Learn a Strategy to Build Revenue Streams in a Startup

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Welcome to lunch break a special weekly series of the

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eternal entrepreneur that gives you bite sized pieces of wisdom on how to

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build a functional faith and business.

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Each episode unpacks, a short, actionable topic you can put into practice this week.

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Let's get into it.

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Well, hello and welcome back.

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Thank you for joining us for lunch break.

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I am Pierce Brantley cohost of the eternal entrepreneurial.

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And today I'm going to speak about revenue, who doesn't like a good

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helping conversation about revenue.

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Typically after a couple of cups of coffee in the morning, this conversation is going

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to be focused in on my solo preneurs, my startup owners, my holy hustlers, those

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who want to solve their revenue problem.

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If you are just building your business, you are both the CEO.

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You're the head of sales and you're the chief revenue officer.

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And if you don't get your revenue working, unless you have a plan to

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work from a loss for many years.

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And then in that typically that means you're building a super big

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company, then you need to go solve your revenue problem quickly.

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And this is particularly poignant for me because.

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As some of, my story, I grew up in some really adverse poverty.

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We grew up in a barn when it rained the barn reform, fill with water.

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Uh, we literally, we had a, uh, a, a laundry detergent

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bucket we got from Sam's.

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We would take that five gallon detergent bucket and we had two Wells.

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One was the Washington.

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Well, the other was the drinking.

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Well, and we'd take the concrete lid off the well, and we'd

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go fill up with water and.

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To describe all of this.

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What was the phrase that was normally, uh, coming from, uh, the table at dinner time?

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It was, when you work for yourself, it's feast, Stuart's famine.

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Sometimes it's feast in and sometimes it's feminine.

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And then we go back to talk about Paul and Paul would say, I know whether to

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a base or do a bound because, I know how to be in poverty or, or to have.

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And, he was in jail at the time.

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And if you have a poverty mindset, you take that to mean that

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there's going to be good times.

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There's going to be bad times and they're largely out of your control.

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It's true that there's good times and that there are bad times, uh, is

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not completely out of your control.

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I was looking at, uh, some fringe cryptocurrencies today, looking at, um,

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some things to throw some money away on.

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And I was looking at the ticker, the stock ticker is basically for

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those cryptocurrencies and looking at their historical values and

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thinking about investments in general and they go up and they go down

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and they go up and they go down.

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It is the exception to the rule.

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However, for them to all go down, generally speaking.

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These things appreciate, and the same should be true for your revenue.

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Your revenue should continually go up.

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Growth should be something that you are intentionally thinking about planning

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for and executing on every single day.

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And when you get off on side conversations about brand, or you get off inside

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of conversations about marketing, you get cut inside conversations about

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new product development or whatever.

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Those are all absolutely essential.

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Must have conversations for a business.

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But growth is something that does not happen by mistake.

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It's something that is executed on against, and for every single day of

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your entrepreneurial life, you have to plan it and execute against it.

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But the idea of living on a roller coaster, even though there may be some

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nuance, some, um, churn or attrition, On the whole on trend, you should be growing.

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And if you're not growing that's because you're not planning.

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And that may feel like a gut punch, especially if you're

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in a place of struggle.

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But what I want to do today is talk about just my own framework for, um, re.

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Now I'm a consultant.

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Um, and so there's just me, but I've also been an executive for large companies

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too, had exits from large companies.

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And, um, it doesn't really matter whether you're a solopreneur or a big company.

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There is a way in which you need to plan your revenue and I've helped some guy.

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Who are just solopreneurs go from freelancing to actually having

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a stable income, um, through just making some tweaks to the

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way they think about revenue.

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So most of us either have a product or a service.

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You have a product you need to sell X number of products in order to hit, a

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baseline or to, be able to feed your family or whatever you, so you have a.

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And the other group has a service or mixture of products and services, and

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you have some rate for that service.

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And so you want the service to continue as long as it can, or you

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want to get a really big client.

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And if you don't have really clear kind of numbers for either

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one of these things, then that's going to be your first problem.

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I'm going to assume that you have a set number for.

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Your product or for your service.

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So your product sells for X and there's, you know exactly

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how much margin you have on it.

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And if you have a service, you sell it exactly for X and you know exactly

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how much margin you have on it.

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If you don't have that figured out, go figure that out.

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Um, come back to this podcast and we'll talk from there.

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The, a way to avoid feast and famine is with three revenue streams.

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I know some of you, Solomon junkies think that you does seven revenue streams.

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If you can come up with seven revenue streams and manage

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all of them, go and do it.

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Uh, but in order to mitigate feast and famine, you need three revenue streams.

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The first revenue stream is what I call your bread and butter revenue stream.

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You need to reverse engineer.

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How much money you want to make a year or another way of thinking of this is

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you need to reverse engineer all of your expenses, your estimated expenses,

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your costs for different things, and the amount you want to pay yourself.

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And that is your bread and butter revenue.

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That is your baseline.

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And you need to go solve that with.

