Anyone who runs a small business understands the time and resource constraints of these operations. Accountants, cleaning professionals, home remodelers, and even writers only have so many hours in a day to generate income. There are many ways for small business owners to increase their revenues without necessarily having to work harder or put in longer hours.
"Multiple revenue streams are crucial for any small business's long-term success," the Better Business Bureau points out. "In the current economic environment, many business owners are looking hard at their revenue sources and finding ways to improve their bottom line and their business' overall sustainability."
5 Good Ways to Boost Your Company's Revenues
If you're running a company and feel your specialized service doesn't leave room for added services or products, think again. With some creativity and a bit of elbow grease, you'll be able to find new revenue sources. Here are five good places to start:
1. Renewable Subscription Services:
If your primary source of revenue involves providing services to clients individually, consider turning some of those offerings into renewable subscription services. For instance, a home repair company can create an eBook with professional home maintenance tips and sell it repeatedly on Amazon. Or, a personal trainer can take a popular DIY exercise routine, record it and sell the video online.
2. Collaborate with Other Businesses and Sell Each Other's Services:
Find a company that's not in your direct line of work and develop ways to help one another increase reach, share resources, innovate, and improve efficiencies. For instance, a bakery can partner up with a coffee shop to sell each other's products, or a local restaurant can team up with a nearby theatre to offer discounts to each other's customers.
3. Put Value-based Services on the Menu:
Aside from your company's core offerings, what else do your customers need? What are they asking for? And what challenges are keeping them up at night? Use the answers to these questions (which you can field via a short online survey) to develop one or more valued-based service offerings. For example, a regional industrial distributor may charge a premium for next-day, early delivery service to job sites. In contrast, a small accounting firm can charge consultation fees for expert advice via live chat, phone, or email.
4. Share Your Knowledge and Expertise:
Training courses can help you generate additional revenue and form long-term relationships with your clients, all while expanding your company's reach. The Better Business Bureau suggests asking for customer feedback before deciding which they'd be most apt to pay for. If your company makes and markets software as a service (SaaS), for instance, you may want to offer regular webinars and workshops on how to use your platform.
5. Explore Affiliate Marketing:
This type of marketing is where companies work with "affiliates" to promote their services. The affiliates then earn commissions on sales that they helped generate. For instance, you can earn a commission through Amazon Associates by advertising the company's products on your corporate website, landing page, or blog. This will boost your revenues without the need for any additional work or energy on your part, and it can be particularly lucrative for companies with steady traffic volume on their websites.
When looking for ways to add new revenue streams for your business, select options that align with your core mission and that you can execute without spending too much money, time, or energy. Factor in any potential risks and the costs associated with each option, research before diving in, get creative, and have fun!
For more information, visit PNC's Starting Your Own Small Business page.