What Are Revenue Streams?
I think the first thing you have to realize is that you are not a failure, right? You are not a failure because your business did not work. You are not a failure because these honestly, very hard, unpredictable times have come and affected so many of us. So as you're going throughout your, just kind of rethinking how you're going to get your business going and even re watching this video, just remember that nothing can truly bring us down, right? Everything that we've gone through, it's only going to prepare us to relaunch this thing or relaunch something brand new way better than it was before. And if this ever happens again, you're going to be totally prepared. So as we're thinking about how to launch a new revenue stream, it's important to understand what a revenue stream is, right? So revenue stream is essentially a flow of money, right? Money that is coming into your business, all the money that you're generating is revenue. So if pre pandemic, you were, let's say, you're a hairst...
ylist and you're used to making all of your income or all of your revenue from your business by actually doing hair in the hair salon. Now with the pandemic, that may change, right? So due to the pandemic, maybe you weren't able to actually go into your salon and do the hair, right? So maybe now we're thinking about what are additional ways that my business can make money. These are what we would consider additional revenue streams, right? Some of the things that I've seen, people do hairstylist start conducting virtual hair appointments or beauty stylist start selling their own hair products, right, selling the products or the kids that they're that they're uh that there clients can use to actually start handling and managing their hair at home. Right? So these are a few just ideas that you can start thinking about. So I would say as you're thinking about a new revenue stream, take some time and make a list and say, okay this is a service that I provide, but what additional services can I provide for my customer that will continue to add value to their life without me not actually having to physically be there. Right, but still be able to provide them with that service or the result that they desire. If you're a business owner and you have a type of business that is a physical location, brick and mortar, people come in, they buy your subs or they buy your shirts. This is a great time to consider starting or launching your online store. And I've seen business owners who have literally launched their online store for the first time during the pandemic and their sales have greatly increased what they were ever able to do by having a brick and mortar location. So for example if you're selling food, this is a great time to possibly sign up for Uber eats or or George dish or these types of services were now instead of people coming in to get your food, it's getting straight, it's getting delivered straight out to your customer. I know I personally during the pandemic was ordering a lot of food online right for some of my favorite restaurants because I could not get to them. Um In addition to that for as I mentioned the service, the locations or stores that may be selling more physical products. That's maybe not food. This is like I said, awesome time to launch that e commerce store. Right? So maybe going to a shop a fire or some other website launching your store and taking those products that people would traditionally come into the store and purchase and putting them online. Now the upside with that for both of these types of businesses is that you have a much larger reach, right? Because if you have a brick and mortar location, you can only really sell to the people that are coming in. But now with the e commerce store or selling your sandwiches online or selling your T shirts online Now you can market to a larger audience, right? If you're selling your your food now, you know, it's not just the people coming in, it's the people maybe even in a 15 mile radius that wants to buy your food right? Or maybe even selling the ingredients that you use to actually for for people to recreate these meals at home, which turned into an awesome activity. And even for people with um you know, physical products, candles, t shirts, things of that nature. Now, you can literally sell your products to anyone in the world, right? Anyone in the world, so that will, that could potentially allow you to increase your sales drastically right, creating a whole new revenue strength. So just remember the possibilities are truly endless when you're thinking about additional ways to make money.