Revenue is the lifeblood that will keep your company alive and profitable, but there are many ways to generate revenue you might not have considered.
If your startup tech company is a vehicle, then revenue is your fuel. It is the resource that keeps you moving forward, faster and faster, and if you have enough of it, you’ll end up with a substantial and rewarding profit. On the other hand, if you run out or can’t keep up with your vehicle’s demand, your momentum could come to a screeching halt.
In order to generate a steady stream of revenue, you need to make sure you have a solid, consistent brand, a marketing gameplan that successfully appeals to your target demographics, and a solid, reputable product or service that keeps people happy. But beyond that, there are six different paths to revenue that you can choose:
1.      Product sales. It’s the easiest and most straightforward way to get revenue. If someone wants to buy from you, they buy from you once, and you have a consistent, predictable price that you can use to forecast growth.
2.      Subscriptions. This is especially helpful for content based services—sell a subscription to a service or access to your product for a given period of time.
3.      Premium upgrades. Maybe your app is completely free, but there are hidden or extra features that must be unlocked with a premium account. Just make sure the upgrade is worth the cost.
4.      Add-ons. Mobile games are notorious for this type of revenue. You offer a product or service for free, but with optional purchases that can enhance the experience. It’s almost like a premium upgrade, but in more bite-sized pieces.
5.      Ads. Ad revenue has tremendous potential, and you can include advertising no matter what type of app or site you do business on.
6.      Donations. Another option for the age is a voluntary donation-based payment platform. Give your users what they want for free, and ask for a small donation of their choice if they enjoyed it. It’s risky, but will do wonders for the trust in your brand.
No matter how you choose to generate revenue, it’s important to stay consistent with your plan. Even if you leverage multiple paths to revenue, keeping your users comfortable and happy should be your number one priority.
