January 13, 2020
Author: Lorman Education
All businesses have one primary goal, to increase profits. When increasing profits, a business needs to not only focus on building up their existing model, but also on generating new revenue streams to grow the business and increase the company's overall sales. In the twenty-first century, it is easier than ever before to expand your business, products, and services through the use of technology. Here are some ideas to generate new revenue streams for your business in 2020.
1. Start Selling Online
- Tap into markets around the world. The simplest way to generate a new stream of income in 2020 is to start selling your existing products and services online. The modern age has made it extremely easy to transform your small business from a local provider to a national or even global service. By selling online, you will be able to tap into markets around the world.
- Work with reputable E-commerce platforms. There are many E-commerce platforms that already exist and have strong reputations. You can utilize these platforms to efficiently sell your products or services online. Some popular E-commerce platforms are Wix, Squarespace, and Weebly. When choosing the right platform for your business needs, remember the three S's of E-commerce. This includes considering the storage space, safety protocols, and site design that the platform can provide your business.
2. Offer Training Courses/Videos
- Offer online or in person training courses for your products and services. Another route to creating new streams of income for your business is to offer training courses to your customers. These courses will allow your customers to achieve operational knowledge of your products or services. Training video's are a great way to get content onto video platforms that help drive traffic and revenue to your company. Start small and get a feel for the content creation process and work your way up highly technical training content.
3. Start a Business Blog
- Generate income by monetizing a company blog. One possible route to creating a new income stream for your business is through the utilization of a business blog. You can use this blog to create a passive income stream for your business by selling advertising or by promoting affiliate products. A blog offers customers valuable information, while also providing your business with a new revenue stream through ad platforms.
4. Increase Customer Base
- Create strong customer rapport. A final strategy to create a new revenue stream for your business in 2020 is to increase your company's overall customer base. In small business situations, companies quickly reach the highest revenue limits from their existing customer base. For longevity, these existing customers are very important to your business model. However, it is also essential that you grow your customer base to increase your overall revenue. Communication and marketing play an essential role in increasing your company's customer base. Ask customers what they are looking for, this can spark fresh ideas for your company. Soon you will be offering new products and services, attracting new customers and generating new streams of revenue for your business.
In the twenty-first century, the world is at your fingertips. There are numerous possibilities to create additional revenue streams for your small business. Each of these ideas are viable options to look into during 2020. There will always be peaks and valleys when it comes to business. However, having multiple streams of revenue places your company in a better position to survive during the inevitable valleys that will arise.
To learn about increasing your company's revenue streams in 2020 contact us today. At Lorman, we provide continuing education courses for legal professionals, real estate agents, banking executives, and professionals from a multitude of industries. Feel free to reach out to us and learn more about all the online courses, webinars, and seminars we offer for businesses and professionals.