When you become a small business owner, it’s hard to anticipate the difficulties you’ll experience. However, the last challenge you want to really experience is a financial one. While there might be ebbs and flows in any business, it’s best to stay on top of ways to bring in multiple streams of income. Consider these ideas as you strategize for your small business.
1. Delivery Service
If you own a brick-and-mortar company that sells a specific product, consider offering a delivery service. Determine the cost of gas, the distance of the drive and the amount to pay the delivery driver. Once those numbers are confirmed, create a price that accurately covers those costs and still offers a profit. Keep in mind that inclement weather will impact this particular income stream.
2. Affiliate Marketing
If you have an online company, start a blog and create content. Within the content, add affiliate links to helpful products. If the idea of a blog isn’t thrilling, definitely implement an email marketing strategy. As you deliver valuable content within an email newsletter, insert affiliate links within the content. Most online retailers have good affiliate programs. Some companies might only offer 2% commissions. Others might offer up to 50%. Don’t be discouraged about the idea of a 2% commission. Those commissions can quickly add up.
3. Sponsorships & Partnerships
Start a YouTube channel that promotes your small business. First, the company is in a perfect position to reap the benefits of an additional income flow from YouTube advertisements. Secondly, as the videos gain more views and more engagement, companies will want to do sponsorships and partnerships. As you partner with other companies and do sponsored videos, this is an excellent income stream to take advantage of. Make sure that you consistently deliver value to your audience. As your audience grows, your potential income can grow as well. As the sponsorships increase, it’s a good idea to find a few wealth management firms and pick the best one to help you properly handle the profits.
Different income streams will work for different business models. As you gain clarity on which routes to take, take aggressive measures to implement the strategies and keep the momentum. When you’re able to start and finish strong, the company will be able to reap the benefits of a financial cushion.