How to Brainstorm New Ways to Monetize Your Business

By , Text Only Admin

Solo-E Certified Solo Entrepreneur Expert

TextOnly'Admin - Text Only Admin

How has the first four months of the new year been going for you and your business?

Are you looking for new ways to add money and profits to your business? Do things seem to be floundering a bit or even slowing down?

If you’re seeing your profits plateau, it can be a concern, and spring is good time to look ahead and plan for the upcoming months and your future. Let’s explore a few ways to brainstorm monetization ideas.

#1 Mind Map It

A mind map is a brainstorming and planning tool. You place your central idea or goal in the center of the page. 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 and so on. 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.

#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, you have yourself a new product or service – you have a new way to make money.

#3 Complement and 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.

#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. Look at one or two products you might offer and start small.

#5 Consult Your Team

Finally, if you’re working with a partner, employees, or contractors, consider asking them what they think about new products, services, or monetization 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.

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