OMG, the sky is falling! If you’re feeling anxious about uncertainties in the 2020 economy, it’s time to consider innovative strategies to diversify your revenue & give your business much needed stability. Finding creative ways to think outside of the box and out-innovate your competitors is a surefire way to thrive no matter what the economic situation may be. All it takes is a little innovation and maybe a few of these ideas to get you started.
Execute all your business ideas without a hitch with a MyOutDesk Virtual Assistant! Book your Double My Business Strategy Session today to find out how!
If you have a knack for gathering data and resources to get them, you may want to offer to do market research for businesses within your industry. Many business owners and entrepreneurs do not have the time or resources to do research on their own so this may be a service you can offer. Through research and feasibility studies, you can examine different aspects the data you find and help a business with their specific issues. You can explore marketing, technology uses, and research and development, and even automation.
If you have experience and knowledge about the metrics of running a business, you should consider providing analytical services to business owners. Sometime businesses need a little help in figuring out things like budget allocation, risk and reward, etc. Analytics provide these data points, but entrepreneurs often don’t understand how to get them or use them. You could help other small businesses raise their venture capital and grow their business.
If you have a specific topic that you feel you are an expert in or if you have developed a solid method that can help people in your industry, why not build an online course? You can share your wisdom, help people out and earn some coin in the process. Online courses are extremely popular and are often taken by those who wish to build their knowledge or are looking for ways to improve their business.
This may be the best time to bank on referrals from past clients or customers. Build a referral program that will benefit both you and your referrers. Be it loyalty reward points for discounts or cold hard cash, working out a solid referral program could bring you in tons of new business. According to statistics, word of mouth is the primary factor behind 20-50% of purchasing decisions. Business to business companies with referrals have a 70% higher conversion rate, and they report a 69% faster close time on sales. CUSTOMERS WHO ARE REFERRED TO YOUR BRAND ARE UP TO 5X MORE LIKELY TO USE YOUR REFERRAL PROGRAM THAN CUSTOMERS WHO WEREN’T. Keep that in mind when you are building your referral program and come-up with something that is sure to keep those referrals pouring in.
If you have had great success in starting, running and growing a business or businesses, then you should definitely consider becoming a business coach or consultant or even starting a mentorship program. Many start-ups and budding entrepreneurs could benefit from your wisdom and advice.
These are just a few ideas you could use to branch out and expand your business this year. If you need a strong team to support you, schedule a Double My Business Strategy Session today to find out how MyOutDesk Virtual Assistant can do just that and more!