Are you looking for new ways to make more money and additional profits to your business?
If you’re seeing your profits plateau then I’m sure that can be a concern.
And it’s always a good idea to look ahead and plan for your future.
So let’s explore a few ways to brainstorm monetization ideas.
Money Making Idea # 1: Create A Mind Map
So you’ve been hearing all the buzz about mind maps lately but maybe you’re still unsure of what they are?
Well let me explain it to you. A mind map is a brainstorming and planning tool.
You place your central idea or goal in the center of the page and in this case it would be monetization ideas.
You then create branches, like spokes on a wheel.
Each new branch or spoke extends to an idea or idea category.
For example, you might create the following spokes
- customer needs
- affiliate income
- information products
or something similar as it pertains to your business.
You can then list specifics under each category.
Mind maps are useful brainstorming tools.
When you use a simple pen and paper, a mind map encourages creative, non-linear thinking.
Money Making Idea # 2: Ask Your Audience
Start paying attention to what your audience is talking about on social media.
What do they talk about in their posts?
What posts do they most often comment on?
What frequently asked questions do you receive?
What do people ask you about when you’re out in public?
These questions are good fuel for brainstorming.
When you can provide solutions and answers then that’s when you have yourself a new product or service and a new way to make money.
Money Making Idea # 3: Complement And Then Supplement
Consider how you might create monetization strategies that complement existing strategies.
For example, if you currently offer information products, you might complement those products with coaching or by becoming an affiliate for a few relevant and reputable companies.
Along the same line, if you created a corresponding workbook or video series for each of your information products then you’d be supplementing your existing product line and adding more value.
Money Making Idea # 4: Face Your Fears
What have you always avoided in your business?
What have you been afraid to try?
This may be an area to brainstorm new monetization ideas.
For example, maybe you always avoided selling products on your site because you were afraid of the potential headaches involved.
This may be an ideal place to get started so look at one or two products you might offer and start small.
Money Making Idea # 5: Consult With Your Team
Finally, if you’re working with a partner, employees, or contractors, consider asking them what they think about new products, services or monetizatiion models you might embrace.
Remember, the goal is to increase profits and also to increase the value you’re offering to your audience.
Brainstorm with mind maps, research, and taking a look at your existing products and services.
Success & Blessings!