BY TARYN JEREZ
It’s funny how quickly we can turn to every option under the sun to grow our business (or save it in a struggle) and somehow forget to start with the very foundation of our business – what we sell. Customers are constantly being shown an evolving world from brands big and small, and the value you offer needs to be evolving in front of them as well. Adding additional revenue streams can be like waving a magic wand over your business that you didn’t realize you had in your back pocket the whole time!
Simply put, your revenue streams are every single thing you do right now to bring income in. Regardless of what you currently offer to customers or clients, by giving yourself the creative freedom to brainstorm new revenue streams you’re ultimately creating the safety net you didn’t know you needed. Instead of relying on one resource to bring in the bucks, diversify your revenue streams by offering additional value to your audience in new ways!
Rethink Your Existing Offers.
Take a moment to really look at what you currently sell in your business. What problems are your offers the solution to for your customer? Imagine if you could create something new that helped solve that same problem in a different way. You may even be able to come up with additional problems you could solve for your customer with a new product or service that complements your initial one. Take inventory of your skillset, both interpersonal and technological, while thinking about new revenue streams and what wouldn’t be a huge stretch from what you’re already more than capable of.
Create a Product.
If you’re unfamiliar with the product-based business world, it can seem intimidating to get started. The reality is that there are many simple avenues to go down to get a great looking product without a manufacturing background! Think about what products you really want to offer and do some market research before jumping in. Do you see a want for this product in your market? How is yours going to stand out? Is the overhead going to be affordable for you? How will you package and ship these items if selling online? Once you know the answers, even a quick online search will show you loads of options to order mock-ups and receive pricing and shipping turnarounds.
Offer a Service.
On the opposite end of the product world, we have service-based offerings. What’s great about adding a service to your revenue streams? It’s typically cheaper upfront to add as most of your investment will be the time it takes to create your new service. Before you commit to any one option, be sure to do your research! What is the problem your service is solving for your customer and why are you the right choice to offer this service? It’s a lot easier to sell something you know people want! There are so many services you could adopt into your own business model if it’s the right fit, from consulting and planning to design services and custom orders. Find the right fit for you!
You’ve spent all of this time running your business and learning so much about what you do, who you serve and the industry that you’re in. Did you ever stop to think about sharing that value? Finding public speaking opportunities to teach some of your skills and share your knowledge can be a very affordable revenue stream to add. You can pitch talks and classes to conferences and online opportunities, and also have the freedom to offer your own. Take things a step further than the more mainstream social media teaching options and create a paid opportunity for customers to take advantage of a webinar, e-book, or course you can offer.
Team Up with Another Brand.
Sure, great minds think alike but different minds often complement one another and make for some inventive ideas! Finding the right partner-in-crime to collaborate with can give you some amazing resources. Need a graphic designer to help create those stickers you want to start selling? Interested in finding a co-host to launch your podcast idea? When you find the right person and brand to collaborate with, you’ll be amazed at what you learn from one another and the added value you can bring to your own brand.
Never Stop Building.
While we’re honing in here on the benefits to your income, adding these new and separate revenue streams is always a great way to stay creative and prevent burnout in your business. Challenge yourself to think outside the box and come up with ideas that not only your clients will appreciate, but you’ll enjoy offering.