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4 Ways to Diversify Your Business Revenue Streams

Diversify Your Business Revenue Streams

The ebbs and flows of selling can get a little tricky to navigate! If you’re a one product business or maybe you’re still figuring out WHAT to start selling, let’s talk about a few ways you can diversify your revenue streams (or add some revenue streams!) that can consistently bring in an income for your business.

If we learned anything from the year 2020, it’s that we truly cannot predict WHERE the world is going to go! We saw revenue streams from our business that were once thriving, all but disappear when the world went through the pandemic, and I know we are NOT the only ones. 

Keeping your eggs all in one basket is NOT the way to go!

With that said, I want to share a few simple things you can do today to diversify the revenue streams in your business. 

1. Create a Digital Product

Have you created a digital product for your business yet? If not, NOW is the time! Digital downloads are a great way to create simple, passive income for your business. Create your product, imbed it into your shop, your website, or your platform of choice, and you’re done. 

If you’re having a hard time figuring out WHAT kind of digital product might be beneficial for your business, I’m just going to list a few different products that we’ve tried in the past, or that we’ve seen others create. Hopefully this can help spark some ideas!

  1. Templates: Whether that means templates for editing photos, templates for creating worksheets, templates for social media, templates for planners, meal plans, etc. Take the service you are providing to your customers already, and offer it in a simplified, less expensive format that takes the hard work out of it for YOU and for your customer. 

    Need an example? You can find our P&L template to start tracking your finances. We offer this for free, but something like this can easily be used as a paid for product as well. Find it here: https://startupspark.activehosted.com/f/13
  2. E-Books: These ones are usually the easiest to create, especially if you are already creating regular content. Take some of your most popular content and create an easy e-book for your customers to access it in one place. A “how-to” guide, a collection of easy recipes, 5 activities for your kids to do this summer, Potty Training Tips for beginners, etc. 
  3. Excel Sheets: budgeting, grocery shopping, business organization, family organization, etc. 
  4. One sheet printable: Perfect for artists, children’s chore charts, cute graphics for home decor, lesson plans. You get the idea. 

There are SO many options when it comes to creating a digital product. If you’re looking to diversify your revenue streams, this is the first place I would start! 

2. Easy Webinar or Mini-Course

Before you scroll on to the next idea because this seems too complicated, do you think you could film yourself for a max of 30 minutes teaching something that you are an expert in? Maybe it’s something you offer a full course in that you could simplify into a few key points and use to sell them the full product.

Maybe it’s a quick mini-course on how to set up your email list, how to get your camera settings correct before your first photoshoot, how to mix certain oils together to make delicious scents for your home, a video demonstration on making your most famous cake WITH a digital download of the recipe!? Perfect.

Take something you’re good at, recreate content that has already done well, and create a quick and easy webinar for your audience to watch that will get them in the door to purchase your other products. Don’t be afraid to use something like this to pitch your higher ticket items. 

3. Subscription Program

Subscription program? What is she talking about? Listen up. If YOU are someone who offers products that change, someone who might not have one consistent product or someone who might be offering NEW things often. Set up some type of subscription. 

These can be SO simple, anything from a Patreon type set up where they pay just a few extra dollars a month to have exclusive content from you. Maybe a VIP club where they can have first access to your launches. A subscription to join and get a digital product from you each month, like for example, 10 freezer meals EVERY month (shoutout to Six Sisters Stuff!).

Give your audience what they want! You do NOT have to only give your audience free content, it’s okay to charge them for your TIME. This is a business. Is there anything in your business that would make more sense in the form of a subscription?

You do not have to stick to digital products, but if we’re talking quick ways to diversify your revenue streams right away, digital products are always the easiest route. Way less time consuming for you and quicker access for your customer.

4. Affiliate Marketing

Okay, so maybe you don’t have any products at all. Or maybe you do, and you can’t figure out how to add smaller easily accessible items on top of that. If this sounds like you, then maybe it’s time to look into affiliate marketing! 

Did you know our podcast and Start-Up Spark for the first year was completely reliant on affiliate marketing? Did you know every time we say “this podcast is brought to you by…..” we’re doing affiliate marketing? 

Our vow to you when we started Start-Up Spark was that we’d never try to sell you something we didn’t think would help you, our customer, in your journey to grow your online business, and when it comes to your business, you need to do the same.

If you know your ideal customer, then it’s probably going to be pretty easy to guess what other products, aside from yours if you have them, are going to be helpful. The key in being successful with affiliate marketing, is selecting products to share that your ideal customer will actually purchase.

Affiliate Programs Anyone Can Join

There are a lot of options when it comes to affiliate programs! Chances are, the products you know your ideal customer will love, probably have an affiliate program available. If you can’t find one on their website, send them an email introducing yourself, your ideal customer, and ask them if they have any affiliate options available.

Join an affiliate marketing program like Shareasale. Shareasale is an all inclusive affiliate marketing agency that allows you to find all kinds of brands that will align with the wants and needs of your ideal customer. There is a quick application process, but it is not limited to any particular size or type of business. This is a great place to dip your toes in the water!

If you’re interested in joining an affiliate program right away, and think you may have a similar audience as we do over on Six Sisters’ Stuff, we’ve also opened our affiliate program to everyone!

With our Six Sisters’ Easy Freezer Meal affiliate program, we offer a 40% commission meaning you receive 40% of any sales you make off of your affiliate link, which is a great rate to start at. You can CLICK HERE to apply!

You can also check out all of the affiliates we work with here at the Start-Up Spark by visiting our “Tools” page.

And as a tiny disclaimer here, with any affiliate links, make sure you disclose that these are actually affiliate links/partnerships. Legally legit always, you know the drill.

If you’re looking for a little help in the legal department, check out CreativeContracts.co and our legal queen Brittany Ratelle can get you all squared away with your affiliate contracts, employee hiring, or any other legal needs you may have. Use the code StartUpSpark15 for 15% off. (affiliate link).

Create Your Own Affiliate Program

Now we’ve talked about JOINING affiliate programs, but have you thought about STARTING one? Starting an affiliate program might seem really intimidating but I promise it doesn’t have to be. There are a lot of platforms that will make keeping your affiliate program organized and professional all the way from set up, to making your first affiliate sale, a total breeze.

Do a little research and see what it would take to set up YOUR products on an affiliate program. It’s a quick and inexpensive way to spread the word about your business, while creating partnerships and friendships along the way! 

How Can You Diversify Your Income?

Take a look at your business and see if there’s anywhere you might benefit from adding another revenue stream. Would a digital product be helpful? Do you have a content idea for a quick webinar or mini course? Do you want to get into affiliate marketing?

There are so many different ways to diversify your income, so pick one and run with it!

You got this!

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