How to Identify and Create Many Revenue Streams

Multiple Revenue Streams
boomerandecho.com

 

The idea of creating many revenue streams used to overwhelm me. Just the idea! I mean, I was already struggling to get one business off the ground and someone talks of setting up multiple businesses? Imagine! I’ve since realised that the concept isn’t that complicated. It’s just about looking at ways of making money from various aspects of your venture. To create multiple streams of income, keep your eyes and ears open.

  1. There’s no small idea. When Judith started a business of baking cakes, she didn’t know what to do with the leftovers she got after slicing and cutting cakes to achieve certain designs. Her young kids loved eating them as snacks from school, but she didn’t want them to get hooked to pastries. One day a group of school kids walked in her shop looking for something that wouldn’t cost more than 10 bob. A bulb went into her mind. She quickly cut the leftovers in tiny pieces, packed small quantities in tiny polythene bags and the kids walked out of her shop carrying each a 10bob piece of cake. The word went round and soon her shop was making a tidy income from ‘Kiddie Cakes’ as she christened them.What would have happened if Judith had chased away the group of school kids? By choosing to respond to their need instead, she got herself an unexpected category of customers
  2. Listen while engaging with customers and take their feedback, both positive and negative, seriously. While delivering wedding cakes, some of her clients would ask Judith to recommend florists or tents providers. She did that gladly until one day it hit her that she could offer a full package for the whole event.
  3. How much will you charge for the new product or service? Judith didn’t think twice before offering the Kiddies Cakes at 10 bob each; because the cakes she cut them from were already paid for by the adult customers. When you have identified another income generating activity though, take time to calculate your costs and come up with prices that will keep you in business.

Today identify another income generating activity from your business that you hadn’t thought of, or that you had dismissed. Write it down and detail the action you are going to take in order to start generating revenue from it. Then come back here and share what you got from the exercise.

 

P.S. I can help you get unstuck and move your business forward. Click here to join the Steer Your Business program.

Comments

comments

About Angela

Angela Kamanzi is passionate about empowering African women through entrepreneurship. She is the publisher and founding editor of MKAZI, a digital magazine that offers solutions and tools to women who are starting up in business or taking their ventures to the next level. She is the founder of BizzRafiki-Your Friend in Biashara, a mentorship program which specialises in helping budding or aspiring women entrepreneurs start or grow high income business ventures from their passion. For more than ten years she contributed to a number of local and international publications as a freelance writer. She has 15 years of experience in entrepreneurship. She lives in Nairobi with her husband and their two sons. Her journey was featured on Lionesses of Africa, on AM Live NTV , in the Saturday Nation, on Supamamas website and Mummy Tales blog.

Check Also

Portrait of a woman talking on a landline phone

7 Tips for Making a Successful Phone Call

When I got into network marketing a few years ago, we used to get weekly …