Choosing Revenue Streams
All businesses have one goal in common: to stay liquid. Small businesses, must make enough money to last from month-to-month or shut down. It’s “do or die!” In order “do” rather than “die”, most businesses develop multiple revenue streams.
Business vary in how they classify their separate revenue streams. Examples include:
- Telephone Industry: “pay as you go”, accessories, home phone, internet, cable, and consulting strategy
- Horse Farm: selling horses, camps, lessons, and boarding the horses
- Paralegal: criminal pardons, traffic tickets, small claims, and tenant disputes
- Hairdresser: hair products, hair colour, and hair cutting
Any business owner will tell you to spend your time on the activities that make the most money.
Makes sense, right?
But how do you figure out which revenue streams are the most lucrative?
This module talks about making revenue streams comparable so that you can objectively analyze which ones deserve most of your time and attention and why.
Topic Objective: Understand all of the revenue streams that your business could have and then how to prioritize them.
Your Outcome: Choose and focus on the most lucrative revenue stream for you.