Diversifying your revenue streams in 2020 is vital if you want to make sure that your business maintains its financial stability and is able to operate against much of the current global uncertainty. To make sure that you can invest your money wisely and open up a lot of new opportunities throughout the rest of the year, read on for more details on how you can increase the revenue that you are generating.
Enter International Markets
International markets are the first port-of-call for many companies that are looking to find new sources of revenue. Rather than enacting change within your business, entering international markets will allow you to sell the same products and services that you do already to a new set of customers who are interested in your business.
Some top tips for entering international markets include tweaking your products to match cultural differences, researching the business etiquette, and making contacts in this new market. However, businesses in 2020 should consider expanding into Turkey, an up-and-coming manufacturing and commercial base that can provide many cost-effective benefits and tax incentives for foreign companies.
Look at Other Industries
However, it’s important to remember that you are not stuck within a single industry, and there are many ways that businesses are able to diversify their revenue by simply applying their current business model to other industries and sectors. One of the easiest ways to do this is by investing in or acquiring another company, as this will give you a starting point that will prevent you from having to build a business up from scratch. It also means you adopt an already loyal customer base and reputation.
Develop a New Product or Service
If you are looking to get creative, why not consider developing a new product or service that may encourage your previous customers – and many new ones – to return to your business? To find a product or service that will be successful, you should look at the current trends that are popular with your target market and consider adapting these, or finding a gap within these, that your business can expand upon.
You should also consider offering complementary services and products that match the wares that you already offer. For instance, if you sell coffee machines, you might consider selling coffee bags, cleaning equipment, or even offer a subscription service. Companies such as FastSpring can help you manage any subscriptions that you offer and they even have the option to demo their software.
Share Your Industry Knowledge
Many companies are now looking for ways to harness the digital world in their favour, and the best way to do this in order to make money is to share your knowledge. Sharing your knowledge through webinars, blogs, and online courses, will help to raise your profile and showcase your expertise and that of your company, while also bringing in revenue. While you can put these behind a paywall, another way to make money through these is by offering advertising space to other businesses who want to enjoy the benefits of your company’s large following and success.