For most people, the first thing that comes to mind when it comes to generating additional income for an impact company is fundraising.
Whether you’re a start-up company or you’ve been around for a while you’d agree that generating additional revenue in an impact company can be challenging. Luckily, there are several strategies that you can implement to gain additional revenue to help you create more impact apart from fundraising.
We’ve highlighted ten ways to generate extra revenue. Read on to discover more ways that can help your company and get started right away.
1.Diversify your product or service offerings
Expanding your product or service offerings can be a great strategy for growing your customer base and increasing revenue. Diversifying your offerings can be a game changer for your social enterprise as it will help attract new customers. When you offer a wider range of products or services, you can appeal to customers who may not have been interested in your original offerings. This can help you tap into new markets and expand your customer base.
Give customers more options to choose from, and chances of them making a purchase increases.This can ultimately lead to increased sales and revenue for your business.
Of course, diversification should be done strategically and with careful consideration. It's important to research your target market and ensure that any new offerings align with your brand and mission. However, with the right approach, diversification can be a powerful tool for growing your business and generating additional revenue.
2.Implement a subscription-based model
As part of your offerings as an impact company, consider implementing a subscription-based model for recurring revenue. Rather than making a one-time purchase and moving to a competitor, customers are more likely to stick to your product or service over time. A subscription model can be a great way to increase customer loyalty and provide a more predictable revenue stream for your business to create greater impact. Your community of loyal customers who are invested in your brand may be willing to provide feedback and referrals to help your business grow.
Depending on your industry, with a subscription model, you can offer more flexible pricing options, such as monthly, quarterly, or annual plans. When you collect recurring payments from subscribers, you can better forecast your cash flow and plan your business operations accordingly.
Before you consider implementing a subscription based model, you and your team must be willing to put in the work to provide ongoing value to subscribers. Stay innovative and relevant to prevent customers from cancelling their subscription. With careful planning and execution, a subscription model can be a smart and sustainable way to increase your revenue. .
3.Offer premium features or products for an additional fee.
In today’s world, there are always customers who are willing to go the extra mile to get the best out of your product or service once they believe it is relevant to them and meets their needs. If you're looking at scoring additional revenue for your business to do more, consider offering premium or exclusive products or services for customers who value sustainability and social impact.
With your premium versions, you can provide additional features or functionality that are not available in the standard version, which can appeal to customers who want the best possible experience. Your upgraded versions can also offer improved performance, quality, or reliability, which can be very attractive to customers who need the highest level of service. This can help you attract and retain customers who are willing to pay more for added value.
When developing premium or upgraded versions, it's important to carefully consider the features and benefits that will be included, as well as the pricing strategy. You should also ensure that the premium or upgraded versions do not cannibalize sales of the standard version, and that they are marketed effectively to the right target audience. You can do this by segmenting your market and offering tailored solutions to different customer segments.
4. Explore strategic partnerships and collaborations
Think about what your business stands for and look out for businesses that are interested in creating impact and complement you. Develop strategic partnerships and collaborations with these like-minded individuals and businesses.
Partnering with another business or organization can give you access to a whole new audience that you may not have been able to reach on your own. This can help you expand your reach and build brand awareness.
Collaborating with a reputable organization or brand can help boost your credibility and establish your business as a trusted source in your industry. Many customers consider the credibility of your business before making a purchasing decision. The goal is to increase your revenue to create more impact so you have to ensure you're attracting as many customers as possible.
You may be able to share resources, split marketing expenses, or negotiate better rates with suppliers when you partner. This can help save cost and you can divert those funds towards other activities.
When considering potential collaborations, it's important to choose partners that align with your values and goals. Look for businesses or organizations that complement your offerings and can help you provide more value to your customers. By working together, you can achieve greater success and drive revenue growth for both parties.
5. Create and sell educational resources or resources related to your industry or expertise
Creating and selling informational products or resources related to your industry or expertise can be an excellent way to establish yourself as a thought leader in your field and generate additional income. Identify a specific area within your industry that you are knowledgeable about and believe you can create valuable resources on.
