
Got a suggestion? Contact us: email@example.com