How To Generate Multiple Revenue Streams For Your Business Model

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HOW TO GENERATE MULTIPLE REVENUE STREAMS FOR YOUR BUSINESS MODEL A revenue stream is a driving force behind any business. It is a medium to convert your customer's interest into tangible assets that can help grow your company. Having only one revenue stream for your business can be a handicap in the modern, cut-throat entrepreneurial world. As your organization starts to scale, you will feel the need to diversify your source of income. So, how do you generate alternative yet cohesive revenue streams without detracting from your primary business? Here is a guide to help you identify the many avenues of income that you can explore for your business. What are Revenue Streams? Revenue streams are ways to monetize your new or existing assets by offering a product or service to the customer. Here is an example. If you own two cars, you have the following possible revenue streams: Starting a taxi service with the cars Selling advertising space on the cars Offering the cars for rent Selling the cars How to Generate Multiple Revenue Streams for Your Business Whether rebranding an existing service or extending your product line to include a new range, there are numerous ways to diversify your income. Here are four approaches that will aid you in identifying potential revenue streams. Think Like Your Customer Your primary consideration should be your consumers, no matter what product or service you offer. Identify what makes them buy your products today and what problems they still face that you can solve. Taking a user-centric approach to product or service research and development can save you a lot of time, effort, and money. Currently, there are people contemplating your product. Find the hook that can reel them in with a new revenue stream. Take Stock of Your Offerings Creating new income avenues does not always mean starting from square one. A good first step is to take inventory of your current products and services. You can start by thinking about what components to add to your already high-performing offerings. One promising path to take is offering complementary services. That way, you can tap into your existing customer base who trust your brand and are willing to buy more from you. Repurpose Existing Services The fastest way to start a new revenue stream is to repackage an existing service. You can think about marketing it to a different demographic or changing the service structure. Here is an example. If you offer a one-day training course to your customers, you can consider restructuring it. Instead of one 8-hour course, you can offer eight 1-hour courses for 8 weeks. This adds convenience to the customer, along with skills from the course. Align Your Stream with Your Expertise Research is key to the process of starting alternative revenue streams. However, it is easy to let the marketplace dictate what your stream should be. This can easily result in you developing something that relates neither to your expertise nor your passion. Worse yet, your current brand image can also take a hit. So, instead of relying solely on research fads, identify your market of interest. Align your offerings to your brand to maintain your credibility and engage new customers. Then use the research to gain insights on what and what not to do in your stream