How to add more resilience through additional income streams for your business
In times of crisis it becomes immediately apparent which businesses are well set-up to survive for the long term. The ones that built resilience into their business model. It can be hard to build business resilience, especially when times are already difficult. But planning for business resilience is very important because it ensures your business is around for the long term.
Resilience planning is a task for a professional consultant however, if your consultant is not very tech savvy, you could be overlooking an important opportunity. Creating a digital product such as a course, a pdf blueprint, a formula or ebook could provide your business with an alternative stream of income..
Anything that can be consumed as a digital product will give you the opportunity to sell items that carry no production costs (except for the initial one-off creation) and can be consumed by many people without increasing the amount of time it takes you to provide the product. Therefore releasing you from the price-per-hour business model.
Digital products are highly scalable.
You can begin with a small investment and create a plan to scale them over time. They can be an extension of your services or product business, educating your audience into becoming a client.
Every business has knowledge that can be turned into the right products. You just need to ask the right questions and make sure that marketing and growth are based on realistic financial investment.
Here are some questions you may want to ask yourself before deciding what digital product you’re going to use for your business resilience plan:
1. What do my clients need to know before they are ready to buy my products/services?
This question will answer the most important part of your plan. Your digital product needs to be consistent with what your business offers and your clients’ daily struggles.
2. What part of my client base shows more loyalty and return purchases?
Which type of client is happiest with your services and keeps coming back for more. There will always be sectors or categories of customers that love your products. Find them and design your digital product to attract more of these people.
3. What price bracket do they consider a no-brainer price?
Know your audience and their spending power. Your product should be cheap enough to be a no-brainer but high enough to not be completely disassociated from the rest of your offering.
4. How much money can I invest up-front?
You can sell any digital product that is valuable for your audience, it’s all about your ads and landing page design. So you need to base the type of products you pick on what you can afford. If all you can afford is a pdf. Go for an eBook. If you can afford a handful of videos, why not a mini-course. Pick the one you can afford and then build up from there. Digital products take time to tweak and adjust into profitable products so start with something you can afford. The goal is to stay in the game. Make sure you leave 80% of your budget to market and advertise your product. Do not be tempted to spend it all on a flash product.
And indeed, once you’ve built a digital product that sells itself, your business will be better built to survive. You will have created a separate income stream that is also a marketing tool to help you boost the rest of your business. Win-Win! Additional income streams for your business will also work wonders for your profitability and peace of mind.
Crisis times will determine which companies are bound to survive in the long term, the ones that have built resilience in their business model.
Although it’s not easy to build resilience, especially during hard times, it still remains a very important factor in ensuring the viability of your business.
A professional consultant can be used to put this in place and the creation of a digital product like a course can give an alternative stream of income to your business.
Digital products are very cost effective and highly scalable...