Val Jones’s Response:
Thanks for your question, Angelina. Huge kudos to you for having the vision and tenacity at such a young age to turn your hobby into a business, and in the process, fulfilling life passion through entrepreneurship.
A revenue stream is a company’s source of income. If a business has just one source of revenue, it could put the business at risk. What if customers’ needs change or prices for the supplies skyrocket? When a business creates additional sources for revenue—like launching a new product—it can reduce this risk and be more resilient.
I wish I could offer a magic formula for how to diversify revenue streams, but it’s not a one size fits all approach. Business growth depends upon a lot of different factors: the products and services, competitors, existing revenue, access to credit, geographic location, target market. . . just to name a few!
I work with many women entrepreneurs who often say that connecting with other business owners and finding mentors has been crucial to growing revenue streams. As you continue on your journey as an entrepreneur, I’d recommend finding these connections and getting boots-on-the-ground perspective from other business owners. Find out what worked, what mistakes they made, and what they wish someone had told them when their business was at your stage.
According to the World Economic Forum, men outnumber women 3 to 1 when it comes to business ownership. This makes programs to support young women like you really important. Several organizations, like The Academy for Women Entrepreneurs, the Small Business Administration’s Women's Business Centers, and The Forté Foundation give women business owners access to a network of fellow entrepreneurs and resources.
The corporate sector also has terrific no-cost programs to empower women entrepreneurs through access to capital, mentors, networking, and education. I’m passionate about one that’s sponsored by The Wells Fargo Foundation called Nasdaq Entrepreneurial Center/Milestone Circles. In this program, a small group of women entrepreneurs get connected to mentors, share ideas, and trade resources so they can accelerate business growth and identify new pathways to finance business expansion.
You should also check-out women-owned businesses directories. If you’re in a directory, customers specifically looking to support woman entrepreneurs will be better able to find your business, and you’ll expand your visibility and reach too!
I believe more young women in high school and college would embrace entrepreneurship if they were exposed to it as a career option and had the right information and education to get them started on the right path. You’re an awesome role model! I’m sure you’ll go far!