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Mudassar Raza
June 15, 2023
Running a business involves many ups and downs in sales and revenue. Whether you own a business that sells a single, or multiple, products or services, selling those products/services alone is not the only way to generate revenue. Offering other resources of value to your customers is a great way to accomplish this.
This article will go over 5 ways to diversify your business income streams that will work for almost any type of business. The key to determining which resources would be useful to your customers is to first identify the problem that your product/service(s) solves. For example, if you own a resume writing or career coaching business, your services assist people in finding work. In this case, providing additional resources on your website that provide career advice would be helpful in resolving your customer's issues.
OFFER COURSES/WORKSHOPS
Offering courses or workshops on topics of interest to current and potential customers is a great way to diversify income streams. Courses could be pre-recorded videos that educate people on a specific topic of interest. Workshops, on the other hand, are a fantastic way to connect with your customers on a more personal level by hosting live workshop events.
Workshops can be promoted via social media, email, or other forms of marketing to bring attention to your upcoming workshop. In the case of a resume writer, developing online courses or hosting live workshops on resume or interview tips would be an excellent way to attract new clients in need of career guidance.
Check out some of our online courses here for some examples. We held these workshops as live webinars, which we promoted via email and social media. After hosting these live workshops, we simply downloaded the recordings and now offer them as free courses on our website for clients to view at any time. You can also offer workshops and courses for free to drive traffic to your website, or you can offer them for a cost and diversify your income streams!
LAUNCH A BOOK/PUBLICATIONS
Offering books/publications is another excellent way to diversify your business income streams. If you have extensive knowledge that would be of interest to your target customers, you can provide more detailed advice in a book or publication. On your website, you can include a resources tab with brief descriptions of your books/publications, as well as a link to purchase the resource.
CREATE RESOURCE GUIDES/FLYERS
Creating a PDF in the form of a resource guide or flyer is a great way to provide valuable information in text form that is not as long as a book or publication. Offering video courses in addition to guides or flyers gives customers two different ways to learn valuable information. Resource guides/flyers can also be priced and listed on your website under a resource tab. Check out our business resource guide here for an example.
ENGAGE IN AFFILIATE MARKETING
Affiliate marketing is a marketing arrangement in which you can earn a commission or gain new customers by partnering with another party or joining an affiliate programme. The great thing about affiliate marketing today is that there are so many different ways to participate. This allows you to select the type of affiliate marketing that best fits your budget and helps you achieve your objectives.
Affiliate marketing can take the form of a collaboration with another company. The terms of this partnership can vary depending on your requirements, but can include both businesses promoting each other, hosting events together, and even working together to create resources such as those mentioned in this article! ShareASale is a great affiliate marketing network to check out. ShareASale services two customer sets in affiliate marketing: the affiliate, and the merchant. Affiliates use ShareASale to find products to promote, and earn commission for referrals on those products. Check out ShareASale here.
ADD A SUBSCRIPTION SERVICE
Adding a subscription service is another excellent way to increase sales over time. To keep your customer base engaged, you can offer subscription services for your products. Offering a discount on your products in exchange for signing up is a great way to get customers to sign up for a subscription service. For example, because they are agreeing to make multiple purchases by signing up for the subscription service, you can offer a 10% discount on each product. This may not be feasible for all types of businesses, but if it works for you, give it a try!
We hope you found this helpful! Check out our free training on How to Increase the Revenue of Your Resume Business here. We want to help you every step of the way in growing your business. Let us know if this helped you diversify your income streams.
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Sample Blog 2
Request Demo Sample Blog 2 Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. “Lorem ipsum
Mudassar Raza
June 15, 2023
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