A cafe owners provides great coffee, a physiotherapist provides great rehab, a caterer great food, a financial planner sound advice and a electrician quality electrical services.
But is that all they offer? Are they limited in their ability to make money by that one product or service specialty? Although they might currently only offer a specific sets of services, the answer is NO.
COVID-19 is a great example of business that literally overnight in many cases changed the products or services they had on offer. Creating a whole new revenue stream in ways they never thought as viable. Maybe they were right, in terms of a primary income for the business. But what about as supplementary?
So what could we offer as additional products or services for supplementary income in a cost and time effective way, allowing for a more diverse income and removing the risk of your main operations not being able to provide financially.
Diversifying your income may not be as difficult as you think, and you undoubtedly have almost everything you need to get started ASAP.
When looking to create additional revenue streams there are two limiters that must be given extra attention. These are the TIME required to operate and the COST to set it up, obviously cost is proportionate to revenue it will generate.
For these two reasons you will find that the most plausible options are either in the digital space, for example online courses, webinars or subscription models services, or is something that can be offered to large groups of people simultaneously like Seminars or conferences.
Some examples of these could be:
- Creating online Barista courses
- Offering a subscription model where beans are delivered monthly to homes for a reduced price
- Day events are held for groups where you show, make and test the best alcohol coffee drinks and coffee desserts
- Creating a monthly restricted webinar for ‘online customers’ to access templates, video walkthroughs and more. (The barefoot investor has made millions by putting the basics of money management into a book, why not go one better and do this digitally with a model that generates monthly recurring revenue?)
- Cooking courses – How many cooking books are released every year? About time you modernise this into a platform like video that people want to use and utilise your ability to provide delicious food on scale.
- Meal plans for families. Better yet create videos of these plans and educate people of why these meals have better nutritional value.
- Orrr put both of these together…..
The great thing is the world and your market is much bigger than you think and I as previously wrote about here, everyone has knowledge on something which is worth $$$ to a large group of people all around the world. Digital products, like video, give you the ability to reach large groups of people effectively.
Digital Products or Services and Group Events are great because they aren’t controlled by the two limiters listed above, time and cost. We are often able to create Digital products over a couple of days, these products can last many years.
Compare this to your regular operations which probably takes the whole team all week, costs several full time wages, rent and more.
These are just some quick examples of how you can avoid the stress of being susceptible to losing your income.
Time to use the information age to your advantage.
To find you more talk to us.