Have you considered adding a new revenue stream to your shop?
Let’s dive into extra ways to help your independent retail shop bring in extra revenue.
“How do I decide what additional revenue streams can I add to my brick-and-mortar?”
As a retail coach, I get this question a lot from my retailers:
When considering adding new revenue streams, consider the following:
- Does it light you up?
- Does this product or service get you excited?
- Is there a profit margin?
Don’t just look at our industry — learn from what online business owners in other industries and niches are doing successfully to get ideas. How can you make their revenue streams work for you?
Some ways to add revenue streams to your shop
Online Income
- Get your products listed on your website using an e-commerce solution or a platform like Etsy or Amazon Handmade
- Get scalable digital products and downloads that customers can buy over and over again – like custom SVG files or “how to” tutorials and workshops
Services Income
- Workshops
- Custom Design Work for Clients: like furniture & cabinet painting
- Custom Design Services to other business owners, there’s plenty of seasonal decors
- Bring services in-house, like Upholstery, Refinishing Furniture
Affiliate Income
- Earn commissions from products referrals (for what you don’t sell in your store)
- Set up an Amazon Influencer shop
- Create content: web pages or blog posts that links to affiliate products
Ad Network Income
- Set up Google Adsense or other ad networks on your website so that you get paid per webpage view (This works so with blogging!)
- Partner with local businesses to sell or “rent” ad space on your website
- Rent ad space IN your shop with aligned products or services.
Subscriptions Groups
- Create a VIP Club where members get perks and bonuses and discounts
- Put together kits for purchase so customers can recreate things at home.
Wholesale Income
- Use your current shops’ creations to sell to other retailers
Private Label Income
- Work/partner with another business to sell your own signature products
Event Income
- Host Vendor Markets
- Workshops
- Private Events
- Rent your space for photoshoots etc
There are many ways you can add revenue streams to your retail shop! Brainstorm your options!
Don’t leave money on the table.
Listen to my podcast episode 56 of The Creative Shop Talk Podcast HERE. I share more tips on adding revenue streams to your retail business!
You are running a real business. You’ve got this!
You are a retailer and an entrepreneur doing all the hard work. This is not a hobby store and you aren’t just playing at retail. I want to encourage you to continue to follow your passion and be successful.
Running a retail business doesn’t have to be so hard, you’ve got this!
Thanks for popping in!
Xo,
Wendy
For more ways and tips to help your brick-and-mortar thrive, make sure you get on my email list to get next week’s blog.
And listen to the Creative Shop Talk podcasts! Learn more (click here)
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