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How to Find New Revenue Sources for Your Online Business

How to Find New Revenue Sources for Your Online Business

Not only is your online business up and running, you’re doing a good job of selling what you have to offer and—most importantly—you’re actually turning a profit doing it. Kudos to you, and that’s not a reference to the delicious cereal bar. Making money with a startup is no easy feat, so that’s really something to celebrate.

You’ve probably learned a lot in the early going, like how to figure out who your core audience is and why it’s more important to have a website that’s easy to use than one with all the bells and whistles (unless you sell bells and whistles, of course). Maybe you’ve even discovered that the Pareto Principle applies to your business, with 20 percent of your products or services accounting for 80 percent of your sales, and used this knowledge to focus on your strengths.

While your business was still in its infancy, these were all important things to learn but now it seems like you’ve plateaued. Growth is stagnant and you might even be feeling a financial pinch from trying to expand before your revenue streams were ready for it. What do you do to get more money and keep growing?

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Easy: find new revenue streams.

Okay, okay. Admittedly, “easy” probably isn’t the best word to use, but there are a number of ways that online businesses can do to add revenue sources, such as…

Add products or services.

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add products

    Maybe your online tea business is selling hand-crafted tea cozies like crazy, but people don’t seem to be as interested in the tea kettles or the tea itself. You rightly focused more on the cozies because they were working but it’s not enough. Ever thought that perhaps you don’t have a tea business, but a cozy business? Try new products like coffee cozies, beer cozies, or toaster cozies and see how they do. A service company like a junk removal business could think about offering a separate moving service because it still involves hauling things.

    Expand your customer base.

    write a guest post

      If could be that you’ve hit your revenue ceiling with your current customers because they don’t have any more money, or they’ve already bought everything you have. Get new customers (i.e. revenue sources) by marketing yourself to a wider audience using new SEO terms, guest posting on different sites, joining more social networks, using PPC advertising, and more. Of course, that doesn’t mean you can stop appealing to your core audience; you just have to find ways to reach out to others without alienating them.

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      Join an affiliate ad network.

      Most businesses don’t like the idea of putting up ads for other companies, and especially fear driving visitors away with banners and pop-ups that are intrusive and annoying, but it doesn’t have to be that way. Amazon’s Associates Program lets you link to anything on their site in a contextual way and make money doing it, while Yahoo Publisher Network, Google Adsense, and others pay surprisingly well for ads that do little to disrupt your site. Perhaps the best part is that you can typically choose the kinds of ads that you want to display. In this way, you ensure that they reflect products and services that interest your customers. Some people have had amazing success using affiliate marketing.

      Get outside investments.

      Kickstarter

        This one works best with companies that are “big ideas” but don’t have a plan on how to monetize the business. Business ideas like Facebook and Twitter, or even companies that want to create something like a video game and sell it but don’t have the necessary money to create the game themselves. Kickstarter and websites like it provide you with one option but you can also utilize your own network to find people willing to invest money now for a piece of the profits later.

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        These suggestions are only the tip of the iceberg when it comes to finding new revenue sources for your business. You just have to be creative—some companies even make money by outsourcing their employees to other businesses when things are slow. The key is to keep the money coming in while you work on growing the company.

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        Published on November 8, 2018

        How to Answer the Tough Question: What are Your Salary Requirements?

        How to Answer the Tough Question: What are Your Salary Requirements?

        After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

        But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

        Unfortunately, this is the wrong approach.

        Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

        Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

        Of course, you can’t command a high price without bringing value.

        The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

        1. Hack time to accomplish more than most

        Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

        With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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        Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

        Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

        For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

        Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

        It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

        2. Set your own boundaries

        Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

        Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

        Here are some important traits to consider:

        • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
        • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
        • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

        These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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        3. Continuously invest in yourself

        Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

        You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

        Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

        Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

        Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

        It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

        4. Document the value you bring

        Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

        To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

        A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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        Here are some ideas:

        • joesmith.com
        • joeasmith.com
        • joesmithprojects.com

        Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

        During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

        5. Hide your salary requirements

        Avoid giving you salary requirements early in the interview process.

        But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

        The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

        Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

        6. Do just enough research

        Research average salary compensation in your industry, then wing it.

        Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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        Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

        Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

        7. Get compensated by your value

        Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

        Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

        Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

        You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

        The bottom line

        You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

        You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

        Featured photo credit: LinkedIn Sales Navigator via unsplash.com

        Reference

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