3 Secondary Income Sources Your Business Should Take Advantage Of
What is a secondary income source?
It’s any money that you generate through means that aren’t your direct mode of making money. Let’s say you have an online retail business that sells clothes. The selling of clothes and products is your primary income source. Any other money you make is classified as a secondary source.
All businesses need many secondary sources of income to keep things ticking over. This additional money can help you make a bigger profit and provide financial help in times where your primary source dries up a bit. The big question is what secondary sources should you consider?
Here are some ideas:
Blogs & YouTube Videos
Blogging is a popular way of making some extra money for your business. With both blogs and YouTube videos, you make money primarily through advertising revenue. It’s a simple concept, but you can make a lot of money by blogging. The trick is to create content that your audience will enjoy and engage with. Also, it still needs to relate to your business in some way or another.
Going back to the example, your online retail company can blog about fashion trends, outfit ideas, and so on. Don’t start blogging about TV or film shows as this is completely irrelevant to what you do!
YouTube is the same idea only in video form. Some companies may prefer this as it offers more creativity and can open the door to lots of different ideas.
Selling Items Online
Your business should consider a few investments to make some money on the side. Most of these are going to be long-term investments that generate money over the many months and years of your operations. It’s a great way to secure some of your profits and use them to your advantage.
The key to investing is to make sure you’re diverse.
You could invest some money in traditional stocks and share, use some to buy Bitcoin or other cryptocurrencies, and so on. Obviously, when you sell your investments you can make a serious profit that gets pumped back into your company to help you grow.
It might be possible to earn some money through different sponsorships. If you run a successful business, then other companies may look to take advantage of this success. Be prepared to receive offers from businesses that are willing to pay you to advertise their products/services. You can do this via your website, but it will most likely take place through social media channels.
An example is an energy drink company sponsoring you. You post pics of your team in the office drinking the drink and saying how it fuels you and helps you feel energized at work. This happens all the time, and you should jump on board with it and find sponsorship opportunities. The only thing to be wary of is that you believe in the sponsors and they aren’t in direct competition with you!
Use these ideas to support your primary source of income. It’s always beneficial to have multiple streams of revenue trickling into your company. If one dries up, the others stay flowing until that one picks back up again.
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