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You wouldn’t be in business if you didn’t want to make money. So, if there’s an opportunity to make more, you would want to know about it. Thanks to technology, there are a number of ways you can diversify your business and make more money, and it doesn’t have to mean working more or upping your prices. Take a look at this list to see what you’re missing out on.
Complementary Products
There are always extra services or products that you could be adding on to what you already offer. Your regular offering. For example, if you own a gym, then you could sell protein shakes and bars as well as equipment if you have a writing service, you could also sell notepads and pens. If you can sell physical products and not just extra services, then speak to an ECommerce developer to see the best way to go about this for selling on your website and other sites.
Write a Book
What is stopping you from writing your own book about your experience? Your business? Or your industry? There are plenty of places you can publish online, and with the right strategy and contacts, you could find that this is a very lucrative market for you. You can sell your book online through Amazon and other book shops, but you can also sell it to your existing customers.
Online Courses
Offering an online course can be an excellent way for you to develop your brand and demonstrate your expertise while also earning extra revenue. You can also record your course once and design your materials once, and then use them thousands of times without having to do any extra work. So while the initial creation can be time-consuming, in the long term, it can be very lucrative.
Advertising Space
Do you send out newsletters either online and offline? Or do you have some free space on your website? If so, then this is a good chance for you to make some extra money from advertising. Google AdSense is one of the most popular ways to generate extra income from website advertising.
Public Speaking
As a speaker, you can get paid hundreds of dollars for your time, and it also gives you a chance to meet new prospects for your business and to sell your services. Public speaking may start off as a slow revenue stream, and you might need to begin by volunteering at a few events before it takes off, but if you want to take this route, it might be wise to watch some TED Talks before you begin to prospect for presentation opportunities.
Train Other Companies
If you have talented and marketable people that work for you, then perhaps it’s worth thinking about sub-contracting them to other businesses? Could you hire them out to other enterprises to run exercises in team-building and management skills? This would not only make you more money, but it would benefit your employees to work for another business as it allows them to gain valuable experience in a different organization.
