As a business owner, your job is to find ways of increasing revenue and making your business more profitable on as tight a budget as possible. Unless money is no object, this only leaves you with limited options for growth.
In most instances, it is unwise to take on significant amounts of debt in order to subsidize new ventures, especially if you are struggling to turn a profit as it is. However, there are other ways of creating additional income, without having to change your existing business model.
On the surface, that sounds too good to be true, but in fact it is entirely possible, almost regardless of the type of business you own.
Here is how to add additional forms of income to your existing business model:
Become an approved dealer within your industry
A great way to add additional income to your existing business model is to sell and distribute another company’s products. It doesn’t require you to inject large amounts of capital to build the products, you don’t have to spend years trying to market the brand, and you can sell the other company’s products alongside your own, with little conflict.
While there is no one-size fits all method for doing this, the best way to approach it is to find an established brand in a related market to your own, which does not conflict with your existing business model. For example, if you operate a manufacturing or mechanical wholesale company, you could sell conveyor belts, such as those made by Fluent Conveyors.
By becoming a distributor, you can keep part of the profits, and complement your existing business model.
Increase the amount of back-end offers you have
Another way to add further forms of income to your business is to focus on strengthening your back-end offers. These are the products or services you offer customers who have just bought from you. This method works particularly well online, when a customer goes to buy a particular product and gets offered other, heavily discounted products during checkout.
This method can be powerful because you don’t have to create any more products or services than you already offer, you’re only repositioning them as an add-on to an existing purchase.
Although it is best to offer them at a discount, you are still likely to make considerably more money, especially if your products complement each other well.
Are there additional services you can offer for little extra effort?
When thinking of ways of creating additional income streams, it is best to think creatively. If you offer a particular service – such as window cleaning – then you could always add a string to your bow by offering other forms of cleaning services, or another related service that your customer base is crying out for.
It may require you to learn additional skills or invest a little in new equipment, but it will cost you far less than completely changing industries or developing new, unrelated products from scratch.
By offering a wider range of related products or services, you will maximize your sales and even attract new customers who never would have previously discovered your company.
