10 Income Streams You Can Add to YOUR ORGANIZATION (And Increase Your IMPORTANT THING)
In a nutshell, multiple streams of income means your business has more than one method to make money. For example, you sell products and you sell services. Those will vary streams of incomes. But that's just the beginning. Below are 10 ideas of different income sources you can utilize to increase your business's important thing:
1. Sell a number of services. Or it is possible to bundle your services into packages depending on what your typical client is looking for. But be careful concerning this one. Don't spread yourself too thin. You intend to provide a few different services or perhaps a choice of packages nevertheless, you don't want way too many options because it's very difficult to advertise yourself effectively.
2. Sell your own products. These can be information products (books, home study courses, CDs, special reports, etc.) or they are often physical products. You can also group similar products into product lines. Then you can certainly upsell, downsell or cross-sell products to different customers on your own list.
3. Sell other people's products (or services). Here's where you become an affiliate. Basically how it operates is once you're approved to be an affiliate, you get your personal link. Anytime someone uses that link and buys a product, you can a percentage of the sale. That percentage can be anyw here from 10 percent (mostly for services) to more than 50 percent.
Which leads me to my next tip:
4. Put together your own affiliate program. Now you can get other people to market your services and products, and the only real time you pay them is when they actually sell something! How cool is that!
5. Create a teleclass, seminar, workshop or other event. This is often a one-time deal or perhaps a series of classes. (But should you choose this, make sure you record it in order to sell those later.) The nice thing relating to this tip is it is a good blend. It is possible to reach groups of people at once while at exactly the same time providing an individual touch.
6. License among your programs or services. This can be a neat idea if it works in your business. (For example, a coach could license tools or a program to other coaches.) I have no idea much concerning this one, but Suzanne Falter-Barnes sells an application that can educate you on how to take action.
7. Develop a paid membership site. Not only are you considering getting regular income every month, but you will also building your customer base -- those who are interested in purchasing your services and products. It's much easier to sell to individuals who are already customers than to find new ones. Plus people like being a part of a community, and becoming a member of something is an excellent way to do it.
8. Start a continuity program. That is much like a membership site where you charge a monthly fee for something or service. Perhaps you develop a paid newsletter subscription or you offer monthly coaching calls or you interview successful people. Whatever it is, it's something people find valuable enough to pay you a small, but regular, monthly fee.
9. Sell ads on your own internet site or e-zine or whatever. This one is probably not going to make you rich, nonetheless it could become a nice little income stream based on how many folks are looking at your e-zine or web site.
10. Use Adsense. That is when you allow Google to put its pay-per-click ads on your web site or blog. In return, each and every time someone clicks on one of those ads, Google will pay you a percentage. Pretty nifty program, huh? Anyhow, I really do think that is one you need to be just a little careful with. Usually I don't believe people clicking away from your web site is an excellent thing (especially since are going to going to one of your competition). But periodically this is appropriate. For instance, maybe you've developed a web site or blog around a spare time activity. Or maybe you create a web site or blog for the express reason of selling Adsense. Once it's create, you merely ca^sh the checks.
Creativity Exercise -- Find time to create multiple income streams
Probably the hardest part of creating multiple income streams is locating the time, especially when your primary business is service-based. So, given that you know how important it is, how will you find the time and energy to start doing it?
Here are a few ideas to get you thinking:
o Hire a virtual assistant (VA) or bookkeeper to deal with some tasks you have no business doing anyway.
o Create systems in your organization so that you can complete business tasks faster and more efficiently.
o Raise your prices so you can undertake fewer clients and earn more income.
o Dedicate a Saturday or Sunday to focusing on your business. (Be cautious with this particular one as you could very quickly end up burning yourself out.)
Get a pen and paper and do some brainstorming to see how you can find more time to start out creating more income streams.
Michele PW (Michele Pariza Wacek) owns Creative Concepts and Copywriting LLC, a copywriting, marketing communications and creativity agency. She helps people become more successful at attracting new customers, selling products and boosting business. To discover how she may help you take your business to the next level, visit her site at http://www.writingusa.com. Copyright 2006 Michele Pariza Wacek.