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Business survival depends on a number of factors some of which we have discussed in recent blog posts. I am referring to such factors as how recession proof your business is, how much of a risk taker you are, the amount of luck you have but it will also depend to a great extent on the number of revenue streams you have for your business. If you fall short in this regard you may not get the opportunity to live out your business dreams. So how can you increase revenue using different revenue streams? Here are five ways.
How to increase Revenue? – 5 Ways
1. Partner or international license – There maybe real indications that you could trade in international markets but you do not have the resource or infrastructure to approach international markets properly plus you cannot accurately gauge the size of the market. Grant an international license to a local partner who can sell your products/ services for a commission on each sale. You will gain an international presence while actually limiting your risk.
2. Online channel – Initially your website was conceptualized as shop window for your products or services. Go one stage further by making it an actual shop and incorporate full scale e-commerce functionality into your site rather than just lead generation. You should be able to make money while you sleep.
3. Introduce an App – Create an app that helps your customers and if executed well this will become a new revenue stream and distribution channel for your company’s goods and services. John Griffin, the founder of Addison Lee, London’s largest minicab firm has stated in interviews that the app they launched in Jan 2010 is now responsible for 11% of sales – over £1 million per month.
4. Vertical Integration– Diversification into connected activities that form part of your current production process. For example, if you were the owner of an organic food restaurant this would mean embarking on growing your own organic food rather than buying it from suppliers.
5. Recurring revenue – Pivot or tweak your business model to include recurring revenue. Let’s go back to the example of the organic food restaurant. If you were to introduce a local organic food delivery service then you are introducing a new revenue stream predicated on recurring revenue. Consumers are unlikely to visit your restaurant every week but they are more likely to order fresh vegetables from you on a more regular basis. Promoted well this will become an additional source of revenue.
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