Do you see all the potential of growth and income for your business?
Most organizations are happy if they have one product or service that does really well, and they don’t look for what else is possible. They also tend to consider business growth as adding more of the same: a consulting business might look at increasing their number of clients or projects. What if adding multiple income streams was about taking one of your projects and asking what else it can create in the world? It might be that in addition to the client or project, you add products, blogs/vlogs or books. You may use your experience to create online courses, topics for speaking engagements, share your best practice knowledge with consulting firms or create case studies you can leverage to expand your client base.
The key to creating multiple income streams from one business is to never assume you have only one option for your business or for an area of your business. Asking questions of your business as part of your daily business practice and developing a curiosity mindset will exponentialize your ability to create multiple income streams.
Here’s how to get started:
Create a mindset of curiosity that invites limitless opportunities
Business growth becomes limited when you have defined what the business is, what it can do and who your clients are.
Every day, what if your business had a clean slate and no limits? Creating a mindset based on continuous curiosity is a simple and dynamic tool for opening your business to limitless opportunities for income. Ask these questions:
- — If we didn’t have it all figured out, what else could we choose?
- — Who or what can we add to the business today that we haven’t considered before?
- — What possibilities do we have here that we haven’t acknowledged or chosen yet?
For a service-based business – what service do you offer have that can easily become a product or suite of products? For product-based businesses, are there services you could add in addition to the services for rolling out the product?
Write down all the ideas and awareness you have as you ask these questions each day. And for each of them ask, “What are the different potential streams with revenue attached to them?”
Curiosity is key to expanding your business – when you know that you haven’t figured out all the answers, you can ask the questions that expose different directions to focus on.
Bring people from different parts of the organization together
It is important not just to make silo decisions from the top. Including people from different parts of the organization and allowing them to have their voice will not only bring new ideas and information you wouldn’t otherwise have, it will also engage your people authentically in the growth of the business.
Every person in your business or organization is going to have knowledge and awareness of opportunities of the business that you may not. Bringing them together and asking open, curiosity-based questions even once a quarter will get the creativity flow going and invite each person to go outside of the box. This is different from a SWOT (Strengths, Weakness, Opportunities, Threats) approach, because your focus is extrapolating on what else can be added to the business now and in the future. If people raise problems or complaints, refocus by asking, “If this wasn’t a problem, what possibility would it be?”
Having a place to share ideas and encourage business-wide contribution means your people will more likely become ambassadors of whatever does get created whether it was their idea or not. If all decisions are made from the highest level and buy-in is just expected, resistance will occur. A culture of sharing ideas and questions will go a long way to eliminating resistance and increasing a curiosity mindset across the organization.
Take action for now and the future
A lot of the ideas that get generated may not be for action in the immediate or near future. Don’t discount these ideas – simply ask, “Is this for now or later?” If it’s a good idea for months or even years in the future, what could you implement now in your business that would allow that to come to fruition later? Asking “now or later?” will help you know what to put in place today so that you can implement more in the future with greater ease.
Find more tips in The Business Woman Media.
A life-long entrepreneur, the CEO of Belapemo, Laleh Alemzadeh-Hancock dedicates her career and personal life to inspiring and empowering individuals and organizations who desire to exponentially grow their lives and their businesses. What makes Laleh and the resources at Belapemo unique is their ability to partner with their clients to turn every scenario or challenge from “that is impossible” to “everything is possible”. The mountain may, at first, appear intimidating; however, once you realize the mountain is not more significant than you then it can be overcome and conquered. The next question will be what else is possible that you have not even imagined? Find out more about Laleh here.