These priorities should help you determine how many revenue streams to add, how quickly to add them, and how they should fit with your core products and services.
Step 3: Experiment
From there, you’ll be ready to experiment. Not all your additional revenue streams will pan out exactly the way you imagine, so you should be prepared for some surprise hits and surprise failures. Play with a handful of different options, and tinker with the variables. Take consistent measurements, so you understand the ROI for each strategy, and optimize your approach accordingly. If you run multiple websites, experimentation may include trying multiple content management systems or experimenting on the types of content or ads you run to optimize conversions.
Step 4: Consolidate
Over time, you’ll learn which of your revenue streams are the most profitable and least profitable. You’ll discover new ideas that put your initial ideas to shame, and you’ll find that some of your streams begin to eclipse the others. Take in all this information and consolidate your revenue streams. Create a business model that falls in line with your priorities and be prepared for adjustments in the future.
Creating a business with multiple revenue streams can be challenging, especially if you’re having difficulty getting a single revenue stream consistently running. However, it’s often the best long-term move for your business. Take some time early on to consider the possibilities, and explore different strategies that could add value to your brand.