Also, consider different formats for your informational product, such as ebooks, online courses, webinars, or podcast series, depending on your audience and the type of content you want to create.
With a little bit of effort and creativity, you can turn your knowledge and expertise into a profitable source of income while also providing value to those who are interested in learning from you.
6. Host events or workshops
Hosting events or webinars is another great way to generate additional revenue for your company. Build brand awareness, showcase your company's impact and attract potential customers through events and workshops.
Start small by identifying your target audience for your event and their needs. This will help you tailor your event to their interests and ensure a higher turnout.
Make sure you offer engaging and valuable content that is relevant to your audience. This will keep them interested, enhance their learning experience and attract more attendees. These events can either be ticketed or not. Regardless, you are able to create awareness about your brand, sell products or services and meet potential customers and investors which will yield additional revenue in the long run.
By hosting events or workshops related to your business, you will not only generate additional income but also establish yourself as an expert in your field and build a loyal customer base.
7. Launch a crowdfunding campaign to raise funds for a specific project or initiative
Crowdfunding has become an increasingly popular way to raise funds for a variety of projects and initiatives. By harnessing the power of crowdfunding tools and social media networks, you can quickly and easily reach a large audience and generate interest in your cause.
Be sure to clearly define your project or initiative and explain why it's important. People are more likely to donate when they understand the purpose and impact of your campaign. This way, you can hit your target or sometimes even exceed it. Save additional funds and use them for other impactful projects.
Remember, launching a crowdfunding campaign takes time, effort, and planning. But with the right strategy and approach, you can raise the funds you need to bring your project or initiative to life!
8. Offer consulting services or advisory services to other businesses or individuals
As more and more businesses seek to improve their social and environmental performance, there is a growing demand for consulting and advisory services.
Help other businesses become more sustainable, create impact and improve their social responsibility by offering these consulting and training services.
As part of your service, you can offer to conduct audits of a business social and environmental practices and based on their results, you can work with them to develop sustainability strategies tailored to their specific needs and goals.
For those with zero knowledge or little understanding of sustainability issues, you can provide training and education services to help them develop the knowledge and skills they need to become sustainable and tackle issues in the area of business.
Offering consulting or advisory services in this area is a win-win situation! You can make a positive impact on the environment while also building a successful business and generating additional revenue.
9. Implement a referral program
Expanding your customer base is crucial for the growth of your business, and implementing a referral program is an effective way to achieve this.
Create a loyalty program or referral program that can incentivize repeat business and customer referrals. Think about what you can offer customers in exchange for referring new business, this could range from a free product or service to a discount on their next purchase.
No matter what you’re offering them, be sure to track referrals and measure the success of your program. This will help you evaluate the effectiveness of your program and help you to make any necessary adjustments. Remember the goal is to to generate additional revenue, not run at a loss or increase spending
Tap into the power of word-of-mouth marketing and grow your business through the help of your satisfied customers with your referral program.
10. Utilize social media and other digital marketing channels
Increase your brand awareness and attract new customers through social media and other digital marketing channels. Social media and digital marketing have become critical components of modern day marketing strategies. Develop a strong social media presence by creating engaging content that will resonate with your target audience. Utilize paid advertising on social media platforms to increase visibility.
To generate additional income for your business to thrive, stakeholders need to see your business and the impact you are creating. This can largely boost sales and customer retention. Additionally, implement email marketing campaigns to keep your audience updated on your brand and offerings.
If you effectively utilize social media and digital marketing channels, you can increase your brand's visibility and reach a wider audience, ultimately driving more traffic and sales to your business
Generating additional revenue for your business means you can do more good and reach more people with your impact. By implementing one or more of any of the strategies highlighted, you can generate additional revenue for your impact company while staying true to your mission and values. These strategies will ensure you never run out of funds.