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Or we're too big contracts and you don't do anything else until you've

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got that bread and butter contract.

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And, uh, some people call this whale hunting and they don't want

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to be in the whale hunting business.

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That's fine.

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Don't be in the whale hunting business, but have a whale as part of your

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portfolio, don't make your whole business about hunting whales, but go solve.

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Your, um, your lights on revenue, go solve that before solving anything else?

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The reason I say that is because, there's different frameworks out

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there for like gold prioritization during the year or whatnot.

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And then, uh, it's called, uh, the rocks approach.

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We've got to figure out what rocks you want in your quarter.

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The same is true for like the, the, the childhood fable where,

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you know, if you put rocks.

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In a glass jar, and then you put your pebbles in the glass jar, then you

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Sandy glass jar, everything fits.

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But if you start with your sand and then your rocks, are you saying

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it, the new pebbles, you never going to have room for the rocks?

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The same is true for big revenue.

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If you are hyper-focused on.

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Selling tons and tons and tons of like low, um, uh, an

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affordable, um, but cheap item.

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You're going to be spinning your tires, wasting energy, selling that

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thing, and you might sell a lot of them, but you're going to find that

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you're constantly spinning your wheels.

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You're constantly exhausted.

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You're constantly looking for the next sale.

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Get out of that because that's what causes fatigue.

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That's what causes you from that.

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That's what requires you to work in the business and on the business.

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And it's also in the quiet moments.

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What makes you feel like a failure?

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It makes you wonder why you got into entrepreneurship to begin with solve

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your rocks, problem, solve your bread and butter revenue problem first.

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And it needs to be annualized.

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I even say, go look for multi-year contracts.

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And if you sell a product, you say, how do I sell a multi-year kind

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of contract, go to a Walmart or a target or a, uh, something like that.

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And, uh, don't stop until you get into a big box store.

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Like, and I'm talking about, don't go to bed at night.

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Like you have to live in breathe, go getting something that you can,

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that's going to cause enough revenue for you to be able to go focus on

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these two other revenue streams.

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Otherwise you are going to be jumping from bill to bill.

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You're going to be jumping from contract to contract, and you're going to feel.

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Like a freelancer or you're going to feel like an incompetent business owners.

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So go solve that first big bread and butter contract that's revenue stream one.

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And I think it's foundational to being able to, get your

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business into a healthy place.

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This is what, um, this also gives you a, a reset on Z.

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So, this is just good kind of business metrics in general.

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Uh, Joe and I actually do this with the podcast.

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We talk about what our new zero marker is, and it's not zero.

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It's a different number.

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The same should be true for your bottom of the line revenue.

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So in my business, I have bottom of the line revenue and I'm always

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trying to raise that baseline, meaning, uh, I, God willing God

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facilitating three months from now.

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I knew what my zero number is.

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I won't go beneath that number in terms of revenue.

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And you should always be looking to raise that floor.

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That floor should needs to intentionally grow, but you've got to start

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with a baseline and that starts with a bread and butter contract.

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If you're not thinking about baseline zeros, like, uh, what,

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what, what your floor is for.

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I mean, we will never have less than this in revenue then you're constantly

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going to be just trying to go grab revenue and that's exhausting.

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You can't do it.

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So, all right.

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I think we understand that's revenue stream one, go figure out your

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floor, go figure it out, analyze some contract that or some service

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agreement that's going to work for that.

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And don't do anything else until you go do that one.

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Uh, revenue stream, number two, this is like, um, I would say

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these are chunky contracts.

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Um, and these with products, this is where you're building in bundles.

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So, maybe you sell a widget and.

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That's going to be like, you typically, you just sell one or two or three of

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them where you sell one to one customer, whatever, find some way of bundling.

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So like Gillette does this by intentionally separating their razors

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from, uh, their, uh, the handles.

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And then they also sell, um, uh, what is it?

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Um, uh, shaving cream.

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Sorry, slipped.

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My mind.

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Their main product is raisers.

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Why do you buy Gillette?

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You buy Gillette for the race.

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But they have broken up their product into multiple pieces, and

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then they sell them all as a bundle.

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You can buy each piece individually, but bundling is better for the customer

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and they also make more revenue as well and increases their, their footprint.

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So this might require rearchitecting, if you are thinking about, um, if you have

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a product, um, but the best product.

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Well, let me pause.

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We often think that we want to, we want to provide really good service

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or provide a really good product.

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And so we just try and build the best thing that we can and

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say, we build the best widget in whatever category we think of.

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And we're really proud of that.

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The problem is perceived value for a customer is often different from

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the way that we build in value.

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Products most of the time sell better when they're broken up into multiple pieces.

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That's why, uh, a iPhone has, um, the case is separate.

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You can determine how much, how many gigabytes you want in the case.

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You can determine whether or not you want iCloud storage or iTunes, or,

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music, everything is broken apart.

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And that's a mixture of products and services, but that's.

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That's done on purpose.

