3 Reasons You Should Have Multiple Revenue Streams In Your Creative Business
That's a mouth full huh? But having multiple revenue streams as a creative business owner is so important. Why you ask?
Well first things first.
It means you're not dependent on one thing.
And this is so important in case one of your products or services is seasonal or no longer as popular or trendy as it once was. Maybe you were once one of the few creatives offering your product or service and now there's a lot more competition. So what do you do when you hit a slow period, everyone and their mamas (literally - I've taught a bunch of mother/daughters) is doing the same thing and it's just super competitive compared to three years ago?
Well you continue to improve upon your current product/service, but you have other streams of revenue to help balance out the change in revenue.
You can take some risks
Having more than one offering also means you can try something new.
If you have multiple revenue streams in your creative business, you can afford to try a new product release or new service offering without worrying too much about how you'll meet your revenue goals because you have other products and services that are bringing in revenue too.
Cross sell - upsell - downsell
And obviously you want more than one stream of revenue in your biz because you can generate more revenue.
With more than one offering you can think about ways to sell your other products and services to those who are already interested. What do I mean?
Well if you have a customer who is ready to purchase a product, you can offer them a discount to purchase your new product. You can also offer them a similar product - like a tote to go with that mug they love. If a client can't commit to your highest end package, well maybe they can jump on your mid tier or lower tier offering now that you've created it and you'll still generate revenue instead of just earning nada.
So get your initial products and services out the door, but while refining and growing them - think about other revenue streams you can easily add.