With the current inflation and rising interest rates, is your income still enough for everyday living or your business?
Whether a W-2 employee or a business owner, having an additional income is an excellent opportunity. Particularly now that there’s a continuous rise in commodity prices and we’re experiencing an economic downturn, this is the best time to rise above the situation and pivot if needed. Besides, this has been the strategy of the wealthy. They do not rely on a single source of income alone, make sure that they diversify and come up with additional income stream ideas.
It doesn’t have to be complicated or extravagant when considering an additional income source. Start by thinking about a product or service that can complement what your business is currently offering. For example, if you have a coffee shop business, perhaps you can also sell the coffee you use in your cafe by repacking it in beans or grinds.
An additional income doesn’t apply only to business owners; it can differ from what you are doing. An example is if you are a company accountant who is excellent in photography, then you can offer service as a photographer for events, food photography, or travel photography. Thus, you can use your skill to create an additional income.
In this blog, we’re going to focus on having an additional income stream for your business, and we want to help you acknowledge that spark in your head. The idea you’ve been dreaming about and to assure you that you are not alone when thinking about having an additional source of income. Here, we’ve provided some pointers to help you get started.
Points to Consider in Creating an Additional Income Source For Your Business
Contemplate Your Current Products or Services
It makes sense. You do not need to look far as a business owner because you can have additional revenue sources by just leveraging what your business can offer. Ask yourself, is there anything you could add that would work well alongside them? Going back to the example earlier, if you are a coffee shop owner, you already have contacts with coffee suppliers and have already established a relationship. Then, it will be easier for you to buy a considerable bulk of coffee from them, resulting in a more affordable price. You can repack the coffee, create your brand, and sell it in your coffee shop. Just a word of caution: it may sound easy for an experienced business owner, but please, as in any business, do your analysis and research.
Look at Opportunities You Can Pivot
Are there opportunities you can use in your business to adapt to the current situation? It is an excellent question to ask. For example, as you remember, during the pandemic, there were restrictions when dining in restaurants. So what did some of the restaurants do? They adapted to the situation and came up with home meal kits. So instead of closing and laying off employees, the restaurant owners adapted, which became great marketing. How? Because first, they showed that they care about their customers. By giving them the product they love and can eat at home. And second, they showed that they care for their employees by not closing the business (even if they’re not profiting that much).
Ask Customers’ Feedback
Listening to what your customers are saying is part of improving your business. Their feedback or preference may lead to additional income and your business growth. Suppose you notice that 1 or 2 ideas usually come up from your customers’ feedback. In that case, you should take a look and consider exploring them. That might be the key to unlocking a brilliant income source!
It is like testing the market first regarding their response to your product before 100% launching it. It enables you to have an idea of the customer’s response and to tweak it if necessary. And at the same time, it is already generating revenue for your business.
Let’s not forget that opportunities are endless in today’s modern world. It depends on where you live, your skill level, and the type of mindset that you have. You can create an active or passive source of additional income for your business. You need to be creative and open-minded because you’ll be amazed at how even a simple thing can bring extra income.
Remember that everything takes time, and there’s no quick rich scheme. However, your income will multiply if you work hard and work smart and if you know how to make your money work for you.
So now, create a plan and make it happen! Shall we?