Uncovering Multiple Streams of Income Inside of Your Business
December 21st, 2017 // 9:02 am @ Scott Manning
Every Business Owner’s objective should be to create multiple streams of income so that you have diversification from one singular source. This can be thought of from two different aspects.
First, the idea of multiple streams of income within your business.
Second, multiple streams of income from your own life.
Inside of your business, you really do not want ‘one’ stream of anything. You want multiple streams of new customers, you want multiple services/products you can offer for them, even multiple methods to accept payment.
The more services or products you provide, the greater the chance you have at your customers being worth more to you because they can keep more money in-house with your business than taking it somewhere else.
I can give you a great example of one of my great clients and friends who has had incredible success over his lifetime both in practice as well as with his seminar company teaching colleagues.
He began by teaching seminars around the country. He expanded by creating an internet business that he can now teach people around the world without having to travel either for him or for his students. He then created advanced courses. This year he will have a membership with ongoing access and resources available. He has also evolved into teaching one core topic to teach additional subsets of topics so that students and stay with him longer in order to learn more and a variety of specialties.
This all began by one business model and expanded out into more ways to serve more doctors and at the same time making each individual student more valuable to the company.
You can look at Amazon and the big gazillion dollar example of expanding to keep more of their customers money in-house by offering more products and service.
Many of my Doctors have various providers in their practice or they have a multitude of procedures they do.
Some General Dentists have Hygiene Membership, they do zoom whitening, they do Sleep Dentistry, they may bring in specialists for procedures they do not do and some specialists even work on nutrition or other health based services.
This is all about making your customers more valuable and providing a more comprehensive experience.
Here is what you must know: the hardest two things we do are get and keep customers. So, while you have the asset, you must protect the asset and you must maximize the asset.
That is what business is all about.
Because the greatest expense is found in acquiring and retaining the customer, client or patient and therefore the more things you can find to sell them – providing value, benefiting them and enhancing their overall experience with you – the bigger you win because you are getting more out of what you already invested in versus always having to start over.
There are many ways to win. Because it’s not always about the actual revenue that is the value from your customers, they can pay you with leverage, with referrals, with other things too; like being a conduit to refer to other people your patients who need things that you do not provide then brings about obligation for you to create a reciprocal relationship with the business you are sending patients too.
Your questions today are simple and it’s the perfect time to be thinking about them.
What else could I provide or sell of value to my customers, clients patients?
What revenue expansion opportunities or streams of money could I create that allow me to better maximize and utilize my business’s greatest asset – the customers?
Who else could benefit from having my customers that I could exchange value with in order to get more of the type of people I want to have as my customers?
There is hidden revenue laying all around you and there is also obvious opportunities you may be ignoring that could be very lucrative to you and remove your dependence on one stream of income in your business.
The other side to multiple streams of income: having your business spit off profits for you to reinvest in other income producing assets (that someday entirely replace your need to earn income), is a discussion for another time. This is what I focus on with my Wealth Group all throughout the year.
For now your focus should be how to grow your income and expand your streams within your business by maximizing the value out of your customers, clients and patients.
Until next time…
Have a Merry Christmas and
Joyous Holiday Season with your Family.
Category : Blog
