How are you taking advantage of the opportunities presented by COVID-19? This week, Steve talks about how your competitors have been diversifying their income streams. From cooking tutorials to massage therapy training, Steve explains how a new service can be created from an already existing business model.
What your competitors are doing during the “Down Time”
By Steve Marsten
Running a small business is usually fairly hard work. I want to share a couple of client stories that highlight what can be achieved if you really put your mind to it. If your business has been “closed down” by the current restrictions, take some time to consider what else is possible.
Though I have mentioned this before - many business owners are still procrastinating over the idea. How can you improve your online presence if you are a bricks and mortar business? Or how can you sell your services or products online?
Some businesses have become so much more creative, so I encourage you to really think about what your clients love about you.
I met with a client last week who operates a restaurant - well they used to before the restrictions came in. He said he got so bored that he decided to have a friend video himself cooking food. He realised in an OMG moment, that instead of cooking people food, he would offer his clients a video course on cooking great meals at home (without giving away his secret recipes of his restaurant menu of course). This has created a new type of income stream. It has grown at 100% per week!
Another client is a photographer. She is doing something similar by providing tutorials to clients who want to understand the genius behind her work and learn the basics or the advanced strategies she uses to capture unique content.
A woman who operates a Spa is now providing online training for couples on how to effectively massage each other at home.
Don’t just modify your offering, think bigger about the information you can give to people. The problem many business owners have is they often don’t value their expertise and consider their work as ho hum. The real question here is - What does your clientele always ask you? What seems genius to them, and second-nature to you? Package that up into something new and exciting, and you might have yourself a brand new income stream.
Finally, how can you set your business up so that it’s not affected by future global outbreaks? When you are reviewing your products or services, which ones have the “oh my god I need that” factor? That’s what we use as the test to make sure our clients have a product or service that’s going to sell. At the end of the day you must be able to fill a strong need, want, or provide a much needed result.
The ultimate antidote to recessions and viruses is diversifying your income streams. If one stream is in-person and dried up, you’ll want to have an online income stream to replace it, so think about how you can diversify the ways you make money, in the same manner that you would diversify your share portfolio.
Of course, always speak to your business advisor when considering these ideas so it is established correctly. For more information feel free to ring the team at UHY Haines Norton on 4972 1300.
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