Why companies need to create new revenue streams

ByFrancoise Ardion

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In the summer, Starbucks markets the heck out of its cold drinks and creates new ones. Come fall, it does the same with hot drinks.

What if Amazon however only offered publications? What if Starbucks nevertheless only sold coffee? What if McDonald’s only marketed hamburgers? Would they be Amazon and Starbucks and McDonald’s? Would you have at any time of even read of them? It’s possible, but most likely not.

So why are you continue to only promoting the identical couple merchandise or companies?

What Amazon and Starbucks and numerous other fantastic corporations – massive and small alike – uncovered is that a single vital to continued achievement and expansion is developing new streams of revenue, multiple revenue facilities.

Seem, I get it, becoming self-utilized can be laborious. Even just after factors are ultimately off the floor and have grow to be a fact, there is generally additional function to be done. In distinct, a single of all those ongoing difficulties is figuring out how to create a normal, steady stream of cash flow. Some times this feels easy, even though others, not.

If you’ve been in it for a although, then you now have previously figured out a several reliable tactics that perform for you and your company. You know that this sale or that solution is a winner. You have designed what I simply call a recipe for accomplishment. Like a chef or a baker, your recipes can be utilized time and time once more to develop the same fiscal result. This is how you make your dough (pun intended). Your recipes could be anything: Twitter ads, monthly product sales, an e-e-newsletter marketing and so on.

Modest enterprise: 6 surefire techniques to drop customers

Nevertheless, the offer with the recipe strategy is that it can backfire.