There are various ways to generate revenue in your business.
Often entrepreneurs focus on one revenue stream [selling a product or service] and in the process missing out on other opportunities to generate money money for the business.
Yes you can sell a product, asset or service, but you can also lease it out, you can create advertising space on your assets, you can consult on top of selling the asset etc.
There is more ways to generate revenue in one business.
Here are some of the 7 streams you can consider:
1.Asset Sale – Selling to a client who then becomes the owner of the product [sale of car, computer or building]
2.Usage fee – Client use your product but ownership remains with you [hotel room, airlines]
3.Subscription fee – Client can use your infrastructure while subscribed [software services, gym membership]
4.Leasing – Clients are allowed to use assets for a period of time [car rental, rental of photocopier]
5.Licensing revenue – giving clients permission to use intellectual property [content production, inventions]
6.Brokerage fees – Taking commission from business transaction of two parties
7.Advertising – Fees from advertising products.
The more ways you generate revenue for your business, the better.