I’m a great believer in finding your niche and developing it. But I also support the idea of capitalizing on untapped sources of income that are hiding in our businesses.

What are some of these?

1. Partner with a complementary business. Work with a florist, balloon artist or caterer to expand in the wedding and party market. While one of them may supply the decor or refreshments, you could provide the centerpieces of welcome gifts.

2. Offer your design services to groups or companies who want gift baskets but don’t know how to make them: specialty stores, nonprofit organizations, churches, and fundraisers.

3. Offer products on your website that complement your designs, but are created by and shipped by another company. An affiliate arrangement enables you to get a percentage of a sale without doing any of the work. Many major companies offer affiliate partnerships. Learn more about making profits from affiliate partnerships.

4. Sell ad space on your website to companies who are targeting the same market you are. If your clients are corporate or small businesses, they also need business cards, website design services, printing services and more.

5. Provide consultation or classes for newcomers to the gift basket business.

6. If you have a large amount of retail or warehouse space consider subleasing to another business.

7. Bring quality traffic to your site by posting comments on message boards and blogs frequented by your target client.

8. Publish a newsletter with information and tips that are of value to your clients. You will keep them informed of new products and services in each issue, of course.

These are just a few of the ways to tap into the hidden riches in your gift basket business. What are some ways that have worked for you?