Women In Business

One business. Multiple income streams. Tips for leveraged growth.

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Do you see all the potential of growth and income for your business?

Most organizations are happy if they have one product or service that does really well,and they don’t look for what else is possible. They also tend to consider business growth as adding more of the same: a consulting business might look at increasing their number of clients or projects.  What if adding multiple income streams was about taking one of your projects and asking what else it can create in the world? It might be that in addition to the client or project, you add products, blogs/vlogs or books. You may use your experience to create online courses, topics for speaking engagements, share your best practice knowledge with consulting firms or create case studies you can leverage to expand your client base.

The key to creating multiple income streams from one business is to never assume you have only one option for your business or for an area of your business. Asking questions of your business as part of your daily business practice and developing a curiosity mindset will exponentialize your ability to create multiple income streams.

Here’s how to get started:

Create a mindset of curiosity that invites limitless opportunities

Business growthbecomes limited when you have defined what the business is, what it can do and who your clients are.

Every day, what if your business had a clean slate and no limits?Creatinga mindset based on continuous curiosityis a simple and dynamic tool for opening your business to limitless opportunities for income. Ask these questions:

  • If we didn’t have it all figured out, what else could we choose?
  • Who or what can we add to the business today that we haven’t considered before?
  • What possibilities do we have here that we haven’t acknowledged or chosen yet?

For a service-based business –what service do youoffer have that can easily become a product or suite of products?For products-based businesses, are there servicesyou could addin addition to the services for rolling out the product?

Write down all the ideas and awareness you have as you ask these questions each day. And for each of them ask, “What are the different potential streamswith revenue attached to them?”

Curiosity is key to expanding your business – when you know that you haven’t figured out all the answers, you can ask the questions that expose different directions to focus on.

Bring people from different parts of the organization together

It is important not just to make silo decisions from the top. Including people from different parts of the organization and allowing them to have their voice will not only bring new ideas and information you wouldn’t otherwise have,it will also engage your people authentically in the growth of the business.

Every person in your business or organization is going to have knowledge and awareness of opportunities of the business that you may not.  Bringing them together and asking open, curiosity-based questions even once a quarter will get the creativity flow going and invite each personto go outside of the box. This is different from a SWOT (Strengths, Weakness, Opportunities, Threats) approach, because your focus is extrapolating on what else can be addedto the business now and in the future. If people raise problems or complaints, refocus by asking, “If this wasn’t a problem, what possibility would it be?”

Having a place to share ideas and encourage business-wide contribution means your people will more likely become ambassadors of whatever does get created whether it was their idea or not.  If all decisions are made from the highest level and buy-in is just expected, resistance will occur. A culture of sharing ideas and questions will go a long way to eliminating resistance and increasing a curiosity mindset across the organization.

Take action for now and the future

A lot of the ideas that get generated may not be for action in the immediate or near future.  Don’t discount these ideas – simply ask, “Is this for now or later?” If it’s a good idea for months or even years in the future, what could you implement now in your business that would allow that to come to fruition later? Asking “now or later?” will help you know what to put in place today so that you can implement more in the future with greater ease.

Go beyond the comfort zone and make mistakes

Are you willing to allow and encourage each individual to create their own way, even when that is totally different from how you would?Micro-managing kills creative possibilities with your business. Give your staff the space to give it a try. Encourage them to stretch beyond what they believe they are capable of, to know that they can do it and do an amazing job. Stay aware of what is going on – have check-in times and know when you need to take action or add others to take it to the finishing line.

Be willing for your people (and you) to make mistakes, to learn and grow. Mistakes can sometimes create something so much greater than anyone could ever imagine – if you are willing to keep open to the possibility and curiosity mindset. Ask, “What’s right about this we are not getting” and “How can we use this to our advantage?” when those situations come up and you will never get stuck.

Attitude of gratitude

Nothing kills creativity more than judgment.  When you judge, all you see are problems. With gratitude, your focus comes out of judgment and you begin to see the gift in everything –  for what is working and what isn’t working.Gratitude relaxes and opens your mind to not only acknowledge what you have created, but to keep seeking what else you can add to the business with a sense of joyful curiosity.

Unlimited revenue streams truly are everywhere – where can your curiosity take your business that you never considered?

About Laleh Alemzadeh-Hancock

Laleh Hancock is a transformational facilitator and business coach with more than 25 years of experience building companies and individuals that win. Whether partnering with a Fortune 500 company or an entrepreneurial stay home mum, Laleh is dedicated to empowering people and organizations of all ages and stages to grow and expand. Laleh is a certified Facilitator for Access Consciousness, including Joy of Business, a specialty program of Access Consciousness. She meets people where they are and provides practical tools to empower people to create more joy, ease and possibilities in life. Laleh served on the Governor’s Maryland Caregivers Support Coordinating Council for four years. Follow on Twitter at @Belapemo.

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