One of my favorite sessions in my workshops is helping entrepreneurs and business owners identify revenue streams, online and off. There’s a lot of work that goes into this before you can actually execute, there are some things you should think about before nailing down your top three profit center’s. This is a very high level approach, but you’ll get the idea.
– Pick the highest margin, low-investment streams (low hanging fruit)
This one speaks for itself, you should almost always spend your time here, your highest margin product’s and services, you’ll be happy because the cash-flow will be there.
– Advertise your chosen stream to your captive audience.
Knowing where your customers are, which social network do they most frequent, and why do they use that chosen social network more than others.
– Collect money, deliver goods, and keep customers happy.
Taken right off this blog tag line, Create. Differentiate. Deliver. Get paid for what you’ve made or done, make sure you deliver on time or earlier, and do everything you can to look after those who buy from you. And if they’re true fans, do something extra special.
Some ideas on revenue streams:
1.) Donation Drives
2.) Advertising products & services for other people
3.) Selling products & services based on your unique content.
4.) Selling products & services almost completely unrelated to your unique content.
Write down your ideas under each heading, pick your top three ideas and flush them out further.
It’s also important to know your break even point on each product & service you decide to sell.