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How to diversify revenue
  • Build up for Artist
  • - Personal money vs business money
  • - Formulating Business Models & Customer Segmentation
  • - Marketing
  • - How to diversify revenue
  • - Business Cash Flow
  • - Tax
  • FAQ
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    • Build up for Artist
    • - Personal money vs business money
    • - Formulating Business Models & Customer Segmentation
    • - Marketing
    • - How to diversify revenue
    • - Business Cash Flow
    • - Tax
    • FAQ

How to diversify revenue

Revenue stream

A revenue stream represents the cash a company generates from each customer segment.

If customers comprise the heart of a business model, revenue streams are its arteries. A company must ask itself: "For what value is each customer segment truly willing to pay?"

Successfully answering that question allows the firm to generate one or more revenue streams from each.

SWOT analysis

Diversifying strategies

  • Investigate other value-add options for
    your products or services
  • Upsell to clients
  • Start a side business
  • Collaboration with others
  • Innovate and look at what others are doing successfully in the industry
  • Offer complementary services or products
  • Create passive income
  • Diversify your portfolio

Simple Things you can do

  • Make YouTube videos
  • Photography that works on the web
  • Create an online course/dance/acting workshop
  • Tutoring
  • Write a book – collect royalties
  • Rent unused space
  • Build an app

 

Summary

  • Identify and build on your strengths
  • Look at the opportunities in the industry
  • Research your industry and peers to determine
    what is and has been successful
  • Identify gaps that you could fill
  • Find out what your customers want
  • Form partnerships
  • Think out of the BOX, be innovative
read on about business cash flow
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