As a small business owner, you’re likely always on the hunt for new ways to grow your small business revenue. While there are tried and true methods for boosting sales like digital marketing and great customer service, there are also some hidden sources of revenue that often get overlooked.
Introduction
In this blog post, we’ll uncover 3 hidden revenue streams that your small business can tap into right away to increaseour bottom line. Often there are many small business revenue sources that business owners overlook. So keep asking yourself what other hidden sources of revenue do you think you are missing to add addition small business revenue? For a quick reference check out this list.
Start a Side Hustle
One of the best ways to generate extra revenue for your small business is by starting a side hustle that leverages your existing skills and resources. For example, a photographer could sell lightroom presets, a social media manager could offer a downloadable social media calendar, or a crafter could sell DIY kits.
Think about assets, knowledge and tools you’ve already invested in for your core business that could be packaged up into a complementary side hustle. Promote it to your current customer base who already know and trust you. A side hustle can diversify your revenue streams without a ton of extra effort.
Photographer Example
For example, a photographer could sell Lightroom presets, a social media manager could offer a downloadable social media calendar, or a crafter could sell DIY kits. Think about assets, knowledge and tools you’ve already invested in for your core business that could be packaged up into a complementary side hustle.
Jane’s Bake Shop has seen success selling decorated sugar cookies. The owner Jane decides to create DIY cookie decorating kits to sell online as a side hustle. Her kits include cookie cutters, piping bags, and decorative sprinkles. Jane is able to tap into her existing supplies and skills for a new revenue stream.
Create Online Courses
Online courses represent a huge opportunity for small business owners to generate brand awareness, display expertise, and create an additional revenue stream. Courses allow you to monetize and productize your specialized knowledge into a digital offering.
Creating an online course does take work upfront, including filming, editing, hosting, and marketing your content. But this can pay off over the long-term with small business revenue generated from every new course customer. Many small businesses make courses a core part of their monetization strategy.
Social Media Marketing Example
For example, a social media marketing agency could create an online course teaching their proven framework for growing businesses’ social followings. A boutique fitness studio could film video courses on their unique training style to sell to at-home fitness enthusiasts.
John owns a boutique crossfit gym called CrossTraining. He films video courses on unique HIIT workouts that people can do at home with minimal or no equipment. John is then able to sell access to the training videos for extra revenue beyond just his in-person gym memberships.
Start a Membership Program
Membership and subscription models are growing in popularity across industries from SaaS companies to ecommerce brands. The recurring revenue provided by memberships or subscriptions can stabilize cash flow for small businesses.
Consider what exclusive access, discounts or perks you could provide to paid members. For example, a small business consulting firm could offer a membership program that provides templates, ebooks, webinars and discounted 1:1 coaching calls.
The key is crafting a membership package that encourages recurring sign-ups. Then you can count on a steady stream of small business revenue from your membership program on an ongoing basis.
Small Business Consulting Firm Example
For example, a small business consulting firm could offer a membership program that provides templates, ebooks, webinars and discounted 1:1 coaching calls. The key is crafting a membership package that encourages recurring sign-ups.
Sara runs a business consulting company helping startups get off the ground. She creates a monthly membership program that provides access to startup frameworks, discounted coaching calls, and a community forum for connecting with other members. This provides predictable revenue beyond 1:1 project fees.
Conclusion
Boosting small business revenue doesn’t always require huge efforts like overhauling operations or acquiring new customers. Sometimes it’s about tapping revenue streams that already exist right in front of you. Starting a side hustle, creating digital courses, and launching memberships are three underutilized examples.
Hopefully this article sparked some ideas for your own small business. Try identifying what assets, access and expertise you could monetize in new ways with these digital revenue models. With some creative thinking, you may uncover untapped profit potential that can contribute to your bottom line growth.