Did you get the Ghostbusters reference or is this proof that I’m getting too old?
Don’t answer that. Let’s get on to the real reason you’re here: revenue.
One of the largest benefits of starting your own business is not having to depend on a single paycheck. So why would you limit your earning opportunities focusing on one source of business revenue.
The key to business growth is finding the different ways to make it work for you. The only limits are your imagination and the time and effort you can put into new streams.
Start with You
Assess your situation, resources, and what you enjoy doing.
If you’re just starting out, your resources are limited. This is especially true if you’re a solopreneur.
Just remember that putting in the work now can make a big difference as your business grows. Let’s look at some of your additional revenue opportunities:
Divide or Diversify Your Services
Your ideal offering may be an all-in plan where your clients pay you on a monthly basis for you to support them. But what about those who can’t afford to keep you on long term?
Consider one-time services you can offer at a lower rate so you can expand your customer base. An IT specialist can fix an immediate network problem and a web design firm can freelance smaller graphic tasks.
Package Your Products & Services
If your industry is more commonly known for individual services and products, this is your opportunity to create bundles. Best part about this one is that you can do it in combinations of products and services.
- Product bundle: Candle & bath soap for an evening of self-care
- Service bundle: Car wash 10-pack for multi-car families
- Product & service: Haircut plus styling gel to keep your look going after leaving the salon
Educate DIYers
Not everyone is looking to buy your service. Some would rather try it themselves. You can step in by putting out courses for DIYers.
As a car mechanic, you can put out a course on the 5 maintenance steps every car owner should know. You can do a brief version for free and offer a more step-by-step course for a small fee.
As your audience grows and gains confidence, you can level up your courses. You may even help aspiring mechanics prep for ASE certification.
Rent Out Extra Space
Got extra space in your warehouse? You could lease shelf space to a company that needs space to store equipment.
Owning a duplex commercial space means you can rent the second space to another business. You may just have one small room to rent out that can easily be an office for a startup.
Invest in Land
We’ve all heard of restaurants that find success in one location and fail because they expanded too quickly. More locations means more expenses and more equipment. It may not always be the best choice.
Back in 1946, a small burger stand by the name of Tommy’s opened up in Los Angeles on the corner of Beverly and Rampart. That shack found success and is now a staple in Los Angeles and beyond.
Tommy’s scaled, yes. But owner Tom Koulax also invested in the land where he first set up shop.
Koulax ultimately purchased the land at all four corners of Beverly and Rampart. Even as locations opened, and sometimes closed, the Koulax family continued to collect revenue from the land it purchased.
Those Who Can’t, Teach
Forget the original saying. Small business owners are in one of the best positions to teach.
You can teach your craft. If you’re a guitar player running a music shop, you should already have a room and strategy for music lessons.
You can take on a trainee. As an AC technician, a trainee gives you extra hands on jobs. They in turn, learn a trade.
You can even be a business coach for people considering their own small business.
Besides the actual revenue, teaching can help boost your confidence and improve your authority in the industry.
Partner Up!
Every business idea starts small, sometimes without a real place of business. If you have a real location, you can give other businesses space and get a portion of their sales.
Say you run a small boxing gym. You can set up an area for someone to come in and sell smoothies and energy bars without much upfront money. If it’s a weekend side hustle, make it a weekend event to draw a bigger crowd.
These are just a few ideas for you to create new revenue as you build your business. Remember that running one business does not mean you can only make money one way. Experiment with your abilities and resources to find what works for you.
Your friend,
JC
