If you own a business, or are an association or chamber that helps businesses, you know that times are tight right now. Lots of successful businesses are struggling with increased costs on basic needs like bags or containers for their products.

When vendor costs increase, the first line of defense is to either ditch that vendor to try to find a less expensive alternative or to raise prices on the product or service. But if you’ve done both and you’re still seeing the gap between what it costs to do business and your revenue shrinking, it’s probably time to expand your marketing and find additional revenue streams.

4 Revenue Streams for Your Business

Here are a few ideas to start bring in more money with your business.

Local Currency Program

One of the easiest ways to get more exposure is by signing on as a participating merchant for a local currency program. Talk to your chamber or Main Street merchant association to see if they offer one. Being part of that list can bring in new customers.

Events

A local event can mean more sales, exposure, and new customers. There are many event options. For instance, if you sell paint you could hold a DIY clinic on techniques or special ways to use the products you sell. This can result in greater sales for you as people learn new ways to use your products.

But you can also host events that don’t directly have anything to do with your business. For instance, you could host an art show or a book reading. Let the artists or writers use your space for free. In turn, they will bring in an audience of friends, family, and followers who will spend money with you while they’re there.

Complementary Goods or Services

Another way to make more money is to expand your goods or services offerings into new areas. For instance, if you sell craft paint, you could offer a service where you do the work. This is a great idea if you have an employee who is willing to take on additional responsibilities or is looking for new challenges/opportunities.

New Market

Offer a product or service that appeals to a new market so you don’t miss out. For instance, if you have a pest removal business, you could also sell DIY traps. While this may feel like you’re taking business from yourself (who will hire the pro if they can do it on their own?), that’s not the case. Just as costs have escalated for you, they have for your customers as well. People are looking for ways to save. If you don’t offer them other solutions, they’ll find one on their own and you won’t be a part of it. In this example, you still offer professional services but now you’re also capturing a new market for those who want to save money by doing it themselves. Luxury car companies use this same technique when they branch out into an economy line to ensure a larger portion of the buying pie.