How To Generate Multiple Streams Of Income For Your Digital Business

So you have a digital business and it’s going well. You have been able to keep a steady profit coming in from it and are able to keep it going financially without any problem. Great! But how many streams of income do have for it? Just one? That’s probably not the best idea. You should really have more than one avenue for income for your business. Not only will it increase your cash flow and help you grow your business, but it’ll also act as a safety net of sorts. What happens if the one route of income you’re relying on suddenly slows down or dries up? What then? Did you know there are many different ways of generating an income stream for your business, many of which could be hidden underneath your nose in your startup? Here are a few ideas you can try to get a little side cash flow coming in for your business.

1. Digital Information Products

Having created a successful business, you’ve probably learned a lot, either about starting your own business or have some helpful information you can share to lay people about your industry. Why not make a little side money by sharing your expert knowledge with others either as an e-book, an audiobook or as an online video course?  You can even try offering the course through a paid membership site. Physical books are still viable options as well, don’t forget. Offering a book or course will not only provide extra income but also help establish yourself as an industry expert and authority. Having an online course is also a great marketing tool even if you don’t charge for it.

2. Podcasts

With the popularity of online videos, webcasts, and podcasts, this is a great way to not only increase your visibility online and market your product but is also a good way to generate a little extra revenue. This is done by getting sponsors for your podcasts. Reach out to companies who offer products or services similar or complementary to yours who your customers would benefit from, and try to partner up with other startups or bigger companies to use their authority and credibility.

3. Software and Apps

Come up with some software or an app that your customers and targeted audience would find useful or even fun. This can be anything. It could be a WordPress theme or an online productivity tool or even something more industry-specific.

4. Affiliate Marketing

This is basically a referral program but it pays. You get paid by referring other people’s products through your affiliate link. You can join a network like Commission Junction (now known as CJ Affiliate) or Clickbank. Amazon also offers an affiliate program. Just make sure you promote quality products and don’t engage in shady marketing tricks.

5. Display Advertising

Try this when you have a good, steady, heavy flow of traffic to your site or else it probably won’t prove very profitable. But take it a step further and try mobile advertising, too. If you embed advertising into your mobile app, you can sell ad space to sponsors.

6. Consulting

This is a way to not only make extra income but increase your online reputation. You can not only offer consulting services but also offer to mentor and tutor people who want to enter your field.

So there you have a few ideas to help generate more income streams for your business. There are many, many other ways you can get a little extra cash flow, some of which you can find here and here if you are so inclined.