One of the most daunting aspects of being an entrepreneur is generating an income. This is particularly true in the early days when the business is brand new and you haven’t quite established yourself yet. On the one hand, you need time to build your business, but on the other hand, you need an income that you can live on as well. Many entrepreneurs are able to start a business while still working for someone else, but at some point, push will come to shove and you’ll need to quit to your day job if you ever hope to really expand the business.
Once you’re all in like this, it becomes critically important to generate income, but you must be asking yourself: how? There’s only so much you can do to attract customers and build your brand. As you wait for the groundwork you’ve laid to literally start paying off, we’ve got four ideas that you can use to bring in the dollars while your new business grows.
Four Ways To Generate Income While Your Business Incubates
As a new business owner, you may be so focused on the specific products and services that you are offering that you forget there are other ways to make money that utilize your skills and experience while still leaving you ample time to work on building your business. In fact, all of the ideas presented below can help you get paid here and now while also building your brand and reputation and, consequently, your business!
- Get Paid to Speak. The knowledge and experience that you have are valuable. Look for ways to get paid for sharing that knowledge. Every industry has conferences, continuing education events, seminars, and workshops devoted to further skills and knowledge. Become one of the presenters and get paid for speaking or hosting a workshop. Look at local professional organizations, Chambers of Commerce, associations, and the like for opportunities close to home and national organizations for bigger audiences.
- Make Yourself Available. If you can’t find a paid speaking position, create one! Offer office hours, workshops, or even seminars to generate income and build interest in your business. Host the event at your place of business or rent a room nearby. Work with the local school district, Chamber of Commerce, parks and rec group, or community college to create and advertise the event.
- Sell Online. Buying and selling products or services online is second nature to many of us now. Capitalize on that by running a flash sale and selling products online. Contact your email list or social media followers to broadcast the sale and offer discounts to anyone who forwards the email to someone who becomes a new customer.
- Yes, networking is still a thing…and Yes, it still works! Remember those local events and organizations mentioned in #1 above? Sign up for a membership and start attending events – even if you’re not getting paid to do so. You’ll meet tons of people who may become customers or may send referrals your way. The more frequently you attend, mix, and mingle, the more your reputation will grow.
Need More Ideas? Arrange A Strategy Session With The Marketing Shop
This is just the tip of the iceberg in terms of ways a new business owner can generate income not directly tied to the business. For a customized list of ideas based on your specific business, products, or services, contact The Marketing Shop to arrange a strategy session.
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