Notes

Take Your Business to the Next Level with Multiple Streams of Income
If you're like the majority of entrepreneurs, you aren't satisfied with letting your organization sit in idle mode for long. You need it to continue to cultivate and reach the level of success that you've been dreaming about. Well here's you possiblity to light a fire under your company's success.

It seems that many people are talking about how to generate multiple streams of income, and they are talking about it for a reason--it works. While a business may be able to run with a few services and products for awhile, it's the introduction of new services and products that expands the bottom line.

To obtain a better idea of how multiple income streams can propel a business to new heights, take a look at a few of the biggest success stories.

Yahoo! got its begin in 1994 in a Stanford University campus trailer as "Jerry and David's Guide to the internet." Founders David Filo and Jerry Yang, PhD, began keeping track of websites they liked. Soon a huge selection of visitors were logging on and the duo realized that they had a small business in the making.

After incorporating in 1995 and taking the business public in 1996, Yahoo! has grown to attain over 345 million individuals. The long set of services offered include website hosting, e-mail, personals ads, yellow pages, maps, instant messenger, a shopping network, and a large number of other services. A lot of Yahoo's services can be found for free and revenues are generated from upgrades to premium services, advertising, alliances with other businesses, and the introduction of new services.

Starbucks is really a favorite destination for coffee lovers, and the passion for a good cup of java was the foundation because of this hot company that began in 1971 as a little shop in Seattle's Pike Place Market. Once established, Starbucks began adding new products, like the signature Frappucino, to reel in customers. Patrons may also purchase fresh beans, mugs, candy, coffee brewing equipment, gift cards, and music CDs, or indulge in the one of the tasty ice cream flavors from the brand new retail product line. There are currently Full Time Job Market -owned locations and yet another 2158 licensed Starbucks locations, proving that thoughtfully planned revenue streams can catapult an organization into phenomenal success.

eBay began in 1995 as a forum for swapping Pez dispensers and has morphed into an on-line giant reaching a lot more than 135 million users. To attain its record growth, the company expanded its product categories to add everything from office supplies, sports memorabilia, and music to property, automobiles, and concert tickets. More than 1.4 billion items were listed accessible in 2004. Acquisitions of PayPal, an online payment processing service, eLance, a directory of freelance providers, and several other companies also have helped eBay grow in record proportions. eBay has sites in more than twenty countries, serves up a popular storefront program, hosts user conferences, and continues to grow the customer base via an affiliates program.

Home Depot crafted its niche by offering customers a large selection of products once the doors opened in 1978. Now over 1800 stores strong and with a selection of over 40,000 building materials and lawn and garden products, the house improvement giant has expanded its offerings to add installation services, how-to workshops, home delivery, tool rental, truck rental, and a popular series of books.

A Call to Action

So how can a small operation achieve even a fraction of the success experienced by the big companies? By emulating their business models.

If sales are flat or simply not growing fast enough at your company, consider how one can build on the foundation. Consider these questions:

*What services or products would my existing customer base prefer to see?

*What services or products could lure in new customers?

*What products or services are being provided by my competitors?

*How may i implement my new offerings?

*How will the new offerings affect my important thing?

Here are ten suggestions to consider:

1. Offer consulting services in your area of expertise.

2. Add a new type of products.

3. Form an alliance with another business.

4. Sell advertising on your own website, in your e-zine or at your place of business.

5. Launch another business that is complimentary to most of your business.

6. Offer new services and outsource them to contractors.

7. Create a subscription-based offering like a newsletter or mentor program.

8. Create your personal products for resale.

9. Train others to perform a business likes yours.

10. Publish books, e-books or other information products.

Not merely can the introduction of a new product or service increase your bottom line, nonetheless it can boost exposure for the business. Since a lot of people need to be subjected to something or service at least eight times before they pull out their wallets and buy, your business should be seen everywhere. Services and services mean new methods of advertising and the potential to expand your customer base.

Implementing a fresh revenue strategy isn't the only way to grow a business. You need careful planning, capital, and an excellent marketing plan. Even the largest companies started out small so with a little ingenuity plus some careful planning, your organization could be the next success story.

Stephanie Chandler may be the author of "THE BUSINESS ENTERPRISE Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams!" and founder of [http://www.BusinessInfoGuide.com], a directory of resources for entrepreneurs.
Website: https://cnnislands.com/stepping-out-of-the-full-time-job-market-how-do-i-know-what-i-want/