Many businesses are built on one service that is their main way of bringing in revenue. However, young entrepreneurs are approaching business in a different way.
A new generation of business owners, aged between 16-29, are making money from multiple revenue streams that require little, to no effort in setting up once their brand (or business) has been established.
What’s The Business Model?
Most of these businesses aren’t built off of the usual model: pay for the service.
Instead, the new model is to offer a service for free, then monetise the service as much as you can, whilst presenting the opportunity to pay for a premium version.
Spotify is a great example of a mainstream business that benefits from this model. All of their music is offered for free, but monetised with ad breaks.
If users want to remove adds or listen offline, they can pay a monthly fee to get this premium content.
But how can your business benefit off of this model? Here are 3 ways you can go about it:
One of these revenue streams is to sell your own merchandise.
Once a design is drawn up, you can find websites that will put your design on lots of different products and provide all of the services you need to get it to your customers.
This allows you to make money with very little effort, from customers you already have.
There are many benefits to selling merchandise: your customers can wear your brand with pride and feel like they are part of a niche group. It also promotes your business at the same time.
Amazon Affiliate Links
What items do you use that you’d recommend to your customers?
Whether it be the speaker system in your shop, computer monitors or furniture in your office you could create ‘Amazon affiliate links’ and make some extra money.
Amazon affiliate links allow your customers to buy the equipment you use through special Amazon URL links.
Amazon then acknowledges that the customer has come from your link and will give you a nice little commision from any sales that they make.
So if you use a screen in your office that people seem to love when they walk in: find the product on Amazon, create your affiliate link and promote it somewhere on your social media and website.
This revenue stream takes little to no effort in setting up.
Google allows you to monetise pretty much anything.
Whether it’s your website or content that you create, you can set up an Adsense account and run adverts.
You’ll receive income for every impression these advertisements make: again, with no extra effort. It’s a slow, small stream that is making you money from something that already exists.
Most people are used to seeing ads in videos or on websites, so this isn’t an unpopular option. As long as you choose advertisements that aren’t intrusive, it likely won’t affect your customer’s opinion of your brand.
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