You’ve been online with your home based business for quite awhile and you’re looking for ways to establish several streams of income for your Internet enterprise. Here are five proven techniques for making money from several different sources:
1. Set up a cross-promotion agreement with another home based business on the web. Allow them to sell your merchandise as a back-end product to their existing customer base while you reciprocate for their product. Their home business’ merchandise should be related to your product or service in order for it to sell successfully. If not, the cross promotion may not work that well when directed toward a different target audience.
2 Establish a joint venture by selling your product in a package deal with other home businesses online. Both entrepreneurs can advertise the deal and split the profits 50-50. For example, if you are selling hockey sticks, maybe you could partner with a hockey puck home business and package them together. This would result in a win/win situation for both ventures.
3. Set up a leasing arrangement and allow people to lease your products with the option to buy at the end of the agreement. For example, your customer would pay you a monthly fee for renting your product and at the end of the lease if they didn’t want to purchase your merchandise you could rent it out again to someone else. This gives you a couple of different options which allows you to promote to two different targets; people interested in buying and people interested in leasing.
4 Establish a subscription service for your products by allowing people to sign up to use your merchandise for a set period of time. For example, if you have a membership website you could charge them a weekly, monthly or quarterly fee to gain access to your content any time they want. This arrangement provides the benefits of having a secure income stream for a set time period and also gives you the opportunity to up sell your customers while they are subscribers to your website.
5. Create a discount Offer for your potential customers. Provide a discount on a particular product if they subscribe to your member’s only area. For example, tell them if they sign up to gain access to your back room they will receive a 30% discount off your new traffic generation product. This is a great way to convince people who may be sitting on the fence to become paying customers.
By employing two or three or all of these revenue generating techniques you can guarantee a steady income stream from your home based business online for the long term and also help establish your entity on the World Wide Web.