Notes

10 Income Streams You Can Add to Your Business (And Increase Your Bottom Line)
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 are different streams of incomes. But that's just the start. Here are 10 ideas of different income sources you should use to improve your business's bottom line:

1. Sell a range of services. Or it is possible to bundle your services into packages based on what your typical client wants. But be more info relating to this one. Don't spread yourself too thin. You intend to offer a few different services or a choice of packages but you don't want way too many options because it's very difficult to advertise yourself effectively.

2. Sell your own products. These could be information products (books, home study courses, CDs, special reports, etc.) or they might be physical products. You can even group similar products into product lines. Then you can upsell, downsell or cross-sell products to different customers on your list.

3. Sell other'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 own link. Anytime someone uses that link and buys a product, you can a percentage of the sale. That percentage could be anywhere from 10 percent (mostly for services) to a lot more than 50 percent.

Which leads me to my next tip:

4. Put together your personal affiliate program. Now you can get other people to market your services and products, and the only real time you pay them is if 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 group of classes. (But should you choose this, make sure you record it so that you can 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 the same time providing an individual touch.

6. License among your programs or services. This is a neat idea if it works in your business. (For instance, a coach could license tools or perhaps a program to other coaches.) I don't know much relating to this one, but Suzanne Falter-Barnes sells a program that can teach you how to do it.

7. Develop a paid membership site. Not merely are you considering getting regular income every month, but you will also building your customer base -- individuals who are interested in purchasing your services and products. It's much easier to sell to people who are already customers than to find new ones. Plus people like being truly a part of a residential area, and becoming a member of something is a good way to take action.

8. Take up a continuity program. This is similar to a membership site where you charge a monthly fee for a product or service. Maybe you create a paid newsletter subscription or you offer monthly coaching calls or you interview successful people. Whatever it really 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 turn into a nice little income stream based on how many people are looking at your e-zine or site.

10. Use more info . This is once you allow Google to put its pay-per-click ads on your site or blog. In exchange, every time someone clicks on one of these ads, Google can pay you a share. Pretty nifty program, huh? Anyhow, I do think that is one you need to be a little careful with. Quite often I don't believe people clicking from your web site is a superb thing (especially since they'll be going to among your competition). But periodically this is very appropriate. For example, maybe you've developed a web site or blog around a spare time activity. Or maybe you create a site or blog for the express reason of selling Adsense. Once it's setup, you merely ca^sh the checks.

Creativity Exercise -- Find time and energy to create multiple income streams

Probably the hardest section of creating multiple income streams is finding the time, especially when your primary business is service-based. So, given that you know how important it really is, how will you find the time and energy to start doing it?

Here are some ideas to get you thinking:

o Hire a va (VA) or bookkeeper to take care of some tasks you have no business doing anyway.

o Create systems in your business to help you complete business tasks faster and much more efficiently.

o Raise your prices in order to 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 can very quickly find yourself burning yourself out.)

Get yourself a pen and paper and do some brainstorming to see the best way to find more time to start creating more income streams.

Michele PW (Michele Pariza Wacek) owns Creative Concepts and Copywriting LLC, a copywriting, marketing and sales communications and creativity agency. She helps people become more successful at attracting new customers, selling products and boosting business. To determine how she will help you take your business to the next level, visit her site at http://www.writingusa.com. Copyright 2006 Michele Pariza Wacek.
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