How to find new revenue streams and ventures for your business

  • Entertainment, travel, and hospitality industries, among others, took a hit as businesses and cities shut down across the nation.
  • Finance experts and business owners shared tips with Business Insider on diversifying sources of revenue to make it through a tough economic downturn.
  • Start by evaluating how your customers are reacting to the crisis, they said. From there, determine which costs are worth keeping or cutting as needs change. 
  • Stay close to what you’re familiar with. If you try to add too many new revenue streams, you’ll end up “not doing any one thing particularly well.”
  • Leverage technology and a diverse workforce to stay agile, adaptable, and scalable even when needs and preferences evolve. 
  • This article is part of a series called Resources for Resilience, focused on providing tips and inspiration for small businesses who are learning how to survive and thrive in today’s economy.

In early March, CAD Management, a

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