3 Types Of Additional Income Streams For Local Business
There are many different types of additional income streams that you can generate but here are three types that are commonly used by local businesses.
- virtual memberships
- one time pay virtual lessons
E-Commerce a.k.a. online shopping is the direction that consumers are now moving and many brick-and-mortar stores are seeing their in-store sales drop because they are unable to keep up with this trend.
Some of the most popular e-commerce sites are:
There are many others that can be used but the ones I listed are the most common for people that don’t have their own website or don’t want to use a self-hosted solution.
Many independent business owners use Amazon as their e-commerce platform and either do the fulfillment themselves or let Amazon do the fulfillment for them.
EBay is another option where you can put your products on their site using a store that you create and then doing the fulfillment yourself.
Any of the options that were listed above have both pros and cons but they all make it easier for you to get started as an online seller than it would be to use a self-hosted solution that would require you to learn how to use the e-commerce platform in addition to marketing your products.
The names mentioned above all carry a certain level of trust with consumers that would be hard for you to match right out of the gate.
Business owners that have membership sites that are attached to their website or are using a standalone membership solution have the ability to create an income stream that can continue on even if their physical location gets damaged by a natural disaster or some other means.
Depending on the type of membership site you set up, you might be able to put in place once and sell it over and over and over.
If the course needs to be updated, you may only need to update part of it instead of the whole thing.
Courses that require your presence, such as a webinar, can usually be delivered using your laptop and almost any high-speed Internet connection.
If you have a home improvement business, fitness training, weight loss or offer a variety of other services or products, developing a course that can be delivered online is a natural supplement to your business.
Membership sites can have various lengths of memberships that can range from a one-time pay to open ended recurring memberships.
The course material that you create can be delivered by audio, video, text or combination of all of these.
You could also choose to deliver these courses by way of a member’s only webinar series.
One Time Pay Lessons Or Products
Physical products require fulfillment by you or someone else but DIY courses can be taught using a variety of formats and they can easily be set up using PayPal and the variety of technologies to lock down your content so that is visible only to people that are purchased access to your content.
Some of these options are free but they may have various levels of learning requirements for you to utilize them to their maximum capabilities.
One advantage of a single pay option is that it usually meets less resistance than a recurring fee with many consumers.
These courses are usually a single video, audio or text file that can be sold repeatedly once it’s created.
There is no need to maintain a membership database or have complicated membership software.
The disadvantages to this approach is it doesn’t create a recurring income so you must constantly sell the course or product to keep the income coming in on a regular basis.
It doesn’t matter which of these income streams you create or if you choose another way to generate income that isn’t dependent upon your physical location, you need to create new streams of revenue that can help you get through unforeseen incidents or emergencies.
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