Pursuing a new revenue stream can help businesses boost resilience, attract new customers and increase sales. However, if not considered and completed carefully, a new venture could unintentionally yield the opposite effect.
If you’re considering branching into alternative sources of income for your business, it’s important to avoid some common pitfalls that many entrepreneurs make. To that end, 14 members of Business Journals Leadership Trust share some key mistakes they’ve observed when business owners implement new revenue streams and what they should do instead.
2. Neglecting your core customer
It’s easy to let the pendulum swing to all things “new” and lose focus on your core. New revenue streams have the fastest start and the highest chance of success when they align with your core product, enhance your brand and meet an unmet need. Rather than hiding this new business from your core customer, start with them, share your new offering, get their input and assure them you will not forget about them! – Aviva Ajmera, SoLVE KC