As an entrepreneur, you’re always looking for ways to increase sales and diversify your opportunities. The business world is unpredictable, but especially in times like these, having the security of an alternate income can be a lifesaver if for some reason you experience a lull in business. Fortunately, there are many ways to create additional income without having to shell out any kind of significant investment.
- Teaching, coaching, and consulting are all great ways to bring in some extra cash. All you need to invest is your time, which you’ll use to reach out and offer your services, as well as time you’ll need to prepare a presentation of some kind. If teaching interests you, reach out to local community colleges, libraries, or recreation centers with an idea for a class, workshop, or seminar. Create multiple sessions and offer prospective students a package deal. If teaching isn’t your thing, you might be more comfortable with one-on-one coaching or consulting. Using your skills and experience, you undoubtedly have a lot to offer someone who is just starting out in small business ownership or something else related to your field. The possibilities are limited only by what you’re willing to do, and the result can be very profitable.
- Start a blog. Writing a blog can be an effective way to share your expertise with others, market your business, and attract more customers. You don’t have to limit yourself to blogging; create a website that includes how-to videos, customer testimonials, or even guest posts from other industry experts. Earning money as a result of online content can take some time, but the potential for it paying off is certainly achievable.
- Listen to what your customers want. Take the initiative by asking your own customers as well as others in your network about what other services/products they would like to see. For example, if you’re in the business of creating gift baskets, ask your customers what other service/product they would like to see. A customer might suggest fun gift baskets for kids. This might be an idea worth exploring. Ideas from customers are often your best source of creating an additional income stream.
- Explore your other interests and skills. Make a list of all your hobbies, as well as all the things you do around the home, for your kids and through volunteer work. For example, you might list doing pedicures with your daughters. Since you sell cosmetics, this might become a service you offer. Or besides selling kitchenware, you also love healthy cooking and you might sell an easy to follow healthy cooking program. You want to look for things that compliment what you are doing now and other interests and skills you possess.
- Other ideas to explore.
- Create your own How-To-Videos
- Sell other services that compliment your current business
- Personalization services – gift wrapping, sewing, special delivery
- Create partnership with local businesses
With some effort and extra time, you have the ability to find additional sources of income. This revenue can help you get through a slow season or simply help you reach your personal and professional financial goals faster (not to mention expanding your contact list for your primary business!) What other ways can you create alternate streams of income? Please share with us below!
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