Some business owners don't know what to do when business begins to slows down. Do they invest more of their budget into marketing? Do they adjust their sales model? Do they change what they do? Business can slow down for any number of reasons and, in truth, any of the above suggestions could boost a stagnating business. A more dependable way of getting business to pick up, however, is by improving your business' chances of making money. How? By adding to your business' revenue streams.
Here are three basic yet reliable sources of income that you can add to your business immediately.
Affiliate marketing is a mutually beneficially system in which one business agrees to sell another business' products in exchange for a commission on each sale. In exchange, the business whose product is being sold gets to reach a much wider market.
Affiliate marketing is quite successful online – businesses pay bloggers with large audiences to sell and promote their products. But they can be equally successful offline too. They can help a business place its product in new locations, for example. There are two ways that you can use affiliate sales to increase your sales revenue. You can offer to sell another business' products in exchange for a commission or you can pay another business to sell your product(s) in their store.
Whenever you notice a pattern in how your consumers purchase your products, you could be looking at an opportunity for your retail business to offer a subscription service. While not technically a new income stream, subscription services give your business the advantage of predictable recurring revenue.
Not only do subscriptions make it easy for you to calculate your customer lifetime value, they also simplify inventory management and revenue forecasting. For the consumer, they provide the convenience of not having to remember to place a regular order and they get bundled products at a flat rate. Newspapers and magazines, arts and crafts supplies, coffee, wine, pet food and gardening supplies are all examples of products that do well under a subscription business model.
Prepaid electricity, airtime and mobile data will always be in demand because they get used up or they expire. By selling these prepaid services, you increase your sales revenue by introducing a reliable line of income.
All three of these prepaid services are available to you when you become a Kazang merchant. A Kazang terminal also allows you to provide Talk 360 international calling vouchers, international airtime transfers and betting services such as the national LOTTO and HollywoodBets.
For more information, download the Kazang brochure below.