7 Revenue Diversification Strategies for Your Business Development

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7 Revenue Diversification Strategies for Your Business Development

7 Revenue Diversification Strategies for Your Business Development
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Diversification of income is important at this time. No doubt that Corona virus changes the way we work. As a result of Covid-19, small businesses must rethink the way they are connected with customers and, in many cases, rethinking the way they do business simultaneously.

But the current climate does indeed offer the opportunity to see new and different ways to encourage income for your business. If you never think of diversifying your business income now is the right time to start.

But how exactly do you create some revenue streams for your business? What opportunities are available? And how do you start diversifying your income and creating financial security in the process?

Why is revenue diversification on business is important?

The first thing to understand before we discuss how to diversify your income, let’s discuss quickly why diversify your income is so important.

Diversification of your income encourages you to earn more income from various business areas, which help you to:

  • Avoid dependence on any income stream.
  • Make a backup plan if one source of income does not have the potential to be further developed.
  • Provide new opportunities to expand your business, connect with new clients, and explore new opportunities

Diversification of your income also offers the opportunity to change many things and see your business in a new way.

Basically, when you diversify income, you get the opportunity to be creative and find new and different ways to encourage income in your business.

And more and more income streams flowing into your business, the more protected you if one income stream is no longer profitable – which protects the overall business and finance.

Obviously, the diversification of income in business is very important. But how exactly do you do that?

1. Bring your conventional sales to the digital space

Many conventional stores and businesses have been hit by the Corona virus. Most people shop according to their needs and in most of the world, the retail location was ordered to be closed due to the lockdown policy.

But the fact that people do not shop at your store offer the perfect opportunity to move your sales to the digital space.

Julie Williams is a visual and verbal artist that specializes in event photography and portraits. Due to restrictions related to Corona viruses on businesses that are not important, the photography business stopped. However, he uses the slowdown as an opportunity to find other ways to increase income, including selling products online, such as wall art.

If you haven’t sold your physical product online, now is the right time to explore e-commerce.

Use a platform like Bukalapak, Tokopedia, or Shopee to make your own store. Start selling your product in the marketplace. Make your product available online so that your customers can continue to run your business from convenience (and security!) From their own home.

Investing in eCommerce will not only produce big results now, but offer your customers another way to buy products you can continue to push long income after the pandemic ends.

2. Take advantage of your skills to build a digital product business

No matter what type of business you run or the type of skill or skills you have; There are people out there who want to learn the type of business or develop that skill. So why not be a person who taught them?

Digital products can be a great way to diversify your income and develop additional income streams.

And the best part, digital products can be passive income (or, in other words, the product will continue to push the old income after you really work to make a product).

There are various kinds of digital products and content that you can make to share your expertise, including:

  • ebook
  • Worksheet
  • Template
  • Online courses or webinars
  • Education video

If you are a business owner, you also have two different routes that can be taken when building digital products. You can:

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Make the product according to your field of expertise (for example, if you are a photographer, you can create an online course about photography)

Use your experience as a business owner to launch a digital product targeted for new entrepreneurs or beginners (for example, video serials on how to interview employees effectively or ebooks about the steps that need to be taken by entrepreneurs to launch new businesses)

Digital products give you the opportunity to share knowledge and help others who are interested in your skills, skills, and business – and simultaneously diversify your income.

3. Try consultation

What is the most common way (and potentially profitable) to build your business and develop additional income streams? Consultation.

Whatever industry, fields, or segments of your specialty, look for opportunities to offer consulting services both to individuals and other businesses.

For example, you have a human resource company. You can consult with job seekers about the design of resumes and their interview skills and consult with business to help them develop plans to re-employees who are laid off because of the Corona virus.

Or let’s say you have a restaurant. You can consult with other restaurants in the area to help them develop shipping plans and delivery to keep their business running when the door on their store is closed.

The point is, as a business owner, you have the skills needed to consult in your industry. So use that skill to diversify your income.

4. Loosen the requirements for your client

Usually, freelancers have certain segments. Maybe you work with certain types of clients or on certain types of projects.

But to diversify your income, it is important to remain open to opportunities that might be outside your comfort zone.

If you want to develop some income streams for business, it’s important to release your ideas about “perfect” or clients’ perfect “types.

Sometimes, the best opportunity to diversify your income is beyond the usual task or beyond your typical freelance coverage.

Take an example, there is someone who runs a loose writing business and marketing its own content. And while writing is the main focus of its business, he realizes that diversifying its income may mean thinking outside the box and exploring choices outside the world of writing.

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The point is, thinking is too narrow about the type of freelance work and the task you will take limiting your chances.

So, if you really want to diversify your income, it’s important to stay open to all opportunities – even if it’s outside the scope of your “ordinary” or “ideal” job.

5. Look for resources that have not been touched in your industry

Whatever the industry you are in, you might specialize in something specific. You might be a wedding photographer or have a branding agency or run local coffee shops.

If your specialization field is hit by the Corona virus, you can find a way to diversify income in the industry. All you need to do is just creative, think out of the box and look for new and unexpected ways to increase income.

As an example:

If you are a wedding photographer, you can consider selling stock photos.

If your brand agency experiences a decrease in the number of clients, you can start selling logos and other brand designs on the digital market such as 99designs or Shutterstock.

If your coffee shop is experiencing a loss due to Lockdown’s policy, you can pocket your coffee beans, partner with other local businesses affected and collect “care packages” for sale to your customers.

There are many income opportunities in each industry – and if you want to diversify income, you need to be creative and find or make that opportunity.

6. Switch to social media

Have you had a lot of followers on social media, both for yourself or for your business? If yes, social media can offer various opportunities to diversify your income.

There are many different ways to monetize the presence of your social media and the more followers, the more potential income.

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Some of the ways you can make money from the following big social media include:

Brand Partnerships.

Build a brand partnerships with the influence of social media as a way to display their products to prospective customers with enough tantalizing

Affiliate marketing.

Affiliate marketing is about promoting services and other products. When someone is between your audience purchases the service or product you are promoting, the company then pays you a commission. The more purchases you do, the more you produce commissions.

Advertising revenue.

If you have Youtube Chanel, you can monetize your video with ads.

Paid content.

Making paid content for social media is another opportunity to monetize the platform of your choice. For example, you can start a Facebook group where you share premium content – and charge a subscription fee to followers to get access.

7. Find ways to offer Value for free

This might sound opposite to intuition, but one of the best ways to encourage additional income for your business is to offer value for free.

Offering real value to your community for free (clear) does not directly generate income. But it reaches a number of other goals that can help encourage more sales and money into your business.

First, the bid value shows the viewers that you invest and care for them. It helps build trust and support, which can help change prospects to become customers and customers once become a fixed customer.

Creating value can also help make yourself and business as top of mind on the market. This can help increase reach and build your reputation, both will help businesses appear in the presence of more customers.

Find ways to offer value to your community and customers, both in the form of free webinars, direct and answer questions, or ebooks that are full of information.

Then, offer the value instead of their email address so you can stay connected, always remember your business, and continue to market it to them in the future.

This is a long-term strategy to diversify your income – but if you devote time and effort to offer value for free now, it will definitely pay off later.

Conclusion

Managing businesses during difficult times does require extra planning and energy, revenue diversification is one of them.

But the thing you need to remember is the more diverse stream of your income, the more it must be managed and more important to stay regular.

Make sure you have the right tools and systems to manage some of your income streams. Use tools like Google Calendar and Calendar to track your daily duties and appointments.

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