This article will show the small business owner or upcoming business owner how he or she can create multiple streams of income so that your are not building yourself a 2-legged stool when starting out.
There has never been a more crucial time to create more than one way for customers and revenue to come into your business.
Read on to find out what you can do.
If you build a business around a single idea for a single customer, all it take is one small change in the market to bring your empire to a crashing halt.
However, if you build multiple pipelines into your revenue stream, you can weather almost any storm that gets thrown your way.
Here are 5 things that you can do right now to create multiple streams of income: 1.
Market your product to a new customer group.
If you have a product for woodworkers is there a way that it could benefit cooks? If you sell a gadget to doctors could it benefit small engine mechanics too? 2.
Create a completely different line of goods, with a whole new product name, different market, but use the same employees to support both products or services.
Use the same manufacturing facility to create both products.
3.
Sell your product in different price points.
For example, you have a low, medium, and ultra-exclusive line of the same family of products, depending on the budget of the consumer, to cover a broad range of incomes.
4.
Market to your current customers.
Look for more purchases from people that have already purchased from you.
These can be your best prospects.
5.
Develop a side business that compliments the main business.
If you're a restaurant, you could start a catering company.
If you are a landscaper, maybe you could start an interior design unit.
Anything you can add where the customer may take their money elsewhere, is a bonus.