The day is finally here. Six months ago, all you had was a company name, and an idea of what it could become in the future. Today, you have a business plan, customers, a detailed marketing plan, a fully functional website, and you have started to gain significant traction on social media. As a whole, your company is doing very well. What's next? You should probably think about monetizing your company.
The term "monetization" refers to the conversion of an investment into cash, which often occurs when you sell your company, merge with another company, or elect to take your company public. There are a variety of things you can do in order to increase your company's revenue streams.
Consult: The odds are quite high that if you have managed to successfully start your own business, then you have learned a lot along the way. By offering to share the knowledge you've gained (along with your expertise on a certain subject), you can earn additional income and further your brand at the same time.
Develop a Related Program for Your Business: In effect, you can use affiliate programs in order to increase your sales, as these programs are similar to a built-in sales force, without the hassle of motivating employers or having to pay for expensive salaries. In order to do this, you simply need to sign up on a website such as Share-A-Sale, and register your product. You are able to dictate all of your terms, so you still have control over your products. People will then have the opportunity to sign up and start selling your products. For every product they sell or every referral they complete, you agree to pay them a fee that you specify at the beginning of the process.
Offer Informational Materials for Purchase: Use your experience and all of the information you've learned over the course of the years to further your company and create an additional income on the side. For instance, if you are a skilled graphic designer, you can offer simple graphic design courses or post an assortment of templates for various occasions, specific color schemes, or certain fonts that others would find useful.
Sell Your Products Wholesale: If you have only been selling your products online, you should spend some time exploring the wholesale market. This will allow you to sell your products in a much greater quantity (and a lower price) to various retailers and distributors. Make sure you research the process, including wholesale pricing for your products, before you approach specific buyers. Be very clear on your return policies, price for shipping and any other details that your clients or customers need to be aware of prior to purchase. Adding a Terms of Service clause to your website helps to not only clarify these details, but protects you in the event of a dispute as well.
Teach: Another way to make some additional cash through knowledge you already have is through teaching a class or an online course. Community colleges are perfect resources, and thiswill continue to build your brand (and help you to gain customers) at the same time.
Don't Be Afraid to Speak Up: Conferences, trade shows, and other events are always looking for speakers to educate and speak to their audiences about specific subjects. They are looking for good public speakers with experience, but they are also willing to pay pretty well for this service. Not only will you be talking about a subject that you could probably speak about in your sleep, you will be earning additional revenue and will likely gain more followers after the event.
Bottom Line: So think outside the box! Get creative with ways to earn revenue and it will pay off in folds.
