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Management

Innovative small business ideas

Translate your service or expertise requirements into a product

 

Additional revenue stream

“Productizing” a service – turning it into a physical or digital product that makes or adds to the services you offer more efficiently – gives your business an additional revenue stream. You can create these products for your current customers, or use them to reach a new audience.

 

Gabriella and Andrew Morrison started a home-based business turning their expertise around tiny homes into a product. They sell courses and ready-made designs through Tiny House Build and StrawBale.com – all from their cozy, wacky home.

 

More ideas for products:

Courses (passive income)

Designs

Stock photos and videos, music

Reports that people can download

Merchandise

Digital templates (passive income)

e book writing (passive income)

As you can see, most of these ideas involve digital media packaged as a product, which means you’re not stuck with inventory. If you run your home business on Shopify, you can use Digital Downloads or the SendOwl app to sell your digital products extra quickly and easily.

 

SendOwl Shopify App

 

But sometimes productizing is actually about a physical product, for example, Bullet Journals. Ryder Carroll developed his own method for keeping track of your calendar and to-do list, and that naturally became a home business. Now he sells physical Bullet Journals on his website.

 

Gather followers on social media and turn them into income

If you’re a content creator, already have a fairly large group of online followers, or have always wanted to start your own blog, YouTube channel, Instagram account, or podcast, you can increase your social media follower count and turn it into money with the ideas above.

 

Selling digital and physical products

Andrew Finn is co-founder of Wait But Why, a blog that has become a business. At the point where they had amassed over 371,000 subscribers and millions of visitors, they began creating digital content products geared toward their fans. Today, Wait But Why is a full-fledged webshop selling digital and physical products.

 

Wait But Why from video to web shop

 

Jordan Ferny, the founder of Oh Happy Day Shop!, also gathered her fans through blogging, and her blog also became a full-fledged home-based business. She set up her business so that she has enough time to spend with her family, and sells her products through her webshop.

Another thing you can do when you have a large fan base is to become an affiliate – selling other people’s products and services for a fee – or to get paid for sponsored posts, where brands pay you to show their products to your audience (affiliate link marketing).

 

Building a loyal fan base takes time, consistency and focus. It’s not the easiest way to make money from home, especially in the short term, but if you manage to build followers around something you love to do, it becomes super fun work that you can also sustain for a long time and gives you the flexibility to have different income streams at the same time.


 

 

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