It’s no easy feat to build a thriving business enterprise that remains profitable for years on end. This type of goal doesn’t just happen by chance. In fact, it happens by choice. Any entrepreneur who’s built a sustainable business for multiple years understands the value of systems, goals and repeatable revenue. If you’re a business owner who is looking for ways to create new revenue streams for your business, consider the following tips.
1. Rental Agreements
If you currently own the building you’re operating out of, consider renting rooms to different organizations when you’re not using the space. If your hours of operation are from Monday to Friday, you can rent the building out to non-profit organizations like churches for specific hours. Turn it into a co-working space for various companies to rent rooms or desks. If you have major equipment you can rent to other companies for a specific fee, that’s another great way to generate rental income.
2. Investing
Develop a reliable investment strategy for your company. Designate a specific percentage of the profits to go towards investing in foreign exchange currencies, ETFs, stocks and mutual funds. It’s even great to designate a portion for bitcoin and other cryptocurrency options with a platform like Bitcoin of America. Diversify the investment portfolio in order to make sure that you don’t lose everything in the case that an investment goes south. Plus, make sure your investment income isn’t anything you’ll need anytime soon. Investing is best played as a long game. Plus, just like you and your employees work really hard each day, it’s best to make sure your money is working hard for you as well.
3. New Products and Services
Listen to your customers. Notice what they seem to gravitate towards the most. Create new products and services that mirror what your customers actually want. If you own a t-shirt business, consider the cuts your customers want. If you only provide crew neck t-shirts, you’re missing out on a whole audience who actually prefers v-neck t-shirts for comfort. It’s okay to ask your audience what they want. It’s also good to pay attention to what’s missing in the marketplace. Additionally, do the research to make sure there is an actual demand for what’s missing. Once you’re clear on what products and services are needed, provide them.
4. Affiliate Marketing
Affiliate marketing is going to be especially helpful when you have an online presence. Start a YouTube channel that surrounds your company’s topic of expertise. If you run your own practice as an esthetician, create content that teaches others how to improve their skin. Become an affiliate with major retailers, get your own affiliate codes and advertise products that you’d recommend to the average listener. Put the links in your bio. As people click the link to purchase, your company will get a commission. You can also create your own affiliate program. As people promote your company’s products and services, offer them a commission once someone makes a sale. You’re basically rewarding a customer for bringing new revenue for you.
As you consider different ways to develop revenue streams, it’s also important to pay attention to the process. Track all data. Take note of what processes work. Test different strategies in order to get an accurate understanding of what works best. Once you’re able to find the right strategies, focus on mastery. Then, your business will soar to new heights of sustainability and profitability.
