Three Keys to Finding Additional Revenue Streams For Your Startup

Three Keys to Finding Additional Revenue Streams For Your Startup

When you’re running a startup, one of the most important metrics is focused on topline growth. Every month you want to be acquiring more users and boosting revenues. If you aren’t moving forward faster than you were before, you’re in for a rude awakening.

Running a startup can feel like you’re on a rocketship at times and for the incubatees at Betatron, they’re just getting started. Betatron is one of Hong Kong’s top accelerators, focusing on a non-vertical accelerator program, helping startups raise their first institutional round of funding. The program lasts four months and provides $30,000 in funding to each startup.

Of the four startups accepted into their first batch, one has already started to make some tremendous progress. Pakpobox is a network of mobile app controlled smart lockers that connects merchants, couriers, and consumers in addressing the pain points of last mile delivery. In under two months in the incubator, they have lockers in 5 countries and have generated over $700,000 in revenue.

That is impressive growth for any startup. To dive deeper into how Pakpobox has spiked growth, we followed their unique growth model:

Find Low Hanging Fruit

Though it is important to focus on core competencies when starting a company, it is also important to think outside of the box and explore additional revenue streams. For Pakpobox, this additional form of revenue came in advertising on each one of their lockers. Their main monetization strategy is by manufacturing, renting, and operating the locker network, yet they realized soon after launch that their lockers were a great point for advertisers.

If you’re startup is looking to explore additional revenue models, think what other value you provide. As an example, at my startup Sourcify where we help companies find the right manufacturers, we looked at the flip side of the table: we also helps manufacturers find the right customers. This means once we get to scale we can also start charging manufacturers to be a part of our platform.

Think Globally

In today’s world, when you’re starting a company, you don’t need to think locally. Having a global mindset from the start enables you to think across borders. For startups based in Hong Kong, being in this dynamic city pushes them to think across the world.

For example, at Brinc, Hong Kong’s top hardware accelerator, companies are pushed to explore markets around the world. For Soundbender, a smart metronome wearable, they explored market opportunities in America, Australia, and throughout Europe. One of their biggest retail deals to date has been with Guitar Center, one of America’s premier guitar stores with locations across the country.

Seek Partnerships

The last essential key to a startup’s rapid growth can come from partnerships. Though corporate partnerships can be hard to ignite without the right connections, if you’ve got the right product chances are you’ll soon be on the right track.

Joining an incubator can be one of the most effective ways to establish corporate partnerships as incubators often have several corporate sponsors. As an example, Techstar incubation programs are often funded by corporate partnerships around the world. In Tel Aviv, their incubator has a FinTech focus and their sponsor is Barclays Bank.
For a growing startup looking to explore additional revenue streams, remember to explore low hanging fruit, think globally, and seek out partnerships. Utilizing the three tips above can fast track your startup’s growth. Now it’s time to put these tips to practice!

This post is part of our contributor series. It is written and published independently of TNW.

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