No matter what business you’re in, there’s more than one way to make money in 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.
And it doesn’t take long to figure out. If you dedicated just one precious hour of your time and give your full attention to brainstorming the possibilities, I know you will come away with at least one idea for a new revenue stream and possibly more than one.
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.
And some options will only require a new format, no new content necessary. People like learning in different ways so it’s always smart to offer alternative formats.
17 Ideas for New Revenue Streams in Your Business
If you have content you already teach in workshops, trainings, or with 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.
And 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 once you set up the payment and the course you’ll only have to market it. And, you could use content you already have in another format translate it into text.
You could offer a one-time teleclass (voice only) on a particular topic. For more on this read my post, How to Speak to Prospective Clients Without Leaving Home.
Offer a one-time webinar (voice and computer screen) on a particular topic. Check out my post, How to Use Webinars to Grow Your Business to learn more.
5. Online Course
You could create an online course that is a series of teleclasses or webinars combined with a support group and support materials.
Coaching can be delivered in a range of platforms and formats. You can deliver coaching in-person, on the telephone, via video Skype, or by email. And you can coach people one-on-one coaching or in groups.
If you’ve written a book on a topic, or you have experience in a particular area, you could 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 go the traditional 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. In-Person Event
You can create a workshop, training, or retreat based on content you have already delivered previously in another format. And of course, you can always dream up something from scratch that would delight your clients.
For more on this check out my posts, 2 Mistakes You May Be Making When Promoting Your Events and Nothing Brings You Clients Like Speaking.
11. Licensed Program
If you already have a successful program you could license it to other people.
12. Sub-Contracting 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 Programs
You can create an affiliate program for your products and/or become an affiliate and sell someone else’s products.
Do some research and see if there are popular assessments you believe your clients would be interested in and then become certified. Think about assessments like, Meyers-Briggs, DISC, etc.
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
You can sell advertising space on your website or in your ezine. You don’t have an ezine? Please read this immediately, 7 Reasons to Offer a Value Packed Ezine.
17. Mastermind Group
You can create and facilitate paid mastermind groups. For more information on masterminds watch this video, Want Smart Advice from Entrepreneurs? Join a Master Mind and download a copy of this free guide, How to Create Your Ultimate Mastermind Group Workbook.
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.
© Stephanie Ward
WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER, BLOG OR WEBSITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to create meaningful and prosperous businesses. Grab your FREE copy of the special report ’7 Steps to Attract More Clients in Less Time’ plus business building tips, at: https://www.fireflycoaching.com.
What’s your best performing revenue stream? Share your thoughts and questions in the comments section below.
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I’ve already done 7 of the things on this list. A workbook that I created for a workshop became an ebook. That was expanded and became a print book. From that I created a free webinar that promoted a 5 module live online course which was recorded and is now available as a self study online course. What I’ve learned is that none of these products are a ‘build and they will come’ deal. Every thing that you offer – whether they are services or products – have to be continuously marketed or they won’t generate very much revenue. How do you keep promoting products without becoming repetitious and even annoying potential customers?
Wonderful that you’ve already done so many of the ideas, Anne! I agree with you, products have to be marketed otherwise they don’t sell.
I think as long as you are providing value on a continuous basis (through your blog, ezine, on social media, networking, etc) that you can also market your products (and services) on a continuous basis.
It may feel like repetition for you, but it may be new for your clients because they are new or they only “see” it when the time comes that they need it.