According to the Better Business Bureau, multiple revenue streams are crucial for a small business's success. BBB spokesperson Sydney Waters shared ways that small businesses can bring in extra money without sacrificing daily operations.
"You don't have to depend on a single source of income. If the global pandemic taught business owners anything, it is how quickly circumstances can change. Building resilience is especially important if you have employees who have families, and they're depending on you for a paycheck."
Developing new products or services may require more resources but allows for more sales and profit. Collaborating with like-minded brands could help expand each organization.
Businesses that offer classes in their areas of specialization can build relationships with customers and get their feedback. Selling downloadable items like e-books or digital art helps to maintain a passive source of income.
