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TOTW 30: Creative Income Streams

Tip of the Week #30

Happy Monday everyone,

 

Some of you will already be squirrelling away whilst others will be kicking back and enjoying your hard-earned break.  What ever you are doing I want to get you to think about the last quarter of 2023 (without mentioning the ‘C’ word).

 

Traditionally it is the time for new products and services to hit the market as people begin to spend money again after the summer break.

 

I have often said that in today's economy, small businesses that thrive have (on average) 5-6 income streams to their business.  This approach spreads their risk of significant portions of their income disappearing overnight. So, how do you decide on what your new income streams should be?


Tip 1:

Take a long hard look at where your talents lie and see if there is an income stream in there.  I recently had a conversation with Jackie, a new VA who was specialising in small business support of trades people (plumbers, builders, electricians etc) and it became clear that she had a wealth of experience from her corporate days that she was not using, in the management of apprentice schemes.  Not a major jump then to offer an apprentice management package to tradespeople who want to take on an apprentice but don’t want to deal with all the red tape that it involves.

 

Tip 2: 

Look at where your market is heading and what is on the horizon.  Speaking with Mark, a copywriter who specialises in social media marketing recently and we remarked on how many business owners create community and specialist group pages then do nothing with them, they just fizzle out after the initial interest.  There is a lot of expertise involved in creating audience engagement that turns into sales. He developed a package called Community Management where he ensured regular posting and engagement of communities to generate an active following, increase audience engagement then use it to generate qualified leads.  He sold three in the first month of operation.

 

Tip 3:

Listen to what your customers want and need.  Sarah, a style and image consultant noticed a number of her contacts were considering professional photo shoots to improve their visibility.  She had worked with a couple of clients to create a capsule wardrobe for their shoot and realised it was a lot of fun and the clients loved the images she had helped them to create.  A short step then to offer a specialised package specifically for professional photo shoots that helped her clients show up as their authentic selves getting colours, styles and positioning absolutely spot on.


There are a number of new roles emerging that would make creative income streams; Crowdfunding Consultant, AI Coach/advisor, Health supplements for pets, E-commerce mentor, Elderly Care Coordinator/navigator, Small business automation coach, Virtual reality Consultant, Co-working space (used to be called hot desking) etc.

 

The landscape of small, portfolio business is alive with opportunities for creative entrepreneurs seeking to harness its lucrative potential. I have outlined a few ideas that can serve as stepping stones toward establishing a thriving sole trader enterprise. Regardless of your starting point, be it a fledgling venture or an established business, they are designed to trigger you thinking creatively about your next income stream.

 

I am happy to have a visioning session to help you decide how to grow your income streams.


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