Increasing Your Revenue: Leverage Your Assets to Expand Your Product and Service Offering

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

Published by Leah Ward-Lee

Leah Ward-Lee, the author of "$1,000 Start-Ups", is a serial micro-entrepreneur. She opened her first business at ten after lobbying for and receiving a shoe shine kit for Christmas. She pulled her wagon through the neighborhood, going door-to-door, offering to shine her neighbor’s shoes for twenty-five cents a pair. Once her wagon was full, she took the shoes home and polished them. Unfortunately that business was short-lived. She hadn’t tagged the shoes and couldn’t remember whose shoes were whose, so her dad went with her to retrace the route until every pair was returned. Since then she’s had businesses developing and teaching college courses, instructing aerobic classes, owning half a plane that was rented to a flight and maintenance school, and renting homes. She’s also owned a consignment store, a gift shop, a gift basket business, a consulting firm, hosted The Executive Toolbox (a weekly radio show), and a publishing company. She also spent twenty years in the US Army, served as the Chief Information and Technical Officer for two major insurance companies, and has a second career as a management consultant. Leah resides in Dallas, TX and on Amelia Island with Sammy and Goliath, her two rescue dogs.

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