THE SAFETY NET OF A BUSINESS: HOW THE GYM SKILLS BUSINESS MODEL UTILIZES MULTIPLE REVENUE STREAMS
In Miguel Cervantes novel Don Quixote, he stated “It is the part of a wise man to keep himself today for tomorrow, and not venture all his eggs in one basket.” Despite this quote being over 300 years old, its meaning encapsulates an important concept in today’s world of investment: Diversification.
Whether you are a casual investor or the CEO of a Fortune 500 enterprise, your money matters. By establishing a diversified array of revenue streams, you not only shield your assets, but also facilitate their growth. In case you don’t know, a revenue stream represents a distinct source of income obtained from a company's products, services, or content. As an entrepreneur, coming up with innovative methods for generating revenue is key to propelling your business forward and receive long-term benefits. Here's how:
Since its inception in 2005, Gym Skills has diversified its business model by incorporating 11 unique revenue streams, and we are constantly seeking opportunities for expansion. Our extensive portfolio of programs and services has set us apart from our competitors and allowed us to thrive during the challenges posed by the Covid-19 pandemic. Our facilities are bustling with activity throughout the year, offering classes, after-school and summer programs, birthday parties, clinics, open gym sessions, and more. Additionally, we have a smoothie bar at both our brick-and-mortar locations and an array of branded merchandise available for purchase. At Gym Skills, we pride ourselves on being an all-encompassing destination for individuals of all ages and backgrounds, thanks in part to our adult classes, mobile gym model, and competitive teams, which have broadened our reach and attracted new customers to our Gym Skills family.
As you can see, Gym Skills and other successful businesses choose to employ diverse revenue streams to secure financial stability, promote growth, and achieve their financial aspirations. By committing to your business and searching for innovative approaches to generating revenue, the possibilities for expansion are limitless.
SOURCES:
Lars Helgeson. (2021, December 27). How Creating Multiple Revenue Streams Can Help Entrepreneurs Build Financial Security. Forbes Business Council. Retrieved from https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/27/how-creating-multiple-revenue-streams-can-help-entrepreneurs-build-financial-security/.
Barnes, R. (2020, February 25). Five Benefits Of Having Multiple Sources Of Income As An Entrepreneur. Forbes. Retrieved from https://www.forbes.com/sites/theyec/2020/02/25/five-benefits-of-having-multiple-sources-of-income-as-an-entrepreneur/?sh=709d165643bb
"Streams of Revenue: What They Are and How to Develop Them." Indeed Career Advice, Indeed, 10 Sept. 2021, www.indeed.com/career-advice/career-development/streams-of-revenue.