A journalist I was doing an interview with in the beginning wanted to know if I was going to do corporate gifts and wholesale as well? Hmmm. Hadn’t thought of that.
Back when I first started my business, Pig of the Month, I was fresh out of college. I didn’t realize that there were more ways to monetize your business than just selling to consumers.
I researched it a little bit and realized there are a lot of possibilities to explore that will open up your business to multiple revenue streams.
Here is a sampling of the ones I have found most relevant and continually successful.
6 Options for Multiple Revenue Streams
1. Wholesale your product- If you’ve only been selling your product to retail customers, its worth a look into wholesaling as well. Wholesaling is selling your product at larger quantities and a lower price to retailers and distributors for resale in other stores. Your industry and its competitiveness will dictate how hard it is to break into this market. You will need to get sell sheets, wholesale pricing, and vendor agreements together before you can approach anyone – but they’re not hard. I took the Wholesale Action Course as a quick study program before starting out.
2. Design an affiliate program for your company – I like to think of an affiliate program as a built in sales force without the hefty pay grades and motivation issues. All you need to do is sign up using a site like e-Junkie, Clickbank or Share-A-Sale, register your product and dictate your terms. People will sign up to sell your product and for every referral or for every product bought you agree to pay them a fee.
3. Consulting – Chances are if you’ve started a business in something and are even moderately successful, then you’ve learned quite a bit. Offer to share this knowledge and experience with other businesses that are in need – for a price. For example, if you have a catering business you can offer to teach people how to plan menus, purchase goods, create catering plans, etc.
4. Offer e-courses and information materials – Playing further on number 3, you can also use that information you’ve learned to create info products that will create passive income on your site. For example, if you are a graphic designer you could offer a bundle of your favorite fonts for download, templates of client pitches, or whatever else someone in your would find helpful. Still not sure? I like to think back to what I wish I could have just downloaded when I first started.
5. Teach a class – Yet another way to profit off of your learning curve and experience, teaching a class or teleseminar can be a great way to build a following and create new revenue. Teaching them online through someone like GoToMeeting is the easiest, but also think about places like community colleges and local learning annexes.
6. Speak your piece – I’ve done this a few dozen times now, so I know that if someone as shy as I am can do it (and do it well) then anyone can. Conferences, trade shows, companies, and events are always in need of speakers to entertain their audiences and if you know what you’re talking about they’re also willing to pay. I always think its better to give great information and actionable items than it is to just be a motivational speaker.
What other revenue streams do you use?
Comment below and let me know!