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Any change in the economic environment will show us vulnerabilities in our business.
A major disruption or crisis will drive the point home by showing us weakness in our business whether it's an unsustainable expense structure or too few revenue streams & narrow sales channels.
Let's build a revenue stream!
For more detailed information listen to the audio version of the podcast or watch the livestream recording.
The Closed Economy Rant
You can't really close a market economy. Given the circumstances of COVID-19 we need to recognize some business impacts but it is irresponsible and shortsighted to lead the discussion with economic closure in the absence of a comprehensive plan.
That said... as small business owners we often have to look for our own solutions... this is really no different.
Revenue Streams & Sales Channels
A single product sold through a given venue such as:
- brick & mortar retail
- online store
Each unique source of income can be considered a revenue stream. For example... if you sell sandwiches in a retail store... that's one stream. If you put the recipe online and sell that you are meeting potentially different market needs and this would be a new revenue stream.
Let's Build a Revenue Stream
Low Hanging Fruit
If there is an obvious revenue stream or sales channel you can add then now's the time to try it out.
- Online shopping
- Service via Internet (Skype, Zoom)
What can I do (what do I know)?
What skills and/or knowledge do you have?
What are my resources (what do I own)?
What equipment, tools or other resources do you have?
Who do I know?
It's important to keep in mind that you don't have to have all the answers. If you come up with a way to solve a business problem you should be ready to ask for help from your circle.
- Networking Groups
- Professional Organizations
Look at Issues
What can you do to use the knowledge, resources & contacts you have that will add value to the market in a way that you can deliver under our current circumstances?
What problems do you solve using your knowledge & equipment that you don't sell?
Some questions you might ask yourself...
- Why did I learn that?
- What did buying that equipment do for my business?
- What is 'insert contact here' really good at?
Take the Leap
This, of course, is the most important piece. Whatever you learn... you'll need to put it into practice.
- Low cost tests
- Concepts you have confidence will have a high probability of success
If you try something and it doesn't seem to take, don't obsess over it and don't waste time 'tweaking' it. Put something else out there and keep trying new things.
Don't abandon new things that don't work immediately but save that until you've at least put all the low hanging fruit ideas out there.
My Low Hanging Fruit
- Online Booking & Coaching - I did this and I guess it offers an additional sales channel but it's more of a tweak to my existing business than a new channel or revenue stream.
- Open the studio for other small business owners to use... yeah that's not going to work with social distancing but...
- Online Courses - Working on it.
- Online Workshops & Seminars - Thinking about how to make them useful & valuable.
Have you come up with any interesting or helpful ways to add a sales channel or revenue stream to your business? Put a comment in and share it!
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Thanks for watching or listening!
Up and to the Right is live weekly - check the Podcast Page for details about when we're live and where!
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