5 digital revenue streams you can create in your business

The world of business has changed and to be honest, it has done so for the better. One of the major advantages that the pandemic has given us is that it has forced the Caribbean region to start looking into e-commerce and expanding the radius of where our businesses operate.

Whilst businesses try to figure out what new products or services they can implement within their business to increase revenue, I want to bring your attention over to e-commerce. It is severely underutilised throughout the Caribbean because we have never fully understood how it’s supposed to work and what was needed for us to receive payments online or create digital products or services.

In 2022, people are still asking whether our Caribbean payment gateways like Wipay or First Atlantic Commerce can facilitate us getting paid by clients internationally. We are still trying to wrap our minds around getting paid digitally and learning how to tap into consumers from the farthest parts of our country and around the world.

Every single business can create digital products or services within their industries that will allow them to create consumers all over the globe.

So let’s have some fun, I’m going to pick a niche and we will take a look at five digital revenue streams that could be created within that niche.

Let’s go with a mechanic.

Here are five digital products or services a mechanic could create to generate revenue or bring in new business:

1. Start a YouTube channel.

2. Sell popular products on their website and have them delivered to clients.

3. Write articles about fixing cars on your website and add Google AdSense to your site.

4. Create ebooks on how to fix key issues on popular car models in your country.

5. Create your membership site with courses for people to learn from you.

Starting a YouTube channel is one of the best things you can do for your business because it allows people to get familiar with your brand and gauge your expertise. If you can make your car channel fun and educational, not only will that drive more leads to your business with people looking to make you their new mechanic but if you grow your channel, you will also be eligible to monetise your YouTube channel to bring in additional revenue. YouTube monetisation can happen in the Caribbean, as long as you have 1,000 followers and 4,000 hours of watch time within the last 365 days. Google will mail you out a cheque in US dollars or you can have set up a direct deposit to your local bank account.

Most times people have to drive to their favourite car shops to get particular products, you should have your website set up for e-commerce with your products listed on your website. Your consumers should be able to go on your website, place an order with their credit cards or the new Linx Visa debit cards in circulation, order and partner with a courier company to handle your deliveries nationwide.

Writing articles on your website within your niche is another great way to establish your brand in the car industry here. A quick data search pointed out that one of the top questions asked in TT about cars is “Why do cars overheat?”

A great tactic for any mechanic right now would be to learn a skill set called – search engine optimisation and that would allow them to start extracting data from popular search engines like Google or Bing and see exactly what questions or queries people are searching for in TT.

This would guide them on what articles to write for their website or videos to create for their YouTube channel. The more your brand/business is showing up in the results for people's questions, you build trust and that will lead to more calls to your business, more leads and more sales. If you decide to add Google AdSense to your site, when someone clicks on an ad, Google will pay you. The more traffic to your site, the more opportunities to increase the revenue coming in from Google AdSense.

People want to learn from you, they want to do business with perceived experts and creating avenues to either sell a digital product for them to help themselves or build trust for them to come in and do business with you is a win-win for everybody.

I hope this gives you some ideas as to ways you can generate revenue within your business.

For more help on building your digital presence and monetising, check out KeronRose.com or listen to our podcast…Digipreneur FM on any Podcast directory.