Income Streams To Create Substantial Business Revenue
Four essential income streams
Breaking through the income barriers that are keeping you from real success takes more than hanging out a shingle and announcing you're in business. There are actually four essential income streams that flow together to create substantial business revenue. Once you've learned how to create income from all four, the barriers to your success will soon be washed downstream.
Income Stream 1. The Entry Level Product
To build a solid income, it's essential to have an entry level product that allows customers to get their feet wet without a big financial commitment. What this product is dependant on what need you serve for your clients, but it should ideally be something that doesn't require any work on your part to deliver it.
Think of something you could offer prospects that can be created one time and then delivered without any additional time investment. This isn't your "big package" product, it's something that will give customers an idea what you can do for them when they're ready to make a bigger investment.
Income Stream 2. The Higher Priced Product
Your next step is to create a single purchase product that requires a bigger financial commitment on the part of the customer. Think of it this way: you can continue offering an entry level product, squeezing all you know into something that you must sell a lot of to become successful. Or, you can offer an entry level product at a low price to give clients a taste of what you can do, and then offer a higher priced product that more accurately meets their needs.
This is, of course, still a one-time purchase, so there's more work to be done to really meet the needs of your clients. But this higher priced product can be a tipping point to greater income and move you away from constantly cranking out lower priced products that take a lot of your time without producing much income.
Income Stream 3. The Continuity Program
It would be great if we could create one product that could meet the needs of every single client, but the fact is that our clients are dynamic individuals whose needs shift and change over time. Offering a continuity program allows you to meet those needs long-term. It means you're willing to provide them with on-going service.
A continuity program is simply a subscription type service in which clients pay an on-going fee to receive your services. This type of program allows them the benefit of your knowledge over time to meet their changing needs. The win for them is that you're available to help them solve problems that arise. The win for you is that you're not constantly replacing clients who purchase one product at a time.
To build a solid income base and successfully serve the needs of more clients, you need to offer some type of continuity program.
Income Stream 4: The "Rolls-Royce Program"
When we talk about creating a premium product, it's good to remember the 80/20 rule of business. That rule says that eighty percent of your business will be generated by twenty percent of your clients. With regard to your "ultimate solution" product, you're going to apply that 80/20 rule twice. First, look at your client list and see who your top twenty percent clients are. Then look at who makes up the top twenty percent of that smaller group.
That "twenty percent of the top twenty percent" group is your target market for a product you're not offering to everyone else. That's because this group is known as your "hyper responsives," or those people who can't wait to buy what you're offering next.
It's fantastic to have that kind of client loyalty, but you need a way of consistently meeting their needs, because it can be difficult to keep up with their hunger for your products. Creating a way to provide more access to your abilities and talents, at a premium price, is the basis of your Rolls-Royce program.
As you can see, developing these four essential income streams can boost and create substantial business revenue past the barriers that have kept you down. Don't limit yourself to one way of providing service to your clients. Meet their needs more accurately, and build a solid income base for yourself, by creating solutions that reach every category of client.
About the Author
Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you'd like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com