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Whether it’s boosting personal finances or supporting the business, increased revenue is an ongoing goal. In the current landscape, there are many opportunities to create new revenue streams. Before actively pursuing any of them, though, it’s vital that you choose the right option.
Here are five to consider.
1- Real Estate
A quick look at how property prices have increased over the decades will highlight that real estate is a great option. Not only will assets grow in value, but you can create cash flow from tenants. Finding DSCR loans, which can be great for rental properties, could open the door to a whole new venture. Whether you do it alone or with a business partner, the potential for revenue is huge.
Your portfolio will also offer access to relatively quick cash if you ever hit hard times too.
2- New Products
Designing new products is the perfect way for a business to increase its sales. It could mean generating more conversions from an established client base or reaching new audiences. Either way, green products can be particularly useful in the current landscape. After all, more and more people are committed to eco-friendly living. If you’re self-employed, launching digital products could be a great alternative.
This could include ideas that enhance a user’s experience of existing third-party products.
3- Renting Out Assets
Making your assets work harder from a financial perspective can be another great option. Not least because it is something virtually anyone can embrace. Letting film companies use your property can earn a good cash injection. It’s also cool to see your property appear on the big screen. Smaller assets that you don’t use often, like tech gadgets or luxury clothes, can be another very popular choice.
Of course, selling goods you no longer need can boost your income.
4- Sell Your Knowledge
If you are an entrepreneur, you possess a lot of knowledge and expertise that people would pay for. Whether it’s advice on leadership or how to succeed in your industry, your insights can be monetized. Creating ebooks, online courses, and other paid content can be very useful. If nothing else, it is an opportunity to earn several sales from a single piece of content. You could also consider tutoring small groups.
Aside from creating a new revenue stream, it underlines your authority in the industry.
5- Invest In Other Companies
As an entrepreneur, you probably work quite closely with many non-competing companies. Naturally, you choose to work with impressive firms that have a bright future and keep an eye on upcoming ventures. They could be the perfect companies to invest in by buying stocks and shares. Depending on the type of agreement, this could achieve dividend payments. Even if it doesn’t, you can sell when convenient.
The liquid assets are, therefore, a great addition to your arsenal.
The Final Word
Ultimately there is no single right or wrong option. However, the revenue streams above should offer great inspiration. Select the one(s) that spark interest and seem viable. You will be on a path to increased success in no time.
