Financially stability as an entrepreneur could be a challenging status to achieve, especially as it takes a lot of risks and investments before you make any significant financial return. With the economic crisis and the pandemic both still a looming presence in most aspects of people’s livelihoods, it might make it more challenging to profit from any of your current business ventures. But there are ways you can work around these challenges.
Of course, you can consider taking a side hustle or two, as one in three Americans work a second job or a freelance gig to make ends meet and earn extra income. But besides that, you can also consider expanding your business with a few risks by coming up with tie-in products or services. These are products or services that are related to your business that could also function as marketing strategies.
Business Tie-Ins You Should Consider
Having multiple sources of income besides the sales of your main products or services could be an excellent way to market your business. It wouldn’t hurt to invest a little more in getting the word out that you have this business and make extra money from it. Income stability might not readily equate to financial stability, but it’s a good first step to getting there. It would also lessen the anxiety and stress from thinking of how to survive in these current crises.
So, here are some tie-ins you can consider starting to give your business a financial boost it needs:
You can create some social media accounts related to your business
Facebook, Instagram, Twitter, YouTube, and TikTok are some of the most prominent social media with millions of users worldwide. Having an account from each social media about your business allows you to post about your products and services. These contents will also have a chance to be shared by users that will enable you to boost brand awareness and reach more audiences.
Additionally, you could potentially make some passive income from advertisements on your social media accounts. Big companies could approach you to host these ads depending on the number of your followers, which means that you’re earning every time their ads appear on your social media.
Having social media is like hitting two birds with one stone as you get to advertise your business and make revenue from external advertising.
You can release products related to your business
When combined with your social media presence, having a product tied to your business is a perfect marketing strategy. Tie-in products mean products related to your business like pens, notebooks, mugs, tote bags, and t-shirts. Things like a t-shirt and tote bags are the best option every time a customer purchases and wears them. You get to earn while they become a walking advertisement for your business.
You would only need an automatic heat press machine to pull it off. Getting one is inexpensive, especially since you would create the number of shirts based on the demands. Having your machine would avoid any overproduction.
You can create promos related to your business
Now, releasing promotions, discount cards, and coupons like a buy-one-take-one scheme for your business could cost as you’re selling some of your products or services for a lower price or even giving them away for free. But, it could turn your casual customers into loyal customers when they see that your business is worth their support and that you value customer connections. You could also give gifts to customers who would share your business with their friends. A raffle for anyone who would share your business on their social media wouldn’t hurt as well.
You can sell courses or subscriptions related to your business
Whatever your business is, some people would be interested in knowing some of your skills in creating your products and services. For example, you sell jewelry, digital art, or food. You could create a course of your creation process and sell them or even offer one-on-one classes.
It’s the same for any service. For example, you have a cosmetics business that sells make-up and cosmetics services; you could have tutorials only accessible for a subscription fee. It’s possible for any business; you have to think creatively.
Expand Your Business, Expand Your Earnings
Conceptualizing your business and possible tie-ins could take up so much time, money, and effort to plan and execute. But it could be financially rewarding, especially once you’ve found your niche and your target audiences alongside the loyal customers.