As a female founder of a Fintech unicorn and a business coach to multiple female founders, one of the questions I get asked the most on coaching calls is “Suneera, how can I make more money?”
Making money 💸. Translated to business jargon: Diversifying revenue streams.
We all know there are a-little-too-many ways to make money out there. I could list them all here and let you go, but if you know me, you know I’m not one to do that 😏
Instead of listing hundreds of services people are willing to pay for, I’d rather give you the truth: Building a solid business is simple but it’s not easy. It takes focus, which brings me to the first mistake I constantly see entrepreneurs make regarding this subject.
1️. There are so many revenue streams out there, that they get burned out from trying to do them all at once. Avoid analysis paralysis from lack of focus by identifying your Minimally Viable Product: your all star, most popular, easy to scale offer. Spoiler alert: It’s neither fast nor easy to get this right.
You might’ve heard me say that everything you want is on the other side of consistency. The thing with consistency? It’s boring.
2️. A real MVP takes time and dedication to get right. The second mistake I see entrepreneurs make is thinking that it will be fast and easy. Believe me, after mentoring hundreds of entrepreneurs, I can tell you that’s rarely the case. Building a solid revenue stream requires you to do the same thing over and over again.
3️. Now, there are a few types of offerings that just… work. There’s no need to reinvent the wheel on things that we already know perform well.
Will understanding all of that significantly reduce the feeling that you’re missing out on the next big goldmine and allow you to focus on the thing that will get you long term results? Yes.
So, what now?
Here’s where I would start: Identify ONE thing that you want to focus on getting right for the rest of the year in your product. Then go hard at it everyday, consciously work through it, and make it the best it can be.
Cheers to making more money !24.03.2