There are many ways to get additional income while doing your business. This has become especially important now when coronavirus restrictions are hitting hard in almost all areas of business.
Below are 4 ways to can some additional income while doing business.
1. Affiliate programs
Affiliate marketing is a beneficial scheme for both participants. The owner of any product is willing to pay an agency fee from purchases to an intermediary who helps attract customers. To do this, you need to create an affiliate program, in which all the conditions will be shown. This scheme is used in many business sectors: in the car industry, tourism, insurance companies, banks, accounting firms, and IT sphere. Affiliate programs are divided into several types:
- Pay per click. In this case, the intermediary receives a payment if the client visits the website of the partner company and clicks on the necessary links.
- Pay per action. Here, the client must perform a specific action like registering on a partner's website, downloading an application, or filling out data in a special collection form.
- Purchase payment. The most profitable and safe option for both participants in the affiliate program. When a client purchases something from the owner, the agency fee from the purchase is charged to the intermediary who brought the buyer.
Cashback is one of the easiest ways to get money or points that you can spend depending on the conditions. For business, cashback is actively used in many categories, for example fuel, restaurants, groceries, travel, and entertainment. If you often drive a car, then it would be logical to use programs in which you can receive cashback for gasoline or other fuel.
In some banks, you can return a percentage of funds to investment accounts, which means the possibility of further earning, and not just crediting the cashback to the card. In addition, you can get cashback from paying for services or goods by individuals. Now many people actively use cashback, so buyers can pay for goods with bank cards via a POS terminal through an acquiring service. If the entrepreneur has a non-cash payment method, then this will allow you to receive more revenue.
3. Social media
The coronavirus pandemic has shifted the focus to online sales, as they are safer for health. Social media is essential for almost any business. In addition, social networks can be a profitable assistant. If you have a promoted blog, you can make a good income from advertising in it. Also, for useful resources or information, subscribers are ready to leave donations, that is, rewards of any amount. A popular channel, group, or blog, can also be profitably sold.
If you don’t want to create your own, there is an opportunity to buy a ready-made resource with a considerable number of subscribers. In addition to the channel, in social networks, you can buy or sell a corporate website on the same principle.
4. Product discounts
You can earn from discounts, promotions, and sales in different ways. For example, you have your own clothing brand and recently the number of purchases has decreased. Of course, first of all, you need to organize some goodies to attract customers. To do this, you can make discounts and see how it works. A good option is to use different discount coupons, for example, place one coupon on social networks and another on the mailing list. Thus, it will be possible to track the path along which most customers will come to you.
Another option on how to make money on discounts is to install a cashless payment terminal at your trade and service point. At first glance, it may seem that the client doesn’t receive a discount at the moment, but in fact he acquires a reward by making a payment with bank cards. It is charged by the bank and can reach up to 50% of the purchase amount. In fact, a business with the possibility of cashless payment benefits in the form of an increase in the number of customers, the average check and the company's profit.