Surviving Economic Slumps - Tips On Creating Extra Revenue Sources

Written by Esther C. Kane

The economy is shifting, no doubt about it.  Inflation seems to be on it's way.  Whether it becomes official or not, every business owner should be thinking about ways to create alternative revenue sources to survive all the economic turns and bumps that come our way. Just yesterday, my computer repairman was here and he remarked how his business has gone down in the past 3 months and his clients are all complaining of the same phenomenon. He admitted that he has not had to "work" at his marketing in the last year or two but that he will have to begin joining networking groups and advertising just to bring in more business. So, if you're feeling the pinch (or the punch) begin the process of gaining revenue from different sources. Here are just a few ideas off the top of my head... 1) If you can accomodate different languages, create advertising material and a website of your product and/or services in those other languages. Just because the economy in the US is going south doesn't mean it's happening in other countries. 2) Affiliate, affiliate, affiliate!!! I try to get my clients to do this but it's like trying to get the boys to dance with the girls at a junior high school dance! Think about your demographics. If you sell Baby Items but not Baby Furniture, affiliate yourself with another company or website that sells Baby Furniture. They promote you, you promote them! Get creative! Note: After I wrote this article I received Joel Kweskin's article. He points out in a great way how affiliating can work!! 3) The easiest, cheapest way to get traffic to your website, to your store, to your phone is to WRITE. Write articles for local newspapers, local online forums, your website, your blog, local church newsletters, local group newsletters, etc. One article can go along way! 4) Give To Get. Do you have a favorite charity? Give to them by donating time, advertising, money, whatever you can. Believe me, it will come back to you! I can't tell you how many clients I have acquired because I support the Miami Pet Shelter. Showcasing your support for a group or cause puts you into a "club" and others in that "club" will want to work with you. 5) Think outside of your box. What is it that you are selling? What can it do for others? Are you marketing ALL that it can do? A good example is "affordable search engine optimization services specifically for small and home based business websites.

 

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