What are the options?
Your customer is at the heart of your business so your revenue streams are the arteries that keep your business functioning and healthy.
So what are the options? It could be fixed pricing. Market dependent fluctuations. Volume sales or subscriptions. There are several ways to generate your revenue stream. And it doesn’t have to be just one.
You could offer a user fee. This is where a service is used and your customer may pay according to the level of use.
It may be possible to charge subscription fees. These could be driven by giving access to a knowledge-based system for training purposes. Or developing an app, that gives a wide range of content for a fixed fee.
You will also have experienced buy one get one free or the purchase of sample sizes to encourage bigger spending.
You need goals
What would your product or service be able to sustain is critical. Make sure you have goals that give a strategic timeframe to implement one or more revenue streams. This will be key to managing costs, time, essential skills and potential beneficial partnerships.
How you blueprint your revenue is a major factor for success and longevity. Our tried and tested methods of review and outside the box thinking make it an exercise that is both fun and serious.
Try not to limit yourself with traditional business methods. Fortune favours the brave, and you can always trial an idea through your business model before launching out to your customers.
I believe it’s much more fun to explore the new and innovative. Giving you the edge over your competitors and the desire from your customers.
So, how much do you need to succeed? And it’s not a trick question. But the first answer doesn’t count because it’s always a bit ‘Only Fools & Horses’ but one day Rodney!