I was having an interesting discussion with my Father the other day.
We were discussing the topic of offering too much. Being involved in multiple business models. Spreading ourselves thin.
In other words, we have many buckets of revenue.
My father has been in business for over 40 years running his own dealership, sporting goods stores, and other various small business. He knows a thing or two about getting off the ground. He made an excellent point that I think needs to be understood in 2011:
Part time job’s have a new meaning.
We generate income with parts of other jobs or business model’s.
In 2011, especially in the entrepreneur scene, companies are not sticking to just one revenue stream. You don’t set out with a business model to provide just one service. You have to be more agile now to compete, to keep costs down, and to keep growing.
Let’s take a look at building out your part time job or new bucket of revenue.
When we started Slocum Studio, we were offering the world to our clients. A typical sales pitch would be lead with a laundry list of services that we offer. From photography to video to web services. Customers were overwhelmed with choices and we were overwhelmed from pitching them.
Since then, we’ve reevaluated our pitch and streamlined it. (Read how in Step 1 of Web Marketing)
But what we haven’t done, is cut out the potential revenue stream. In this day and age, you would be foolish to throw away potential cash.
So what do these new “part time jobs” or revenue streams look like in 2011? Let’s take a look:
Real Part Time Jobs
There’s no better time to be an entrepreneur or freelancer. We have all the tools to create companies, market them, and support them. Social media allows us to reach markets and other collaborators to keep a steady pipeline. Streamlining management and organizational efforts allow you to have your head in other jobs and still be efficient at it.
Do you have a talent that could help another company?
If they’re virtual and have all the tools in place to work remotely – reach out to them and see if you can help. If they don’t, maybe you can consult them in becoming more proficient with new cloud applications.
Even if you’re running your own company, there’s plenty of opportunity to generate a new source of income by reaching out to another business.
Buckets Of Revenue
Multiple streams of revenue is the big fish. It’s also the hardest to manage and you have to be ready to handle it all.
Take a look at your business and see where your potential revenue streams can branch off. Evaluate a process or service that could go full circle.
Where are there other smaller features you could branch off and market on their own? It could be a lead in to the bigger service or vice versa.
One way to evaluate new buckets is by creating a blog. By creating a blog you’re producing inbound marketing to bring clients to your site. Your first bucket could be as a knowledge retailer.
Meaning, you could write an e-book, host webinars, or sell a monthly newsletter based on your experience and processes. If you’re a leader in your space, your knowledge and stories are worth something to someone.
Build your audience and evaluate what’s valuable to them. Research what other products and services compliment your offering. Partner with other companies and provide back end services.
Soon you will be on your way to multiple streams of income.
Use Your Head To Grow
This does not mean create entire new core offerings for your customers.
You should have a cornerstone product that you excel at. Your additional buckets should not be looked at as your core life line. They could dip up and down on the revenue chart, but you should always have your core revenue to define overall success.
You always want to be scaling your business. You want to avoid being the end all be all of the company. (Read Avoid The Steve Jobs Effect.)
Grow vertically and branch out safely on the horizontal offerings. Picture the growth of a small maple tree and not a massive red wood. I think an issue with most of us creative types, we tend to look at the massive big picture and become overwhelmed. Let’s avoid it, focus on the core (what you’re best at) and pick up the side streams as you see fit.
Your Part’s of Part Time Jobs
Ironically enough, as I wrote this blog post, I had a surprise visit from my friend who is a New York Fashionista.
She consults a lot of folks in the NY area in her market of expertise fashion and lifestyle design. She was telling me about the growing number of potential leads reaching out to her in other parts of the country and the world.
We started brainstorming about ideas to make this new bucket work for her. We thought that maybe she should get into video conferencing her clients. Charging a lower rate for an hour or half-hour worth of time because she wouldn’t be traveling.
Another bucket idea came up where should could offer shopping lists she crafted with affiliate or commission kick back from retailers.
So you see, there are potential revenue buckets in all aspects of business.
I’m interested in hearing yours. Please share below what you do for clients and any successful (or not) buckets of revenue you produce.