Advertising
Advertising

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?

Advertising

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.

Advertising

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.

      Advertising

      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.

        Advertising

        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.

        More by this author

        Fun, Functional and Efficient Ideas for Your New Home Construction 20 Amazing Benefits of Thrift Shopping You Probably Never Expected 15 Easy And Fun Outdoor DIY Projects You Can Do In Less Than An Hour 50 Creative And Smart Home Products That Will Brighten Up Your Kitchen 7 Tips to Streamline Your Email Communication

        Trending in Money

        1 25 Killer Sites For Free Online Education 2 How to Develop a Millionaire Mindset in 6 Simple Steps 3 5 Books You Must Read if You Want to Be a Millionaire in Your 20’s 4 20 Better Money Habits to Help You Increase Your Savings 5 50 Businesses You Can Start In Your Spare Time

        Read Next

        Advertising
        Advertising
        Advertising

        Last Updated on July 4, 2019

        25 Killer Sites For Free Online Education

        25 Killer Sites For Free Online Education

        Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

        Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

        1. Coursera

        Untitled copy

          Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

          Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

          Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

          2. Khan Academy

          Untitled 2 copy

            Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

            Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

            3. Open Culture Online Courses

            Untitled111 copy

              If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

              Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

              4. Udemy 

              Untitled 4 copy

                Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

                Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

                Advertising

                5. Academic Earth

                Untitled 5 copy

                  Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

                  Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

                  6. edX

                  Untitled 6 copy

                    Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

                    7. Alison

                    Untitled 7 copy

                      Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                      It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                      8. iTunesU Free Courses

                      Untitled 8 copy

                        A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                        Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                        Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                        ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                        9. Stanford Online

                        Untitled 9 copy

                          Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

                          Advertising

                          Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                          10. Harvard Extension

                          Untitled 10 copy

                            Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                            Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                            11. Open Yale Courses

                            Untitled 11 copy

                              Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                              12. UC Berkeley Class Central

                              Untitled 12 copy

                                Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                                13. MIT OpenCourseWare

                                Untitled 13 copy

                                  Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                                  14. Carnegie Mellon Open Learning Initiative

                                  Untitled 14 copy

                                    Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                                    15. Codecademy

                                    Untitled 15 copy

                                      Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                      The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

                                      Advertising

                                      16. Code

                                      Untitled 16 copy

                                        Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                        In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                        Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                        17. University of London Podcasts

                                        Untitled 17 copy

                                          The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                          18. University of Oxford Podcasts

                                          Untitled 18 copy

                                            Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                            The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                            19. BBC Podcasts

                                            Untitled 19 copy

                                              For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                              Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                              20. TED-Ed

                                              Untitled 20 copy

                                                Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                                Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

                                                Advertising

                                                21. LessonPaths

                                                Untitled 21 copy

                                                  LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                                  22. Memrise

                                                  Untitled 22 copy

                                                    Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                                    Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                                    23. National Geographic Kids

                                                    Untitled 23 copy

                                                      The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                      National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                      24. Fun Brain

                                                      Untitled 24 copy

                                                        Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                        Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                        25. Whyville

                                                        Untitled 25 copy 2

                                                          Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                          Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

                                                          More About Online Learning

                                                          Featured photo credit: Dai KE via unsplash.com

                                                          Read Next