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And if you're selling everything is one big thing, try breaking apart and

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bundling it and then selling it for more.

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Um, the customer gets that and it's going to create, uh, more revenue for you.

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If you're in a service-based industry, then the way you do the

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second stream of revenue is by getting a low time high value client.

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Where you are doing things that, um, or you're offering services that are big

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ticket, um, but they don't pay the bills.

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So, maybe you got a $50,000 speaking gig or consulting

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contract or something like that.

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And it maybe takes, I don't know, 80, 80 hours of your time or, um, 40 hours

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of your time, or, um, it's only going to, it's going to be gone in a month.

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It looks like a big number.

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It is a big number, but after taxes and expenses and everything else,

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does it help your bottom line?

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Absolutely.

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Are they a good client to have?

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Absolutely.

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But it's layered on top of your, your bread and butter services.

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And I would say, don't go pursue these things.

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Um, unless it, you already have your bread and butter services taken care of,

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unless somehow it's, uh, it sells into.

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It sells into, um, your bread and butter thing.

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So let's say you want someone to spend 50,000 with you so that

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they'll spend 200,000 with you.

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Well, that's okay.

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So long as that's an intentional strategy that you have, if it's

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not intentional strategy that.

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Go solve the first problem first, by the way, uh, with products, a lot of products

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now have services built into them.

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We just use the iPhone example.

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Um, I would do the same thing too.

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So like we just bought a car from my wife.

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The car was X amount of dollars.

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Um, but we also bought a, uh, it's like five years of oil change.

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With it as well.

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And that's built into, uh, the contract that we are the, the, the, yeah, it is a

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contract, but you know what I'm saying?

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The bill, um, the monthly bill as well, so build bread and butter

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services into your, your products, um, that are bundled like that.

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And that will also help you continue to raise that floor.

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But that has to be intentional too.

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So, and then last but not least.

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This is where we get things wrong is the, um, uh, this is

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high-frequency low dollar services.

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And so this is where most businesses start.

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So they say, uh, we sell cookies.

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So like they're a bakery.

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And so we just want to sell cookies and, in order to keep the lights on and we need

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to sell 200 cookies a day or a thousand cookies a day in order to keep the lights.

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That should really be your last revenue stream.

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Uh, you're not in the cookie business, you're in the entertainment industry.

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So how you're solving entertainment, um, or you're really a marketing business.

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And so you should be on, Tik TOK and YouTube, and you should have a

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cooking show and everything else.

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And yet, do you sell cookies?

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Yes.

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But your money is coming actually from advertising because your cookies are so.

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Or you're, you're selling to corporations or something like that.

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The cookie is not the product, but you can still sell the cookie.

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Um, but it needs to be the last thing that you think about the absolute,

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last thing that you think about.

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And this really comes back to understanding what business

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are you really in the business I'm in, uh, oftentimes include.

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Uh, interface design.

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So like the buttons that you look at on a screen, but I don't

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sell buttons on the screen.

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Sometimes that happens to include, um, the work I do, but I'm never

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selling buttons on the screen.

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A bakery does not sell cookies, a car business, um, or like

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a, a dealership doesn't sell.

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Um, you're you're in a top most category and the category is what counts.

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So that last revenue stream needs to be high-frequency low

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revenue, and it's just the icing on top of all your other revenue.

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Once you have your bread and butter, once you have your big ticket

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converters, move back into your brand.

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And then last but not least, you have high-frequency low revenue.

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And I just say low time too, this is like ad hoc services.

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Um, then you have something that's really, really well-rounded.

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So this is a shotgun approach to building out your revenue.

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Uh, and when you cover these three revenue streams, you greatly mitigate

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the feeling of being on a roller coaster in your own business.

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So those Selldown services are super, super important for that.

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So that's my encouragement to you guys this week.

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If you haven't thought about.

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How to create sustainable revenue.

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That needs to be something that you, you think about now, uh, you might be

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thinking, well, I'm very sales oriented.

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That's great, but that makes you a perpetual hustler.

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What you want to be doing is someone who perpetually enjoys the revenue

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coming from their business, which means at some point you do actually

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stop hustling because your systems, your revenue model is working for.

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Otherwise, you're just a glutton for punishment and that's

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something to be proud of.

Pierce Brantley: 00:19:04

So, okay guys, um, my action for you guys this week is go do analysis.

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See if, uh, you have those three revenue streams defined for your business and

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making sure that they play into lo raising that floor on a regular basis.

Pierce Brantley: 00:19:19

I look at it once a year and I probably do health checks, once

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a month, actually on that road.

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Uh, and then you start to plan for that model, your marketing, your sales

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approach, everything else, should we be reflective of your revenue strategy?

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And that way the system is beginning to play off of and work off of.

Pierce Brantley: 00:19:42

All right.

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My friends have a great week and don't forget to think.

Pierce Brantley: 00:19:45

Eternally, thank you for listening.

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If you enjoyed the show, do me a favor and leave a quick review.

Pierce Brantley: 00:19:52

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