One of the topics I discussed in my first book as well as on this website is the fact that every business should have multiple streams of income.
For many people starting a business they have one income generator, and that’s it. But what happens when the economy falters?
That’s why you need to start thinking about multiple streams of revenue.
It’s a win-win for your business.
In this video, I share what that looks like for two different businesses.
It’s not hard to see where in your business you can add another stream of income. Sometimes an additional stream of revenue is looking right at you but you don’t realize it.
You need to see what it is you provide and how you can add another stream of income to that.
Let’s take the example of someone who does landscaping. They might start out offering landscape design. But what about proposing to maintain that beautiful view? Doing so could add in another layer, a multiple stream of income to your business. You could also offer lawn moving services. Let’s face it, the customer has had you do all the design and planting why not have you continue with a maintenance program?
Having worked with many service based businesses over the past 30 years I’ve seen the ability for all of them to add in multiple streams of income.
What about you? Can you think of a way to add in another source of revenue in your business?
Until next time…
Be Savvy and Successful!
Toni Nelson – Marketing, Branding, VideoProduction Expert
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