Choosing Revenue Streams
All businesses have one goal in common: to stay liquid. Small businesses must make a certain amount of money each month, or shut down. It’s “do or die!” In order “do” rather than “die”, most businesses develop multiple revenue streams.
Business classify their separate revenue streams in different ways Examples include:
- Telephone Industry: Accessories, “pay as you go”, 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?
Use this module if you want to learn about making revenue streams comparable, so that you can objectively analyze which ones deserve most of your time and attention and why.
Topic Objective: To investigate potential revenue streams and methods of prioritizing them.
Your Outcome: A decision on which revenue stream is most lucrative for your business.