Closing down a revenue stream

Have you ever shut down a revenue stream? Completely shut off a source of income to your business?

I have. More than once actually.

And you know what? I am still here to tell the tale. My business isn’t in shambles - quite the opposite. After I shut down a revenue stream it actually has allowed me to grow in another area - exponentially.

The first time I began saying “no” to paid work was when I was shifting from the agency model of business into business coaching. It meant I was saying no to marketing strategies, websites, and social media management - all up I have no idea how much work I passed up and referred on to others.

But this shift allowed me to grow my business to be even more aligned with my own life and values. I want to make the biggest impact I can on regional and rural women in business - and to me, that isn’t surface level. It means I am in the trenches working with them to build a holistic and aligned business. So the financial sacrifice was without a doubt worth it. Now it doesn’t even seem like a sacrifice but a fantastic strategic move.

Then there was the time that I turned down government funding. I’ve talked about this in the past- when I turned down about $20k. I was delivering training at a heavily subsidised rate, which was fantastic for the customer, but it meant I was working with an unsustainable amount of customers and the perceived value of my services was drastically diminished.

When I cut off this revenue stream, I was once again allowed to grow my business more aligned with my life and values.

And the most recent time I closed down a revenue stream was at the start of 2022. My membership had over 100 women in it and was a relatively passive income stream. This is one of those things so many people aspire for when they start out in business. So why the heck did I decide to close down a successful and profitable business revenue generator?

Once again there wasn’t an alignment between my values and my vision. I wanted to go deeper with my customers, I wanted to roll up my sleeves and get my hands dirty. I wanted to be celebrating wins with them. The membership just didn’t allow me to connect and impact the way I was craving.

So again - I did the unthinkable and shut down a revenue stream. This time it was to the amount of around $35k a year. Wild. Wild. I know people think I could have kept that open and still launched my mastermind, but it wasn’t aligned with me.

At the end of the day, my business is value-driven. And I can’t operate a business without thinking about the impact I am actually making. The membership just didn’t feel like “enough” everything was so surface level and it wasn’t enough.

After every occasion of shutting down a revenue stream, it has allowed greater opportunities to flourish - aligned opportunities.

When I start working with someone one of the first things we tackle is all of the revenue streams in their business. Because simple offers make for a simple yes from your customer. Often times when we simplify their value ladder and product suite, we see substantial growth.

This growth is because they are more enthusiastic, focusing on the offers that are most profitable, and their audience has a better understanding of ways to work with them.

If you are looking to align your vision with your values and drive your business in a positive direction, book a call with me today!

IF YOU ARE LOOKING TO ALIGN YOUR VISION WITH YOUR VALUES AND DRIVE YOUR BUSINESS IN A POSITIVE DIRECTION, BOOK A CALL WITH ME TODAY!