How to Add New Income Streams to Your Small Business
Last Updated on November 26, 2021
Small business owners are always searching for ways to add extra income to their businesses. After all, you’re already putting in the time, work, and money it takes to make your business float – it doesn’t take that much extra effort to add a new income stream to an existing business. There are many ways you can do this, but a few of the most common include publishing eBooks, offering video courses, or giving in-depth support options. These options can tie into just about every type of business. Here are some suggestions to get you thinking outside of the box.
Start where you are.
Think about your current income, what kind of customers you have, and what they’re looking for as a next step. If you’re a yoga teacher, they probably want a course that is more advanced than the one they just completed, for example; if you run an accounting business to help businesses do taxes and they have just finished getting their taxes done, they might want some kind of system that will make tax time much easier next year (and will save them money if you bill per hour). Take some time to think about what your customers want and need before or after your existing services.
Hold their hand without the cost.
One of the top premium products you can offer in any niche is one-on-one coaching, but most people can’t afford or don’t need it. Creating a product like an eBook, video course, or support tutorials will help them get what they need without paying you for expensive coaching sessions.
An eBook is one of the most basic information products, though you can spice it up with images, step-by-step checklists, and so on. Use this format if you want a product that will appeal to the masses. It’s easy enough to sell this kind of product no matter what your existing business is like – online or offline, based in physical locations or not.
Get fancy with video courses.
If you want to take a step up from the basic eBook information product, a video course is the way to go. This allows you to walk them through how to do something one step at a time. You can show them how long it should take them to configure settings, cover the “how-to” material of just about any physical craft or art, and so on. Video courses can also be downloaded with tools like the YouTube Downloader so your customers can access them offline.
Offer support videos and let people download them.
You can go one of two directions with support videos: you can allow all customers access to them free of charge to enhance your product and customer service or you can sell them as a product of their own. For example, some companies charge extra for support, and depending on your niche, you may be able to charge extra to give them access to a library of support videos that they can watch, download, and review every time they need to do something.
Adding new income streams starts with thinking about what your current business model is, who your customers are, and what they need. If you can find a way to sell an online information product that relates to them and their needs, you can add extra money to your bottom line without that much extra effort. You may even be able to turn work you’re already doing – giving tutorials in basic knitting stitches if you own a yarn store or telling clients how to configure your software if you’re an IT company – into income right away.
Make sure to remember to respect IP.