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After a year marked by loss and challenge, many small businesses are looking at a long road to full recovery. One solution to offset losses is tapping into new revenue streams. A recent article by SCORE gathers insight from financial experts and small business owners on boosting the bottom line. Here are some tips:
Launch new products and services Necessity is the mother of invention: Look for gaps in the market that your business could fill and do it with a product or service you’ve never offered before. It’s time to innovate.
Take stock Asses your current abilities and processes before creating a new revenue stream so that it aligns with your main product or service. In order to be profitable, the new revenue stream can’t drain your limited resources. Consider how various forms of waste can be repurposed into profit.
Expand into new markets If financially viable, entering new markets will not only create new sources of revenue but also new ways of doing business, especially if you expand internationally.
Form partnerships Connection is key. Join forces with brands that have complementary services as a source of referrals. Successful partnerships deliver value to both parties. In the words of one business owner, “Think about how you can create value for a partner first and then make a pitch.”
Market your expertise Offer online classes or seminars on topics within your expertise. Sharing your knowledge on entrepreneurship or growing a business (for a price) will, in turn, help other leaders and companies recover from a devastating year.
Sublet office space Paying rent for an empty office? Offer a sublease to another business that could put it to better use while your employees work remotely.