Devise Your Revenue Model
A sustainable business relies on consistent cash flow from multiple income streams. Your revenue model defines your income streams and the volume of revenue expected from each. These streams can include your products and services, plus other income sources that are available to support your overall business revenue.
When you devise your sustainable revenue model, your business:
- Carries lower risk of poor cash flow
- Is more responsive to external and internal changes
- Has more consistent income based on a diversity of products + services
Creating your revenue model is just the beginning, the next step is to use it to forecast your monthly revenue and use these figures to forecast your cash flow, your revenue minus expenses. A healthy business has a healthy cash flow and now is the time to lay the foundation for the next 12 months of steadily growing profit.
Gather Your Support
Your ongoing business growth depends on you, as well as many others for its success. Consciously creating a support system that pulls together different tools and expertise gives both you and your business the freedom to grow.
When you gather your support, you:
- Free up your time to focus on your own expertise
- Establish processes and systems early on that save time & hassles down the track
- Make building a business more enjoyable as you collaborate with others
In the first two years of starting your business, at some stage you’ll need to develop or access the following expertise (at minimum):
- Business Education – To develop your knowledge and skills in how to run a business effectively
- Professional Development – To develop your knowledge and skills in your craft or profession
- Administration – To learn skills and outsource record keeping, content formatting, data entry etc
- Graphic Design – To create branded images for your website and marketing collateral
- Web Development – To design and develop your website over time
- Peer Support – To give and receive emotional and practical support between your business colleagues
- Financial Management – To learn skills and outsource bookkeeping, tax records and business setup
- Photography – To outsource profile photos + other images for your marketing
- Filming + Editing – To learn skills and outsource filming and editing videos for your marketing, products + services
Actions Steps For This Week
Listen to the Week 11 Audio [15:00]. The key themes for this week are Sustainability, Revenue, Support, Mystery.
Complete the following action sheets in Google Drive:
- Your Forecast Numbers
- Your Support Network
Continue with your launch, nurturing your leads and practising your sacred sales conversations and check in with your business deva for guidance as you go.
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