26 Aug Don’t Put All Your Eggs in One Basket
One of the biggest trends in entrepreneurialism today is additive revenue. It’s something I’ve been teaching for years. It’s time to start thinking about what you can do to add to what you’re doing already. If you’ve been following my strategies, you know I believe in going with what you know. If you’ve established your Cash Machine and it’s running smoothly, it’s time to start looking at your options for building on to your business.
Adding more products and/or services to your existing Cash Machine is also a great way to rekindle relationships with previous customers — not mention a good reason to contact your current clientele.
If you’re a house cleaner, why not add house sitting to your service or even personal concierge services?
If you’re a chiropractor offer massage services or organic supplements to strengthen bones and relieve muscle stiffness, and so on.
A Personal Trainer could offer step-by-step videos and a variety of nutritional products.
If you design web sites offer general search engine optimization and sign up to be a reseller of domain names and hosting services, which are a natural fit.
If you’re a tutor offer online email support to your students so they can reach you with questions, or write a study guide and sell it online.
Do you see where I’m going with this?
If you’re not sure what you can add on to your business why not ask your customers? This is very effective and it will let your customers know that you’re always striving to offer them the very best in convenience and service. Give them a call and find out how you can serve them better. Better yet, compose a questionnaire or survey and call them up and get the conversation started.
If you’re still struggling with finding new additive revenue for your business, why not partner with another company. Joint venturing is an excellent way to generate more income for your business. It’s a practice I’ve used myself since the beginning. It’s a “scratch my back, I’ll scratch yours” world out there — jump on the band wagon. Cross promoting products and services is much easier than you think. Just start asking around. A great example: I learned of a hair salon that offers a girls night out package that starts out with hair and nails and ends up with a nice dinner and cocktails at the restaurant next door.
Web based businesses are perfect for affiliate programs. Add a page to your website and let your current customers know you support others. Make sure other businesses can promote yours, too!
As entrepreneurs we must always be thinking of ways to generate more cash. The possibilities are endless. Putting all your eggs in one basket can be detrimental for small Cash Machine businesses. Remember to diversify your product line or service based companies to maximize your profits.
You don’t have to reinvent the wheel. I can’t say that enough. Find out what the competition is doing. Get out there and start asking people what else you can do to make your business better. Stay current. Be innovative. Ask questions. Be the expert.