Every business owner hopes that their venture will be fruitful. After all, businesses are meant to generate income to pay for its staff, equipment, operations, manufacturing of its products and services, and more.
However, things don’t always go as planned. Certain events can lead to the business not achieving its full potential. For instance, the market may fail to respond favorably to your product or service despite all your efforts. You may experience a huge loss in revenue if you have to take on another project that is time — consuming and demanding — leaves little time for other matters. Moreover, a global event, such as a pandemic, could cause a decline in your business revenue.
You can prevent such events from taking place by setting up a contingency plan that includes adding a stream of income to your venture. This way, if anything bad happens, you would already have a backup plan to keep the business afloat. But how do you go about finding other ways to make money?
Here’s how you can earn additional income as a business owner:
Offer Services such as Consulting or Freelancing
You can extend your services to clients outside of your business. As an example, instead of selling the product only to one company, you could sell it to several companies at once or offer consulting services on the side.
You could also offer freelance services. Freelance work can be very lucrative as you have the potential to earn a decent amount from just one client’s project or a single task. By using freelancer marketplaces, such as Upwork and Fiverr , you can reach other clients around the world and pick up jobs that you want to do at your own pace.
Sell Physical or Digital Goods
How about converting physical items into digital ones? For instance, if you have a book that is printed and sold in stores, do not hesitate to turn it into an eBook. You can then sell the eBook online via Amazon or other platforms that give authors the chance to make money through self — publishing their work see here. You could also offer subscriptions for access to all eBooks written by you for a monthly fee.
Selling merchandise like t-shirts with your brand’s logo on it is another idea. However, this would require you to design the product or hire someone else to do it for you. You can then sell the product through your website or set up a shop on Facebook.
Convert an Asset into Cash
It doesn’t have to be difficult to find another source of income as a means of financial security. One great way is converting an unused item into cash. For instance, do you have a high — end second car in the garage? Why not sell it right away instead of letting it sit there collecting dust? Or perhaps you have an expensive watch or pair of shoes that are no longer used by other members in your family.
Think about what pieces of equipment are leased to your business, but rarely used by staff for many months. It’s worth checking if they can be leased out to another company. You can conduct inspections of leased equipment occasionally to ensure that they are being taken cared of. This way, you will know if there’s a need to have it repaired or replaced. If this is not possible, then perhaps it would be good idea sell them off and use the money as additional income.
Participate in Affiliate Marketing
You can also earn extra income by getting paid whenever somebody buys something from your business through an ad you clicked. This is one of the most common ways that brands make money with their websites, but it’s beneficial for businesses in all niches.
If your business gets lots of traffic, use tools like Google AdSense, where every click on the ads brings in some money for you and your business. You can also link directly to certain products of other companies without needing permission from them to make a commission every time somebody buys from them.
Earn Income from Referrals
Every person, especially business representatives and employees, has their own set of contacts. That’s why you can offer a reward for your customers who refer your business to others, which they can then use as credit or cash or just save it for future purchases. You could also give vouchers to those clients who recommend certain products to other people that they know personally.
Whatever route you choose, make sure that whatever action(s) you take will bring about more money for your bottom line!