One of the toughest start-up challenges is growing your business to the stage where you can cover both your business expenses and a comfortable salary. Regardless of what business you’re in, there’s typically an opportunity to leverage your current assets.
My hairdresser and friend, Lauri, has successfully run her hairdressing business for almost twenty years. A recent personal setback caused her to look for opportunities to increase her revenue. We talked through her assets: 1. TIME: She has one day a week and several hours a day where she could do something else. 2. REPEAT CUSTOMER BASE: She has a loyal group of customers who she sees on a regular basis.
We thought through the 60 businesses in $1,000 Start-Ups and realized the TIME she has available and her REPEAT CUSTOMER BASE are perfect for her to leverage and start offering services as both a personal assistant and a pet sitter … with very little start-up cost.
By the time she’d finished my haircut we were both excited with the idea and talking through the sign she’d post with the list of services and the check list she’d create so her current customers could select the services.
Take a look around. What assets can you leverage to expand your current product and service offering? It may be your customer base, like Lauri, or workspace, or expensive equipment that could be utilized for additional hours. It might be just what you need to increase your revenue