Building a profitable business requires a detailed plan and a manageable budget. In the plan, you’ll set daily, weekly, monthly, and annual goals. In your budget, you’ll determine dollars in vs. dollars out and diversify the correct spending approach.
Both your plan and budget have action items as you work towards these goals. If your most ambitious initiative is to grow, you’ll need to first identify more than one way to make money. These multiple streams of revenue will determine which avenues are the most profitable and ultimately give you permission to expand in a healthy way.
These four streams of revenue can assist in building business from an entrepreneurial mindset to a corporation with a solid foundation.
- Sphere of Influence/ Mega Mentors
- Pay Per Click Budget
- Public Relations
Sphere of Influence /Mega Mentors
Have you assembled your database of contacts you know, love and trust? This is your Sphere of Influence (SOI). This database should have a minimum of 300 contacts. There is a way to break down your tribe to pull those 300+ people out of your brain. Each of those 300 people likely knows 300 more people. Mathematically, your reach is now 90,000 people. 90,000 people…Seriously! When our short documentary was released, we used a social media booster program called ThunderClap. It helped us spread the word across all of our SOI’s and asked for everyone to share the documentary link on their Facebook walls. In 30 days, after all the sharing was completed, the total reach was 1,085,000. That creates momentum. Adding a mega mentor to your SOI – someone who is much further down the path, is helpful as well. Even though those types of coaching sessions can be expensive, they thrust you light years ahead. Even a simple photograph can speak volumes of your affiliations!
Pay Per Click Advertising
The pay-per-click stream is trickier investment as it is more of a long-term stream of revenue. A large majority of internet leads need an incubation period of 18 to 27 months to mature. There is also the decision making process with choosing the right system to manage the leads. Certain platforms offer ease of use features that allow for more effective communication/follow up with the families on the other side of the computer. It has taken us several years, systems and training curves to see profitable results. But alas, it requires a patience, training, dollars and the willingness to take the risk. Time on task over time on this stream is really important. In reference to risk, many prospectors give up on the client because, in most cases, they do not represent a quick return on investment. However, this stream eventually provides consistency in your team business. This system helps formulate a Top 20% of critical activities by providing a daily go-to set of tasks in managing this investment.
Events such as trade shows, expos and community fundraisers are excellent drivers of business. This stream is an immensely popular choice so long as you choose events which represent opportunities for potential clients needing your services at some point over the next 12 months. No matter your industry, research opportunities to attend face-to-face events in your area of influence that could be profitable for you. Factor in this stream to your budget and decide your prospecting strategy prior to setting up. You should also consider a traffic builder such as a drawing or give away to capture the information of the families. This information is vital. Most people won’t commit to anything at the first meeting and you’ll need contact information for adequate follow up, no matter their timeframe for purchasing.
The visionary’s role on the team is getting out and meeting with people that can drive business to the team. You can leverage public relations to do some of the heavy lifting for you. What you will find is being well known in the community gives you a competitive advantage. What is extremely important is then using the public relations throughout all of your social media feeds. These feeds establish you as a thought leader and someone who will take great care of a family that is moving to the next chapter of their life.