Income Streams for Product-Based Businesses
Are you tired of your revenue not being consistent each month as a product-based business? If you’re looking to offset the slump periods or the times when your churn rate just isn’t where you want it to be, this is the breakdown you’ve been looking for. In this blog post, I’m going to break down my top 5 favorite ways to bring in more income to your product-based business.
#1 – Digital Programs
If you started a subscription box, chances are it’s because you saw a need and you wanted to fill it with something you are passionate about. I meet so many subscription box business owners weekly and I’m incredibly inspired by their stories of why they started their box.
For many subscription boxes, a digital course or program would complement their box extremely well. This would not only allow you to reach new potential customers but it would also bring in another stream of revenue each month.
#2 – 1:1 Services
I get it. You started a product-based business for a reason so why on earth would you then add services on top of that?
Here’s the thing – services require little to no overhead so your profits are much higher. Services could be coaching or private lessons. For example, if you had a music subscription box for kids maybe offering online group or 1:1 private lessons would help you retain more customers and allow you to bring in more revenue for your business. Or if you have a box around healthy snacks, you probably have some sort of certification and could give people some additional help and support in an area they are struggling in.
#3 – Affiliate
This can be an affiliate of a course or program or a product you often include in your box because you love it that much. Think of products you yourself use all the time and reach out to ask if you can be an affiliate of theirs. This allows you to honestly review a product while also receiving a kickback.
#4 – Bundles or excess inventory
I’ve seen other sub-box businesses create exclusive boxes or bundles based on excess inventory they have or they host flash sales throughout the year, often when they are experiencing a slump period, to help offset the lost revenue and get rid of excess inventory.
#5 – eBook
This may be more along the lines of a touchpoint but eBooks are a great way to connect with potential customers. Like I said before if you started a subscription box chances are you’re passionate and knowledgeable about that niche you are serving. An eBook is a great way to provide value and establish yourself as an authority in the niche. I would recommend having references within your book to your subscription box. You can even provide a coupon code special for eBook customers.
Want more?
Check out our podcast episode on this topic for more ideas and breakdowns.
Want help?
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