Nine Ways to Create New Revenue Streams

Go down-market: In price, that is, without putting up the sales signs. Sometimes the only way to move inventory and capture customers is a deep discount, but that's a short-term revenue fix. Instead, offer cheaper options. Paige Novick ventured into silver, brass and now pewter after she noticed her gold jewelry designs weren't moving as briskly as they once did. A pewter piece, for example, retails for $400 while a similar gold version would sell for several thousand dollars.

But to ensure that her company's reputation for high-end jewelry remained intact, she uses the same 18K gold or gunmetal finish for all parts of her collection. She also makes sure the more affordable pieces are as well-designed as the more expensive ones.

Add value: Another surefire way to lure old and new clients is to offer them the most bang for their buck. If you can, offer promotions like free shipping and gifts with purchases. "You also might find that these in-store promotions bring people in and, in turn, they end up buying more than just the promoted product," says Robert Tuchman, author of "Young Guns: The Fearless Entrepreneur's Guide to Chasing Your Dreams and Breaking Out on Your Own" (AMACOM).

Buddy up: When Divya Gugnani launched the culinary Web site Behind the Burner, she thought the business would make money as an e-commerce site. Users would click to buy food and kitchen products after learning tips from experts like Blue Hill's Dan Barber and The Waverly Inn's John DeLucie. She quickly discovered people didn't buy culinary products often enough to make a viable business. Four months ago, she hit on the idea of finding sponsors for her video and editorial content. For example, when DeLucie revealed the store where he purchases his octopus for his signature Mediterranean Octopus dish, she cut a deal with MYLO Gourmet to sponsor the video.