As a business owner, creating new revenue streams is essential to stay ahead of the competition and maintain growth. Having multiple revenue streams can provide a buffer against economic downturns, ensure business stability and increase profitability. But with the ever-changing landscape of running a successful business, finding ways to diversify your income streams can be tricky.
To help get you started, we’ve put together three super simple ideas to create new revenue streams. From making the most of the opportunity presented by Electric Vehicle popularity, to working with other local businesses, these additional services could help you generate more revenue for your business.
Create a new revenue stream by installing EV chargers
One of the simplest ways to create new revenue streams for your business is by installing EV chargers for public or employee use. With the rise in popularity of electric cars, the demand for EV chargers has significantly increased. By installing an EV charger at your business premises, you can attract new customers who need to charge their electric vehicles, or offer EV charging to staff. With most modern EV chargers, you can set different tariffs for different users, such as a public or employee tariff. Businesses can then charge for the electricity used, plus a small hire charge, and generate additional revenue. Setting up EV chargers may require an initial investment, but the long-term benefits can outweigh the costs and ensure your business is ready for the future.
Rent out unused space for community events, meetings, and more
If your business location has large spaces that aren’t always in use, you could consider renting out these spaces for events such as meetings, conferences, or parties. Renting out space can provide an additional revenue stream for businesses, especially during quieter periods. To attract potential clients, market your space on various rental platforms or partner with event planners. You could even rent out amenities such as tables, chairs, and audio-visual equipment for events. Make sure you research any additional licenses or insurance you might need before renting out your space, as this may vary depending on how the space is used.
Here’s a few ideas:
- Schools with sports halls could rent out their spaces outside of school hours or term time, for fitness classes or local community events
- Café’s with public dining areas could hire out their space in the evenings for local crafters to hold workshops
- Quirky retail stores and art galleries make great spaces for networking events or small meetings to be held in the evening
- Office buildings with spare desks or meeting rooms can take advantage of the rise in remote working, and hire out co-working spaces or hot desks
- Hire your space out when you’d normally be closed, as a photoshoot or filming location. Hotels, industrial spaces, pubs & bars, museums and even car parks are often used for fashion shoots and adverts. Websites such as Shoot Factory can help you advertise your space.
Partner with local businesses to diversify your revenue streams
If your business has customer facing spaces, you could create new revenue streams by partnering with local businesses to sell their products in your venue. This could work on either a commission based or space hire partnership. By offering other businesses a platform to showcase and sell their products to your customers, you could even increase footfall and get free advertising for your business. Local crafters can promote your location to their own network of customers and followers, as a place to buy their products. This type of partnership can provide an additional revenue stream for businesses, whilst also developing a supportive network with other local businesses.
Some ideas for partnerships:
- Cafes and restaurants can sell prints from local photographers and artists by displaying them on the walls of dining areas. A small commission can be charged for each sale. This works particularly well in touristy areas
- Hotels and spas might partner with local skin care and beauty brands, to sell their products in reception areas
- Tattoo parlours, piercers and hairdressers could rent out cabinet space for jewellers to display their products
- Leisure centres and sports clubs can offer a small space in reception areas to sportswear and accessory companies
- Hotels, event spaces, sports clubs and wedding venues can host craft or wedding fairs, charging a fee for stall holders and/or an entry fee for customers
Creating new revenue streams can be a great way for businesses to stay competitive and grow. By exploring these options, and researching your own, you can increase revenue, attract new customers and future-proof your business. Get researching today and start generating more income for your business.
Helping your business grow
We specialise in business energy supply, helping businesses keep costs down with competitive gas, electricity and water plans. We also offer EV chargepoint and smart meter installation, so your business is ready for the future. Find out how we can help your business, by getting your fast business energy quote today.