Slow periods are a fact of business ownership. Whether its a given time of year, the cyclical nature of your industry, or just a run of bad luck, slow periods happen.
By diversifying your income stream, you’ll even out the feast/famine cycle that can hit some small businesses. Check out these suggestions for boosting your revenue through multiple income streams.
1 Starting a YouTube Channel: If you’ve ever wanted to join the YouTube crowd, now is the time. You don’t need to be a film editing pro or actor to get started. You just need some great content (business how-tos are a good start) and a willingness to go on camera.
Use a graphics tool such as Canva to create eye-catching thumbnails and channel graphics. Use your cellphone or computer webcam to start, and you’re set. Be sure to post regularly and follow channels within your niche. You won’t become rich, but your channel can eventually create some revenue with enough followers.
2 Creating a Course: Do you have some business ownership wisdom and tips to share with new entrepreneurs? If YouTube isn’t your thing, consider creating a course. Platforms such as Thinkific and Teachable are user-friendly, and you can create a course in less time it takes to shoot and edit a YouTube video.
Enhance course material with slide decks, graphics, quizzes, videos, worksheets and other assets to reinforce course concepts and ideas. Utilize your website and social channels to publicize your course launch date.
3 Consult with new business owners: With more people entering business ownership in the wake of the pandemic, serving as a consultant is an excellent way to boost your income during slow periods.
Offer one-time consultations or retainers as an ongoing consultant in your niche. In helping a new business owner, you’re not only paying it forward; you can potentially identify weak areas in your own business that you can address.
4. Teach a course: Both LinkedIn and Udemy are platforms where business owners like you can share your knowledge and expertise. Students have the opportunity to both pay for courses and rate them upon completion. While you don’t need a degree to teach on these platforms, great communication skills and a solid understanding of your niche are a must in order to be successful.
Multiple income streams can help smooth out the feast/famine cycle that can hit small businesses at one time or another. By using your creativity, business smarts, and knowledge, you’re in a great position to increase your revenue with multiple income streams. While none of these options will make you rich, the extra change in your pocket could come in handy.
If the thought of prepping for any of the above leaves you cold, we can help. We have professional, educated assistants on staff who can help with everything from those YouTube graphics to course creation and support. Contact us today to get started, and you’ll be on your way to diversifying your income streams.
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