4 Smart Tips for Revenue Streams
When our design business slows down for whatever reason, we tend to think about extra revenue streams to help us over the hump. But remember that those almost never turn out to make you "money while you sleep." There is still work involved, as well as an investment of money. I'm not telling you to avoid adding side hustles - I just want you to be SMART about it. So here are 4 tips to keep you on track!
1. Stay in Your Zone
When you decide to add a new way of making money, remember that the best way to do that is to go with what you know! Consider adding additional services like a Design in a Day program, or an online course for consumers on how to renovate a home. Maybe you could add a consulting service for small businesses that want to upgrade to Instagram-worthy interiors. Just remember where your expertise is and how you can use THAT to make money in different ways. That's the quickest and easiest way to expand your business.
2. Think Differently
Are there any services or ideas that your clients have asked you for that you've said no to that would have actually made you more money? It's time to think in a new way. If you're being asked to provide a service over and over, then maybe you need to ADD that service. Your business can be whatever YOU want it to be. There are no rules you have to follow. Step back for a minute and look at your company in a new way. That includes the clients you work with, the services you provide, and who you're marketing to.
3. Budget Your Time & Money
An extra revenue stream is going to take attention and money. How much of each can you invest in a new project? That needs to be clear from the start. Once you've determined on a budget and a calendar of your time, be sure to stick to it. For anything to be successful, you need to have structure and discipline, just as you did when you started your company in the first place. Be strategic about WHAT you're going to do and HOW you're going to do it! And understand that this could take your focus off of your core business if you aren't careful.
4. Nothing Is Passive
Very rarely will you start something new that will plug right in and make you money without any action on your part. You will still have to be ACTIVE in setting it up and in running it. You may need buy-in from your team, if you have one, to help support and run the new project. And you need to consider how you'll handle any customer service issues, billing problems, technical support and more. Because even if you have your new revenue stream set up to be purchased online with little input, you still need to be prepared to handle any issues that could come up.
Speaking of working with your team, one of the best ways to get a new project off the ground is to delegate some of the tasks to team members or to contractors. So download my FREE Delegation Process & Form to help you get things done.