Creating Additional Revenue Streams
There's a point in business, in which you ponder whether or not to stay focused or to pursue another opportunity that may or may not be right in your wheelhouse. But be careful to take your eye off the prize of your regular revenue, as you may not be able to afford to comeback when your attention is divided.
The "shiny object syndrome" is one that's very real for CEO's.
So how do you create additional revenue streams without taking your eye off the main income stream?
Here's a few ideas to try:
👉 Find more time- The gig economy allows for creative financing. If you have weekends open, or week nights perhaps, and are looking to make some extra dough investigate companies like Lyft, Doordash, Upwork, and even call center and virtual assistant opportunities. This is also a great route for those that have retied from their careers and are a bit antsy at home. Talk to people and earn money a the same time? Sign me up!
👉 Hire someone to clone- Increase the amount of work you can do by hiring a #2. If you've been a solopreneur or growing a business on your own, I suggest starting to carve out a job description for someone who can do things that are time consuming and easy to offload. This will allow you to increase your productivity in a short time.
👉 Develop your Process- automation is key. Famous business books like " The e-myth revisited" urge you to grow your business to be repeatable and scalable. Pretty soon you can walk away from the trenches and look to grown new business ideas and concepts far beyond the original profit engine you are running. This is also helpful as you add team members, most of the process is in place and people can be trained easily.
👉 Make money where others miss - Listen to your customers. Offering a solution to a common problem or objection may become a new report or audit or certification process that you can create and charge for. Additional ideas include brainstorming on innovative products, adding an ancillary service or offering, or creating technology that you can sell or license out further.
Once you've chosen a new additional revenue stream tactic, test your market before you go big. Create metrics on any new opportunity so you Know when to throw in the towel too. especially if your main business starts to take a hit from your lack of attention.