Nine Ways to Create New Revenue Streams

Have a plan: Whether you're expanding an existing revenue stream to capture a greater share of the market or embarking on an all-new direction, it's good to have a plan. Tim Ferguson, co-founder of merchant bank Next Street, recommends having a written growth plan. One of the biggest mistakes he sees small businesses make when pursuing new moneymaking ideas is failing to understand how they will fulfill the increase in orders and manage the uptick in customers. Says Ferguson, "You must build capacity in sync" with all those new contracts.