Finding New Revenue Streams
My motto has always been “I will speak to an audience of one” so I was very excited when these four entrepreneurs joined me for the final session of BOOST last Saturday morning.
We got down to work on the business model canvas which helped them get clear on where they needed to focus and reviewed their key partners, resources and revenue streams.
We spent some time on the revenue streams as often we get stuck on providing the service or product which we began with and not finding other compatible ways to expand the business. By the end of the three hours everyone had multiple areas they could tap for revenue, some where quite funny but still had great potential for regular income.
If you feel you’ve tapped out your current stream how about doing a quick brainstorming session? Grab pen and paper (I’m ole skool like dat) and write down any idea which could be an off shoot of what you are currently doing.
Don’t edit yourself and begin judging whether it makes sense or not, just write them all down. Use the Start A Business in 5 Days workbook to help you run the numbers and feasibility for this new stream. Be sure to get feedback from potential customers and also work through the processes in your mind and on paper which would be needed to make this new avenue work efficiently, without reducing the quality of service you already provide.
Nerissa Golden is Media Strategist and Business Coach who helps her clients accelerate their business growth by leveraging high impact communication solutions and income generating strategies. Follow her on Facebook,Instagram and Twitter. Need more personal support? Ask about joining the Lady Maverick FB Group.