Money can be an uncomfortable topic for many people, but let’s be honest: you can’t really operate and grow your business without talking about it. And as a creative entrepreneur, money can be what separates your business from a hobby or side hustle.
So, how can you make money through your business aside from the main products or services you offer? Lots of ways, in fact! Check out these ideas for diversifying your business income below.
What does diversification mean? If you’re new to the business world, “diversification” is just a fancy way of saying that you have multiple sources of income. This could be multiple services, products, or ways that people pay you!
Here are a few ideas to help you create new sources of income
1 | Affiliate marketing
As a refresher, an affiliate marketer is someone who builds a brand relationship between a potential customer and a business. The affiliate marketer is the bridge between the two, encouraging their followers to purchase the business’s products or services. The business benefits from sales, and as the affiliate marketer, you’re typically paid a portion of each sale.
Affiliate marketing sounds easy, but you have to create engaging, interesting content without feeling too salesy. It’s also important to be honest and authentic. People can easily spot when an affiliate marketer is promoting something that they may not use in real life, or hyping up a product that isn’t that great.
One last tip: when you become an affiliate marketer, don’t go overboard and start promoting tons of items — especially if you’re not really using them! Stick with a few products or services you truly love. It’ll be easier to create honest content when you love them, anyway.
Related post: How to Be a Top Notch Affiliate Marketer That People Trust
2 | Digital products
Anyone can launch a digital product! To make your digital products successful though, you need to do your research. Make sure that the digital products you want to create are things that your target audience will actually buy.
Once you figure out how to solve a customer problem with your digital product, you can work on creating something that plays to your strengths. Good at graphic design? Create a PDF workbook or templates. Good at explaining complicated stuff to clients? Create a tutorial or eBook.
From there, you’ll market your new digital products to give them the best chance of selling. Get your new products out there and in front of your customers!
Related post: 5 Steps to Creating and Launching Digital Products That People Actually Want to Buy
3 | Training
Let’s say you’re super passionate about the helping or teaching side of your biz. That’s awesome, because you can harness those passions and skills to boost your income!
Offer training to teach your target audience how to do something. This might be a 30-day bootcamp to master a skill or a 10-day challenge to tackle a difficult task. It’s up to the problem you want to solve and how you want to go about it.
You can get even more creative with how you offer your training, too. You may want to offer an evergreen course that anyone can buy and complete at any time. Or, you may offer an exclusive course that opens to registrants a few times a year. You have a lot of possibilities!Are you super passionate about helping or teaching your customers? Put those skills to use and offer training! Offer a 30-day bootcamp, 10-day challenge, or evergreen course to boost your income.Click To Tweet
4 | Other services
Sell skincare products in an online shop? Who’s to say you can’t also provide skincare consulting services 1:1 to clients? Likewise, if you serve individual clients or small private groups as a fitness instructor, why not look into making fitness accessories or merch?
You don’t have to offer services that directly tie into your own business, either. Sometimes you can look for other sources of income in your industry.
For example, put your expertise to use and offer speaking engagements at conferences or workshops! You can even teach workshops or host special classes at industry events. Not only do these boost your income, but they also allow you to network and get your brand name out there.
Related post: 5 New Ways to Attract More Customers or Clients
5 | Freebies
Yep, we said it! Freebies are some of the best ways to bring in additional revenue for your business. You may be giving something away for free, but remember that what you’re really doing is offering something of value to your customers. That builds trust and increases your brand reach.
When you offer freebies in exchange for your followers’ contact info, you’re creating a lead magnet that will help convert them from followers to customers, too.
If you already have a freebie library set up on your website, brainstorm other types of free content that will entice new subscribers. Recorded webinars, screensavers, PDFs, monthly challenges, swipe files, white papers…there are lots of options for downloadable content out there!
Related post: How to Create a Free Resource Library
By diversifying your business income, you can protect your business financially during tough times or “unprecedented times,” as we all saw in 2020. You can also explore new opportunities and put your skills and interests to use!
If affiliate marketing sounded the most interesting to you on this list, why not become a Bluchic affiliate? As an affiliate, you earn 25% of each sale! Learn more about our program here.
And if you’re looking for a way to rock your existing affiliate programs and show them off on your website, try one of our Add-On Templates Kits! We have templates designed to match our ChicServe, ChicBoss, and ChicShop themes.
With your chosen Add-On Templates Kit, you can share new podcast content, grow your affiliate program, create an online shop, and more!