Ultimately you’re in your business to make money, so what are some ways you can maximise your return? Look at your revenue model and consider other streams you can introduce. Perhaps you could expand your operations with new products, services or features?
Some great revenue models that you can use by themselves or in combination are:
1. Products for purchase. These are tangible items available in store and/or online or digital products.
2. Services provided. Consider adding or refining existing services to complement your primary services.
3. Subscriptions and memberships. Capitalise on loyal customers with a recurring income stream, with three-month or twelve-month packages.
4. Affiliate markets. Simply include links to other relevant products on your website or social channels and in return get kickbacks or commission when a purchase is made.
5. Freemium. In this model, you provide basic services for free but aim to entice your customers to pay for premium features.
6. Retainer. If you work in a service industry, you can have consistent revenue by receiving an agreed fee for a service you provide at regular intervals – like monthly.
7.
. Explore the opportunity to create a physical event or virtual experience, perhaps using or learning about your product.
Your revenue model may be fine the way it is, but if your business has hit a wall, you may want to consider these different revenue models!
Adapted from Business Australia