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Take Your Business to the Next Level with Multiple Streams of Income
If you're like most entrepreneurs, you aren't satisfied with letting your business sit in idle mode for long. You need it to continue to cultivate and reach the amount of success 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 small business may be able to run with a few products and services for awhile, it is the introduction of new services and products that expands the bottom line.

To get a better idea of how multiple income streams can propel a business to new heights, have 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 monitoring 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 reach over 345 million individuals. The long list of services offered include web hosting, e-mail, personals ads, yellow pages, maps, instant messenger, a shopping network, and dozens 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 a favorite destination for coffee lovers, and the passion for a good cup of java was the foundation for this hot company that began in 1971 as a little shop in Seattle's Pike Place Market. Once established, Starbucks began adding services, just 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 indulge in the one of the tasty ice cream flavors from the new retail product line. You can find currently 4593 company-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 contains morphed into an on-line giant reaching more than 135 million users. To accomplish its record growth, the company expanded its product categories to add from office supplies, sports memorabilia, and music to real estate, automobiles, and concert tickets. A lot more than 1.4 billion items were listed accessible in 2004. Acquisitions of PayPal, an online payment processing service, eLance, a directory of freelance service providers, and several others also have helped eBay grow in record proportions. eBay has sites in more than twenty countries, delivers 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 a selection 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 favorite 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 organization, consider ways to build on the building blocks. Ask yourself these questions:

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

*What products or services could lure in new customers?

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

*How can I implement my new offerings?

*How will the brand new offerings affect my important thing?

Here are ten suggestions to consider:

1. Offer consulting services in your town 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 a second 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 business likes yours.

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

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

Implementing get more info isn't the only way to cultivate a business. You will need careful planning, capital, and a good marketing plan. Even the largest companies started out small so with a little ingenuity plus some careful planning, your organization may be the next success story.

Stephanie Chandler is 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.
Here's my website: https://unsplash.com/@jamisonalbright69