Current times are highly unstable. For entrepreneurs to rely on a single source of revenue can be quite risky. As there’s a constant shift in the economy a small dip can hurt your cash flow overnight. So it is a good idea to create a Multiple Stream Of Income along with your small business. Every good entrepreneur focuses on diversifying and increasing their revenue stream. Using this article you can easily have Multiple Sources Of Income saving you from any unexpected tragedies.
How to Create Multiple Streams of Income with a Small Business?
It doesn’t matter if you are in the initial years of your business or already running it for years. In order to become truly financially secure you’ll need multiple revenue streams. This can help you in scaling sustainably. Not only that multiple revenue streams ensure that you have regular cash flow even in tragic times. So let’s have a look at some of the best side hustles that you can do to generate Multiple Streams of Income with a Small Business.
Why Multiple Income Streams Matter?
You must be wondering why you need multiple income streams. Well below are sole of the reasons that should motivate you to diversify:
- Keeping the cash flow intact even though one of the revenue sources dries up.
- Multiple revenue streams can help you in increasing your revenue significantly.
Ideas To Create Multiple Revenue Streams
So let’s have a look at some ways to expand your revenue streams.
1. Add Complementary Products or Services
One of the best ideas to get additional revenue streams from existing businesses is to increase your offerings. You can add complementary products and services to your existing business that can generate some extra cash for you. The addition of new service will not only appeal to old customers but also attract some new customers. Some examples of this are:
- If you’re a fitness coach then you can sell workout equipment or supplements to generate some extra cash.
- If you have a bakery that is working well, then you can start your baking classes.
- A website design service can also offer SEO and AMC packages.
2. Create a Subscription or Membership Model
In order to generate some extra money from your business then you can start a subscription or membership model. With a subscription you can expect a regular and predictable monthly income. This also helps in customer retention. Also subscription based models not only increase custom loyalty but also helps you in forecasting. Here are some of the ideas:
- If you have a salon then you can offer VIP subscription, here you can provide some exclusive benefits to the members.
- If you have a food business then you can create a subscription box with a new item every week or month.
3. Launch an Online Course or Workshop
If you’re an expert in some field then apart from your current business you can also sell your knowledge generating extra revenue. You can easily create online courses in your field. This is a viable option as people are constantly upskilling themselves.
You can provide them with real life experiences. You can teach anything you want, be it photography, content writing, software/ website development or business management. With initial efforts you can generate a solid passive income. Use these platforms:
- Teachable
- Thinkific
- Kajabi
- Udemy
4. Sell Digital Products
If you have some skills that can turn into a digital product then you can have a solid revenue stream from it. For digital products you don’t need to maintain an inventory or even manage shipping. With no or minimal overhead cost you can turn it into a profitable venture. Also once you have created a product you can sell it repeatedly. Below are some of the ideas you can use:
- Ebooks
- Templates (social media templates, invoices, resumes, etc.)
- Printable planners
- Stock photos
- Music or sound effects
- Apps or software tools
5. Use Affiliate Marketing
Affiliate marketing is another great extra revenue stream. If you have a blog, youtube or even a social media account you can generate a good amount of money by doing affiliate marketing. You need to promote a specific product anytime someone buys it you get a commision. You can promote anything be it service, tool or a product. Below are some of the platforms with which you can start affiliate marketing:
- Amazon Associates
- ShareASale
- CJ Affiliate
- ClickBank
6. Invest in Print-on-Demand Merchandise
Another great side hustle that you can start is print on demand merchandise. If your business has a good name and strong fan base then this can be an easy way to bring in some extra income. Also you need not to maintain any inventory or machines. As there are lots of platforms that can design and ship items when they are needed. Some examples of these goods are:
- T-shirts
- Mugs
- Stickers
- Phone cases
- Tote bags
7. Rent Out Your Space or Equipment
If you have some extra space at your home or workplace then you can generate an extra revenue stream just hy renting it. This way you utilise space can generate some rental income. This way you can fully utilise your assets.
So these were the top ideas for generating extra revenue streams with your existing small business. Your side hustle should not impact your main business. You should focus on creating a passive revenue stream that can easily align with your existing small business.
This way you can grow sustainably and generate some extra cash. You can make your business a multi revenue machine that provides financial security and ample resources and room to innovate. Now one thing that you should focus on is not overwhelming and burning out yourself. Your goal should be to diversify and future proof your business. Therefore, start with the most simple idea and after that focus on growing it into something more.
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