This week we’re looking at how to find new profit streams or expand current ones. All the great businesses do this and we can model them for success! #expand #revenuestreams
Grow a Profit Stream Every Year
I either want to start a new profit stream or expand a current one every yea! I have a monetary goal for that stream as well. This is not negotiable and I strategize to make it happen.
Something that happens with a lot of small businesses is when they find success, the hold on to it for dear life instead of going on offense and adding additional streams of income.
Amazon started with books and then got into movies and music and now they sell everything. Great companies don’t stop!
5 Growth Paths to Consider If You’re a Small Business Owner
Who is Your Target Customer?
This is the person most likely to buy what we have to sell. What is their age? Location? Other demographics. Every business has a target customer. You have to really dig deep on what your target customer wants. ASK THEM.
Where Is Your Industry Going?
Chic-Fil-A, during the pandemic, expanded their drive-thrus and modified their process to meet the heavy demand. If they didn’t serve one customer inside, they would still be successful because they’ve innovated the drive-thru process.
What is it your industry needs and where is it going? Study your industry and you will find a profit stream.
What Are Your Capabilities?
Look to expand using abilities you already have.
For example, roofing. Well, you already have the capability to get up onto roofs and put new roofs on.
What else could you do? You could clean gutters! You could add gutter guards. You could replace gutters. You could install solar panels.
Where Can You Partner With Team Members?
If you staff your team with incredible talent, this is easier. You might have team members that have talent that aren’t being completely used. You may have an opportunity partner with them in a new business. If you have the opportunity and DON’T do this, they will likely do it without you!
What Opportunities Exist in Your Geography?
If you have a target customer with certain demographics, you can look for other areas where the demographics are similar and then expand to that area. You’ve already done the work to identify your
There are many ways to grow your business but if you are holding on to the steering wheel for dear life, at some point there is going to be a downturn and you could be put out of business. You must find and take advantage of opportunities to grow!
