On any given day, you’ll find a news story about a local or national retailer downsizing or changing their business model. Some go out of business completely because they fail to acknowledge how technology is constantly changing the shopping experience. Remember, Blockbuster?
Then, there are those that realize the old way of doing business won’t grow their business or their bottom line.
So, what can a small business owner learn from what’s happening in the market and how can he/she diversify their revenue streams?
Below are three revenue streams that business leaders can consider including in their current product or service based business.
- One very popular revenue stream is to package the solution you provide into an online course. You can also package that same course or solution and teach it in a virtual or live workshop.
Here’s how this revenue stream could add 6 figures to your business.
Course or Workshop Fee: $1,000
Enroll 25 people into the course or workshop each quarter: 100 people
$1,000 (course fee) x 100 (# of people) = $100,000
- When you’ve built a successful business there are countless things you’ve encountered and learned along the way that would be extremely valuable to someone looking to start a similar business or looking for ways to grow a similar business. With this strategy, you create a service where you show others how to do what you do. For example, if you’re a speaker, you create a service to teach others how to start a successful speaking business. Even if you sell a product, you can still show someone else how to start a similar business.
Does this strategy take money out of your pocket? NO! Actually, it puts more dollars in your pocket. Using the same data points above, this strategy is another way to broaden your revenue sources.
- This revenue stream is all about saving a client time and works especially well with service based businesses. Let’s call this option the one stop shop. For example, instead of a client spending hours looking for all the people they would need (photographer, hair stylist, make-up artist, personal stylist, videographer and branding expert) to help them with a photo and video shoot, you, the business owner provides a “one stop shop” option that includes everyone they would need.
Obviously the fee for this type of service can vary depending on a variety of factors but let’s assume that the fee and revenue generated from this service is as follows:
Service Cost: $5,000
Number of one stop shop packages sold per year: 20
$5,000 (service cost) x 20 (# of people) = $100,000
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