How can shop owners diversify income streams?
If you walk into our brick and mortar space, less than 500 square feet of it is dedicated to a retail store area. The other half is an open work studio. We often get indirect (and sometimes direct) questions from customers inquiring…
How can a little shop like ours survive?
Some business owners might find this insulting, but I have to remind myself that they don’t know our full business model. They may not realize we are more than just the “small retail shop” they see.
You know the expression, “don’t put all your eggs in one basket”.
The answer is we diversify our income streams.
As a customer, you can walk into our store and see a tiny little shop with little foot traffic at times. But what many people don’t see is that income is generated in FIVE different ways.
- Retail sales
- Online sales
- Workshop sales
- Custom Services
- Markets and Special Events
This is specific to our type of business, a home decor store, but I know of other brick & mortar, online shop owners and service-based business owners who diversify as well.
- I have a friend who also owns a home decor/gift store and she offers interior design, event and set styling services.
- I have another friend who started as a Resume Writer, she now also offers coaching services and she recently launched an online toolkit service for those looking to advance and grow in their careers.
- And I have another friend who makes purses and bags, she hits the market and event circuit like no one else I know…she now sells wholesale AND she just launched her online shop.
I can share more examples but you get the gist.
One important thing to keep in mind when diversifying… stay true to your business. We have a home decor business, so all aspects of our diversification involve home decor too. Keep it within your niche.
Another perk of diversifying income? More exposure for your business! For example, each time we host a special event or participate in a Market outside of our shop, it exposes our shop to hundreds or thousands of new people.
Yes, this means more work but as business owners, we KNOW work. We know what it’s like to hustle. Have you been thinking about another way to bring in more income? Take some time over the next few days to brainstorm and figure out how you can diversify your income. Or are already diversifying income streams? I’d love to know either way!
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I look forward to learning from all of you too. Thanks for being here! ~ Kathy
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