Diversifying Your Small Business’ Revenue in a Pandemic

With a pandemic forcing the world to a halt, many individuals and businesses find themselves adjusting to a new environment. Suddenly we have to be wary of going out, what with having to minimize physical contact with people as much as possible. This has severely limited working options, as many companies are forced to either shut down or shift their entire work style.

As the quarantine turned from weeks into months, most of us have adjusted to what seems to be the ‘new normal’. Working from home is a very common sight nowadays, and many businesses have also adjusted accordingly. But for small businesses, this change can be very difficult and jarring to follow through. Foot traffic is low, and this severely hampers the income. But this simply means that companies should find new ways of earning with the existing business structure. Diversifying revenue streams is part of every company’s growth, and this is the best opportunity for your small business to take the plunge.

Start Selling Online

With everyone having an online presence of some sort, it only makes sense for businesses to have one too. Brick and mortar shops with a physical point of sale have now taken on digital shops with apps as well, and creating an online option for business is a great way to diversify your income streams.

This is particularly useful for small businesses with shops, as it allows you to either halt your physical shop until the economic situation eases out or continue with it while still having more ways to earn. Setting up your own online shop is easier than ever before too, thanks to the wide variety of pre-configured online shopping systems catering to small businesses.

Advertise in Multiple Platforms

Advertising online comes with the territory of having a digital shop, but your income stream doesn’t have to end there. You can advertise on different platforms and open new ways to connect to your clients.

Take direct mail advertising or snail mail ads. Even though it might seem such an archaic form of marketing, it still carries a lot of benefits that you might not see elsewhere. You can reach more clients in this manner, and provided that you include the necessary contact details, you can turn more leads into actual customers.

online business

The World of Deliveries

If your business relies on products, then you’re in luck. There are many delivery options now available that will make your job a lot easier. As having an online shop or advertising through the mail will definitely increase your visibility, you still need a way to actually deliver your goods to your clients.

Having an in-house delivery system helps a lot as this cuts a lot of 3rd party interaction, but utilizing popular delivery systems can help as well. Using delivery apps, you can contact and send your customers the products that they need while also taking advantage of the consumer ecosystem each delivery software holds.

Adjust Your Products

Flexibility is always useful, and in the case of creating more revenue streams, flexibility is paramount. As the world is constantly changing, so should your approach to problems. Take a look at your current product line and see how it can be of use to the changing demands of the market.

Take, for example, a fried food shop. Normally, a fried food shop would allow take-out or delivery, but another interesting option is available: selling cold cuts. Selling a packaged raw form of a popular dish that can be easily cooked at home is a popular way for many food companies to continue their business. Take a look at your products and see how you can make changes so that it fits the current demands.