Last Updated 2 years by Emily Standley-Allard
Finding new revenue streams for your business is no simple task and can present some challenges along the way. It’s crucial to generate revenue and turn a profit in order to stay afloat in today’s competitive marketplace. In this post we’re going over 5 important steps to monetizing your business and its assets. Read on!
How you can monetize your business and its assets
You may be wondering what this means and how you can leverage your business’s assets to open up more revenue streams and make your business viable.
Whether you run an e-commerce website or develop a new mobile app, monetizing your business is more than just selling products and hoping for the best. Taking advantage of other revenue streams will help you succeed in your industry.
Let’s explore some of the steps you can take to monetize your business and assets so you can increase your income and succeed in an ever-changing business environment.
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What Is Business Monetization?
The concept of monetization is a bit complicated and mystifying for small and medium-sized business owners. Ultimately, monetization is the process of taking something that usually wouldn’t generate revenue and turning it into a new revenue stream.
For example, a common item that is monetized is a YouTube video.
Content creators worldwide spend time creating high-quality videos to then monetize them and earn a profit. A YouTube video on its own is not a product to be sold, but they do offer value to the audiences that watch them. In this case, monetizing video content has proven to be successful for many YouTubers.
Monetization on YouTube enables creators to continue making more content for their audience. Many times, they gain a substantial number of followers. It’s essentially a cycle — create videos, monetize them, earn a profit — and rinse and repeat.
Now that we know how to define monetization, let’s explore how you can monetize aspects of your business and earn a profit.
Steps to Monetizing Your Business
If you’re looking for more revenue streams to amplify your business success, look no further. We’ll give you some tips on how to embark on your monetization journey so you can withstand any industry disruptions and serve your customers better.
1. Create an Asset Inventory List
To know what assets you can monetize, it would be helpful to create a list and take inventory of what assets your business has.
It would be pretty challenging to try and monetize anything without following a systematic approach.
Make a list of the things your business brings to the table and what value your assets have to offer.
Maybe you create blog posts for your customers or have a mobile app that can be monetized.
Keeping an inventory of your tangible and intangible assets is a helpful tip, regardless of the fact that you may look into monetizing them.
2. Start Creating High-Quality Content
Everyone in digital marketing knows that content is king. Content can be in the form of videos, product reviews, blog posts, or even memes. Having high-quality content adds value to your business. It can help attract investors who believe in the success of your products or services.
Content also helps establish authority for your business.
When businesses post content on their site, they can be monetized by adding affiliate links and earning a profit based on those links. If people purchase items from the links you’re affiliated with, you can make quite a bit of money.
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3. Wholesale Your Product
If you haven’t thought about wholesaling your product, you might want to consider this as a monetization opportunity.
You’ll want to meet with vendors to discuss the logistics of offering wholesale products or services so you can better understand if this is the right business move for you and your company.
4. Offer Knowledge Through Consulting
Often forgotten about is the business acumen you’ve acquired as a small to medium-sized business owner.
Consider using your past experiences and knowledge to share with others and help improve their business plans. Acting as a consultant and charging clients for your services is a perfect way to earn more of a profit.
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5. Form Useful Marketing and Advertising Plans
Finding new and innovative ways to market and advertise your products or services to your potential customers can help your business make more money.
Without a solid marketing plan in place, it may be challenging to see your business take off in the way you want it to.
Remember that digital marketing is constantly changing, and keeping up with emerging trends to meet customer demand is critical.
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Finding Ways to Monetize Your Business
Following these five steps will help you monetize your business and the assets you have to offer.
There’s untapped potential within your business that can be unleashed to generate revenue and help your business thrive.
Every company has value, and turning that value into cash is essentially monetization in action.
Eleanor is the editor-in-chief at Designerly Magazine. She was the director at a marketing agency prior to becoming a freelance web designer. Eleanor lives in Philly with her husband and dog, Bear.
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