Revenue Streams: How to create them

I don’t talk too much about my personal life here.  But today I will give you a little insight to the woman behind the business, me.  I started kangacoo designs when I was 3 months pregnant and found myself laid off from a six figure corporate job.  Ouch!    I took my sales and marketing skills and combined them with my desire to have a creative career, then combined that with my nesting instincts and started sewing baby blankets.  With more time to surf the web I found Etsy and kangacoo was born!

ka*ng*acoo; ka=Katie my first name, ng=Nguyen my married last name, coo=what babies do and I was about to have one.  (The a just made it flow and referenced a word everyone knows to make the name more memorable.)

Fast forward 4 years and now I run kangacoo with my husband (who was also laid off from a good paying job).  We balance work and play and caring for Marlise.  It’s not always easy but it works for us.  Here’s what we look like in case you are curious.  We just took this on the 4th.  🙂

I have worked hard to grow my business and got some lucky introductions.  (But again I think that was through hard work of reaching out to lots of people.  Always give yourself credit, no one is just lucky in work success.)  Since kangacoo is the sole supporter of our household we really have to focus on making the business more profitable.  I wanted to share with you one way we are doing this.  Exploring different revenue streams.

I challenge you to explore different revenue streams for your business too.  Here are some to start with:

1.  Create products with lower price points.

Can you make coordinating hairbows to match your dresses?  Perhaps a matching doll dress to offer?  Do you make accessories?  Is there a new one you can add that is less expensive?  By creating different price points you broaden your audience.

2.  Create special occasion pieces.

Do you make every items?  How about adding a few special occasion pieces?  Special occasion shoppers are a huge part of the market.  Adding in these pieces will boost sales!

3.  Flash Sales on Facebook.

Do you hold flash sales on Facebook?  These are a huge success for me.  Offer a product at a sale price and have fans leave their Paypal address on the post.  Send a bill and ship.  It is easier to send them to the shop but I find I make more sales by selling direct on Facebook.

 4.  Find a New Audience.

And keep the old of course.  I sell on facebook and Etsy (and wholesale but I am going to stick to retail today.)  Have you thought of adding a new venue like Artfire?  or maybe Ebay?  It is a whole new shop to manage but if you think you can sell product and manage another shop give it a try.

Not ready for another shop to manage?  How about virtual trunk shows.  This is something I am venturing into.  Having others sell your product and rewarding them is a great way to spread the word about your company.

I am always happy to answer your questions.  And you just may find them anonomously featured here!  Email me at katie@kangacoo.com

 

 

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Filed under business finance, Resources, sales

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