May 25, 2020

Building New Revenue Streams

Sent by Jonathan Stark on May 25th, 2020

(PRE-S: I still owe you the next installment of the “innovation for hair salons” series, but it’s Monday which means it’s time for your weekly dose of TBOA. By happy accident, this episode aligns well with the next “Makeover Maven” message… they’re both about scaling the business by creating novel products and services. More on the hair front soon!)

With the current upheaval in the world, who couldn’t use some new revenue streams? This time around on TBOA, we focus on six alternative ways—all remote—to start building new revenue streams right now.

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Episode Notes

1:15—Leveraging your expertise into an unconventional (short!) self-published e-book.

11:16—Developing a “set it and forget it” course: how to price it and target your audience.

14:06—Building (and pricing) high engagement virtual workshops.

24:13—On-line seminars (think a workshop/self-paced course hybrid) and the rewards of building a peer group cohort.

30:24—Starting membership communities and paid subscriptions, including how to leverage your time to increase membership value.

34:50—How to deliver virtual advisory and coaching options at various price points and engagement levels.

38:50—Evaluating the difficulty of selling vs. delivering each model to help you decide what to do first.

Quotable Quotes

“Having three options is a really powerful way to increase the money you’re making, but also to deliver more value to people who want to engage with you at a higher level.”

“When you align the way you like to deliver with what your audience prefers...that’s magic.”

“Different packages of expertise create different pricing expectations in the minds of your buyer.“

“If your expertise is around something that really needs time to bake, then a seminar is a great solution.”

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