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Why your business should have many revenue streams

Blog

Why your business should have many revenue streams

Ali Golds

The saying goes 'Don't put all your eggs in one basket' and it's likely never been more true than in business development.

For some businesses, perhaps those offering consultancy services or specialist help for instance, it may seem difficult to create a range of revenue streams. 'I do this. And that's it'. However, with some creative thinking it is possible to have multiple income strands. From additional services such as paid for newsletters, to coaching as well as consultancy, to speaking engagements or paid for articles; if you put your Thinking Cap on and let nothing hinder your mind as you let it wander wildly, there's going to be something that you can do to bolster the amount of services you offer. 

And why should you? Well, if you rely on one or two clients or services you are definitely going to come a cropper sooner or later. All it takes is for one client to end your contract unexpectedly, or for a service to lose its allure to clients, and you're on a slippery slope.

I see revenue streams as fishing rods. The more you have, and the more primed they are, merrily fishing away on your behalf, the more income you can attain. Regular checks on their success and regular assessment of their effectiveness and whether they are in the right place will ensure that you know, in an instant, what might need adjusting. And what might be missing, which could indicate another potential revenue stream for you.

One of the first tasks I undertake with new clients is take a good look at their current products/services and assess what needs changing or improving. 

Put an hour or two in your diary today, and get started yourself. What can you add to your current portfolio? What needs changing? And what needs adjusting? It'll likely be a very useful couple of hours.

 

Want some help assessing your revenue streams? Book a free exploratory session today!