The opinions expressed by the shareholders of the entrepreneurs are their own.
The biggest shift in the possibility of making money comes when we are able to eliminate the time needed to exchange money. As an entrepreneur, your business might start with a time-for-money model – you provide a service or product, and your income is limited to the number of hours required to do the work, create the product, or work with the client.
This creates an income cap – we can only make an income equivalent to hours a day. This approach can be incredibly taxing on the entrepreneur—leading to overwork, burnout, and a rush of water to survive the day-to-day operations to make ends meet, never reaching profitability potential or the ability to successfully scale.
Most small businesses get trapped and die in this cycle – unsure of how to break free from trading time for money. For those who can rethink their business model, an important first step is to find how to start generating more income from the business you’ve already done.
No matter what type of business you have, you have a type of completed job. Be it online assets such as blog posts, digital products and video content, or tangible businesses such as products and services offered. Evaluate what your business has created and how you can use that completed business to generate more income without reinventing the wheel.
Related: 17 Passive Income Ideas to Increase Your Cash Flow in 2023
1. Recreate and publish your content on money making sites
If your business is creating content online, you can leave money on the table by not forwarding it to other formats and uploading it to new platforms. Freelance article sites like Medium allow you to monetize your content. Video platforms like YouTube will enable you to earn ad revenue from views on monetized channels. Google Adsense allows you to include ads on your blog.
In addition, reformatting your content and placing it on sites to direct it to your target audience may not generate income immediately, but it can drive your target audience and direct them to your paid products by providing links to your products and affiliates in your bio and other link sharing areas. For example, a business may already have a high-quality blog post on their website. This blog post can be turned into a medium article, YouTube video, or PDF guide for use as lead magnet, TikTok short, and Instagram reel. This will earn content for advertising revenue on the blog.
Related: TikTok is the new normal. 5 reasons to add TikTok to your content marketing strategy
2. Incorporate affiliate links into your online content
Whether you serve customers, sell products, or create content online, your business can incorporate affiliate marketing to earn a new stream of income. Affiliate marketing allows businesses and creators to partner with businesses that want joint products and services. When you are accepted into a partner program, you get access to unique affiliate links that follow your referrals.
When a viewer clicks on your link and makes a purchase, your referral link tracks the sale, and the business pays you a commission. Once placed in your content, affiliate links can generate passive income that is paid after a long period of setup on evergreen content. The easiest way to start affiliate marketing is to apply to and join a larger affiliate network such as Share a Sale, Impact, Clickbank or Rakuten.
3. Get sponsored
If you create content online and have a following, you may be missing out on sponsorship opportunities. When a company or content creator is sponsored, they receive a fee for sharing a product or service in their content. This is not just for those with huge fans. Sponsors and marketing teams often value a smaller, more personal following because they know that creators with a small, dedicated following can make a powerful impact when sharing their trusted product and service referrals.
Don’t wait for sponsors to come to you – instead, be proactive. Create a press kit using a price tag, viewer demographics, and platform stats. Contact the brands you want to partner with and send a partnership pitch and be sure to include your price tag.
4. Create a digital product
If you can solve a problem, then you have a digital product that needs to be made. PDF guides, online courses, digital templates, social media assets, tutorials, and lists of resources are just a few of the digital products you may want to consider.
Creating digital products will take time initially, but once the product is made and up and running, very little work may be required to maintain it. With a solid marketing plan and sales funnel in place, your digital product can generate a large stream of mostly passive income once it’s created. Think about a problem your business can solve that others need to solve too.
How did you solve this in the past? What work have you already created that addresses this problem? Do you have a blog post, tutorial, step-by-step guide, video, or resource created that can be packaged as a product and made available for download?
5. Selling assets to stock sites
If your business creates digital assets – photos, videos or music – you may have assets that can be uploaded and sold as inventory. Allowing platforms to license your assets to their clients in a stock library can be a great way to take work you’ve already built and leverage it in a new way. Websites such as Getty and Adobe allow users to create profiles and submit their assets for sale in exchange for equity compensation.
6. Rent out your space
If your business has an office, studio, or meeting space that isn’t used all the time but has been carefully designed for functionality and aesthetics, you may be able to rent out your space to business owners and other creatives.
Websites such as Breather, Peerspace, and Home Studio List allow users to book time by the hour or by the day in offices and studios for meetings, pop-up events, and productions. This can be a very profitable way of earning income from unused space over the work you have already done to set up and organize your space.
Related: 5 ways you can make use of your empty desk space
7. Set up and automate sales funnels
Your business may already be selling digital products, integrating affiliate links or offering online services, but they simply aren’t selling to their full potential. For a business you’ve already built but lacking in sales, try incorporating a solid automated sales funnel to get a steady stream of leads and income.
Start with a lead magnet – a free piece of content that captures your target customer’s information and subscribes to your email list in exchange for a valuable piece of content. Then, increase value and build trust in your brand by offering additional free, high-value content directly to their inbox. Once trust is established, become an expert in your field by continuing to offer more. Then offer a product that solves their problem.
Whatever you choose, don’t overthink it. Choose a monetization booster from the list and focus on getting it up and running as quickly as possible. Maximizing the amount of income potential from the business you’ve already created is an essential step in transitioning from the time-for-money model and will help you jumpstart working less and earning more.
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