How to Create New Revenue Streams for Your Business

With everything happening in the world right now, it’s more important than ever to start generating new revenue streams.

The current state of the economy has led many people to take on side jobs or freelance work to supplement their income. It has also led many companies to focus on new ways of generating revenue.

It’s essential for any business that wants to stay afloat in this economic climate to start looking for new revenue streams. You can do this by developing new products and services or finding new customers and markets.

The marketplace is rapidly changing, and businesses must be flexible and adaptable to keep up. Finding new revenue streams helps ensure your business not only survives but thrives. In the digital age, predicting sustainable sources of income can be challenging, so thinking outside the box is crucial. Here, we look at some of the best ways to create new revenue streams for your business.

• What Are the Best Ways to Generate New Revenue Streams?

There are many ways to increase your business's income online, but not all approaches are equal. Finding the right path for you depends on your business model, skill set, and interests.

The most important thing is finding something you love and that complements your current business. From selling products online to monetising your expertise, here are some effective ways to create new revenue streams:

1. Create an Online Shop

One of the most effective ways to generate new revenue streams is by starting an online shop. You can sell anything from clothing and accessories to beauty products. As a Lily & Loaf trade partner, you can offer a wide range of natural nutritional health supplements to complement your brand and add value for your customers.

Trade Testimonial: "Adding an online shop to my website allowed me to reach more clients and offer them a wider range of products. The Lily & Loaf supplements have been a fantastic addition that has enhanced my clients' health journeys." - Olivia T., Wellness Coach

2. Become a Freelancer

If you’re skilled in a particular area, there’s no better time than now to start freelancing. Platforms like Upwork, Freelancer, and PeoplePerHour offer opportunities to make money from your unique skill set. Freelancing is a flexible way to earn additional income while continuing to grow your primary business.

Trade Testimonial: "Freelancing allowed me to provide wellness consulting on my own terms, which helped me gain new clients and expand my expertise." - James M., Nutrition Specialist

3. Start a Podcast

If you have a strong point of view or expertise in a specific area, starting a podcast is a great way to spread your message. You can generate new revenue streams through sponsorships, advertising, or listener donations, all while building a loyal audience.

Trade Testimonial: "My podcast has been a fantastic way to connect with people who are passionate about wellness. It’s opened up new revenue opportunities through sponsorships and product mentions." - Rebecca L., Health Consultant

4. Become an Influencer

If you're active on platforms like Instagram, YouTube, or a blog, becoming an influencer can help you generate more revenue. Building a personal brand helps attract sponsorships and affiliate opportunities, creating an additional income stream from your social media channels.

Trade Testimonial: "Becoming an influencer allowed me to grow my audience and generate income by recommending products I genuinely love. It’s been a fantastic way to build trust with my followers." - Laura B., Lifestyle Blogger

5. Start a Website

If you have an idea for a product or service, building a website is a great way to bring it to market. Creating an online presence gives your business credibility, helps attract new clients, and allows potential customers to learn about your offerings.

Trade Testimonial: "Building a website helped me turn my business idea into reality. It gave me a platform to showcase my products and build a loyal customer base." - David R., Fitness Instructor

6. Start a Patreon

If you already have an online audience with an affinity for what you do, consider starting a Patreon. Patreon allows your audience to directly support your work in exchange for exclusive content, creating a steady income stream.

Trade Testimonial: "Starting a Patreon has allowed me to engage with my audience in new ways while generating steady income. My followers love getting exclusive content and being part of a close-knit community." - Emma S., Health Coach

7. Start a Blog

Blogging is a powerful tool for building your brand and connecting with new customers. Share your expertise and experiences to drive traffic to your website, attract potential clients, and monetise through ads, sponsorships, and affiliate links.

Trade Testimonial: "Starting a blog was one of the best decisions I made for my business. It allowed me to share my knowledge, build credibility, and attract new clients." - Sophie M., Nutrition Expert

• How Can Lily & Loaf Help?

As an authorised Lily & Loaf trade account, you can broaden your customer offering with our range of premium products that contain the very best nature has to offer. Your customers benefit from our natural products, which enhance their overall health and happiness, while you reap the rewards of every sale.

With generous commission rates and an average order value of £45, you can quickly realise returns from an additional revenue stream. Plus, we provide full marketing and promotional support, along with incentives and special offers, to help maximise your success.

Trade Testimonial: "Becoming a Lily & Loaf trade account has added a lucrative revenue stream to my business while offering my clients products that support their wellness goals." - Karen D., Holistic Therapist

Get in touch with our trade accounts team today to learn more about how we can support your brand as a Lily & Loaf trade partner.