Multiple Revenue Streams

Let’s talk about increasing your revenues with additional revenue streams. You may believe that you only have one offering and that is all you can do but I’m going to ask you to be open to possibilities.

Now, don’t get me wrong. There is no get rich quick scheme here. Any additional revenue stream you explore is going to take time and effort. Some may just be lead time and once it is established, it will be evergreen income. Others will require ongoing attention.

Before brainstorming ideas, remember your Vision & Mission statements for your business. Any new revenue stream has to be in alignment with your Vision & Mission.

Next you need to consider your Target Market and Ideal Client. What do they need from you? Have they been asking for something you don’t offer? If you have a consistent client base, you can ask them directly what additional products and/or services would be of value. Regularly surveying your community can be golden knowledge for your business.

When you are ready to start brainstorming, allow yourself to be completely open. Write down everything that comes to mind, even those things that feel incongruent. Just get them all down. What are others in your field doing? Don’t worry about copying someone else’s idea or offerings; you’ll have your own, unique spin on it.

How do you want to spend your days? Which relationships do you want to nurture? How do you want to serve your community? How do you want to serve your business? How can your business better serve you?

Once you land on something, deep dive into that. If there are multiple ideas, prioritize them. What will be the most lucrative in the least amount of time? Does someone need to be hired? What expenses are associated with opening up this revenue stream? One time expenses and ongoing expenses? Will it really be lucrative or do the expenses make it not such a good idea? What are the tax implications for additional revenue?

Or, perhaps you have a totally different business idea. Maybe you want to start a side hustle. If this is the case, get into the minutiae of what this will entail. Firstly, why do you want to pursue this idea? Is it helping your bigger picture or is it a distraction from growing your main business? How will this fit into your current business in terms of time & energy. Will this compete with or distract from your main business? How will it affect your current brand? Where will you get the financial resources to fund this? Will your primary business be a source of funding and if so, how long can it sustain it? Get crystal clear on any side hustle idea before you dive in because while a side hustle sounds fun and romantic, any business is work.

Another thing to consider is whether there may be an opportunity to increase revenue by raising your current rates. How can you offer more value for current products or services? When did you last raise your rates? Do you raise rates on a schedule? Can you explore different rate models? Hourly vs. flat rate? What other rate considerations are relevant to your industry?

While scaling and growth can add value to your community and your profitability, it also takes time, energy, focus, strategy, and fiscal awareness around not just revenues, but associated expenses too.

But, if you can find additional revenue streams that fulfill your Vision & Mission and help your community, what a sweet spot to find yourself in.