There are three basic rules for adding revenue streams to what you offer.
Almost every business is looking for ways to add additional income to their current revenue stream. However, most business owners make this process complicated. Rather than looking at what they can change or add-on, they look at new products or services they can sell. Adding a new product is not always the way to go. Making changes to how existing products are delivered or offering an add-on that flows flawlessly with your offerings, can sometimes return greater revenue than the original product did. Keep it simple!
Three basic rules for adding revenue streams to your offering(s):
1. Stick to your niche, brand, and mission If you’re known for an expertise or specialty, stick with that. Take a hard look at your brand and mission statement to see how you can bridge an additional service or product offering.
2. Build upon the strengths of your business If you’ve become known as the “go to” business consultant who has helped entrepreneurs grow significantly within a moderate period of time, maybe there’s an opportunity to sell small business related items on your website. Use your strength to increase your revenue stream.
3. Think outside the box There are many opportunities. You just need to choose the one that will make a difference to your bottom line. Be creative and resourceful. What are some of the complaints, frustrations, and, challenges you hear from your clients? Do you have a good solution? Pay attention to the needs of your clients and you may come up with a great way to service them and increase your revenue.
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