Sales seal the future of any business. But an unprecedented event like a pandemic can throw a spanner in the works and stagnate your sales. Here’s what the best business mentors will advise you need to have a strategy in place that ensures additional revenues for your business, regardless of the situation. Read on to know five ways that you can use for boosting your revenues:

Whitebeling your product or service

White labeling allows another brand to rebrand and resell your product. It is a great way to scale your business and offers enormous opportunities for your brand to grow. It also allows you to focus on your brand’s core values without getting too caught up with the nitty-gritty of figuring out how to make a sale.  

One of the most popular examples of white labeling is Dollar Shave Club. Dollar Shave Club sells a huge number of razors without manufacturing any. Razor companies have white-labeled their product to Dollar Shave Club that puts their logo on the razors and sells them to the customers.  

Start an affiliate marketing program 

Most small business owners struggle with marketing their products or themselves. It is also incredibly challenging to drive quality traffic to your website or online store. That’s where affiliate marketing can help you to generate more revenue for your business.

Simply put, affiliate marketing is a partnership between two businesses. Once you appoint someone as an affiliate marketer for your business, you need to pay them if they refer any customers to your website. Similarly, if you refer any customer, you can get a commission from such businesses. 

Affiliate marketing is a win-win for both parties involved and prevents the leads from slipping through the funnel. 

Make money via eCommerce 

Every small business owner can use eCommerce to sell. The only challenge is to decide what you want to sell. Make sure that it aligns with your current business offering. For instance, if you are in the food catering business, you can consider selling branded merchandise such as coffee mugs or dinner plates. If you have a loyal fan following, you can also get creative with the merchandise. Clothing items, personalized accessories, or even essential products for beating the pandemic can create a flush of cash.

If you have a website, you can sell the products by adding the relevant eCommerce plugins. You can also sell through a platform such as Shopify. 

Add Value-added Services or Products

This is another excellent move for creating an additional revenue stream. For example, if you are a financial advisory firm, you can sell personalized workshops for managing finances as an add-on service. You can also customize your offering based on the demographic such as workshops for women to manage finances and save more. Virtually every business has the option of offering an add-on service. Make sure to brainstorm which product or service will appeal to your audience the most and start selling it. 

Don’t forget to market your add-on services. An easy way to do this by sending a sales letter to your existing customers. By sending the word out about the add-on products or services, you can maximize your chances of generating more revenue. The idea is to let everyone know that you are now offering more than they expect. 

Rent out your premises

This may not work for all businesses, but if you own commercial space where you operate from, you can make more money by renting out a part of the space. For example, if you are working out of a warehouse or a garage space, you can rent out a part of it as a co-working space. You can also make it lucrative for the renters by offering additional facilities such as WiFi, access to coffee and vending machine, printer, conference room, telephone, etc. 

You can also team with businesses that offer complementary products or services and use this as an opportunity to cross-sell. Say, for instance, you own a cafe. You can rent out a part of your space to a local bookshop, cross-promote your offerings, and get more customers. However, before you lock in an ally, don’t forget to undertake a thorough cost-benefit analysis to assess how the partnership will benefit both of you. It will also help you to make a solid case for whoever you are approaching. 

Need more help to create revenue streams for your business?

Creating new revenue streams for your business can make your profitable business even more lucrative. With a little creativity, you can think of numerous ideas and put them into action. But in case you need a business growth consultant  to brainstorm the ideas with you and help you implement the right strategy, you can always count on us.

Get in touch with Jupiter Business Mentors where our experienced business mentors can give you practical and actionable advice to start additional revenue streams for your business. As business mentors for startups, we evaluate your business goals and  chalk out a strategic plan that helps you propel forward.

Regardless of your sector or nichel, you can rely on the mentors at Jupiter Business Mentors to help you out. We love connecting expereinced mentors to the start-up community and small & medium businesses.  We also help startups, existing mid-sized entrepreneurs or companies connect with professionals who can guidance to build and scale the business. With over 35 expert mentors across industry verticals, getting connected to one has never been easier. 

Subscribe today and get 90 minutes of free sessions with any six mentors on the platform.