In the ever-evolving world of online business, having multiple incomes streams established in your online business helps you avoid leaving money on the table. Relying on just one income source can lead you to the unfortunate situation where all of your eggs are in one basket. And we want to avoid that!

Here’s a roundup of different income stream ideas to build up a variety of revenue sources for your online business:

9 Income Streams to Add to Your Online Business

1. Digital Products

There are a ton of different options for digital products out there, no matter what niche you’re in.

Types of digital products can include:

• Online Courses
• E-books
• Customizable templates
• Stock Photography/Videos/Audio
• Printables
• Digital Art
• Graphic Design Assets
• Software tools
• Memberships (I’ll expand on this later on)

Start paying attention to what questions your audience asks you most. And see if you can turn those questions into a clear and repeatable outcome.

Those are the digital products that you’ll find the most beneficial for your audience (and therefore, most profitable for you!)

2. Physical Products

If you’re wanting to dive into the world of physical products, but still remain a 100% online business – you’re in luck!

You can use print-on-demand services to print your products and avoid having to manage inventory and upfront costs.

Platforms like Shopify have hundreds of different apps and integrations, making it easy to sell all sorts of physical products.

3. Affiliate Marketing for other Brands

Affiliate marketing is about teaming up with relevant brands to share products or services on your platform, earning commissions for each sale.

By choosing brands that align with your audience’s interests, you build trust AND provide solutions.

Do some research for what brands you currently love that are related to your niche, and see if they have an affiliate program.

Also, consider branching out and finding different products to build up your affiliate marketing revenue.

4. Build an Affiliate Team

If you already have some digital products for sale, consider setting up an affiliate team of your own to market your products.

This is a great way to expand the reach of your brand and products, while also providing your business peers an additional revenue source!

Start networking with some complimentary niches, and see if they’re interested in joining your affiliate team!

5. Done-For-You Services

Depending on your niche, there may be some services you can complete for your audience to earn additional revenue.

These could include:

• Content Creation
• Graphic Design
• Copywriting
• Building websites
• SEO Services
• Virtual Assistance
• Social Media Management
• Video Editing

And if you really want to capitalize on this route, you could hire a team to build out an agency-model style service suite.

6. Website Ads

Generate revenue by displaying ads on your website or partnering with sponsors for sponsored content or endorsements.

7. Newsletter Sponsorships

And if you have an active newsletter to a sizeable list, you can charge for sponsorship spots!

I’d recommend having around 5k as a good benchmark starting point, but tbh if you have a really niche community and you see a demand for it, go for it!

8. Memberships

Memberships are a great way to build monthly recurring revenue.

And while they can be a great way to build up that revenue, you want to make sure it makes sense to sell as a membership.

They should have something added in regular intervals (monthly, quarterly, etc.) and give people a reason to want to continue to invest in their results.

9. Coaching and Mentorship Programs

A subset of services you can add to your income streams is coaching or mentorship programs.

I’m putting them separately because they are a little different than a complete done-for-you service.

These are are more considered done with you, where the folks you’re mentoring also have a stake in the game.

You’ll provide some combination of guidance, support and expertise over a specific outcome (like business coaching, career guidance, or skill development).

As a coach or mentor, you become a trusted partner in your students success.

Implementing a Mix of Income Streams

While exploring these income stream ideas, remember that a balanced approach is crucial.

Check in with both you and your audience’s needs, experiment with different options, and adapt your strategy based on performance and feedback.

Not only will implementing different income streams amplify your earning potential, but it will also ensure a long lasting, profitable online business!