How to add revenue streams to your business

Today let's talk about adding new streams of revenue to your business.

I think that this has been something that has been top of mind for a lot of business owners and entrepreneurs in the last year or so, because a lot of people's businesses have changed due to the pandemic. Maybe you are an in-person business that's now really gone mostly online, and you're really looking to try to add other streams of revenue within your business. If you're really looking to grow and bring in additional revenue with different products and different services, continue reading.

So many of you are really leaving money on the table when it comes to revenue that you could potentially be bringing into your business, because you just haven't thought about it or you haven't made those things available to your customers to purchase. Here are some tips that you could implement to add more streams to your business.

Content, Products and Services Audit

The first thing you could do is to organize a content audit and an audit of your current products, services and really look at what do you have available that you're currently selling and what do you have available that you're giving away for free. You can actually repurpose and repackage that content into something you can sell. I think this is key and something that a lot of people are just not thinking about. You probably have a backlog of content in your business that you've put out for free, or things that you have tried to sell in the past and they just didn't kick off. And you also have opportunities to create new products and services that are complimentary to your current product offerings. So really the first step of this is to do an audit of your current products and services that you are selling right now, and then go and look at all of the past content that you've given away for free. That would be blog posts, social media posts videos, lead magnets, all of that kind of stuff and really get that into one place so you can review.

By doing this, you might see that you can actually create a complimentary product or service to the things that you're already selling. That might be a really easy way for you to create new offerings.

A good example of this is my ClickUp course - ClickUp for Entrepreneurs. That course really teaches you how to set up ClickUp for your business particularly for service based providers, whether they're agency or solopreneurs, how to use ClickUp as a task and project manager to really organize everything that you're doing. We could also decide to offer an implementation coaching session where we walk you through the specifics of your business, and how to implement what you learned and what we talked about in the course, and really get your ClickUp set up.

Once it's set up, it's a really easy way to increase the value per customer because they now have something else that is super useful for them that they can add on and pay us more with — so that's an easy way to increase your revenue right there.

So that's going to be on your current product and service offering side so look at whether or not there is something we can provide for this product or service before, during or after, it's getting delivered and our customers are starting to use it, that would be beneficial to them.

Another great example of this would be if you are a copywriter and you decide to offer an audit which would happen before they hire you as the copywriter, so that they can get super clear on where they have gaps, and where a copywriter might really be valuable to them. Again, this is super easy, but that might be something that's super valuable to someone.

Now, your content audit piece. If you've done a a free training in the past or if you have a lot of content that could be put together that could bring people through to a very clear result or transformation, you can package that content together and you can sell it as a digital offering.

Now you have something that once you repackage it and you get it up for sale on your website is completely passive for you, and you now have something at a really accessible price point for people who are just discovering you and might kind of want to see what you're about before they invest in your higher ticket products or services. Now you can still sell and serve those customers with that lower ticket item.

So this is not only going to help you cross sell and upsell current customers, but it's going to help you to reach more and different customers because now you have offerings at different price points. And so, this is so huge and we haven't even done anything. We haven't even really created anything new. We've just identified what we already have and how we can utilize that and sell from that.

Cross selling, and these products and services at multiple price points, is really going to be what will make it so easy and seamless for you to start adding more revenue streams to your business and start creating some of that passive income.

The other thing I really want to talk about is, ask your customers what they want and what they need. And those people who can't afford you, ask them what they're really looking for what they need, because that is going to give you a really great insight - it's just doing market research, that's all this is. But you're doing market research specifically around what kind of products or services you could add that's going to be valuable to these people.

Asking people what they need and what they want is so simple, but it's something that so many people don’t do. Ask your customers what they need, what they want, what are their pain points, what are they willing to pay. I really recommend that you do that and look at what you have and see how you can sell it and increase that revenue.

To give you a couple ideas about what you could create when you're going through this process of looking at how can you add more streams of revenue to your business. We're talking about things like courses masterclasses digital downloads, informational downloads, ebooks.

Things like that are just some examples of how you can repackage your existing content into a paid digital product. And you don't have to rewrite the book, you don't have to start from scratch on these things. It's literally just repackaging them, and then selling them. And this is just where some entrepreneurs are leaving money on the table.

Some other ways that you can add revenue streams are going to be focusing on those products and services, those complimentary streams. And where can you help them before, during or after with your current products or your current services to upsell.

Speaking engagements, Affiliate Income and Memberships

There's a couple of other revenue streams that you could introduce into your business pretty seamlessly, but they're a little bit different. That would be affiliate income, that would be speaking engagements, and that might be even a membership. You can repackage your content and create a membership but it's going to be a little bit more involved.

Affiliate income is a really great way to bring in new revenue streams. Figure out what products or services have affiliates that makes sense for you and your customers and your content, and you can just start talking about those affiliates in your content.

One thing that we do as a digital marketing agency is to set up our clients or recommend them with any of the tools we like to use in intern. We're getting affiliate revenue back from that. This is such an easy way to add revenue because we use these tools, and since these tools work so well for us, it makes sense that they will work as well for them. They're going to use it and they're going to sign up for it and then we get a little bit of affiliate income revenue back from that.

We also like to talk in our content about the tools and things that we think are really beneficial for us as a business agency and for other business owners as well. We talk about ClickUp in our content, we talk about how we use Active Campaign for a lot of clients for email marketing. We’re affiliates for all these platforms. My courses are hosted on teachable and so I talked about teachable and we're an affiliate for them as well. That's a really an easy way to bring in some fairly passive revenue into your business.

Obviously speaking engagements. If that is something that you are interested in. If you enjoy speaking and you enjoy connecting with other people, this is a really easy way to add hundreds if not a couple of $1,000 a month to your revenue. If you are wanting to grow, it’s also a great way to get more brand awareness.

You can also definitely utilize your existing content for a membership, that might be something to look at, and these are really just a few examples that I'm giving you here, there's so many other ways that you can do this.

if you're really looking to increase your revenue in your business, or just increase your revenue generally and you're wondering: '“do I go start a new business, a different business. In addition to the one I'm currently building or the business I currently have”. Before you do that, I really recommend you look in word to your current business and really look if there are any opportunities that you missed. It could be just within the existing business or within the existing systems, processes, content.

You know I'm a multi passionate entrepreneur, I run multiple businesses. So I'm definitely not sh*tting on that. If that's what you want to do, start that other business, but really look at how can you fully leverage what you already have created in your current business, to increase its revenue as much as possible before you go and start splitting your time for a different business. I highly recommend this.