The thing about the Digital Age that I love truly is all of the new avenues that are available to use to create revenue streams within our businesses digitally. The streams we will cover are available to almost every industry albeit some will take a bit more creativity in how you execute it but the opportunities are there.
So what are these 10 Revenue Streams you speak of? Well, let’s dive into them.
- 1on1 Coaching
- Google AdSense
- Brand Ambassador or Brand Partnership
- Group Membership Site
- Sell Ad space on your website
- Paid Speaking
1 on 1 Coaching
In your business, you have specialties that I’m positive people are going to want to learn. Make a list of some specialties within your business and you can begin offering either 1-on-1 coaching or Group Sessions to train on those skill sets within your business. If you are a bakery, don’t just make the cakes, offer to coach.
If you got a website, then this may be a great option for you to earn some passive income from Google. Install the Google AdSense code on your website and Google will handle the rest when it comes to placing ads on your website. The more traffic your website brings in, Google will pay for every click on its ads. The amount per click ranges from country to country and industry you are in.
Brand Ambassador or Partnerships
Think about the brands that are within your industry, if you have built your brand up, then you may be contacted by other brands to represent them. This can be a lucrative venture for you or you can see what initiatives you can create with those partners.
If you build your brand up then you can start looking at what type of merchandise you can create. The great news is with companies like Printful, Teespring, Spreadship etc, you can do merchandise on demand. Those companies create the merch and handle the logistics. You focus on creating the designs and marketing. Merch helps to build your brand awareness and can also bring in some extra dollars for your business.
The E-Learning industry is a multi-billion-dollar industry. We are constantly looking to learn new skills online. Think about what skills you can turn into digital courses, e-books or webinars. This can also help establish your business as a thought leader and also generate some really good recurring income.
Dropshipping is a nice revenue stream to add to your business if applicable because you do not need to stock any of the items you can sell. Think about the products you use within your business to help you get the job done, you can find dropshipping partners online, focus on marketing them and once the sale is made, your drop shipping partner will handle the logistics of getting the products to your clients.
Group Membership Site
If your business is constantly creating educational content and says you also have access to a wealth of other experts in your space, you can look into creating a Group Membership Site. Instead of creating singular courses and selling them, the membership site will give your audience all access to the content on your platform. You can create exclusive events on your membership site, bring in guest speakers, upload templates, e-books, workbooks, you name it.
Sell Ad Space On your Site
Self-Explanatory but instead of using Google AdSense, you can sell your own ad space on your site and negotiate your rates.
Think about adding services like Patreon, Buy Me a Coffee, Facebook or Instagram Subscriptions. If you are creating great content, then allow your audience to further support you.
If you have consumable products, offer discounted prices for those who sign up for monthly subscriptions for your products, that way you can help build recurring revenue in your business. You can use services like Fygaro, Buzz Pay and Social Pay (Trinidad Only) to set up subscription services for your products.
Paid Speaking Gigs
This is why it is important to build your personal brand as well as build your business brand. The more you grow your business and your personal brand simultaneously, the more people will want to book you as the individual to speak at their events. This is another great income earner for your business both directly and indirectly. Speaking gigs also give you brand awareness, authority and access to an audience to sell your offers at the event.
There you have it folks, whilst there are many many more ways to add new revenue streams within your business, these are 10 revenue streams that you can get started on adding to your business. Not only do some of these streams add revenue but they can also build brand awareness and brand authority, which can lead to even more clients. Have fun adding some of them to your mix.
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