Many of us
choose to manage an online business at least partially due to the belief that
such a venture is more economically viable than establishing a brick-and-mortar
enterprise. It is nonetheless prudent to remember that any virtual venture will
still need a source of capital to continue functioning. How can you create
additional revenue streams, and are there any unique strategies that will work
better than others? Let's answer both of these questions.
Paid Versus Free
Hosting Services
Many site owners will automatically gravitate towards shared website hosting
plans. While these are often free, this very same sense of freedom can come at
a price. Slower loading times, less-than-sufficient security protocols, and
substandard customer support are some common issues. It is instead better to
employ private web hosting
for e-commerce businesses. Nearly 100 per cent uptime, augmented cloud
storage, and advanced security protocols are some primary advantages.
Furthermore, it is possible to select various pricing packages in accordance
with your budget.
Exterior Funding
A growing number of successful online ventures have also begun leveraging the
power and scope of crowdfunding
resources. This method is capable of targeting a massive audience, and
there have even be times when tens of thousands have been raised within
relatively short periods of time. Another interesting point to highlight
involves the passive marketing benefits. Sourcing revenue from a specific
audience is a great way to promote your brand, what makes your products unique,
and your ultimate goals.
Government
Assistance
Another strategy that can sometimes be overlooked comes in the form of
government assistance. Local and national organisations are keen to support
small business owners, and you might very well be able to take advantage of grants and
similar programs. The good news here is that (in most cases) government grants
will not have to be repaid. While these are one-off options, they can still
represent invaluable vehicles if you are concerned about falling upon hard
times.
Affiliate
Marketing Strategies
Believe it or not, you may even be able to create an additional revenue stream
within the website itself. This is often referred to as affiliate marketing,
and a popular strategy involves pay-per-click
advertising. In return for allowing third parties to advertise their services
on your site (such as in the form of a banner ad), you will be provided with a
small payment every time a visitor clicks on one of these links. Although you
are not likely to generate millions in this fashion, it can indeed add another
"string to the bow" if you wish to obtain more liquidity.
Adopt a
Proactive Mindset
It is now apparent that there are many ways to generate a source of revenue.
Whether you have recently launched an online business, or you are instead
looking to expand your current operations, all of the suggestions above can provide
interesting opportunities. It is still critical to remember that you will need
to constantly monitor the results of your efforts, as some methods may prove to
be more effective than others.