Ah, the entrepreneurial dream—your own rules, your own schedule, and, most importantly, your own profits.
If you're like most business owners, the question of how to make more money is always lingering, just like that tantalising aroma wafting from your favourite coffee shop.
Check out our guide for resource-strapped entrepreneurs.
The truth is, there are ample avenues to increase your income, and we're not talking about pie-in-the-sky fantasies; we're discussing real, tried-and-tested strategies.
You've likely heard the statistic from the Small Business Administration that only about 50% of small businesses make it past the five-year mark.
Intimidating? Sure.
But we also know that small businesses accounted for 99.9% of the business population in the UK and contributed a staggering £2.2 trillion to the economy in 2022.
So how do you ensure you navigate product development challenges and you’re part of the thriving half and grab your piece of that trillion-pound pie?
Well, let's dig in!
A Harvard Business Review report suggests that companies with two or more revenue streams have an 18-20% higher chance of survival compared to single-stream entities.
Options are aplenty: consider monthly subscription models for premium content, offer consultation services, or branch out with branded merchandise.
Multiple revenue streams mean security and growth.
In fact, a Gallup Poll found that people with multiple income streams are 1.5 times as likely to recover from financial setbacks.
Entrepreneurs can replicate this model by offering not just core services but also courses, e-books, or even merchandising.
Affiliate Marketing: Partner with other businesses and earn commissions for customer referrals. Affiliate marketing spending hit $8.2 billion in the U.S. in 2022.
Online Courses or Webinars: Leverage your expertise. The global e-learning market is expected to reach $374.3 billion by 2026.
Subscription Boxes: These aren't just for beauty products anymore. From food to books, the possibilities are limitless. The subscription e-commerce market has grown by over 100% a year over the past five years.
Licensing: If your brand has a strong identity, why not license out your logo or imagery? According to IBISWorld, the Brand Licensing industry is worth $7 billion.
A Forbes analysis found that the average annual growth rate for successful startups is around 30%.
Expansion might mean franchising, adding new locations, or extending your product line.
Research your market and pinpoint exactly where your business could seamlessly slide in.
Franchising isn't just for fast food.
According to the International Franchise Association, franchising extends across 300 business categories and accounts for more than 7.6 million jobs in the United States alone.
Franchising can expand your brand faster than Lewis Hamilton takes a racetrack.
A Smartsheet report indicated that more than 40% of workers spend at least a quarter of their workweek on repetitive tasks.
Automation frees up this time, which can then be channelled into more productive, revenue-generating avenues.
The SaaS market is no longer an emerging field; it's a full-blown revolution.
White Label SaaS solutions allow you to jump on this bandwagon without the need for expertise in software development.
You resell, you brand, you profit.
Interested to find out more? Check out our complete guide on White Label Software here.
McKinsey & Company revealed that if pricing is improved by just 1%, operating profits can increase by about 8%.
Experiment with tiered pricing models, offer bundles or introduce premium services to find that sweet spot that increases your earnings without alienating customers.
Studies in behavioural economics, like one from the Journal of Consumer Psychology, show that charm pricing (e.g., $9.99 instead of $10) can increase sales by a staggering 24%.
Those cents you forgo can return as dollars with higher sales volumes.
Your roadmap to making more money isn’t as elusive as spotting a unicorn in your backyard.
According to the Global Entrepreneurship Monitor, approximately 100 million startups launch annually, but it's those who adapt and evolve who manage to stand out from the cacophony.
With strategic diversity in revenue streams, calculated business expansion, clever leveraging of technology like white-label SaaS, and shrewd pricing strategies, the path to more entrepreneurial wealth is not just a mirage but a very achievable reality.
So let’s stop daydreaming and start action-planning, shall we?
In a world that launches a new startup every 0.5 seconds, you can’t afford to be a one-hit-wonder.
And why would you? Your entrepreneurial journey was never meant to be a footnote; it’s the headline.
So let's get cracking.