Create revenue streams
It is good practice to diversify your revenue (income) streams. This means that you are not entirely reliant on only grants, or donations, or sales – but rather that you have a good spread of income streams.
By having a number of ways your business can earn income, and a range of distribution channels, you can avoid putting “all your eggs in one basket” and build a more resilient business.
The best way to demonstrate this is by sharing our experience at The Flipflopi Project.
How the Flipflopi did it...
The Flipflopi experience
The Flipflopi Project’s revenue streams include:
- Grant funding / brand partnerships
- Volunteer programme / training centre
- Donations
- Sale of PET flake
- Sale of finished products via a range of channels
| Channel | Description |
|---|---|
| Retail | Through our physical store at The Flipflopi workshop in Lamu |
| Direct sales |
Bazaars, conferences, exhibitions, pop-up stores. Salespeople visit businesses to pitch and sell products. |
| Online sales | Online newsletter and social media posts promoting partnerships, donations, internships and furniture sales. |
| Business-to-business |
Selective furniture brands and boutique hotels. High traffic areas for souvenirs and accessories, such as duty free shops at international airports and luxury hotels across Nairobi, Mombasa and popular national parks. |