Businesses can explore a variety of new revenue streams depending on their industry and capabilities. Here are some common ones:
Subscription Models: Offering products or services on a subscription basis ensures a steady stream of recurring revenue. Digital Products: Selling e-books, online courses, and software can be a lucrative revenue stream, especially for knowledge-based businesses. Affiliate Marketing: Partnering with other businesses to promote their products can earn you commissions on sales. Freemium Models: Offering a basic version of a product for free while charging for premium features can attract a larger user base initially. Licensing: Licensing your intellectual property to other companies can generate additional income without much ongoing effort.