Working with a wide range of companies across the creative, cultural and tech sector, I meet many entrepreneurs who are geared to a single business model. Whilst this may give focus to their ambition allowing them to build the company of their dreams, when they face shifting, uncertain markets this can prove limiting or even the route to failure.

I frequently get asked to speak at tech hubs, WeWork Labs or other small gatherings of entrepreneurs on easy ways to find additional income. Invariably the session starts with wry ‘yeah – for sure…’ comments and polite smiles. Thirty minutes later, the questions come thick and fast as they realise how much additional value they could unlock, with the potential to drive new income streams to keep their show on the road. Whilst each of them understandably has their eyes glued on the road ahead, they forget how much value each brings with them from their past. Think of it as a ‘store-cupboard’ – the intellectual assets that got them there. Just as you can adapt ingredients from your actual kitchen store-cupboard, you do the same with your intellectual ‘store-cupboard’.

Here are some ways to find additional incomes in your existing business….

People buy five things… a product, a service, knowledge, intel/data (behaviours) and clients/customers (access or attention). Most companies earn their bread through doing one thing, overlooking the potential other value in their knowledge and activities. Your aim should be to create an income streams in each of the five areas.

Let’s take launching an app as an example. 

To create, develop and run the app, you need lots of detailed knowledge, to understand your target market, appeal to it and build an audience/customers. Revenue is going to come through app and in-app purchases, with potential affiliate revenues.

Just like every other product, you have had to spend the money creating something before you earn revenue from it. It’s the same whether you make shoes or grow cabbages.

Knowledge has value

On a sheet of paper write down all the knowledge you needed to create this app (or whatever your business is). Include market knowledge, technical build, research, all contributing factors that lead you to start the business. Look for other ways to repackage all this knowledge in ways that could drive some income.

Could you teach others how to develop an app business? To code? To build a UI? To understand this sector of the market? These could be through small courses, events, in schools or colleges, private tutorials, through industry bodies, both offline and online. If the latter, your reach could be global.

Every business owns intel/data – use it

Your intel/data includes how customers find you, how people behave on your website, what Instagram posts are most popular, as well as your sales patterns and accounts. It is about behaviours. Every business owns data, but needs to interpret it inventively to find new opportunities within it.

In app data might show you have a hot spot in one particular city… why not run a roadshow there? Or if downloads are spiking via one platform – can you develop links/collaborations/affiliations with another company to build further traction – and contribute new revenues from there?

Who’s attention have you got?

Every business has customers or clients. The audience might be very narrow within a particular industry, it might be high net worth individuals, millennials, or just hyper local. Those people who give you their attention also have value so it is crucial you get under their skin to really understand them. This will give insight into what they need. And who else might be interested in talking to them via you?

Could you create a community, a platform to offer them unique privileges, or bespoke downloads? Can you negotiate discounts for them with third parties? (Obviously always being compliant to GDPR rules.)

Introduce a service offer too

Most companies making products overlook the potential of adding a service offer to their business model.  Service businesses mostly sell time. This is the same whether they are a design consultancy, a plumber or a Deliveroo cyclist. 

Going back to our hypothetical app – could you run a white labelled version for other companies in non-competitive fields? Or provide access to the app as an in-house staff perk to large corporations with an adapting UI charging a fee for the project time taken to adapt it?

And how about a product?

If your core business is currently a service, have you considered whether you could develop and market a product, either to your existing audience or to a new target group? If your current market is B2B, have you considered if there is a D2C audience you could tap into?

These five points really just skim the surface of what is possible. By drilling down into what your business does to separate out all the aspects, you will be surprised at what other revenue earning options could be open to you. I’ve never come across a company or freelancer that didn’t have the capability to add income streams relatively fast. You need to apply inventive thinking to what you already have in that store cupboard.