Friday, February 29, 2008

Additional revenue opportunities

You must be absolutely self critical and super analytical at all times, about your product, sales processs, aftersales , repeat sales.

In the process of this continual self-analysis keep your eyes open for other revenue opportunities. You'ld be amazed where they lie. Ideally look for opportunities where you do the work once and it brings in an ongoing revenue stream without any additional work (other than collecting the money / auditing the return - what a nice problem to have).

In my business we provided a free additional service for our existing clients. The clients loved the extra service and it kept them coming back for more. With a careful look at what we were doing and a very simply set up crossmarketing agreement our clients now get exactly the same service and we earn an additional revenue stream of between €750 and €1,000 per month for doing it. Ok it's not a kings ransom but a return of €10,000 per annum beats the hell out of our previous return which was a big duck egg €0.

How did I find this opportunity?

  1. I stopped

  2. I took a breath

  3. I looked for it.

Sometimes we get so caught up in the helter skelter hamster wheels of running our business that we miss the opportunities that stare us straight in the face.

My business also runs a blog. We run some adsense ads between the posts. It took about 1/2 an hour to set up the adsens account. Low and behold we currently bring in about $45 per month with visitors clicking on the links. Not a kings ransom but it pays for the coffee and biscuits in the office! Half an hours work and it brings in $500 per year.

Schedule some time every day to stop, look and think. It's not wasted time and it just might increase your revenue. Regular recurrent income without additional work is gold dust - look for it.

1 comment:

  1. Hi there, thanks for a very interesting blog. Would love to speak with you (actually, we have to speak, no question about it) as I am looking for partners in Ireland (I'm from Cork now living in New York City).