Have you adapted your business model?

Does your business model include new sources of revenue?

Fortunately, many small businesses have survived, and some have thrived during the pandemic. These companies are writing their own story of success.

A Case Study – Maria’s: A Lifestyle Shop

Maria’s: A Lifestyle Shop is a lifestyle boutique located in Tucson, Arizona. Maria’s has successfully adapted to the pandemic. The boutique offers unique clothing, beauty products, home goods, toys, books, and more.

The magic of Maria’s has always been coming into the shop and experiencing it with your hands. The store has little nooks and crannies everywhere. Because of that, they do not have an online shop, and the pandemic has proved to be challenging.

Maria’s responded by starting a drive-thru service where they post daily “combos” on social media for customers to choose from; that way, the customers can see an assortment of relevant gifts and prices according to the season. Customers can order any variation of the daily combos over the phone, and for pickup, Maria’s employees place the items directly in their trunks.

The company has also had success with virtual shopping, calling customers via FaceTime and showing them around the shop that way and through pictures of personalized gift baskets.

4 Ways You Can Increase Revenue Now

1. Set Your Foundation

Become a trusted source by following the Know Like Trust Principle. Provide valuable and free online content to build your email list and social media followers. Consider writing a book, creating a speaking practice, or growing a following through podcasting by hosting your own podcast or by being a guest on a podcast that focuses on your ideal client. It’s essential that whatever method you choose to set your foundation, that you’re consistent. Consistency indicates that you’re a trustworthy person – it signals that you do what you say you will do at the same time people are getting to know you.

2. Be of Service

Become a coach or consultant. If you’re already a coach or consultant, determine what you can do to increase the value of the service that you provide to your clients. For example, improve quality, implement a repeatable process that makes it easier for you to provide a consistent service for your clients. You can get to know your clients better so that you can provide what they need. Be a better communicator. Listen for what your customer needs – solve their problem.

3. Bring Your Followers Together

Bring your followers together in person or through virtual summits. Summits enable you to expand your network by including other entrepreneurs where you share and grow your circle of influence. These entrepreneurs also market the conference to their clients, followers, and email lists, which leads to you gaining wider exposure and potentially more clients.

4. Create Digital Products

Digital products take an investment upfront, but you can realize revenue without additional work once they’re up and running.

Following are suggestions for digital products. Build a subscription service. The result is recurring revenue that you can depend on receiving each month. You can also develop an online community or membership offering or create an online course. Build digital products that enable you to take the value you provide to your clients and turn it into a revenue-generating product that doesn’t require you to work more hours. Also, it allows you to expand your reach to individuals who are not in your immediate area. You’re not limited by time or location.

These are just a few suggestions to increase revenue and grow your business.

Evaluate your business model to determine creative ways to increase revenue and grow your business.

* Fictitious names and scenarios were used for this example.