In this Episode of GrowthStart Insights we will be looking at four additional online revenue streams for your online business.
Hosted by: Bernard Loots
So we’ve spoken about having a product or service to sell online, but what other revenue streams are there available for your online business?
In this episode of GrowthStart Insights podcast, we’re going to be talking about all the different revenue streams that you can incorporate into your online business. Let’s jump into it.
What online revenue streams are there?
So selling a product and service is great, but there is a lot of effort that goes into supplying that service or actually creating that product. Now there are several other revenue streams available for you to incorporate into your online business.
So let’s start with the first one the first one we’re going to talk about is ads. Now this is somebody’s else’s advertisement that you’ll place onto your website. How does this work? You’ll sign up with a company as an example Google AdSense. Incorporate their code into your website and when visitors visit your site, they will see the ad. You will get paid for every single click that that a person clicks on.
Now there are a couple of advantages and disadvantages to this. Firstly if you are selling a product, you might not necessarily want someone else’s product showing up on your website. The advantages to it is you don’t actually have to sell that product yourself. You just earn a commission on the clicks that happen on your website.
Another way of doing this is speaking to a local business or service that is maybe a complementary service to what you are offering and having a link on your website to theirs, tracking those and then negotiating some kind of commission or referral structure with that business. That way of partnership could be very lucrative.
You also have the benefit of having a direct relationship with that company that you’re partnering with. So ads, definitely something to look at. A very good alternative and with very little effort that you actually have to put in, you just place the ad on your website and people that come on, there’s a possibility that they will click on that ad.
The second way of generating revenue on your website would be affiliate marketing. This is somebody else’s product yet again, but you are not directly placing an ad on your website. Instead you are writing, perhaps a piece of content, a blog post, a review or tutorial on this specific product.
You get an affiliate link from that company and you’ll place that link into that piece of content. So an example would be, I’ll write a tutorial on how to use this specific piece of software and then I’ll place this affiliate link in that blog post or in that piece of content. When somebody reads that post they’re already interested. They will then click that link.
If they do make a purchase from clicking my link, I will then again earn a commission or a referral fee for that. So affiliate products work fantastic. They’re very good as a complimentary product or service to what you’re already offering.
If you offering website design as an example, a great way would be to offer products like maybe Elementor page builder. Become an affiliate of theirs and then have in your blog post or in the content that you provide your customers, say hey you know press this link and then you can go and purchase the full version or the professional version of this product.
Thereby you earn additional money on top of the service or product that you’re really offering.
Another way that you can make additional money for your online business is by offering your own digital product. This could be in line with an eBook or maybe an online course that you can add on to whatever you’re selling already. So let’s say that you’re selling cameras and photography equipment. You could do a course on how to take better pictures with a specific camera or how to do better quality editing as an example. You can make a course from that.
Sell your cameras, but also then have the course or eBook that will have that topic discussed to sell as a additional extra. This is a great way of making additional income for your online business, because you can do the effort of creating that course or pdf or whatever it is upfront and then have it as an upsell or as an additional to your products that you are selling.
It’s definitely a great way to make additional revenue for your online business.
The last one to mention is coaching. So again let’s use the photography business as an example. You’re selling cameras, you’ve got an e-book or a course that people can also buy, you’re providing all this great content on your blog or on YouTube or wherever you’re providing it and then you can have this additional thing of maybe a coaching session. Maybe a one-on-one training session.
So yes you’ve bought the course, but if you want some additional mentorship or additional guidance or some one-on-one exposure to somebody who knows what they’re talking about? Click this link and you can sign up for my coaching.
This is going to require you to actually spend the time to actually do the coaching with that person, but it’s definitely an additional stream and you don’t have to have any monetary investment to do it. You don’t have to pay upfront to actually add this to your service offering.
Definitely a great thing to do.
So those are the four additional streams of income that we spoke about. The first one being ads, look at Google AdSense. Number two would be affiliates, look at products that are complementary to what you’re offering. Number three is a digital product. Could you do an eBook or could you do a little small online course, mini course or whatever relates to your niche or you can do coaching.
Thank you so much for watching this video. We hope you found some value out of it. Please like the video and please subscribe to our channel to see more content like this. Thank you and take care.
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