There are lots of reasons why you’d want to develop more revenue streams for your small business. Diversification and because your customers are asking for more services and products is just the beginning. But you don’t want to do everything, so choose your revenue streams is super important.
Things you need to consider in order more revenue streams: 1) Your core competencies 2) Adjacencies to those competencies 3) Your existing customers 4) New customers 5) Standard types of alternative revenue streams
How to decide what your core competency is? This is your bread & butter! Your competitive advantage, what you are known for! This is something that you should be better than everyone at. And it is probably the reason why you went into business.
Now you have to figure out what a logical adjacency might be. These are new revenue streams that are strategically aligned to your core competency and that steer what you offer in a defined direction. Some different ways to pivot when you do adjacencies is if they are a new product or service for your existing customers or if you are doing the same product or service for a new target market. Both are a natural step in growing your revenue streams strategically.
Strategies that are for developing revenue streams that focus on the existing customer include increasing the average sale from a customer, increasing the frequency that people use your business, offering something new that they also need, or developing more effective retention strategies. Keeping a customer is worth even more than finding a new one!
There are lots of different ideas of revenue streams to consider. New products, services, intellectual property, events, memberships, intermediaries, programs, residual income, the sharing economy, government contracts and grants, or even crowdfunding. You can do one or more of them, blend them, have fun! Watch the video to hear more about all of this.
Have you ever wondered what the difference is between a credit union and a bank?
Are you curious about why you might choose one over the other?
Keith Taylor of DUCA Financial Services can tell you – and he does. You’ll learn about:
What DUCA is and how a credit union is different from a bank
The different programs that DUCA can offer as a credit union including the Profit-Sharing Program and Profits with Purpose. There is also a Community Hero Mortgage with a profit donation program with in.
What B-Corp certification is and why DUCA works to maintain it including ensuring that they are paying all employees a living wage (including benefits) and were the first to do so.
What DUCA offers businesses from no or low-fee business banking and all of the other account options.
Plus there is business lending with lines of credit, loans and mortgages just like you would expect from a bank. But the added advantage for small business owners is the relationship that they have including having a designated Small Business Advisor for all business members.
The DUCA Impact Lab – what if banking’s primary focus was on solving problems and creating opportunities for everyone and not on simply making a profit?
Get a pen and pencil and take notes,
because the quicker you start selling, the quicker you start making money!
In this webinar you’ll learn:
Why the length of the average sales cycle means that you need that you need to start selling as soon as possible after opening your business.
Why the reasons people give for why we they’re not selling aren’t usually the real reasons
Why it’s good to “fail fast”
How you can quickly and cheaply create a web presence while you’re waiting for your website to be ready
How to create your first batch of business cards/brochures, and why they don’t have to be perfect
Why you don’t need inventory, or even a prototype, before you start selling
How to quickly draft a serviceable client contract
How to choose a business name and how long you should give yourself to do it
Why your business doesn’t need to be a corporation before you start selling
Why you need to talk about your business with other people
Everything that Carla talks about is an action step that could get you selling within 2 weeks. Which step are you going to take? Let us know in the video comments, on Twitter or Facebook, or at email@example.com…and don’t forget to come back and tell us how it goes!
If you fail to plan, you plan to fail – that’s why writing a solid business plan is the best first step you can take toward making your dream of owning a successful small business a reality.
In this recording of our “Writing a Business Plan to Get What You Want!” webinar you’ll learn about a Business Plan and its sections, including:
The importance of deciding who the plan is for
The Business Overview – Talking about The Opportunity and why what you offer is The Solution; defining the target market; describing the unique aspects of a business that give it a competitive advantage and how the business owner intends to keep that advantage
Vision – Where the owner sees their company in 3 – 5 years, the ultimate goal for the business, and a description of the exit strategy
What to include in the Marketing Research section – Industry trends, consumer trends, wider general trends (government, economic, technology) that may impact a product; a business’ main competitors and their potential impact.
Sales Projections – How to calculate reasonable sales projections to include in a business plan
Management Team – Why is the owner the best person to launch this business, given their support team and contacts?
Marketing and Sales Strategy – The plan to get the word out about products given factors like prices, location, size of area to be covered, marketing budget, and projected sales
Operations – Discussion of operational issues like processes and delivery; how processes will be tracked to ensure completion; who handles human resources issues like hiring, scheduling, etc., and how they will be handled.
Action Steps – The importance of showing the company’s goals for today, as well as its Short Term and Long Term goals.
Financial Projections – Demonstration that the business is financially viable and sustainable over the long-term.
Executive Summary – Written last, but first thing reader sees. Must entice reader to keep reading.
At just 11 minutes in length, it’ll be one of our shorter webinars in the series, but it’s chock full of information for anyone who wants to master the art of marketing a small business effectively on a low budget.
The easiest marketing tool to adopt? A smile. Just smile, folks – even over the phone. Your customers can tell. The marketing tool you might not have thought of? Call Display. (You’ll have to watch to find out!)
Learn about Small Business Solver’s Marketing Solver Tool, which uses your responses to questions about your small business to make suggestions about which of the 300 marketing tools currently out there will work best for you. Each suggestion comes with an information sheet that you can view to learn about how to use the tool.
We’re very excited about all these things, but in today’s post we want to draw your attention to our webinar series, which began on March 28, 2019. Small Business Solver co-founder and CEO Carla Langhorst did a presentation called “Make It Fly!” where she talked about how to evaluate whether your business idea is a good one, using Small Business Solver’s Make It Fly Idea Tester.
You’ll learn about:
How to test business ideas (and
why we don’t)
Questions to ask to determine
your idea’s viability as a business
Determining your breakeven
More good questions to ask and things
to think about
The webinars will run bi-weekly, each one covering a different topic. Please do sign up, attend, and let us know what you think of the webinars! We would love to hear your feedback.
Having a Non Disclosure Agreement (NDA) is a smart move for any small business owner. You might need to share confidential information that you don’t want shared with many different business relationships that you have in place.
– Your employees might have access to company secrets, intellectual property, future strategic plans, customer pricing, and many other pieces of information that you don’t wish to have shared.
– Your business partners or investors where you are sharing financial information and your future plans.
– Your banker where you are sharing financial information including the debt and equity information.
– Your customers or suppliers who you are sharing information with on pricing, marketing tactics, and other information that allows you to be a good strategic partner with them.
– Anyone else that you share confidential information with that you don’t want to become public information.
If you want to have an NDA, you can learn more about them and download a template here: https://clausehound.com/
Thanks to Cobalt Lawyers (http://cobaltcounsel.com/) and ClauseHound (https://clausehound.com/). The information provided may not be relevant to your jurisdiction, this information is not a substitute for obtaining legal counsel, nor does it create a lawyer-client relationship with you, the reader.