You’re focused and working your Etsy business like a boss. As you start a new year, boosting your earning potential by diversifying with multiple revenue streams should be at the top of your 2020 goals. It’s easier than you think! Let’s walk through the why and how together to maximize your income this year.
Why multiple revenue streams?
As a business owner, it’s important to diversify so that all your eggs aren’t in one basket. More than one revenue stream adds value to your business and ensures that if revenue is slow in one area, the others are still working hard for you. And that gives businesses not only a steady income stream but peace of mind.
Multiple revenue streams also have the benefit of positioning your brand as an expert. When customers see you the go-to in your specialized area, it benefits your business. Not only will they gladly pay for your expertise, but they are more inclined to recommend you to friends and family- resulting in more repeat business.
How To Find New Sources of Revenue
Chances are you’re already experienced in at least one way of selling your product and are familiar with several more. Think about your niche and brand. Now how can you sell the same product or service in a different way?
Take what you know and ask yourself these things: Where is my target market spending time? How could my product or service benefit a different audience? What resources do I have access to? How can I leverage the things I know to increase my income?
Some Income Sources to Consider:
- An Etsy shop
- Wholesale sales
- Craft shows & events
- Newsletter marketing
- Handmade by Amazon
- Start a website through Shopify
- Blogging- affiliate and ad revenue
- Sell through a Facebook page or group
- Selling through brick-and-mortar shops
Taking the time to learn about new revenue streams sets your business or brand up for growth and success. Be hungry to learn in 2020 and you’ll be surprised where you’re at at the end of the year. Adding new facets to your business is a great way to keep a creative mind engaged, and a business mind satisfied.
What revenue streams do you have in addition to your Etsy shop? Share your experiences in the comments below.