Big Ideas... For Small Businesses: Simple, Practical Tools and Tactics to Help Your Small Business Grow by John Lamerton

Author:John Lamerton [Lamerton, John]
Language: eng
Format: epub
Publisher: Let's Tell Your Story Publishing
Published: 2017-07-13T00:00:00+00:00

BIG IDEA...

Take the risk out of developing new revenue streams by crowd-sourcing your next product. ASK your customers what they want to buy from you.

We were then also in a position to be able to buy up some “rival” web-sites – for the smaller ones, we simply closed them down and redirected the traffic to our main brand.

One or two of the larger sites we kept on, running them as their own brand, or where they were complimentary to the main site rather than competing, we brought them into the fold as a “sister site”, and cross-promoted them – providing yet another stream of income.

Wherever possible, I like to create residual income streams. This is where you get paid every month or every week, but only have to make the sale once.

This is why I like creating and buying membership websites, as well as commercial and residential property. If I sign up a member to our £77 a month One Percent Club mentoring group, I’m going to get paid £77 every single month that they remain a member. Get 100 people in that group, and I’ve got a residual income stream of £92,400 a year.

With residual income streams like that, I start the month knowing roughly what sort of cash is going to flow into my business. I’m not starting on £0 and having to go out and sell in order to meet payroll or to pay the bills.

Residual income gives you the freedom to go out and create more re-sidual income streams, knowing that the bills will be paid no matter how many sales you make – it removes that financial pressure that causes many small business owners to make bad decisions because they “need the money”.

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