3 Paths to Create New Revenue Streams
I am a HUGE FAN of leverage – of taking who you are, your talents, area of expertise, your experience and what you’ve already created and finding ways to leverage that to build a revenue stream.
Creating new revenue doesn’t necessarily have to be about a new you or a new business. Here are 3 different paths to leverage new revenue, working from where you are right now.
#1 – Do It Differently
What I mean here is taking what you’re doing already, but doing it differently. Do it in a way that provides more services and reaches more clients.
Here’s an example – say you currently charge by the hour or by the session for the service you provide. Instead of marketing it this way, think about how you could turn your services into a package or program. Your target audience will still be the same, you’re still offering the same services and the end result will be the same, but you’re DOING IT DIFFERENTLY.
Bundling your services or creating programs for your services, open up the potential for more revenue.
#2 Do Something New With What You Already Have
How can you take what you already know and what you already do and create a certification or training program from that.
This particular path is one I chose for my own business. I worked as an OBM for years and years, and finally about 5 years ago, I decided to create a certification program to train others to become an OBM. I took what I already knew and had experience and expertise in and I DID SOMETHING NEW WITH IT.
Here’s another example . Say you provide copywriting services to your clients and you then create a training program to market to others who want to learn to do their own copywriting…Voila! You’ve just generated another revenue stream doing something new with what you already have.
#3 Train Someone To Do What You Do (AKA Cloning Yourself)
If you currently run a business where you provide marketing solutions for your clients and you also have a full coaching program too, at some point you are going to find yourself stretched too thin. A great solution here is to bring other people onto your team and train them to do what you do! (We also call this creating a team based business.)
As a business owner, there are only so many hours in one day for you to do only so much, but by bringing in someone to do what you do, your business can then reach more clients at a greater capacity and thus generate more revenue.
If you are growing your business and looking ahead to what’s next for you, I hope this has given you some food for thought. Any one of these 3 ideas or a combination of them can take you down the path of leveraging who you are and what you already know to generate that new revenue stream.
( Image courtesy of scottchan / FreeDigitalPhotos.net.)