I am always impressed with the passion entrepreneurs have for starting a new business. With vigor and zeal, they pursue their new idea, hoping it turns into a successful venture. But for a profitable startup to get off the ground and thrive long-term, it needs revenue—and preferably, multiple sources of cash flow.
Here are some options for generating revenue for your startup.
Sometimes, a new business has a great idea for a product but simply lacks the capacity to scale and meet growing demand. By licensing the manufacturing of your product, you can potentially create a significant ongoing revenue stream that will allow you to grow.
Additional opportunities for creating licensing revenue include licenses to publish or distribute intellectual property.
If you are operating a startup, chances are good that you are an expert in your field. Leverage this expertise by establishing yourself as an authority in your domain. For example, you can write books and white papers, as well as make yourself available for media interviews and conference appearances.
Once you are established and known in your field, you will be able to monetize your authority by consulting with other firms. You will also be able to write sponsored Tweets, articles, social posts and industry-specific material for public sale.
Develop a Mobile App
Mobile and video are the latest trend amplifying content. And startups in need of additional revenue are wise to consider developing a mobile app that allows for in-app purchases.
The development costs for such a project have never been lower. Moreover, you will be able to gain access to a second revenue stream by allowing mobile advertising on your app.
Your Next Move
Startups are extremely challenging, requiring a lot of hard work and energy. But before you can turn your dream into a reality, be sure to do extensive market research and analysis. Then develop a strategy cultivating multiple sources of revenue to ensure the short-term and long-term success of your business. Each of the strategies above requires some level of expert insight. Be sure you are surrounding yourself with the right advisors to properly plan, structure and execute your strategies.
Contact me for more information on help starting or growing your business.