Three quick and easy revenue streams you can add to your small retail business
The quickest route to growing your business is by increasing your revenue. The only problem with that route is that it’s very confusing, it’s full of multiple sharp curves, and there isn’t a lot of signage along the way. It’s very easy to get lost if you go in blind. That’s why you need a systematic plan for increasing your revenue; you need to know why you’re doing it, where you’ll start and, most importantly, exactly how you’ll go about it. When adding revenue streams to your business, it’s crucial to be practical yet inventive. You need to look to your consumers’ needs for inspiration and solve a problem that they have, because at the end of the day, they’ll determine whether or not you earn revenue. Here are five quick and easy revenue streams that can put your small retail business on the fast track to growth.
Teach a skill
If you have a skill, or even a hobby, that you’ve never actually considered capitalising on, you could try teaching it. Depending on the type of retail business you run, you could run classes that are related to one or more of the products that you sell. For example, if you sell hair care products and other sundry cosmetics, you could teach fathers how to do their daughters’ hair when their mothers are away. Or you can host a basic gardening class once a week and promote seeds and gardening products that you have on sale through the class. Start small, gauge the response of your customers over time, and adjust the frequency and times of the classes based on that response.
Rapid charge your customer’s phones
One of the slowest developing part of smartphone technology has been battery life. The main concern that most active smartphone users have is that their batteries never seem to make it through the day. So if your customers share this frustration, you can meet them halfway by getting a few rapid chargers and offering to charge your customers for a fee. There are also a number of companies that you could partner with in South Africa, like Richarge and Rapid Charge, who exist specifically for this purpose and offer products like charging lockers and solar-powered charging decks.
Sell prepaid products and services with Kazang
With Kazang, you don’t just add one revenue stream to your business – you add several. You can sell multiple prepaid services through the device like airtime, data and electricity. You can also sell Lotto vouchers and Hollywood Bets betting services, and your customers can settle their DStv bills. As a vendor, you drive more foot traffic to your business and you encourage secondary sales around your retail business while making commission on each Kazang transaction you make. To find out more, download our informative brochure.