Every business needs to generate income and make enough profit to survive, but from time to time, you will encounter periods that are more difficult than others. If you are looking for inspiration to create additional revenue streams for your small business, then read on.
From signing up with the best solar energy affiliate programs to widening your online audience through business-to-business collaborations, we have many suggestions to help you generate more cash.
Unused office space
If your business premises are sizeable, but you don’t have the staff or need to use it all, why not consider leasing it to other businesses? Co-working is becoming very popular, particularly in inner-city locations, where rent levels are high.
You will, of course, have to check any lease conditions if you currently rent. But if you own your premises, it could become a nice little earner and is certainly worth looking into further.
If you have a decent volume of traffic to your website or online media platforms, affiliate links are a great way to generate extra revenue. All you have to do is add affiliate links to your content. Then you will receive a small commission if and when anyone purchases or utilizes the affiliate link’s goods and services.
Payment levels vary, so it’s a good idea to do a bit of research on commission rates and review any terms and conditions before going ahead.
Increase your range of products
If you run an e-commerce business, then you need to make sure you keep your customers engaged. One way to do this is to ensure that you have a wide enough range of products. Your current product line could be generating adequate sales. Adding more diversity in the product line could attract a broader client base and give your business a boost. So lit may be worth adding to your existing lines.
Ask customers for feedback, find out what they are looking for, and do a bit of market research before taking the plunge. Get it right, and you could see a spike in profits, get it wrong, and you could end up with stock you can’t get rid of.
Business to business collaborations
A great way to generate more cash is to collaborate with other businesses. As well as opening yourself up to a broader audience, it can also lead to increased sales and healthier profits. It’s crucial, however, that you approach business that will compliment your business rather than compete with it.
For example, if you run a successful florist, targeting wedding dress companies or funeral homes would make perfect sense. If you own a craft shop specializing in gifts for kids, forming professional relationships with local soft plays or children’s activity workshops would be an excellent combination.
Creating new revenue streams can be hard work and take a bit of effort, but if you are focused, driven, and willing to do some leg work, you should have no trouble making it happen.