Everyone knows that having multiple streams of income makes a healthier business. Relying only on Membership Dues can be risky when it comes to your Chamber of Commerce. Plus if you’re in a smaller community, it can feel like you’ve tapped everyone out. If you’re looking to diversify the ways you can add income then you’ve come to the right place.
#1 – Create a Co-Working and/or Meeting Space
With so many businesses going remote or never having an office, they are often looking for somewhere to go to hold meetings or get out of their house for a change of pace. If you already have some space, open it up for co-working or meetings. This is already something that people feel comfortable paying for and can be a great revenue stream.
Plus you’ll have the opportunity to organically meet and connect with more of your members, and them with each other.
#2 – Create a Mastermind
Masterminds are a great way to bring people together, learn from each other, and connect. These don’t have to be complicated, its just an organized meeting with people in the same stage of business, coming together to share something they’re struggling with, get feedback and move forward.
This is a great opportunity to create additional income with a Member and Non-Member pricing structure. Plus, you probably have a motivated member that could lead the group (in exchange for a free spot) so it wouldn’t take much extra time on your side to make it happen.
#3 – Affiliate Programs
Affiliate programs give your organization a commission when someone you’ve sent their way make a purchase. This has become even easier with online tools that automatically track your sales.
For example, at the NonProfit Bootcamp
, we provide a 30% commission when a Chamber you refer signs up for the program. Not only is this a good way to pay back your investment, but it’s an incredible way to generate additional funds.
To get started, make a list of the different tools and resources you recommend regularly to members. Reach out and see if they have an affiliate program. It’s always best to refer only those programs that you use yourself or often recommend.
#4 – Create a Virtual Learning Series.
A virtual learning series can include resources and information about any pain point businesses in your community are facing. Some examples can include HR best practices, marketing tips, financial resources and more.
By making it virtual, you give yourself the opportunity to sell it over and over again. Offer it up for free to your members and paid for non-members. You can also charge for access to the replays if you want. Another way to monetize is to offer businesses the opportunity to lead the workshop and sponsor it to have it in your resource library.
#5 – Create a Tour Guide
Think about the ale trails or walking guides you see at various cities. Require a fee to be included in the guide, again with member and non-member pricing. This can also be a great way for you to have conversations with potential members.
This guide can be created annually or seasonlly, depending on your location. This gives you an opportunity to generate revenue multiple times in multiple categories.
#6 – Sell Ad Space on Your Website and/or Email Newsletters
One member added benefit is having a listing on your website. So why not expand on that and offer banner ad space on your website. This can be an add on package for your members.
You can also sell add space inside your email newsletters. This can be especially beneficial if you have a community wide list that includes non-members as well.
Pro tip: keep space limited. As you start to promote and space sells out you can increase the price.
#7 – Allow Businesses to Sponsor Social Media Posts
Your following on social media is the perfect fan base for your members. While you want to shout out the successes of you business, there are times when they have bigger events or promotions they want eyeballs on.
Think about including dedicated social posts as part of specific member perks like ribbon cuttings or just joining your membership.
Then, create packages that allow for businesses to get dedicated posts. Ask for graphics, copy and important information to share.
This can be a win – win. They get extra visibility. You get extra revenue and content to fill your social media calendar.
These are just a few ideas for creating additional revenue streams for your organization. Remember to get creative, think outside the box, and if you’re stuck, reach out to members for new ideas!