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Sustainable Revenue

Your Funding Strategy will get you through launch, but you’ll need a long term revenue strategy to have maximum impact.

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Stats

Suggested Time

60 Minutes

Level of Difficulty

Moderate

Materials Needed

Pens, Post-its, paper

Participants

Design team, key partners and stakeholders


Process Phase

There are many kinds of revenue strategies you might use to fund your solution, just be sure that you’ve got the right one. You’ve been thinking about revenue throughout your project and as you put together your Business Model Canvas and your Funding Strategy, but this is another moment to sit down with your design team and key partners and assess if your thinking needs an update. Here you’ll want to answer some critical questions that will affect how you deliver your idea to the people you’re designing for.

Steps

  1. Get your design team together with other key stakeholders and partners. Ideally these same people will have worked on your Funding Strategy and already understand the key elements of your project.
  2.  Build a simple spreadsheet that shows all of the costs that the solution would incur, from staff to marketing and production
  3.  If you’re relying on grants or donations, think critically about how you’ll raise money and how reliable your funding sources are.  What kind of relationships might you need to build to ensure your venture?
  4.  If you’re selling a product, how much of it do you need to sell to hit your revenue goals? How can you keep customers coming back? How much should your product cost? Will you need to introduce new products over time?
  5.  Finally, as you have all these discussions, think about scaling your project. In five years, will you be operating in more than one location? Will you have multiple products? Is this first offer part of a family of potential goods or services? How can you grow your long-term revenue plans alongside your solution?