It's no surprise that one of the many challenges business owners face is how to keep growing their revenues.
You may have your business model up and running but if you've been in business for a while you'll know that it's important not to rely on just one or two sources of income. It's a risky way to generate income; because in a fast changing world clients move on, the competition increases or your 
services begin to seem a little dated and less popular. It can happen to any of us at any time.
If money is just trickling in, slowing down or levelling off, increasing your revenue streams doesn't necessarily require a huge amount of extra time and effort. By leveraging your existing skills, knowledge and services you could be growing your income and working with new clients very quickly.
Here are 5 ways to generate more revenue in your business.....
Increase your prices. This may seem obvious; however, many business owners are afraid to raise their rates as they're worried about scaring off existing or potential clients. As a result they end up underearning. If you know that you are undercharging and feel uncomfortable with a rate rise try increasing your prices incrementally over time. This will represent a small difference for your clients but a potentially big one overall for you.
Identify a new niche. I expect you know that identifying a niche to work with is an easier path to profitability as you are able to target all your marketing and communication to certain professions or to individuals with specific challenges. If you're already established in one niche you may be able to adapt your services for another niche. Elements of my business consulting services with large corporates translate well to working with small business owners. Or a nutritionist working primarily with private individuals could offer workshops to employees of corporates who are interested in health and wellness. Perhaps you are focused on a particular geographic area and can extend your reach internationally.
Create a passive income product. EBooks, audio and video products are still popular and if you have relevant experience and knowledge that you can package up, then offering information products can provide an additional and on-going revenue stream.
Deliver part or all of your service on line. For example, instead of running in-person workshops, outplacement companies are increasingly offering a combination of face to face and on line training for their clients. Clients still retain an element of face to face support but can also take control of their learning either from their home or office. Is there part of what you deliver that could be provided virtually, either as a standalone service or as an element of your current service provision? This would free you up to work with more people individually or in groups.
Joint venture with complementary service providers. Working with a joint venture partner can be a quick way to get in front of a new audience. This could be by working together on a new or combined project to showcase your work, delivering a workshop or cross promoting each others' services.
Gradually opening up multiple streams of income will not only increase the flow of money into your business but it will provide a much more secure foundation for your future success, giving you greater confidence and peace of mind.
If you would like to stop struggling and start growing a profitable business please click here and we can step up a time for a complimentary discovery session.
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