What’s an Income Stream ?
CNC Business Income Streams are your financial sources that keep coming from a product and/or service. The streams created are a benefit to you. Do not rely on only one product or service. When one slows down or dries up, there’s another to fill the void. I’ll discuss with you what my shop does to keep lines of income flowing.
CNC Business Income Streams
The Little Little Woodshop utilizes multiple income streams. There’s the physical products produced, different services offered, advertising & affiliate programs. I will discuss in detail below for a clearer understanding.
My cnc business income streams relate to my niche products. I start with a few specific items in one category. Each physical product stream takes time so don’t start another until you’ve completed the one before it. Be patient, persevere and drive traffic to it (customers) that want what you have. Don’t just pursue the retail end but the wholesale end of your products as well. If you tire or dislike a particular product it can be done by order only. Certain items are troublesome to make period.
The products I fabricate are wood only, I don’t offer any metal fabrication. This will be an asset for some fabricators. Your equipment in cnc will depict the product line chosen. For the wood fabricators, here’s a list of ideas below.
- Signs & Plaques
- Log Furniture
- Furniture Indoor/Outdoor
- Kitchen cabinets
- Musical Instruments
- Games & Toys
CNC Business Services
The services to create cnc business income streams will depend on your niche market. I’m an engraver & fabricator of fine wood items. You will not see me offering welding or powder coating services. This would be fine for a cnc business that specializes in metal fabrication though. Take on only what you have the time to do. Never undertake so much that you can’t hold delivery dates. The use of subcontractors is fine but research them as well.
Our shop’s services are simple but effective. They target the key niche items we personally fabricate. Below are the specifics of these services.
The signs and plaques fabricated are personalized for clients. To add name and/or rank to a prayer or creed plaque is a nice touch. Personalize a welcome to sign is appealing. That cottage or lake sign with “The Smith’s” on it goes a long ways. It give identity to a person, place or thing making it one of a kind.
All of our designs are subject to alteration. Like a custom tailored suit, manipulation is done to meet a client’s desire for the final outcome. The size, font and color are adjustable in CAD so offer it in your designs. Combine this with personalization and you’re closer to getting that job than you think.
Offer private commissions to your clients. The ideas they have are one of a kind. These are all potential cnc business income streams. You just haven’t thought of them, your clients has. This is now another product line you can offer. Again, combine this with personalization and custom design.
Our shop personally uses paid advertising. Google Adsense places its ads on our Blog, website and YouTube channel. The monetary gained from this service helps to establish another financial stream. This financial stream becomes passive once implemented. I don’t gain great wealth from Adsense but it does generate revenue every month.
For one of my cnc business income streams I use affiliate marketing. This involves fabricating nothing with in your own shop. You’ll go through an approval process with a company to promote their goods or services. I compare this to a job interview of sorts. This assures that you are who you say you are and carry a good rapport. An assigned link identifies you as the affiliate. This link is attached to a particular item or the businesses entire website. Traffic from your Website/Blog is directed to another websites offer. When a sale is generated, you receive a commision for that company’s product or service. Over time this will create a passive income stream.
Along with all the ideas mentioned, there’s still a few more worth mentioning. I don’t currently implement any of them. It’s my believe that when used correctly, it will add another cnc business income stream. In my opinion this will be determined by your skill set and knowledge.
You know the ins and outs of your career field. You’re a master of your trade and can answer any question asked of you. Technical to troubleshooting, repair to replacement. Design to fabrication, your knowledge is worth a lot to someone else. Put a price tag on it .
Teach A Course/Class
In a slow time you can teach a student body. Be it at a school or in your own shop. Set up your own curriculum and charge individuals to learn your skillset. This fills in financial gaps and expedites one knowledge about a specific career field.
Write An E-Book
Put all that knowledge into a book. Individuals who can’t afford consulting or a class will be able to purchase a book. This will be within their financial means. There’s work that has to go into your publication. Once complete there’s no more work to do, creating another financial stream that’s passive.
There’s many ideas beyond the ones listed above. My knowledge is limited on those not mentioned. I will not misguide anyone down the wrong path. Your financial streams are determined by your actions. Thank You for taking the time to read.
~An Engraver In The Woods