If managed well, small local businesses can thrive and earn well. If your venture seems to be on the right track, then you can choose to either expand your reach OR add more products and/or services. Sounds good, right? But if there’s one trait that separates entrepreneurs, it’s their insatiable drive and love for challenges. Sure, your business is going great – but what if you could earn more from other sources?
Try your luck in these other ventures and see a whole new world of possibilities (and who knows – maybe even a new business idea?)!
#1 Partnerships
Pairing with another individual or group that has similar interests will benefit not only your portfolio, but also your professional experience. Nowadays, even large corporations partner up with one another to cater to a wider target market. In 2012, Target stores in Canada paired with coffee chain Starbucks, to offer a unique experience to shoppers.
The huge retailer also did a partnership with curbside pick-up app, Curbside in 2015, to bring convenience to their customers. Thanks to this strategy, the small Palo Alto-based company earned themselves $ 25 million to expand operations and create more partnerships.
#2 Blogging
Do you love writing? Even if you don’t, blogging is like a double-edged sword with awesome benefits. One, it helps establish your name online as an authority in your chosen industry. Second, it helps augment your income. How? By creating enough valuable content that people want to share or buy.
For example: content and writing blog Boost Blog Traffic by Jon Morrow earns about $ 100,000 a month – and he says that’s a mere pittance compared to how much other bloggers out there are earning. Aside from offering their own products, they also receive commissions by promoting affiliate businesses.
#3 Consultations
Don’t forget: you’re a business owner! You have the experience and knowledge to share with others who want to follow in your footsteps. Although it’s fun giving away free advice (not to mention that it’s good for your soul), why not try offering consultation services? People would love your professional opinion on how to better manage their businesses. If you have other valuable skills (such as accounting, talent acquisition, or digital marketing), then you could earn a good reputation for being well-rounded.
Melinda Emerson, certified small business expert, has given her consultation services to big brands such as American Express, Staples, and Dell.
#4 Published Works/Guest Speaker Opportunities
This should work in conjunction with your blog for maximum efficacy. Once you already have an established name online (and you have opened doors to consulting), then perhaps you may want to think about getting hired as a guest speaker OR writing a book.
If you decide on becoming a public speaker, you may want to start small at first. Join local conventions or speak at small public events to make a name for yourself. Once you gain enough confidence and experience, you can market to a bigger audience. If you choose to write a book on the other hand, choosing your topic and method of publishing are two of your main concerns. Nowadays, Amazon offers one of the most convenient and cost-effective ways to get your work out to a wide range of readers.
Talk to an expert before getting your feet wet in any of these schemes. Do remember: the main purpose of these activities is to help others and share what you know. Earning extra from these ventures is just a bonus. Plus, aside from managing your local business, you get other experiences that might come useful in the future.
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