May 29, 2023

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Why companies need to create new revenue streams

3 min read
In the summer, Starbucks markets the heck out of its cold drinks and creates new ones. Come fall, it does the same with hot drinks.

What if Amazon even now only sold publications? What if Starbucks even now only marketed coffee? What if McDonald’s only marketed hamburgers? Would they be Amazon and Starbucks and McDonald’s? Would you have ever of even listened to of them? Maybe, but in all probability not.

So why are you still only advertising the exact same several products or expert services?

What Amazon and Starbucks and many other great companies – major and modest alike – figured out is that a single critical to continued good results and progress is building new streams of income, several earnings centers.

Look, I get it, getting self-utilized can be laborious. Even just after points are finally off the floor and have develop into a fact, there is often much more work to be carried out. In specific, 1 of all those ongoing troubles is figuring out how to create a typical, continual stream of profits. Some days this feels effortless, when others, not.

If you’ve been in it for a whilst, then you currently have already figured out a several good strategies that do the job for you and your small business. You know that this sale or that products is a winner. You have produced what I connect with a recipe for achievement. Like a chef or a baker, your recipes can be utilised time and time yet again to make the exact same economical final result. This is how you make your dough (pun supposed). Your recipes could be anything at all: Twitter ads, month-to-month income, an e-e-newsletter promotion and so on.

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Nevertheless, the deal with the recipe system is that it can backfire. | Newsphere by AF themes.