As an entrepreneur, you have many things to consider- chief among them cash flow. Obviously, you must ensure your profit margins are in place, you have enough to cover the cost of doing business, and bring in enough to assure growth and pay yourself the salary you desire, but what happens when times are lean? How do you supplement that income and add additional revenue streams? We have some ideas…
If you’re an entrepreneur, you clearly have a zone of genius. Speaking to that zone of genius onstage is a fantastic way to supplement income with paid speaking gigs and draw attention to your business in front of your potential customer base. For more information on speaking opportunities, click here.
Comparable to speaking, podcasts give you a great platform to show your zone of genius and engage with your audience. Not only does it show you as an expert in your field, you’re given the opportunity to connect with peers through interviews and eventually monetize through sponsorships, ads, paid membership tiers, and more. For more information on starting your own podcast, click here.
It may be easier said than done as it does take hard work but depending on the size of your network and social media audience, with some strategic content planning, you could reach micro influencer status and add revenue with brand partnerships and paid content posts, all while solidifying your status as a subject matter expert.
If you have a podcast and a social media following (or even if you don’t) creating a YouTube channel could be a great move for you. Comparable to podcasting, a YouTube channel gives you a visual platform to share your zone of genius and the opportunity to monetize by joining the YouTube Partner Program, combined with sponsored content opportunities, merchandise, and more, YouTube could be your next great moneymaking revenue stream.
This may go without saying, but corporate sponsorships and brand partnerships with local businesses can be a great way to create revenue and cut costs with in-kind/gifting partnerships. In addition to building a new revenue stream, this is also a great way to cultivate relationships with next-level professionals.
We’re not talking about learning a dance routine on TikTok or dumping a bucket of water over your head for charity (though by all means, you do you), in this instance, we’re referring to online or social media challenges that people sign up for to learn from you. These challenges promote your business and generate revenue through online events.
Creating a course that gives people a structured format in which to learn about your area of expertise is a great way to establish your online presence and create consistent revenue streams that doesn’t take away your time on a daily or weekly basis. For resources on building, developing, and marketing a course, click here.
What unexpected revenue streams have you successfully added to your business?
To learn more about Social Media Challenges, CLICK HERE.