How To Build Multiple Revenue Streams For Your Business!
Q: What are some ways to diversify revenue sources for a small software consulting/outsourcing firm? J. Pettigrew Bellevue, WA USA
When you are in the beginning stages of creating a plan for expansion, growth, and possible diversification of your products or services, it is easy to loose focus of who and what you are as a company. There are sometimes an infinite amount of mind-numbing possibilities and it can leave one confused as to which way to turn and in desperate need of an aspirin. Here is a formula that will help you regain your focus and develop a solid plan of action that you can feel confident in implementing. In your case you provide a service, but this works just as well for a product based business as well. So here we go.
Start by going back to your business plan and looking at the first or second page. You should find a paragraph that defines who you are as a company. There should be another section that defines who your target market is. Now we need to put the two of these together by asking two questions,
- “How do my customers or clients reach me and how do I reach them?
- How can my product and service enhance the success of my client?”
The answers to this question will give you the bases of your plan of action. You can diversify your revenue streams as a service based business by meeting the needs of your clients in the format they reach out to you in. That is your marketing pathway.
- Look at the types of products you have already developed for you clients (hopefully you have more than just a few) and the type of customers businesses who are buying your products or services. You should see a trend.
- Ask yourself the second part of the question above, “How can our product or service enhance the success of our clients?”
- What digital product can we develop and market to further empower and enhance our customers experiance?
- How can we expand our products and services to broaden our connection with more experianced or do-it-yourself entrpreneurial type customers.?
If you are a service based company such as your consulting firm, you will need to look at what additional services you could provide that would meet an un-served or under-served need of your client in an easy to access format. So, that might be an online service or perhaps a mobile app that would make life a little easier and provide more benefit to your client. Diersifing your range and type of services to also include digital products or community centered oppportunities such as a paid membership community with live-chat meet-up online is a great way to build your customer base and create an additional revenue stream at the same time. Now come the important part and that is implementing your new ideas. We always like to offer you tools to help you actually do what you have just learned and today we have two for you.
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Hopefully this will set you on a path to inspire ideas to develop additional revenue steams.
If you are looking for even more practical hands-on help we have two other resources for you. First, we have created an actual Financial Guidebook and Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. Because of growing need across the globe, we are currently offering this as a FREE GIFT to you! You can find yours right here.
The second resource we have for you is a collection of tools we love and use that have helped us build the online portion of our business. Some of them we have been able to partner with to give you a special deal, but all of them are tools we use and highly recommend. Here is the link:
If you scroll down just a bit further. we also have a collection of more success tips. Just click on any of the links. Have a comment or question about this week’s post? Let us hear from you! Post your own success stories or ask a question about how to move your own business forward to success! We love hearing from you and read every post personally! You can join the fun on our Twitter Chat and share your own success tips! If you have a question about your business, please feel free to Contact Us and send a personal message. We love hearing from you!
I hope this has given you a little guidance. If you need more in depth help please feel free to Contact Us. I would also strongly suggest that you get your copy of Business Genesis and take a close look as chapters 17 and 18. You will find that a lot more detailed information than what I can provide to you here. You can also have more free business success tips and tools delivered to you! Join the fun and connect with us on Twitter. Good luck and keep us posted on how you are doing!