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

It seems that everyone is talking about how exactly to generate multiple streams of income, and they're discussing it for a reason--it works. While a small business might be able to run with several products and services for awhile, it is 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, check out 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 monitoring websites they liked. Soon hundreds of visitors were logging on and the duo realized 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 list of services offered include website hosting, e-mail, personals ads, yellow pages, maps, instant messenger, a shopping network, and dozens of other services. A lot of Yahoo's services are offered free of charge and revenues are generated from upgrades to premium services, advertising, alliances with other businesses, and the introduction of new services.

more info is a favorite destination for coffee lovers, and the passion for an excellent cup of java was the foundation for this hot company that began in 1971 as a small shop in Seattle's Pike Place Market. Once established, Starbucks began adding services, like the signature Frappucino, to reel in customers. Patrons can also purchase fresh beans, mugs, candy, coffee brewing equipment, gift cards, and music CDs, or enjoy the main one of the tasty ice cream flavors from the new retail product line. There are currently 4593 company-owned locations and yet another 2158 licensed Starbucks locations, proving that thoughtfully planned revenue streams can catapult a company into phenomenal success.

eBay began in 1995 as a forum for swapping Pez dispensers and contains morphed into an on-line giant reaching a lot more than 135 million users. To accomplish its record growth, the business expanded its product categories to add from office supplies, sports memorabilia, and music to real estate, 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 others have also helped eBay grow in record proportions. eBay has sites in more than twenty countries, serves up a favorite storefront program, hosts user conferences, and continues to grow the customer base through an affiliates program.

Home Depot crafted its niche by offering clients a large selection of products once the doors opened in 1978. Now over 1800 stores strong sufficient reason for an array of over 40,000 building materials and lawn and garden products, the home improvement giant has expanded its offerings to include 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 a good 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 you can build on the building blocks. Ask yourself these questions:

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

*What services or products could lure in new customers?

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

*How may i implement my new offerings?

*How will the new offerings affect my bottom line?

Here are ten ideas to consider:

1. Offer consulting services in your area of expertise.

2. Add a new line of products.

3. Form an alliance with another business.

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

5. Launch another business that's complimentary to most of your business.

6. Offer new services and outsource them to contractors.

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

8. Create your own products for resale.

9. Train others to run a small business likes yours.

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

Not only can the introduction of a fresh product or service increase your bottom line, nonetheless it can boost exposure for your business. Since a lot of people need to be exposed to something or service at the very least eight times before they grab their wallets and buy, your business should be seen everywhere. New products and services mean new ways of advertising and the potential to expand your customer base.

Implementing a fresh revenue strategy is not the only way to cultivate a business. You will need careful planning, capital, and a good marketing plan. Even the largest companies began small so with just a little ingenuity plus some careful planning, your business may be the next success story.

Stephanie Chandler is the author of "The Business Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams!" and founder of [http://www.BusinessInfoGuide.com], a directory of resources for entrepreneurs.
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