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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?”

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.

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