In the past, when you ran a business, it would have one main revenue stream and perhaps a few others that were linked to it, although that would depend on the market and the personal preferences of the business owner. Today, things are different. Today, having a wide range of different income streams is necessary if you want to be successful.

Whether you’re a solopreneur who freelances or a business owner with a large team to manage, the fact is that if you can have multiple revenue streams, you can withstand most issues that might come about, whether that’s to do with the economy, the sector you’re mainly working in, or anything else. Read on to find out what new revenue streams you might want to use in your business so you can start setting things up sooner rather than later. 

Digital Products 

As a business owner, you will always want to look forward as much as you can, as this is how you’ll stay ahead of the competition and how you’ll attract the most customers. One idea in this vein is to consider selling digital products. One of the best things about this idea is that it can generate a passive income stream once you have put the work and effort in to set it all up. 

Ideas for digital products include:

  • eBooks 
  • Courses
  • Software tools 
  • Apps 

It might take some time to create these products initially, but once they have been designed, you can sell one product multiple times, ensuring you make the most profit possible. Alternatively, you might give away some of these digital products with orders or for those who sign up for newsletters. Although you won’t be making any money specifically at the time, this could be a way to ensure loyal customers in the future and ensure your business has a good reputation. 

Move Into Property 

The above idea could be linked to your current business sector, but it doesn’t have to be – you can write eBooks or create courses about anything as long as you have the expertise to back it up. The same idea applies to property investment. You can make an additional income through this even if your main business is not property-focused at all. 

Property is one of the best places to invest as people will always need something to live. Although it is entirely possible to lose money on the property (especially if there is a major market crash), most of the time, you can make money.  

You’ll need some expertise in property investment to help you, and it might be wise to use Realeflow software to help you find the right property and ensure you are investing correctly. When you do, you should be able to find a great passive income that you can invest back into your main business or put into savings for yourself. The choice is yours. 

Leverage Your Existing Assets 

Every business has a variety of assets that can be used for generating additional revenue and creating new income streams. One good example is renting out office or warehouse space. By identifying underused spaces within their premises, businesses can explore the possibility of renting them out to other businesses (ideally not competitors, of course) or freelancers. This brings in extra income and could lead to networking opportunities and potentially the chance to collaborate with new partners. 

Or perhaps you have equipment you don’t need to use all the time but are paying for. In that case, could you hire this out to others and make some money that would offset what you’re paying and make your entire business a lot more cost-effective? If so, this is another great way to ensure that you don’t have any underused assets and that every element of your business is making you money in some way, even when you’re not using it. 

Collaborative Partnerships 

When you partner with other businesses and make some strategic alliances, you can pool resources, expand your customer base (and reach) and create some revenue streams that you wouldn’t have been able to do by yourself but that will be mutually beneficial. When you form new partnerships, you can access new markets and tap into different areas, building both businesses at the same time. 

One idea that could work in this regard is affiliate marketing. Partner with influencers or bloggers who have a large following and have them promote your products and services. This could bring in a lot of growth and new customers, boosting your business and giving you a great new income stream.