When I was younger, I owned a series of insane cars.
I think I’ve written about the 1969 Jeepster Commando. That’s the one I actually installed my own seat belts into because it didn’t come with any.
I also (briefly) owned a Plymouth Fury Sport, white with black interior. Sort of like this one:
…except I think mine was a 1960-something model. And mine wasn’t as awesome looking as the one pictured above. It did have a 440 cubic inch motor transplanted from a cop car though.
The other classic car I briefly owned was a 1968 Chevy Super Sport. That one had a non-functioning gas gauge which caused it to run out of gas halfway across the Hernando de Soto Bridge across the Mississippi River. Fun times. 🙂
One of the things I got excited about with the Plymouth Fury Sport was that it had a Posi-Trac rear end. That’s the Dodge/Plymouth brand name for a limited slip differential. Unlike a normal differential, a limited slip diff transfers power away from a drive wheel that is slipping, decreasing the chances the car will get stuck in mud or whatever.
Or if you’re a 16-year old boy (or an older man acting like one), it increases the chances that you’ll try to burn rubber in your car every time you pull away from a stop.
In fact, just last weekend I saw some dude cruising through Sebastopol in a restored 60’s Mopar something or another. I think it was a Dodge Charger. I was on foot at the stoplight where he was stopped, and I gave him the look as I walked through the crosswalk checking out his car.
He knew what to do.
When the light turned green, he burned rubber for my (and his) entertainment.
Anyway, I think of that old Plymouth Fury Sport and its Posi-Trac limited slip differential when I think about having multiple streams of revenue.
I know “multiple streams of revenue” sounds very internet marketer-ey, but I found it to be a tremendous stress reducer for my business.
Honestly, I don’t think you need a great market position for your business in order to add additional streams of revenue. You could do it as a complete generalist.
It does help, though, to have a more narrow market position.
The easiest market positions around which to build up multiple streams of revenue are what I call the Category Leadership Strategy and the Category Pioneer Strategy.
These positioning strategies more strongly differentiate you from a generalist or someone providing a generalist skillset for a specific market (the Narrow Focus Strategy), and they position you really well to add one or more of the following kinds of additional revenue streams:
- Retainers (higher profit than done-for-you client work)
- Code reviews
- Planning-only engagements (higher profit than done-for-you client work)
- Digital products based on something you’ve invented
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