Let's Talk Business - Building Revenue Streams - Week 7

Wednesday, April 04, 2012

Hello! So happy to be back to chat up our business concerns. We last left off with Isa from Noisette Academy who shared a detailed guide on how to identify your target market. She really provided an insight on how to find out who we are selling to, clearing the way for more growth.  And speaking of growth, yesterday I shared my post with Oh My Handmade on how to position your business for scalability - meaning that we can't just make & do more to grow, there are other important aspects to consider. One of the suggestions I touched on in the article is increasing your revenue streams. What's this all about? Well, we'll be discussing ways to add profit to your business by building other areas of income. 

Before we jump into the juicy how to's of increasing revenue streams, let's talk about why it's important for growing our business.  When we think about building businesses, creative entrepreneurs often think of just doing more. Well, if we apply that approach then we're completely limited by the hours in the day (and as far as I know, we all have 24- so that's pretty much settled).  Sure we can delegate tasks, hire assistants, and outsource some of our production -but it's still a game of doing more. So instead, how about do it differently? 

Now, here's the thing about building revenue streams--you want to make sure they're consistent with your core concept. If you're just adding different stuff or offering something contradictory to your business values then we've got some bigger problems to address. So, take some time to really reflect on what is the core of your business (eg. offering distinctive logo design for business, custom wedding accessories, organic skin care, etc...) and then consider ways to build additional revenue. 

Ways to Build Your Revenue Stream

  • Create printables.  Examples includes prints of original art, general stationery, calendars, photographs of your work, organizational material, worksheets
  • Develop patterns & tutorials.  Perhaps you design the patterns for your work, selling them as pdfs or kits, opens you up to a whole new market
  • Teach classes.  You're likely an expert in your own right on something...or at least getting close to it! Share what you know through online classes, community sponsored classes (like through parks & recreation), or small group/individual lessons. 
  • Create digital guides. Building upon sharing what you know, developing eguides are a fantastic way to connect and build your brand...and offer what you've learned to others (I did this with my ebook, it's been successful & rewarding in so many ways!) 
  • Collaborate.  Connect with another creative to start something new, offer work in different outlets, and pair up products (like the collaboration between me and Perideau Designs on our notepad organizers)  
  • Plan an event.  Perhaps its a trunk show just for your brand or something larger incorporating others, organizing an event can be a powerful way to expand!
Whew. That's a lot of opportunities for expanding our sources of revenue. What do you think? What else would you add to this list? Do any of these raises concerns or anxiety for you? Tell me, let's talk about it!  I'll be around throughout the day to chat about your thoughts and perspectives.  See you in the comments!