While transitioning from a lifestyle business to more serious revenue generation and then progression into passive income models is great for some…
Not everyone wants to:
- Employ staff
- Take up office space
- Invest more capital
- Expand your linear offer
So what do you do if you don’t want to grow?
If you are not ready to employ staff, rent offices or expand, you can spread your offer to increase your market interest without necessarily growing.
The difference here is about linear vs horizontal growth. Linear growth sees you escalate upwards in the business. You rise because you infill beneath you to fulfil demand. However with horizontal growth you can offer limited various products and services that could potentially increase your revenue without giving you the addition of staff and space to worry about.
This also works well if you choose complementary products and services that can feed one another.
An example of this is practice could be:
- A person offers beauty treatments.
- They could hire staff to increase their offer. – cost, risk and revenue generation
- They could buy a salon. – cost and risk
- They could continue to employ new staff etc.
- Linear growth.
- They also invest in some beauty products that are of interest to their clients. – cost and revenue generation
- They create a subscription blog where people can access videos, blog and tips. – revenue generation
- They write a book about ethical make up. – business development tool and revenue generation
- They offer workshops on ethical beauty practices. – revenue generation