How to increase your profit: 17 additional income streams
No matter what industry you’re in, there’s more than one way to make money with your business. In fact, there are multitudes of ways to expand your cash flow.
Whether you sell products, services, or both, there are many opportunities to create new revenue streams that your clients will love. It simply requires that you set aside some time (away from your computer) to work on your business instead of in it.
Brainstorming new income streams
Devising new income streams doesn’t take long to figure out. If you dedicate just one precious hour of your time and give your full attention to brainstorming possibilities, I know you will come away with at least one idea for a new revenue stream and possibly even more.
Once you’ve made a choice, it’s simply a matter of creating a plan to execute your idea and then launching your new product or service.
Some options are more involved and will require more work than others. There are other new revenue streams you can add in just five minutes. For example, adding consulting or coaching services to your business, or adding an additional form of coaching.
Some new income stream options will only require a new format, so you can use existing content. People like learning in different ways so it’s always smart to offer alternative formats.
17 ideas for new revenue streams
› 1. E-book
If you have content you already teach in workshops, trainings, or by coaching or consulting clients, you can turn that wisdom into an ebook. You can also use knowledge you already have about a topic or product and create an ebook about that.
› 2. E-course
An ecourse is a group of lessons that are sent out via email over a period of time. For example, a new lesson every week for six weeks. This can be automated so, after setting up the payment and the course, you’ll only need to market it. You can even use existing content in other formats and translate it into the course text.
› 3. Teleclass
You can offer a one-time teleclass (voice only) on a particular topic.
› 4. Webinar
Offer a one-time webinar (voice and computer screen) on a particular topic.
› 5. Online courseâ€¨
Create an online course that is a series of teleclasses or webinars combined with a support group and support materials.
› 6. Coaching
Coaching can be delivered in a range of platforms and formats. You can provide coaching in-person, on the telephone, via video Skype, or by email. You can also coach people via one-on-one coaching or in groups.
› 7. Consulting
If you’ve written a book on a topic, or you have experience in a particular area, you can translate that knowledge into consulting for others.
› 8. Printed book or printed workbook
If you have coaching or consulting experience or you simply have in-depth knowledge about a topic you can create a printed book or workbook. You can self-publish or use the traditional publishing route.
› 9. Membership website
You can create a membership website where you share your knowledge on a topic and people pay a monthly fee.
› 10. Hold an in-person event
You can create a workshop, training session, or retreat based on content you have already delivered previously in another format. Or of course you can always dream up something new from scratch that will delight your clients.
› 11. Licensed programme
If you already have a successful programme you can license it to other people.
› 12. Subcontracting work
If you don’t have time to take on any additional work yourself, consider finding someone you trust to subcontract work to.
› 13. Affiliate programmes
You can create an affiliate program for your products and/or become an affiliate and sell someone else’s products.
› 14. Assessments
Do some research and see if there are popular assessments you believe your clients will be interested in and then become certified. Think about assessments like, Meyers-Briggs, DISC, etc.
› 15. Software
Think about how the products or services you offer could be supported by software in a way that would give additional support to your clients.
› 16. Advertising revenue
Sell advertising space on your website or in an ezine.
› 17. Mastermind group
Create and facilitate paid mastermind groups.
Put ideas into practice
I hope you’re already getting new ideas just from reading this list. Now commit to setting aside one hour of time this week to go deeper into this idea and decide on new revenue streams you will introduce to your business so you can be more profitable.