We always talk about creating new revenue streams – and believe me, I’m all for this as part of your growth plan. But before you start creating something new, take a look first at what you need to let go of…
Leveraged Revenue Streams – Which one should you get rid of?
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I don’t necessarily “push” a lot of ancillary services we provide, but yet I have them on my pricing list because sometimes clients want them. So for example, we primarily edit manuscripts…but occasionally, when a client decides to self-publish, she asks if we can edit her jacket copy, too, or even if we can write it for her. That sort of thing. SO my question is, when you say to knock off one revenue stream, what is the criteria? If it isn’t something I put any time into marketing, and it doesn’t create a headache to provide when asked, is there a downside I may be missing to keeping it on the list of things we can do?
I think you’ve hit on some key things here Ally – if it doesn’t require any extra effort to sell and is easy to deliver that’s great. The only other piece I would add to that is to ensure that it doesn’t take up time/energy that *could* potentially be applied elsewhere – sometimes even the simple/quick little things can add up over time and start to get in the way. Doesn’t really sound like the case here for you from what you’ve shared.
Love the idea of dumping stuff that doesn’t deliver any longer… especially this time of year! Thanks for the helpful hint!
Loved this Tina and especially applying the Pareto rule (80/20) to your revenue streams.
I just wrote a newsletter on my word for 2014 which is FOCUS. I’m not offering or launching anything new in 2014 and will be removing a few products that no longer serve a purpose, and am instead focusing on my Highflyer Club as the key focus of my coaching, mentoring and masterminding.
The rest of my work will continue through my blog, podcast and videos. Every single action I take will be in line with my vision for the year and my mission to serve 100,000 entrepreneurs to choose freedom in business and adventure in life.